Nonprofit · EIN 41-0977257
METROPOLITAN ECONOMIC DEVELOPMENT ASSOCIATION
Tax-exempt · MINNEAPOLIS, MN 55411
Financials
| Year ended | Form | Revenue | Expenses | Net income | Total assets | Liabilities | Net assets |
|---|---|---|---|---|---|---|---|
| December 31, 2025 | 990 | $8,616,550 | $9,228,096 | -$611,546 | $59,466,204 | $41,714,277 | $17,751,927 |
| December 31, 2024 | 990 | $15,505,868 | $8,723,218 | $6,782,650 | $63,533,261 | $45,169,788 | $18,363,473 |
| December 31, 2023 | 990 | $9,291,098 | $8,074,691 | $1,216,407 | $42,978,022 | $31,397,199 | $11,580,823 |
Financial details: 990 for the year ended December 31, 2025
Revenue
- Contributions, gifts and grants
- $5,371,722
- of which government grants
- $4,231,811
- Program service revenue
- $2,406,645
- Investment income
- $910,680
- Net gain from sales of assets
- -$75,148
- Net income from fundraising events
- -$72,497
- Other revenue
- -$72,497
Expenses
- Grants and similar amounts paid
- $25,000
- Compensation of officers, directors and key employees
- $777,845
- Other salaries and wages
- $2,702,981
- Salaries, compensation and benefits (total)
- $4,307,945
- Professional fundraising fees
- $0
- Legal fees
- $140,555
- Accounting fees
- $80,687
- Occupancy
- $342,409
- Travel
- $19,314
- Depreciation
- $65,186
- Program services (functional)
- $6,569,922
- Management and general (functional)
- $1,073,348
- Fundraising (functional)
- $1,584,826
Balance sheet and other
- Total assets, start of year
- $63,533,261
- Total assets, end of year
- $59,466,204
- Total liabilities, end of year
- $41,714,277
- Net assets, end of year
- $17,751,927
- Land, buildings and equipment
- $44,420
- Net assets without donor restrictions
- $17,688,545
- Net assets with donor restrictions
- $63,382
- Gross receipts
- $8,860,719
- Employees
- 37
- Volunteers
- 100
- Year formed
- 1971
- State of legal domicile
- MN
From the e-filed returns the IRS publishes as XML (latest three processing years; amended returns replace the original). PDF copies at the IRS.
Officers, directors and key employees
As listed on the 990 for the year ended December 31, 2025, highest compensation first.
| Name | Title | Hours / week | Compensation | Other / benefits |
|---|---|---|---|---|
| Dorothy Bridges | President & CEO Officer | 40 | $313,220 | $24,029 |
| Adrian Ruddock VP of Lending | and Business Consulting Key employee | 40 | $199,190 | $30,629 |
| Mesude Cingilli | Chief Finance and Operations Officer Officer | 40 | $202,997 | $4,813 |
| Catherine McCarthy | Director of Fund Development Highest-paid employee | 40 | $119,091 | $29,353 |
| Leann KispertDirector of | Communications & Marketing Highest-paid employee | 40 | $118,687 | $14,427 |
| Gregory Donovan | Director of Operations Highest-paid employee | 40 | $125,639 | $4,193 |
| Catherine Rossini | Controller Highest-paid employee | 40 | $103,133 | $14,262 |
| Edward Jensen | Director of IT Highest-paid employee | 40 | $102,871 | $9,437 |
| Kevin Besikof | Chair Trustee or director, Officer | 5 | $0 | $0 |
| Steven Singer | Vice Chair Trustee or director, Officer | 5 | $0 | $0 |
| Jeffrey Payne | Treasurer Trustee or director, Officer | 5 | $0 | $0 |
| Hoyt Hsiao | Immediate Past Chair Trustee or director, Officer | 5 | $0 | $0 |
| Al Mendoza | Director Trustee or director | 1 | $0 | $0 |
| Al Perera | Director until May 2025 Trustee or director | 1 | $0 | $0 |
| Andrea Novak | Director until May 2025 Trustee or director | 1 | $0 | $0 |
21 more people on this return
| Name | Title | Hours / week | Compensation |
|---|---|---|---|
| Bukata Hayes | Director Trustee or director | 1 | $0 |
