2024-11-14T17:07:16-06:00 2023-12-31 411647057 MAHONEY ULBRICH CHRISTIANSEN & RUSS PA 10 RIVER PARK PLAZA SUITE 800 SAINT PAUL MN 55107 990 2023-01-01 411738791 NEIGHBORHOOD DEVELOPMENT CENTER INC NEIG 6512912480 625 UNIVERSITY AVENUE W SAINT PAUL MN 55104 RENAY DOSSMAN EXECUTIVE DIRECTOR 6512912480 2024-11-14 1 0 DEANNA SOMVONG P03035760 6512276695 2024-11-14 2023 2024-10-15 13:58:12Z RENAY DOSSMAN 625 UNIVERSITY AVENUE W SAINT PAUL MN 55104 10437494 0 X WWW.NDC-MN.ORG X 1993 MN TO EMPOWER ENTREPRENEURS AND COMMUNITY PARTNERS TO TRANSFORM LOW-INCOME NEIGHBORHOOD ECONOMIES FROM WITHIN. 12 12 51 40 0 0 9858064 8691148 1295492 1047586 9778 218361 -105274 206136 11058060 10163231 3920744 623718 0 0 3316203 3525597 0 0 171808 4691590 3420248 11928537 7569563 -870477 2593668 39676153 42614419 23261371 23648602 16414782 18965817 X TO EMPOWER ENTREPRENEURS AND COMMUNITY PARTNERS TO TRANSFORM LOW-INCOME NEIGHBORHOOD ECONOMIES FROM WITHIN. 0 0 2154125 506110 REAL ESTATE DEVELOPMENT INITIATIVE PROGRAM - ENCOURAGES NEIGHBORHOOD REVITALIZATION, PROPERTY OWNERSHIP, AND BUSINESS OWNERSHIP BY ENTREPRENEURS WITHIN SPECIFIC PRIORITY LOW-INCOME NEIGHBORHOODS. FOUR OF THE LOANS FROM PROGRAM 2 WERE REAL ESTATE LOANS, TOTALING $977,000. 1732397 623718 537012 LENDING AND FINANCING PROGRAM - PROVIDES FUNDS TO START-UP AND EXISTING BUSINESSES. IN 2023, NDC HAD A $10 MILLION DOLLAR REVOLVING LOAN FUND. LOANS WERE PROVIDED TO BUSINESSES THAT MET CERTAIN GEOGRAPHICAL AND INCOME CRITERIA. A PORTION OF AVAILABLE FUNDS ARE DEDICATED TO BE USED FOR ISLAMICALLY ACCEPTABLE FINANCING. NDC APPROVED 44 LOANS IN 2023, TOTALING $3,838,858, IN PRIORITY AND OTHER NEIGHBORHOODS, AS FOLLOWS: - 19 SMALL BUSINESS LOANS (LARGER THAN $50K) - 25 MICROLOANS ($50K OR LESS)IN ADDITION, NDC APPROVED 45 CREDIT-BUILDER LOANS IN 2023, TOTALING $13,500.ALSO, THE LENDING DEPARTMENT ADMINISTERED TWO GRANT PROGRAMS IN 2023 - THE NDC EMERGENCY GRANTS PROGRAM, WHERE 26 BUSINESSES RECEIVED GRANTS TOTALING $72,000. - THE EQUITY GRANTS PROGRAM, WHERE 13 BUSINESSES RECEIVED GRANTS TOTALING $58,500. 1765574 224555 TECHNICAL ASSISTANCE PROGRAM - SUPPORTS THE GROWTH OF NEW AND EXISTING BUSINESSES IN THE COMMUNITY. IN 2023, NDC PROVIDED 2,918 HOURS OF BUSINESS SERVICES TO 384 BUSINESSES IN ITS PRIORITY AND OTHER NEIGHBORHOODS. 868076 0 ENTREPRENEUR TRAINING PROGRAM - OFFERS WEEKLY SESSIONS WHICH TRAIN PARTICIPANTS TO OWN AND OPERATE THEIR OWN BUSINESSES. BY THE END OF THE TRAINING SESSION, PARTICIPANTS WILL HAVE DEVELOPED A BUSINESS PLAN AND HAVE HAD INDIVIDUAL SESSIONS WITH A PROFESSIONAL TRAINING CONSULTANT. NDC WORKS WITH NEIGHBORHOOD PARTNERS TO ENHANCE THEIR CAPACITY TO CREATE AND CONDUCT ECONOMIC DEVELOPMENT INITIATIVES WITHIN THEIR OWN COMMUNITIES. IN 2023, NDC AND ITS NEIGHBORHOOD PARTNERS OFFERED 15 ENTREPRENEUR TRAINING CLASSES TO 181 ENROLLED ASPIRING ENTREPRENEURS FROM VARIOUS ETHNIC GROUPS AND NEIGHBORHOODS. IN ADDITION, ASPIRING ENTREPRENEURS RECEIVED 364 HOURS OF ONE-ON-ONE TRAINING CONSULTATIONS. DURING THE SAME YEAR, NDC ALSO OFFERED 57 BUSINESS-RELATED WORKSHOPS TO 391 ENTREPRENEURS. 