2025-09-19T14:04:20-05:00 2024-12-31 450250958 Eide Bailly LLP 800 Nicollet Mall Ste 1300 Minneapolis MN 554027033 990 2024-01-01 410977257 Metropolitan Economic Development Association METR 6123326332 1256 Penn Avenue North 4800 Minneapolis MN 55411 Dorothy Bridges President & CEO 6123326332 2025-09-19 1 1 Deb Nelson CPA P01264758 6122536500 2025-09-09 2024 2025-03-06 01:10:19Z Dorothy Bridges 1256 Penn Avenue North 4800 Minneapolis MN 55411 16078052 0 X www.meda.net X 1971 MN Helping minority entrepreneurs succeed. 29 29 45 100 0 0 7558087 13092655 1892072 2495423 5153 381192 -164214 -463402 9291098 15505868 367240 1129000 0 0 3330118 3746773 0 0 1298489 4377333 3847445 8074691 8723218 1216407 6782650 42978022 63533261 31397199 45169788 11580823 18363473 X Helping minority entrepreneurs succeed. 1 0 5095723 1129000 2237725 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. (Continue to Schedule O)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.In 2024, MEDA made a significant impact across Minnesota, deploying $6M in new loans across disadvantaged geographies of the state. MEDA served 538 unique businesses in 2024, in industries such as healthcare and social assistance (14%), manufacturing (11%), management of companies and enterprises (10%), retail (6%) and scientific and technical services (6%) as well as accommodation and food services (23%). The breadth and variety of these businesses drives 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 1,300+ people. Our CDFI 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. 452539 252698 MEDA hosts the regional MBDA center. The center runs on a federal fiscal year of July 1st June 30th. In 2024, MEDA completed its work for the year ending on June 30th, 2024. The Minnesota MBDA Center reported $157,833,643.95 in Gross Revenues Generated. The annual performance goal was $50,000,000, so MEDA exceeded its goal by 315.67%.(Continued on Schedule O)Q3 and Q4 of 2024 coincided with the first two quarters of the MBDA contract. In that time, MEDA's Minnesota MBDA Center exceeded the majority of its performance goals by providing one-on-one strategic consulting alongside access to capital and procurement opportunities needed for disadvantaged business owners to grow and prosper in both the private- and public-sector marketplace. MEDA provided 69 entrepreneurs with $13.4M in financing, with 674 jobs created or retained through the work. 417496 5000 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.(Continue on Schedule O)The 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 2024, the program supported 15 small businesses through management education, with an additional 40 that maintained access to MEDA services. Across all client types, 85% of respondents reported an increase in gross revenues over the last 3 years. Sixty-five percent (65%) reported an increase in market opportunities over the period. Fifty five percent (55%) reported hiring activity. 237286 0 Volunteer Accelerator Network (VAN):MEDA also provides programming to small businesses through the Volunteer Accelerator Network (VAN). Through VAN, MEDA helps entrepreneurs of color enhance collaboration, networking, education, and mentorship opportunities, facilitating their development through various stages of business growth. Business mentors in the network come to us from MEDA's wide network of corporate partners, and are equipped to offer strategic guidance, facilitate the development of SMART goals, and provide essential feedback, while maintaining ethical standards and fostering genuine relationships with mentees.Mentees receive: 1) Biweekly mentorship with an established female business mentor from the community. VAN currently has 44 mentors in its network; 2) Monthly education sessions tailored to early-stage entrepreneurs; 3) A network of other women entrepreneurs who can serve as a support system throughout their entrepreneurial journey, and 4) monthly networking coffee hours as well as strategic celebrations that bring together mentors, mentees, and the broader VAN network.With VAN in its programming playbook, MEDA provides business consulting and programming support for small businesses across the spectrum. 