| Chris Pham | Director Trustee or director | 1 | $0 |
| Conrad Nyugen | Director as of May 2025 Trustee or director | 1 | $0 |
| Darren Moquist | Director until May 2025 Trustee or director | 1 | $0 |
| David Rudolph | Director until May 2025 Trustee or director | 1 | $0 |
| Jacob Rider | Director Trustee or director | 1 | $0 |
| Jashan Eison | Director Trustee or director | 1 | $0 |
| Joel Lebewitz | Director Trustee or director | 1 | $0 |
| Joseph Wallace | Director Trustee or director | 1 | $0 |
| Kenya McKnight-Ahad | Director Trustee or director | 1 | $0 |
| Mary Muldowney | Director Trustee or director | 1 | $0 |
| Matt Thompson | Director Trustee or director | 1 | $0 |
| Michael Roberts | Director Trustee or director | 1 | $0 |
| Molly Dorgan | Director Trustee or director | 1 | $0 |
| Natalie McGrady | Director until May 2025 Trustee or director | 1 | $0 |
| Priya Narula | Director Trustee or director | 1 | $0 |
| Robert Doty | Director Trustee or director | 1 | $0 |
| Shaun Coard | Director Trustee or director | 1 | $0 |
| Shawn Calabrase | Director Trustee or director | 1 | $0 |
| Stefan Michno | Director Trustee or director | 1 | $0 |
| John Stout | Corporate Secretary Officer | 5 | $0 |
990 for the year ended December 31, 2024: 39 people
| Name | Title | Hours / week | Compensation | Other / benefits |
|---|---|---|---|---|
| Dorothy Bridges | President & CEO Officer | 40 | $377,980 | $25,965 |
| Adrian Ruddock VP of Lending | & Business Consulting Services Key employee | 40 | $224,478 | $28,473 |
| Pomsok Yu | Director of Business Consulting Highest-paid employee | 40 | $127,112 | $36,487 |
| Mesude Cingilli | CFO/VP of Finance & IT Officer | 40 | $135,602 | $0 |
| George Jacobson Program | Manager - MBDA Business Center Highest-paid employee | 40 | $103,771 | $20,815 |
| Gregory Donovan | Director of Operations Highest-paid employee | 40 | $104,728 | $156 |
| Hoyt Hsiao | Chair Trustee or director, Officer | 5 | $0 | $0 |
| John Stout | Secretary Trustee or director, Officer | 5 | $0 | $0 |
| Jeffrey Payne | Treasurer / Vice Chair Trustee or director, Officer | 5 | $0 | $0 |
| Al Mendoza | Director Trustee or director | 1 | $0 | $0 |
| Al Perera | Director Trustee or director | 1 | $0 | $0 |
| Andrea Burns | Director (Jan-Jun) Trustee or director | 1 | $0 | $0 |
| Andrea Novak | Director Trustee or director | 1 | $0 | $0 |
| Bukata Hayes | Director Trustee or director | 1 | $0 | $0 |
| Chris Pham | Director Trustee or director | 1 | $0 | $0 |
| D'Angelos Svenkeson | Director Trustee or director | 1 | $0 | $0 |
| Darren Moquist | Director Trustee or director | 1 | $0 | $0 |
| David Rudolph | Director Trustee or director | 1 | $0 | $0 |
| Jacob Rider | Director Trustee or director | 1 | $0 | $0 |
| Jashan Eison | Director Trustee or director | 1 | $0 | $0 |
| Joel Lebewitz | Director Trustee or director | 1 | $0 | $0 |
| John Taylor | Director (Jan-Jun) Trustee or director | 1 | $0 | $0 |
| Joseph Wallace | Director Trustee or director | 1 | $0 | $0 |
| Kenya McKnight-Ahad | Director Trustee or director | 1 | $0 | $0 |
| Kevin Besikof | Director Trustee or director | 1 | $0 | $0 |
| Laura Helmueller | Director Trustee or director | 1 | $0 | $0 |
| Mary Muldowney | Director Trustee or director | 1 | $0 | $0 |
| Matt Thompson | Director Trustee or director | 1 | $0 | $0 |
| Matthew Lyons | Director (Jan-Jun) Trustee or director | 1 | $0 | $0 |
| Michael Roberts | Director Trustee or director | 1 | $0 | $0 |
| Molly Dorgan | Director Trustee or director | 1 | $0 | $0 |
| Natalie McGrady | Director Trustee or director | 1 | $0 | $0 |
| Priya Narula | Director Trustee or director | 1 | $0 | $0 |