868076 0 6520172 1 1 0 0 0 0 0 0 0 0 1 0 0 1 1 1 0 0 0 0 0 0 0 0 1 0 0 1 0 1 0 0 0 1 0 0 0 0 0 0 0 0 1 1 0 0 0 1 100 0 1 51 1 0 0 0 0 0 0 0 0 0 0 0 0 X 12 12 0 0 0 0 0 0 0 1 1 0 0 1 1 1 1 1 1 1 1 0 MN X TAMMIE NASSEFF 6512912480 625 UNIVERSITY AVENUE ST PAUL MN 55104 JON BORDEN BOARD MEMBER 1.00 X 0 0 0 LACHELLE CUNNINGHAM CHAIR 1.00 X X 0 0 0 MIKE GOZE BOARD MEMBER 1.00 X 0 0 0 ANDREA MARDOCK BOARD MEMBER 1.00 X 0 0 0 KAREN GRIES TREASURER 1.00 X X 0 0 0 JULIET MITCHELL BOARD MEMBER 1.00 X 0 0 0 WILLIAM SANDS BOARD MEMBER 1.00 X 0 0 0 ERIK SPLETT BOARD MEMBER 1.00 X 0 0 0 ANTHONY ROBINSON BOARD MEMBER 1.00 X 0 0 0 GEBI TUFAA BOARD MEMBER 1.00 X 0 0 0 NOYA WOODRICH SECRETARY 1.00 X X 0 0 0 JASMINE VASQUEZ BOARD MEMBER 1.00 X 0 0 0 MIHAILO TEMALI CEO 40.00 X 178241 0 26386 RENAY DOSSMAN EXECUTIVE DIRECTOR 40.00 X 224725 0 29148 KATHY MORIARTY CHIEF ADMINISTRATIVE OFFICER 40.00 X 122577 0 18631 TAMMIE NASSEFF CHIEF FINANCIAL OFFICER 40.00 X 124960 0 18678 BEN JOHNSON SENIOR REAL ESTATE DIRECTOR 40.00 X 112639 0 25879 ELISA PLUHAR CHIEF INNOVATION AND STRATEGY OFFICER 40.00 X 105096 0 13458 SHAHIR ADMED-RIDDLE VICE PRESIDENT BUSINESS SERVICES 40.00 X 108825 0 24658 977063 0 156838 7 0 1 0 0 15000 5584764 3091384 8691148 LOAN INTEREST INCOME 900099 474891 474891 PROPERTY MGMT FEES 531310 218651 218651 CONTRACT INCOME 531390 192995 192995 OTHER INCOME 900099 67368 67368 NOTE INTEREST INCOME 900099 62121 62121 31560 31560 1047586 218361 218361 480399 260308 220091 220091 220091 0 15000 13955 -13955 -13955 10163231 1267677 0 204406 623718 623718 1275108 907120 311293 56695 1721104 1605327 96505 19272 293399 284035 5885 3479 235986 201382 28908 5696 15154 15154 66250 66250 403950 405163 -32923 31710 419111 201266 189298 28547 740897 637605 90898 12394 46489 20115 23206 3168 76555 21410 48525 6620 140469 140469 9553 7928 1434 191 74557 59465 13281 1811 MIDTOWN GLOBAL MARKET 675833 675833 PROVISION FOR LOAN LOSS 434186 434186 PROJECT EXPENSES 292767 289212 3555 EQUIPMENT MAINTENANCE 13932 416 11894 1622 10545 5522 4420 603 7569563 6520172 877583 171808 5247913 2712217 6563972 10509387 1146636 765669 1119787 549422 227308 13172762 14725536 69120 54195 4309499 1086491 2263527 3223008 10092436 9847677 39676153 42614419 956142 365343 90348 412458 11623528 12183516 293293 293293 10298060 10393992 23261371 23648602 X 10820507 11237359 5594275 7728458 16414782 18965817 39676153 42614419 X 2593668 -42633 X X 0 1 X 1 1 1 X 4293738 16257599 6944967 9858064 8691148 46045516 4293738 16257599 6944967 9858064 8691148 46045516 3842732 42202784 335639 144492 2111572 155825 698760 3446288 49491804 5193373 0.85270 0.84250 