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Nonprofit · EIN 80-0345712

AFRICAN ECONOMIC DEVELOPMENT SOLUTIONS

Tax-exempt · SAINT PAUL, MN 55104

Financials

$3.9M$1.9M2023$5.2M$2.3M2024
Revenue Expenses · by fiscal year end
Financials of AFRICAN ECONOMIC DEVELOPMENT SOLUTIONS by year, from its e-filed returns
Year endedFormRevenueExpensesNet incomeTotal assetsLiabilitiesNet assets
December 31, 2024990$5,189,587$2,292,377$2,897,210$13,711,523$4,424,956$9,286,567
December 31, 2023990$3,868,135$1,878,258$1,989,877$10,106,080$3,716,723$6,389,357
Financial details: 990 for the year ended December 31, 2024

Revenue

Contributions, gifts and grants
$4,941,620
of which government grants
$3,360,997
Program service revenue
$228,435
Investment income
$0
Other revenue
$19,532

Expenses

Grants and similar amounts paid
$66,024
Other salaries and wages
$965,385
Salaries, compensation and benefits (total)
$1,165,818
Professional fundraising fees
$0
Occupancy
$62,975
Travel
$51,720
Depreciation
$46,948
Program services (functional)
$1,915,864
Management and general (functional)
$225,153
Fundraising (functional)
$151,360

Balance sheet and other

Total assets, start of year
$10,106,080
Total assets, end of year
$13,711,523
Total liabilities, end of year
$4,424,956
Net assets, end of year
$9,286,567
Land, buildings and equipment
$5,988,064
Net assets without donor restrictions
$7,346,793
Net assets with donor restrictions
$1,939,774
Gross receipts
$5,189,587
Employees
13
Volunteers
0
Year formed
2008
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, 2024, highest compensation first.

NameTitleHours / weekCompensationOther / benefits
GENE GELGELUPRESIDENT & CEO
Officer
40$146,780$23,408
REBECCA COOPERCHAIR
Trustee or director, Officer
1$0$0
GROVER JONESSECRETARY
Trustee or director, Officer
1$0$0
GEBI TUFAATREASURER
Trustee or director, Officer
1$0$0
ANTHONY J ISUBIKALUDIRECTOR
Trustee or director
1$0$0
NONKULUEKO SHONGWEDIRECTOR
Trustee or director
1$0$0
EBISSO UKADIRECTOR
Trustee or director
1$0$0
990 for the year ended December 31, 2023: 9 people
NameTitleHours / weekCompensationOther / benefits
GENE GELGELUPRESIDENT & CEO
Officer
40$133,436$23,408
KATE SPEEDCHAIR
Trustee or director, Officer
1$0$0
REBECCA COOPERSECRETARY
Trustee or director, Officer
1$0$0
GEBI TUFAATREASURER
Trustee or director, Officer
1$0$0
ANTHONY J ISUBIKALUDIRECTOR
Trustee or director
1$0$0
GROVER JONESDIRECTOR
Trustee or director
1$0$0
OMER KISSIDIRECTOR
Trustee or director
1$0$0
NONKULUEKO SHONGWEDIRECTOR
Trustee or director
1$0$0
EBISSO UKADIRECTOR
Trustee or director
1$0$0

Address and contacts

Address (IRS master file)
678 SNELLING AVE N, SAINT PAUL, MN 55104-1840
In care of
% GENE GELGELU
Mailing address (990-N for 2013)
1821 University avenue Suite S-291, Saint Paul MN 55104
Principal officer (990 for 2024)
GENE GELGELU, 678 SNELLING AVENUE NORTH S-200, ST PAUL, MN 55104
Principal officer (990-N for 2013)
Gene Gelgelu, 1821 University avenue Suite S-291, Saint Paul MN 55104
Signed the 990
GENE GELGELU, PRESIDENT & CEO
Phone
(651) 646-9411
Return prepared by
CARPENTER EVERT & ASSOCIATES LTD

Mission

AFRICAN ECONOMIC DEVELOPMENT SOLUTIONS (AEDS) BUILDS WEALTH WITHIN AFRICAN IMMIGRANT COMMUNITIES IN THE TWIN CITIES THROUGH ECONOMIC DEVELOPMENT ACTIVITIES. WE WORK THROUGHOUT THE TWIN CITIES METROPOLITAN AREA TO CREATE WEALTH, LIFT IMMIGRANT COMMUNITIES OUT OF POVERTY, AND CONTRIBUTE TO AND BENEFIT FROM THE REGION'S VIBRANT ECONOMY.