| Robert Doty | Director Trustee or director | 1 | $0 | $0 |
| Shaun Coard | Director Trustee or director | 1 | $0 | $0 |
| Shawn Calabrase | Director Trustee or director | 1 | $0 | $0 |
| Stefan Michno | Director Trustee or director | 1 | $0 | $0 |
| Steven Singer | Director Trustee or director | 1 | $0 | $0 |
| Suzanne Murphy | Director (Jan-Jun) Trustee or director | 1 | $0 | $0 |
990 for the year ended December 31, 2023: 40 people
| Name | Title | Hours / week | Compensation | Other / benefits |
|---|---|---|---|---|
| Dorothy Bridges | President & CEO Trustee or director, Officer | 40 | $298,784 | $17,306 |
| Pamela Cannon | Chief People Officer Key employee | 40 | $250,392 | $15,561 |
| Adrian RuddockVP of Lending | & Business Consulting Services Key employee | 40 | $150,645 | $9,254 |
| George JacobsonProgram Mgr | MBDA Business Center Highest-paid employee | 40 | $103,455 | $20,028 |
| Nelly Chick | Controller Highest-paid employee | 40 | $109,700 | $6,773 |
| Robert HarperSenior Director | Consulting Services (Jan-Nov) Highest-paid employee | 40 | $110,697 | $0 |
| Kevin AmbrusVP of Finance | and Operations (Jan-Feb) Officer | 40 | $50,900 | $5,905 |
| Hoyt Hsaio | Chair Trustee or director, Officer | 5 | $0 | $0 |
| John Stout | Secretary Trustee or director, Officer | 5 | $0 | $0 |
| Jeffrey Payne | Treasurer / Vice Chair Trustee or director, Officer | 5 | $0 | $0 |
| Craig Veurink | Chair (Jan-Jun) Trustee or director, Officer | 5 | $0 | $0 |
| Kevin Besikof | Director Trustee or director | 1 | $0 | $0 |
| Andrea Burns | Director Trustee or director | 1 | $0 | $0 |
| Sara Idle | Director Trustee or director | 1 | $0 | $0 |
| Al Mendoza | Director Trustee or director | 1 | $0 | $0 |
| Andrea Novak | Director Trustee or director | 1 | $0 | $0 |
| Hayes Bukata | Director Trustee or director | 1 | $0 | $0 |
| Darren Moquist | Director Trustee or director | 1 | $0 | $0 |
| Joel Lebewitz | Director Trustee or director | 1 | $0 | $0 |
| Jashan Eison | Director Trustee or director | 1 | $0 | $0 |
| David Rudolph | Director Trustee or director | 1 | $0 | $0 |
| John JT Taylor | Director Trustee or director | 1 | $0 | $0 |
| Joseph Wallace | Director Trustee or director | 1 | $0 | $0 |
| Laura Helmueller | Director Trustee or director | 1 | $0 | $0 |
| Matthew Lyons | Director Trustee or director | 1 | $0 | $0 |
| Natalie McGrady | Director Trustee or director | 1 | $0 | $0 |
| Steven Singer | Director Trustee or director | 1 | $0 | $0 |
| Jacob Rider | Director (June-Dec) Trustee or director | 1 | $0 | $0 |
| Shawn Calabrase | Director (June-Dec) Trustee or director | 1 | $0 | $0 |
| Stefan Michno | Director (June-Dec) Trustee or director | 1 | $0 | $0 |
| Suzanne Murphy | Director (June-Dec) Trustee or director | 1 | $0 | $0 |
| Mimi Bekele | Director (Jan-June) Trustee or director | 1 | $0 | $0 |
| Gloria Contreras Edin | Director (Jan-June) Trustee or director | 1 | $0 | $0 |
| Martha Currea | Director (Jan-June) Trustee or director | 1 | $0 | $0 |
| Gloria Freeman | Director (Jan-June) Trustee or director | 1 | $0 | $0 |
| Amelia Hardy | Director (Jan-June) Trustee or director | 1 | $0 | $0 |
| Michael Mathews | Director (Jan-June) Trustee or director | 1 | $0 | $0 |
| Brad Pomerleau | Director (Jan-June) Trustee or director | 1 | $0 | $0 |
| John Rasmussen | Director (Jan-Mar) Trustee or director | 1 | $0 | $0 |
| Vicki Stute | Director (Jan-June) Trustee or director | 1 | $0 | $0 |
Address and contacts
- Address (IRS master file)
- 1256 PENN AVE N STE 4800, MINNEAPOLIS, MN 55411-2636
- Principal officer (990 for 2025)
