African Economic Development Solutions FY2020 filing
Builds wealth for African immigrants in Minnesota through small business lending, financial consulting, credit building, and housing programs. For fiscal year 2020 it reported $5.1M in revenue, $3.9M in expenses, and $2.2M in net assets.Pt I
- Type
- Public charity (501(c)(3)) · Education
- Location
- Saint Paul, MN
- Website
- www.aeds-mn.org
- Filings
- 5 on file (2020–2020)
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Summary of the Filing
Identity & Classification
Governance & Policies
Officers, Directors & Key Employees
Gene Gelgelu’s $147K as President & CEO is at the 62nd percentile of top reported officer pay among 3393 $1–10M education nonprofits. Peer set: organizations in the same NTEE major field of work and revenue-size band, compared on each org’s own highest-paid officer/key-employee, from Form 990 Part VII / 990-PF Part VIII. Descriptive placement, not a verdict on whether the pay is appropriate.
Compensation history total reportable pay by year · 3 named individuals · Part VII
| Name | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 |
|---|---|---|---|---|---|
| Gene Gelgelu | $146,780 | $133,436 | $114,114 | — | — |
| Gene Gelegelu | — | — | — | $102,960 | — |
| Gene Gelgelu | — | — | — | — | $85,800 |
Total reportable compensation (Form 990 Part VII column D / Schedule J column E) by filing year, matched by name within this organization. The Schedule J base / bonus / deferred breakdown is not parsed into this dataset.
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Where the work happens
Business Development Training and Small Business Consulting program provided service to 1286 clients in 2020. The program equips African immigrants and members clients of other marginalized communities in the Twin Cities and greater Minnesota with pertinent business skills indispensable for their success as entrepreneurs of color.
Little Africa engaged with an estimated 10,000 people through our virtual Little African annual festival and National African Leadership Conference events in 2020. This program is designed to engage with artists and communities to build local economy through arts and building leadership capacity in the community.
Homeownership and Financial Literacy Workshop program provided to 114 families in workshops and counseling in 2020. The program helps disadvantaged families and first-time homebuyers make informed decisions as they fully realize their slice of the American Dream, and to help individuals or families develop the skills necessary to succeed…
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Statement of Revenue
Statement of Functional Expenses
Balance Sheet
Financial Metrics
Same NTEE category, revenue band, and state where available. Descriptive — not a grade.
| Metric | This org | Peer median | Percentile |
|---|---|---|---|
| Program ratio | 96% | — | — |
| Overhead ratio | 3% | — | — |
| Fundraising cost ratio | 0.9% | — | — |
| Accounting fee ratio | 0.3% | — | — |
Straight from the Form 990 — descriptive, not an evaluation. A ratio is hidden when its base is zero or too small to be meaningful; the dollars are always shown.
Grants
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Filings & Schedule Manifest
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Sources
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