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 1641000 1641000 1718979 399130 1319849 382335 382335 0 364978 305026 59952 202207 202207 3223008 RIGHT OF USE ASSET 9847677 9847677 TENANT SECURITY DEPOSITS 28899 UNDISBURSED LOAN FUNDS 268628 LEASE LIABILITIY 10096465 10393992 X PART X, LINE 2: NDC IS CLASSIFIED AS A TAX-EXEMPT ORGANIZATION UNDER MINNESOTA STATUTE 290.05 AND SECTION 501(C)(3) OF THE INTERNAL REVENUE CODE; IS EXEMPT FROM PRIVATE FOUNDATION STATUS UNDER SECTION 509(A)(1) OF THE INTERNAL REVENUE CODE; AND IS SUBJECT TO INCOME TAXES ONLY ON NET UNRELATED BUSINESS INCOME. MANAGEMENT BELIEVES NDC DID NOT HAVE ANY UNRELATED BUSINESS INCOME. NDC IS NOT CURRENTLY UNDER EXAMINATION BY ANY TAXING JURISDICTION. FEDERAL AND STATE TAX AUTHORITIES GENERALLY HAVE THE RIGHT TO EXAMINE THE CURRENT AND PRIOR THREE YEARS OF INCOME TAX RETURNS. BANQUET 15000 15000 13955 15000 15000 13955 13955 -13955 1 BLACK ENTREPRENEUR STATE FAIR ORGANIZATIO 864 RICE ST ST PAUL MN 55103 10000 0 PASS-THROUGH GRANT FROGTOWN ENTREPRENEUR CENTER 625 UNIVERSITY AVENUE ST PAUL MN 55104 10843 0 PASS-THROUGH GRANT ELECTRO SIGNS AND DESIGN 3011 3RD AVE S MINNEAPOLIS MN 55408 7628 0 PASS-THROUGH GRANT GROCERIES AND NEPALI KITCHEN INC 1700 RICE STREET STE JK MAPLEWOOD MN 551136812 85000 0 PASS-THROUGH GRANT KAUFMAN SIGN COMPANY 2714 EAST 33RD STREET MINNEAPOLIS MN 55406 8000 0 PASS-THROUGH GRANT 1 625 UNIVERSITY AVENUE ST PAUL MN 55104 843652762 501 (C)(3) 21265 0 PASS-THROUGH GRANT NEIGHBORHOOD COMMERCIAL SPACES LLC 625 UNIVERSITY AVENUE ST PAUL MN 55104 20930 0 PASS-THROUGH GRANT NICE GUYS CORPORATION 1406 W LAKE STREET STE C MINNEAPOLIS MN 55408 12099 0 PASS-THROUGH GRANT PRINT & BUY 2929 4TH AVE S SUITE 104 MINNEAPOLIS MN 55408 54548 0 PASS-THROUGH GRANT RJM PRINTING INC 1155 114TH LANE NW MINNEAPOLIS MN 55448 9869 0 PASS-THROUGH GRANT SIGNATION SIGN GROUP 7624 BOONE AVE N SUITE 100 BROOKLYN PARK MN 55428 8223 0 PASS-THROUGH GRANT US BUILDERS LLC 6168 UPPER AFTON ROAD WOODBURY MN 55125 9000 0 PASS-THROUGH GRANT VAMO LLC 1515 E LAKE STREET 215 MINNEAPOLIS MN 55407 42275 0 PASS-THROUGH GRANT MGM 920 E LAKE STREET MINNEAPOLIS MN 55407 75000 0 PASS-THROUGH GRANT AFRICAN AMERICAN LEADERSHIP FORUM 1625 HENNEPIN AVE S 200 MINNAPOILIS MN 55403 7909 0 PASS-THROUGH GRANT VICTORIA MATTOX 2723 HENNEPIN AVE S 1 MINNEAPOLIS MN 55408 8000 0 PASS-THROUGH GRANT TONIA BRINSTON 4224 PENN AVE MINNEAPOLIS MN 55412 8000 0 PASS-THROUGH GRANT ROOTED CREATIVE LLC 6066 SHINGLE CREEK PARKWAY 165 BROOKLYN CENTER MN 55430 8000 0 PASS-THROUGH GRANT CONSCIOUSLY BEAUTIFUL 2210 CHALET DR NE COLUMBIA HIGHTS MN 55421 8000 0 PASS-THROUGH GRANT NICOLE PACINI DBA THE LADIES 8400 BASS LAKE ROAD APT 355 NEW HOPE MN 55428 8000 0 PASS-THROUGH GRANT BEYOND NEW THRIFT STORE LLLC 713 MINNEHAHA E SUITE 217 ST PAUL MN 55117 8000 0 PASS-THROUGH GRANT ROYALTY ABITIONS LLC 699 VAN BUREN AVE