- Dorothy Bridges, 1256 Penn Avenue North 4800, Minneapolis, MN 55411
- Signed the 990
- Dorothy Bridges, President & CEO
- Phone
- (612) 332-6332
- Website
- www.meda.net
- Return prepared by
- Eide Bailly LLP
Mission
Helping BIPOC (Black, Indigeneous, People of Color)
Program accomplishments
- MEDA's mission is to Help BIPOC Entrepreneurs Succeed. Our theory of communities of color is a primary strategy to build a more just and fair economy. To fulfil our mission, MEDA provides integrated, wrap-around services in the areas all entrepreneurs need to be successful to grow and scale their businesses through providing the access to the "3C's" -- Access to Consulting, Access to Connections, and Access to Capital. Meda's services and products are available to all low-income entrepreneurs in Minnesota. MEDA serves small business owners who do not have access to traditional commercial banking markets and services.Continued on Schedule OIn 2025, MEDA made a significant impact across Minnesota, deploying $10.5M in new loans across disadvantaged geographies of the state. MEDA served 722 unique businesses in 2025, in industries such as healthcare and social assistance (10.5%), manufacturing (6.2%), Construction (9.4%), retail (8%) and scientific and technical services (13%) as well as accommodation and food services (13.8%). The breadth and variety of these businesses drive economic growth, bringing revenue to our neighborhoods, cities, counties, and state. Moreover, the majority of MEDA-supported client businesses are employer businesses, that together create jobs for more than 1,000+ people.As a certified Community Development Financial Institution (CDFI), MEDA provided commercial real estate loans, lines of credit and other term debt products to fund hiring, inventory, and equipment. In real estate, MEDA supports small businesses to acquire, renovate and occupy commercial spaces in disadvantaged corridors of the Twin Cities. MEDA's Minnesota MBDA Business Center and Ascend Twin Cities connected BIPOC contractors to secure contracts that lead to sustainable growth. Access to Capital: The consulting services we offer are augmented by the $36 million MEDA Loan Fund, which is a CDFI-certified and SBA-licensed fund that we leverage to support our clients' business growth, real estate, and acquisition needs. We help with financial analysis, projections, and loan packaging. We also expand access to capital for our clients through our excellent relationships with community, regional and national banking institutions. Access to Contracts: Our business consultants provide education, training, and guidance on operations to ensure entrepreneurs are contract-ready. We connect businesses with opportunities to access public and private contracts that support business growth. In the current award period, the Minnesota MBDA has added the Ascend Twin Cities Program to its service delivery. This is a partnership initiative between JPMorgan Chase Small Business Forward Initiative, MEDA, and the Holmes Center for Entrepreneurship (Carlson School of Business at the University of Minnesota. Developed by the University of Washington Foster School of Business, we will offer mentorship, education & training, and connections with our Anchor Corporations to identify and secure new business opportunities. Access to Connections: MEDA's staff works ongoing to connect small business entrepreneurs with the networks and connections they need to find the right services. When MEDA is unable to meet the need of an entrepreneur, our staff make referrals to a variety of nonprofit partners, county offices, chambers of commerce, and other supports in the small business ecosystem.Expenses $5,529,408 · revenue $2,355,002