237286 0 6203044 1 1 0 1 0 0 0 0 0 0 1 0 1 0 1 1 1 0 0 0 0 0 0 0 1 0 0 1 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 30 0 1 45 1 0 0 0 0 0 1 1 0 0 0 0 0 0 X 29 29 0 0 0 0 0 0 0 1 1 0 0 1 1 1 1 1 1 1 1 0 MN X X Mesude Cingilli 6123326332 1256 Penn Ave N Ste 4800 Minneapolis MN 55411 Hoyt Hsiao Chair 5.00 X X 0 0 0 John Stout Secretary 5.00 X X 0 0 0 Jeffrey Payne Treasurer / Vice Chair 5.00 X X 0 0 0 Al Mendoza Director 1.00 X 0 0 0 Al Perera Director 1.00 X 0 0 0 Andrea Burns Director (Jan-Jun) 1.00 X 0 0 0 Andrea Novak Director 1.00 X 0 0 0 Bukata Hayes Director 1.00 X 0 0 0 Chris Pham Director 1.00 X 0 0 0 D'Angelos Svenkeson Director 1.00 X 0 0 0 Darren Moquist Director 1.00 X 0 0 0 David Rudolph Director 1.00 X 0 0 0 Jacob Rider Director 1.00 X 0 0 0 Jashan Eison Director 1.00 X 0 0 0 Joel Lebewitz Director 1.00 X 0 0 0 John Taylor Director (Jan-Jun) 1.00 X 0 0 0 Joseph Wallace Director 1.00 X 0 0 0 Kenya McKnight-Ahad Director 1.00 X 0 0 0 Kevin Besikof Director 1.00 X 0 0 0 Laura Helmueller Director 1.00 X 0 0 0 Mary Muldowney Director 1.00 X 0 0 0 Matt Thompson Director 1.00 X 0 0 0 Matthew Lyons Director (Jan-Jun) 1.00 X 0 0 0 Michael Roberts Director 1.00 X 0 0 0 Molly Dorgan Director 1.00 X 0 0 0 Natalie McGrady Director 1.00 X 0 0 0 Priya Narula Director 1.00 X 0 0 0 Robert Doty Director 1.00 X 0 0 0 Shaun Coard Director 1.00 X 0 0 0 Shawn Calabrase Director 1.00 X 0 0 0 Stefan Michno Director 1.00 X 0 0 0 Steven Singer Director 1.00 X 0 0 0 Suzanne Murphy Director (Jan-Jun) 1.00 X 0 0 0 Dorothy Bridges President & CEO 40.00 X 377980 0 25965 Mesude Cingilli CFO/VP of Finance & IT 40.00 X 135602 0 0 Adrian Ruddock VP of Lending & Business Consulting Services 40.00 X 224478 0 28473 Pomsok Yu Director of Business Consulting 40.00 X 127112 0 36487 Gregory Donovan Director of Operations 40.00 X 104728 0 156 George Jacobson Program Manager - MBDA Business Center 40.00 X 103771 0 20815 1073671 0 111896 6 0 1 0 Fredrikson & Byron PA 60 South 6th St Ste 1500 Minneapolis MN 55402 Legal Services 231917 Regents of the University of Minnesota 2221 Univeristy Ave SE Ste 100 Minneapolis MN 55414 ASCEND Mgmt Education Program 179500 Optima Advisory LLC 130 Cedar St St Paul MN 55110 HR Executive Advisory Support 151188 Fiserv PO Box 934057 Atlanta GA 31193 Lending Software 122781 A2 LLC dba The Nation 26 Broadway 3rd Floor New York NY 10004 Contracted Marketing 120000 5 376743 11915232 800680 13092655 Interest From PRI 900099 2451382 2451382 Client Service Revenue 611430 43228 43228 813 813 2495423 381192 381192 108782 376743 572184 -463402 -463402 15505868 2495423 0 -82210 1129000 1129000 792497 455209 195908 141380 2365585 1403345 597247 364993 39952 32255 4844 2853 364401 261901 56106 46394 184338 104374 46357 33607 279763 159396 120367 64990 64990 42141 42141 810756 607503 28491 174762 73452 51443 12062 9947 939707 458811 64976 415920 213242 150968 40856 21418 19266 17911 547 808 38934 29315 4537 5082 702316 702316 124594 87215 24919 12460 72487 56220 10845 5422 Memberships 27882 19604 4672 3606 Bank/Credit Card Fees 21511 16153 3281 2077 Educational Programs 21389 18579 555 2255 Event Production 20932 20232 700 0 374083 356304 4415 13364 8723218 6203044 1221685 1298489 12335294 26577933 1714734 1504389 26620 205748 172045 181926 812675 734391 187699 78284 750000 750000 27650561 34180221 141069 54760 42978022 63533261 549712 606188 2523304 18831500 26497333 24593083 1826850 1139017 31397199 45169788 X 8278649 17516392 3302174 847081 11580823 18363473 42978022 63533261 6782650 0 X 0 1 X 1 1 1 X 5600139 10049179 5219088 7558087 13092655 41519148 5600139 10049179 5219088 7558087 13092655 41519148 3106782 38412366 56283 275 270 5153 381192 443173 8996 5845 1110 15951 41978272 9629341 0.91510 0.82870 X Schedule A, Part II, Line 10, Explanation of Other Income: Miscellaneous - 2020 Amount: $ 8,996. 2021 Amount: $ 5,845. 2022 Amount: $ 1,110. RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 0 1 0 0 0 0 1 42141 0 0 42141 0 Part II-B, Line 1: This expenditure represents the fees paid to an independent contractor to provide lobbying to state and local government to receive grants and program related funding support for MEDA programs and consulting services. 