990 for the year ended December 31, 2024

Program accomplishments

  • SEE SCHEDULE O.LENDING AND CREDIT BUILDING - AFRICAN ECONOMIC DEVELOPMENT SOLUTIONS (AEDS) BUILD WEALTH WITHIN AFRICAN IMMIGRANT COMMUNITIES IN THE STATE OF MINNESOTA THROUGH ECONOMIC DEVELOPMENT ACTIVITIES. WE WORK THROUGHOUT THE TWIN CITIES METROPOLITAN AREA AND OTHER CITIES IN MINNESOTA TO CREATE WEALTH, LIFT IMMIGRANT COMMUNITIES OUT OF POVERTY BY PROVIDING BUSINESS DEVELOPMENT TRAINING AND SMALL BUSINESS CONSULTING AND HOUSING PROGRAM. IN 2024 AEDS PROVIDED $2.07 MILLION IN LOAN. CREDT BUILDING PROGRAM TARGETS CLIENTS WHO NEED PERSONALIZED ASSISTANCE TO IMPROVE THEIR CREDITWORTHINESS. THIS SERVICE IS DELIVERED THROUGH ONE-ON-ONE, IN-PERSON WEEKLY SESSIONS LASTING APPROXIMATELY 1.5 HOURS EACH. DURING THE REPORTING PERIOD, 73 CLIENTS ENROLLED, AND 61 COMPLETED THE COACHING PROCESS, ACHIEVING A COMPLETION RATE OF 84%. THIS PROGRAM HAS PROVEN PARTICULARLY EFFECTIVE IN HELPING PARTICIPANTS DEVELOP BETTER FINANCIAL HABITS AND IMPROVE THEIR ACCESS TO CAPITAL. THOSE WHO ARE CREDIT INVISIBLE OR NEED ASSISTANCE REBUILDING CREDIT CAN APPLY FOR A CREDIT BUILDER LOAN THAT HELPS THEM REBUILD THEIR CREDIT BASED ON TIMELY MONTHLY PAYMENTS ENTREPRENEURSHIP TRAINING AND BUSINESS PLAN CONSULTING - THESE CLASSES ARE OFFERED THROUGH GROUP SESSIONS CONDUCTED VIA ZOOM OVER A 6-WEEK COHORT TRAINING MODEL. IN 2024, SIX BUSINESS TRAINING COHORTS WERE CONDUCTED, EACH LASTING 2 HOURS, TWICE A WEEK. THIS STRUCTURED TRAINING ALLOWS PARTICIPANTS TO GAIN FOUNDATIONAL KNOWLEDGE IN ENTREPRENEURSHIP, BUSINESS PLANNING, MARKETING, FINANCIAL MANAGEMENT, AND COMPLIANCE. A TOTAL OF 163 CLIENTS WERE ENROLLED, WITH 124 SUCCESSFULLY COMPLETING THE TRAINING, REFLECTING A 76% COMPLETION RATE. THIS HIGH SUCCESS RATE DEMONSTRATES THE PROGRAM'S EFFECTIVENESS IN DELIVERING ACCESSIBLE AND VALUABLE ENTREPRENEURSHIP EDUCATION. THESE CONSULTATIONS ARE PROVIDED THROUGH ONE-ON-ONE, IN-PERSON SESSIONS HELD WEEKLY, WITH EACH SESSION LASTING APPROXIMATELY TWO HOURS. THIS SERVICE OFFERS INDIVIDUALIZED GUIDANCE TO ENTREPRENEURS AS THEY DRAFT, REFINE, AND FINALIZE THEIR BUSINESS PLANS. OUT OF THE 42 CLIENTS ENROLLED, 30 COMPLETED THE CONSULTING PROCESS, RESULTING IN A 71% COMPLETION RATE. THIS SERVICE IS ESSENTIAL FOR CLIENTS SEEKING TAILORED ADVICE TO ENHANCE THE CLARITY, FEASIBILITY, AND SUSTAINABILITY OF THEIR BUSINESS MODELS. UPON COMPLETION OF THEIR BUSINESS PLANS AND THE ACCOMPANYING FINANCIAL PROJECTIONS, CLIENTS PROCEED TO APPLY FOR A BUSINESS LOAN WITH AEDS'S LENDING DEPARTMENT. HOUSING - "PRE-PURCHASE EDUCATION (HOMESTRETCH): THIS IS AN INTENSIVE 8-HOUR EDUCATIONAL WORKSHOP DESIGNED TO PREPARE FIRST-TIME HOMEBUYERS FOR THE COMPLEX HOME-BUYING PROCESS. THE TRAINING COVERS TOPICS SUCH AS CREDIT READINESS, MORTGAGE OPTIONS, HOME INSPECTIONS, INSURANCE, AND FINANCIAL MANAGEMENT. A TOTAL OF 220 CLIENTS WERE ENROLLED, WITH 192 SUCCESSFULLY COMPLETING THE TRAINING, REFLECTING A 87% COMPLETION RATE. THIS HIGH COMPLETION RATE DEMONSTRATES A STRONG COMMITMENT FROM PARTICIPANTS TO ENHANCE THEIR KNOWLEDGE AND READINESS FOR HOMEOWNERSHIP.PRE-PURCHASE ADVISING: THIS SERVICE FOCUSES ON HELPING CLIENTS BECOME MORTGAGE-READY WITHIN A RELATIVELY SHORT TIMEFRAME (LESS THAN 45 DAYS). IT INVOLVES ASSESSING FINANCIAL READINESS, INCLUDING INCOME, CREDIT, DEBT, AND SAVINGS, AND DEVELOPING TAILORED SAVINGS PLANS TO ENHANCE MORTGAGE READINESS. DURING THE REPORTING PERIOD, 52 CLIENTS WERE ENROLLED, WITH 30 COMPLETING THE PROCESS, ACHIEVING A 58% COMPLETION RATE. THE MODERATE COMPLETION RATE SUGGESTS ONGOING CHALLENGES FACED BY CLIENTS IN ACHIEVING IMMEDIATE MORTGAGE READINESS, NECESSITATING ENHANCED SUPPORT AND RESOURCES.FINANCIAL WELLNESS COACHING: THIS SERVICE PROVIDES ONGOING SUPPORT FOCUSED ON CREDIT BUILDING, DEBT MANAGEMENT, SAVINGS IMPROVEMENT, AND OVERALL FINANCIAL CAPABILITY. CLIENTS ENGAGE IN A LONGER-TERM PROCESS TO ESTABLISH FINANCIAL STABILITY AND WORK TOWARDS HOMEOWNERSHIP GOALS. THE SERVICE IS DELIVERED THROUGH WEEKLY, ONE-ON-ONE, IN-PERSON SESSIONS LASTING APPROXIMATELY 1.5 HOURS EACH. DURING THE REPORTING PERIOD,34 CLIENTS WERE ENROLLED, WITH 12 SUCCESSFULLY COMPLETING THE PROCESS, RESULTING IN A 35% COMPLETION RATE. THIS SERVICE EMPHASIZES SUSTAINABILITY AND CONSISTENT PROGRESS OVER TIME, WITH CLIENTS OFTEN REQUIRING MORE IN-DEPTH GUIDANCE."
    Expenses $1,915,864 · grants $66,024 · revenue $228,435