- MEDA hosts the regional Minority Business Development Agency. For the fiscal year ended June 30th, 2025, we assisted 145 clients. They reported $45.5 million Gross Revenues, and we helped them to acquire $75.1 million in capital that helped to support 1,138 Jobs (Full and Part time).Expenses $398,082 · revenue $22,765
- Ascend Management Education Programming: The purpose of MEDA's Ascend program is to improve the capabilities of suppliers, provide connections, and to assist suppliers with obtaining the capital needed to support meeting the needs of their contracts. The program meets the critical need to access management education as well as knowledge of corporate suppliers that are essential to scale a supplier's operations.Continued on Schedule OThe core gap that many disadvantaged, low-income suppliers encounter is that management education, contract opportunities, and capital are essential for scaling a business but is not always easily accessible to low-income or otherwise disadvantaged entrepreneurs. The Ascend program bridges the gap by providing the education needed to further develop their capabilities, providing an introduction and opportunity to showcase their business to corporate partners involved in procurement, and contract financing options that would be necessary to scale the business.In 2025, the program supported 14 small businesses through management education, with an additional 46 that maintained access to MEDA services.Across all client types, 65% of Ascend Alumni survey respondents reported an increase in gross revenues over the last 3 years (15% reported staying the same).60% reported an increase in market opportunities over the period (20% reported staying the same).35% reported an increasing number of employees over the period (35% reported staying the same).Expenses $413,992 · grants $25,000 · revenue $16,822
- MEDA supports earlygrowthstage entrepreneurs through its Volunteer Accelerator Network (VAN), a program designed for entrepreneurs of color who are committed to building sustainable and growing businesses. VAN provides a structured pathway for collaboration, networking, education, and mentorship by connecting participants with seasoned subjectmatter experts and experienced entrepreneurs from within the community. The network now includes 65 mentors who offer strategic guidance, help entrepreneurs develop SMART goals, and deliver topicspecific support. Many mentors also serve as instructors in MEDA's Roadmap to Business Success educational series. In 2025 alone, the program facilitated 110 mentorships, with each engagement being specifically tailored to the unique needs of each business.Mentees receive biweekly mentorship aligned with their business goals, monthly educational sessions designed for earlygrowthstage entrepreneurs, and access to a supportive peer community. VAN also hosts everyothermonth coffee chats to build relationships and strengthen the broader entrepreneurial landscape, along with strategic celebrations and networking events that bring together mentors, mentees, and the wider network. With VAN as a core offering, MEDA delivers robust business consulting, mentorship, and capacitybuilding programming that helps small businesses grow sustainably and successfully.Expenses $228,440 · revenue $12,056
What it must file and when
IRS records say it files Form 990 or 990-EZ. Based on its last return; a smaller organization may file the 990-N. Its accounting year ends in December, so each return is due on the 15th day of the 5th month after that.