ST PAUL MN 55104 8000 0 PASS-THROUGH GRANT BTM GLOBAL LOGISTIC 4800 EXCELSIOR BLVD 302 MINNEAPOLIS MN 55416 8000 0 PASS-THROUGH GRANT JUNIPER TREE INTERNATIONAL 9820 DREW AVE S 205 BLOOMINGTON MN 55431 8000 0 PASS-THROUGH GRANT 1 23 PART I, LINE 2: NDC ACTED AS AN AGENT FOR FUNDS PROVIDED BY GRANTS TO GRANT FUNDS TO SMALL BUSINESSES DURING THE YEAR. X X X 0 0 0 0 0 0 0 0 0 RENAY DOSSMAN EXECUTIVE DIRECTOR 224725 0 0 0 0 0 0 0 29148 0 253873 0 0 0 MIHAILO TEMALI CEO 178241 0 0 0 0 0 0 0 26386 0 204627 0 0 0 LACHELLE CUNNINGHAM BOARD CHAIR CDFI LOAN X 226173 227308 0 1 1 227308 FORM 990, PART VI, SECTION B, LINE 11B THE FINANCE COMMITTEE OF THE BOARD REVIEWS A COPY OF THE DRAFT 990 AND RECOMMENDS TO THE BOARD FOR APPROVAL BEFORE IT IS FILED WITH THE IRS. FORM 990, PART VI, SECTION B, LINE 12C EMPLOYEES AND BOARD MEMBERS ARE REQUIRED TO SIGN A CONFLICT OF INTEREST POLICY ANNUALLY. FORM 990, PART VI, SECTION B, LINE 15 BASED ON A PEER REVIEW AND SALARY SURVEY FROM MINNESOTA COUNCIL OF NONPROFITS, THE BOARD SET THE SALARY STRUCTURE FOR THE PRESIDENT/CEO. BASED ON THE ABOVE SURVEY THE PRESIDENT/CEO SET THE SALARY STRUCTURE FOR THE REST OF THE STAFF IN CONSULTATION WITH THE BOARD. FORM 990, PART VI, SECTION C, LINE 19 THE ORGANIZATIONS GOVERNING DOCUMENTS ARE MADE AVAILABLE UPON REQUEST. FORM 990, PART XI, LINE 9: EQUITY IN EARNINGS OF SUBSIDIARY -42,633. FORM 990, PAGE 12, PART XII, LINE 2C THE PROCESS HAS NOT CHANGED FROM THE PRIOR YEAR. FROGTOWN ENTREPRENEUR CENTER 625 UNIVERSITY AVE W SAINT PAUL MN 55104 411864918 OPERATE COMMERCIAL RENTAL REAL ESTATE MN 71645 459320 NEIGHBORHOOD DEVELOPMENT CENTER NDC REDI II LLC 625 UNIVERSITY AVE W SAINT PAUL MN 55104 203036178 REAL ESTATE LENDING MN 0 2737 NEIGHBORHOOD DEVELOPMENT CENTER NDC REDI LLC 625 UNIVERSITY AVE W SAINT PAUL MN 55104 201262668 REAL ESTATE LENDING MN 0 0 NEIGHBORHOOD DEVELOPMENT CENTER NCS LLC 625 UNIVERSITY AVE W SAINT PAUL MN 55104 203259619 OPERATE COMMERCIAL RENTAL REAL ESTATE MN 220290 3048181 NEIGHBORHOOD DEVELOPMENT CENTER NDC ENTREPRENEUR TRAINING CENTER 625 UNIVERSITY AVE W SAINT PAUL MN 55104 843652762 WORKFORCE TRAINING CENTER MN 501(C)(3) LINE 12A, I NEIGHBORHOOD DEVELOPMENT CENTER 1 BUILD FROM WITHIN ALLIANCE 625 UNIVERSITY AVE W SAINT PAUL MN 55104 874231864 NATIONAL ARM OF NDC MN 501(C)(3) LINE 7 NEIGHBORHOOD DEVELOPMENT CENTER 1 MERCADO CENTRAL 625 UNIVERSITY AVE SAINT PAUL MN 55104 522294499 OPERATE COMMERCIAL REAL ESTATE MN N/A 0 0 NEDU LLC 625 UNIVERSITY AVE SAINT PAUL MN 55104 260594659 OPERATE COMMERCIAL REAL ESTATE MN N/A 0 0 MARKET VIEW 625 UNIVERSITY AVE SAINT PAUL MN 55104 455058653 OPERATE COMMERCIAL REAL ESTATE MN N/A 0 1 MIDTOWN GLOBAL MARKET LLC 625 UNIVERSITY AVE SAINT PAUL MN 55104 203036460 OPERATE COMMERCIAL REAL ESTATE MN N/A 0 0 1 1 0 1 0 0 0 0 0 0 0 1 0 0 0 0 1 0 0 NDC ENTREPRENEUR TRAINING CENTER B 76704 FAIR MARKET VALUE