174050 161560 12490 638625 572831 65794 78284 Program-Related Loans 34180221 C 34180221 Due to Third Party Loan Participants 1025825 Lease Liabilities 113192 1139017 X 15904794 1000 1000 15903794 -397926 -397926 15505868 9122144 1000 397926 398926 8723218 0 8723218 Part X, Line 2: Meda undergoes an annual analysis of its various tax positions, assessing the likelihood of those positions being upheld upon examination with relevant tax authorities. As of December 31, 2024 and 2023, no amounts were recorded as a result of this analysis. If Meda is subject to interest or penalties on underpaid income taxes, they will be recorded as income tax expense in the period in which they are incurred. Part XI, Line 4b - Other Adjustments: Fundraising Event Expenses Reported in Revenue for Tax Purposes -397,926. Part XII, Line 2d - Other Adjustments: Fundraising Event Expenses Reported in Revenue for Tax Purposes 397,926. Gala 485525 376743 108782 31268 163505 100789 167840 108782 485525 376743 108782 31268 163505 100789 167840 108782 572184 -463402 1 Minnesota Black Chamber of Commerce 401 Robert St N Ste 150 St Paul MN 55101 200722799 501(c)(3) 1000000 0 Pass Thorugh Grant from McKnight Foundation Intent Energy LLC 2801 Hennepin Avenue Unit 573 Minneapolis MN 55408 851712703 N/A 89000 0 JPMC Foundation grant Objective Biotechnology Inc 226 McNamara Alumni Center MS 226K 200 Oak St SE Minneapolis MN 55455 922210872 N/A 25000 0 2024 MN Cup grant 1 2 Part I, Line 2: The grants are to help with the general operations for these businesses. There is no post grant award monitoring. X X X 0 0 0 0 0 0 0 1 0 Dorothy Bridges President & CEO 316780 0 60000 0 1200 0 9993 0 15973 0 403946 0 0 0 Adrian Ruddock VP of Lending & Business Consulting Services 187778 0 35500 0 1200 0 0 0 28473 0 252951 0 0 0 Pomsok Yu Director of Business Consulting 120662 0 5250 0 1200 0 2837 0 33651 0 163600 0 0 0 Part I, Line 7 Officers are eligible for bonuses based on annual performance reviews. The bonuses are determined by the President and Board of Directors. Form 990, Part III, line 2 Started MN DEED PROMISE ACT loan program Form 990, Part VI, Section A, line 1a The Executive Committee is composed of three or more designated board members. Unless specified by action of the board, the Executive Committee shall have and exercise the authority of the board with respect to the business of the corporation in the intervals between meetings of the board. The Executive Committee shall at all times be subject to the control and direction of the board. Form 990, Part VI, Section B, line 11b A draft copy of the Form 990 is provided to the Finance Audit Committee. The Finance Audit Committee reviews the draft Form 990, addressing any comments or concerns, and then makes a recommendation to the Board of Directors for approval. A copy is provided to the board and upon review and approval of the draft Form 990 by the Board of Directors the form is filed. Form 990, Part VI, Section B, line 12c Conflict of interest statements are issued every year to all directors and employees. These individuals disclose applicable conflicts and sign as to compliance with the policy. The Meda Governance Committee reviews all statements to review any disclosed potential conflicts of interest. The Governance Committee documents any actions undertaken. The person with the conflict of interest is excluded from the discussion and approval of the activity. Form 990, Part VI, Section B, line 15 Meda's Personnel Committee performs an annual review on the CEO. This review involves collecting feedback from the management team and the Board of Directors. The Director of Finance and Administration provides the Personnel Committee with a salary range comprised from comparatives of similar nonprofits. The Personnel Committee recommends a compensation adjustment for approval by the board. Meda uses a similar process for other officers and all employees. Each individual undergoes an annual performance review with their supervisor. Supervisors award merit adjustments from a merit pool identified in the approved operational budget. Form 990, Part VI, Section C, line 19 These documents are made available upon request.