| Tax year | Year ended | Due | IRS public records |
|---|---|---|---|
| 2025 | December 31, 2025 | May 15, 2026 | 990 on file |
| 2024 | December 31, 2024 | May 15, 2025 | 990 on file |
| 2023 | December 31, 2023 | May 15, 2024 | 990 on file |
IRS record
- EIN
- 41-0977257
- Tax-exempt status
- 501(c)(3): Charitable, religious, educational or scientific organization
- Foundation status
- Publicly supported organization (170(b)(1)(A)(vi))
- Donations deductible (Pub 78)
- Public charity, 50% deduction limit
- Exempt since
- 1971
- Accounting year ends
- December
- Files
- Form 990 or 990-EZ
- Assets (IRS master file)
- $59,466,204
- Income (IRS master file)
- $8,860,719
Filing history
| Form | Year ended | Revenue | Expenses | Assets | Return |
|---|---|---|---|---|---|
| 990 | December 2025 | $8,616,550 | $9,228,096 | $59,466,204 | XML |
| 990 | December 2024 | $15,505,868 | $8,723,218 | $63,533,261 | XML |
| 990 | December 2023 | $9,291,098 | $8,074,691 | $42,978,022 | XML |
| 990 | December 2022 | $6,566,738 | $9,518,584 | $38,713,139 | IRS |
| 990 | December 2021 | – | – | – | IRS |
| 990 | December 2020 | – | – | – | IRS |
| 990 | December 2018 | – | – | – | IRS |
990-N: the IRS bulk file holds only the latest e-Postcard per organization; earlier years come from archived copies of that file since 2020 and can have gaps (the IRS e-Postcard search lists every one). 990, 990-EZ, 990-PF, 990-T: every e-filed return in the IRS e-file index since 2019; XML for the latest three processing years, amounts from the IRS Statistics of Income extracts before that. PDF copies and determination letters at the IRS (search EIN 41-0977257).
Questions about METROPOLITAN ECONOMIC DEVELOPMENT ASSOCIATION
- What is the EIN of METROPOLITAN ECONOMIC DEVELOPMENT ASSOCIATION?
- The employer identification number (EIN) of METROPOLITAN ECONOMIC DEVELOPMENT ASSOCIATION is 41-0977257.
- Is METROPOLITAN ECONOMIC DEVELOPMENT ASSOCIATION tax-exempt?
- Yes. The IRS lists it as tax-exempt under section 501(c)(3) since 1971.
- Are donations to METROPOLITAN ECONOMIC DEVELOPMENT ASSOCIATION tax-deductible?
- Yes. It is listed in IRS Publication 78 (Public charity, 50% deduction limit).
- Which annual return does METROPOLITAN ECONOMIC DEVELOPMENT ASSOCIATION file?
- Form 990 or 990-EZ. Based on its last return; a smaller organization may file the 990-N.
- When is the next return of METROPOLITAN ECONOMIC DEVELOPMENT ASSOCIATION due?
- The return for tax year 2026 (the year ending December 31, 2026) is due May 17, 2027. Form 8868 extends it by six months; the 990-N cannot be extended.
- When did METROPOLITAN ECONOMIC DEVELOPMENT ASSOCIATION last file with the IRS?
- The latest return in the IRS public files is the 990 for the year ended December 2025.
- Who is the principal officer of METROPOLITAN ECONOMIC DEVELOPMENT ASSOCIATION?
- The 990 for the year ended December 31, 2025 names Dorothy Bridges.
- Who are the officers and directors of METROPOLITAN ECONOMIC DEVELOPMENT ASSOCIATION?
- The 990 for the year ended December 31, 2025 lists 36 people; 8 received compensation from the organization, the highest $313,220 (Dorothy Bridges, President & CEO).
- How much revenue does METROPOLITAN ECONOMIC DEVELOPMENT ASSOCIATION have?
- On its 990 for the year ended December 31, 2025 it reported revenue of $8,616,550, expenses of $9,228,096 and total assets of $59,466,204 at year end.
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