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 yearYear endedDueIRS public records
2025December 31, 2025May 15, 2026Not on file
2024December 31, 2024May 15, 2025990 on file
2023December 31, 2023May 15, 2024990 on file

IRS record

EIN
80-0345712
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
2009
Accounting year ends
December
Files
Form 990 or 990-EZ
Category (NTEE)
Education (B60)
Assets (IRS master file)
$13,711,523
Income (IRS master file)
$5,189,587

Filing history

FormYear endedRevenueExpensesAssetsReturn
990December 2024$5,189,587$2,292,377$13,711,523IRS
990December 2023$3,868,135$1,878,258$10,106,080XML
990December 2022$3,784,754$3,113,284$6,521,701IRS
990December 2021–––IRS
990December 2020–––IRS
990December 2018–––IRS
990-N for 2013
Officer: Gene Gelgelu
December 31, 2013≤ $50,000 receipts––e-Postcard

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 80-0345712).

Questions about AFRICAN ECONOMIC DEVELOPMENT SOLUTIONS

What is the EIN of AFRICAN ECONOMIC DEVELOPMENT SOLUTIONS?
The employer identification number (EIN) of AFRICAN ECONOMIC DEVELOPMENT SOLUTIONS is 80-0345712.
Is AFRICAN ECONOMIC DEVELOPMENT SOLUTIONS tax-exempt?
Yes. The IRS lists it as tax-exempt under section 501(c)(3) since 2009.
Are donations to AFRICAN ECONOMIC DEVELOPMENT SOLUTIONS tax-deductible?
Yes. It is listed in IRS Publication 78 (Public charity, 50% deduction limit).
Which annual return does AFRICAN ECONOMIC DEVELOPMENT SOLUTIONS 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 AFRICAN ECONOMIC DEVELOPMENT SOLUTIONS due?
The return for tax year 2025 (the year ending December 31, 2025) is due May 15, 2026. Form 8868 extends it by six months; the 990-N cannot be extended.
When did AFRICAN ECONOMIC DEVELOPMENT SOLUTIONS last file with the IRS?
The latest return in the IRS public files is the 990 for the year ended December 2024.
Who is the principal officer of AFRICAN ECONOMIC DEVELOPMENT SOLUTIONS?
The 990 for the year ended December 31, 2024 names GENE GELGELU.
Who are the officers and directors of AFRICAN ECONOMIC DEVELOPMENT SOLUTIONS?
The 990 for the year ended December 31, 2024 lists 7 people; 1 received compensation from the organization, the highest $146,780 (GENE GELGELU, PRESIDENT & CEO).
How much revenue does AFRICAN ECONOMIC DEVELOPMENT SOLUTIONS have?
On its 990 for the year ended December 31, 2024 it reported revenue of $5,189,587, expenses of $2,292,377 and total assets of $13,711,523 at year end.

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