Civic Intelligence

Metropolitan Economic Development Association

EIN 41-0977257 • 501(c)3 • Minneapolis, MN

Profile

Help entrepreneurs of color succeed and communities grow.

1256 Penn Avenue North 4800Minneapolis, MN 55411

www.meda.net

Siviq Scores

Precomputed percentiles relative to similar nonprofits. These scores are descriptive rather than judgmental.

Liabilities / Assets

83rd percentile

0.71x

Higher debt load relative to assets than 83% of similar nonprofits.

501(c)3 • $50M-$100M nonprofits • Source year 2024

Liabilities / Revenue

89th percentile

2.91x

Higher debt load relative to revenue than 89% of similar nonprofits.

501(c)3 • $50M-$100M nonprofits • Source year 2024

Net Margin

87th percentile

44%

Higher net margin than 87% of similar nonprofits.

501(c)3 • $50M-$100M nonprofits • Source year 2024

Top Officer Pay

Score unavailable

No value available

No filing with officer rows is available for this organization yet.

Asset Growth

94th percentile

48%

Faster asset growth than 94% of similar nonprofits.

501(c)3 • $50M-$100M nonprofits • Annualized from 2023 to 2024

Revenue Growth

91st percentile

67%

Faster revenue growth than 91% of similar nonprofits.

501(c)3 • $50M-$100M nonprofits • Annualized from 2023 to 2024

Assets

Up

$63,533,261

Up $20,555,239 (+48%) from 2023

Liabilities

Up

$45,169,788

Up $13,772,589 (+44%) from 2023

Net Assets

Up

$18,363,473

Up $6,782,650 (+59%) from 2023

Revenue

Up

$15,505,868

Up $6,214,770 (+67%) from 2023

Expenses

Up

$8,723,218

Up $648,527 (+8.0%) from 2023

Net Income

Up

$6,782,650

Up $5,566,243 (+458%) from 2023

Trend Graphs

Balance Sheet Trend

Grouped bars show assets, liabilities, and net assets across loaded filings.

$80M$60M$40M$20M$0Assets 2010: $3,265,886Liabilities 2010: $912,657Net Assets 2010: $2,353,2292010Assets 2011: $3,972,274Liabilities 2011: $1,411,516Net Assets 2011: $2,560,7582011Assets 2012: $4,651,980Liabilities 2012: $1,685,548Net Assets 2012: $2,966,4322012Assets 2013: $6,451,209Liabilities 2013: $3,393,908Net Assets 2013: $3,057,3012013Assets 2014: $9,559,276Liabilities 2014: $5,709,682Net Assets 2014: $3,849,5942014Assets 2015: $11,367,698Liabilities 2015: $7,218,049Net Assets 2015: $4,149,6492015Assets 2016: $15,382,995Liabilities 2016: $8,088,532Net Assets 2016: $7,294,4632016Assets 2017: $16,386,770Liabilities 2017: $8,939,018Net Assets 2017: $7,447,7522017Assets 2018: $24,620,444Liabilities 2018: $16,145,871Net Assets 2018: $8,474,5732018Assets 2019: $26,982,294Liabilities 2019: $19,350,501Net Assets 2019: $7,631,7932019Assets 2020: $39,495,187Liabilities 2020: $30,309,101Net Assets 2020: $9,186,0862020Assets 2021: $45,113,584Liabilities 2021: $31,797,322Net Assets 2021: $13,316,2622021Assets 2022: $38,713,139Liabilities 2022: $28,348,723Net Assets 2022: $10,364,4162022Assets 2023: $42,978,022Liabilities 2023: $31,397,199Net Assets 2023: $11,580,8232023Assets 2024: $63,533,261Liabilities 2024: $45,169,788Net Assets 2024: $18,363,4732024

Highlighted filing

2024

Assets$63,533,261
Liabilities$45,169,788
Net Assets$18,363,473

Operations Trend

Revenue, expenses, and net income by year, with the latest filing highlighted.

$20M$15M$10M$5.0M$0-$5.0MExpenses 2010: $2,420,4202010Expenses 2011: $2,150,0302011Expenses 2012: $2,797,2632012Revenue 2013: $3,176,094Expenses 2013: $3,085,225Net Income 2013: $90,8692013Revenue 2014: $4,003,903Expenses 2014: $3,211,610Net Income 2014: $792,2932014Revenue 2015: $3,857,602Expenses 2015: $3,557,547Net Income 2015: $300,0552015Revenue 2016: $7,171,173Expenses 2016: $4,026,359Net Income 2016: $3,144,8142016Revenue 2017: $5,982,625Expenses 2017: $5,829,336Net Income 2017: $153,2892017Revenue 2018: $7,372,838Expenses 2018: $6,346,017Net Income 2018: $1,026,8212018Revenue 2019: $5,856,303Expenses 2019: $6,699,083Net Income 2019: -$842,7802019Revenue 2020: $7,589,215Expenses 2020: $6,034,922Net Income 2020: $1,554,2932020Revenue 2021: $12,064,856Expenses 2021: $7,934,680Net Income 2021: $4,130,1762021Revenue 2022: $6,566,738Expenses 2022: $9,518,584Net Income 2022: -$2,951,8462022Revenue 2023: $9,291,098Expenses 2023: $8,074,691Net Income 2023: $1,216,4072023Revenue 2024: $15,505,868Expenses 2024: $8,723,218Net Income 2024: $6,782,6502024

Highlighted filing

2024

Revenue$15,505,868
Expenses$8,723,218
Net Income$6,782,650

Filings

Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2024Facts available. Structured filing facts are available, but richer extracted sections are limited.$63.5$45.2$18.4$15.5$8.72$6.78
2023Detailed filing. Detailed filing data is available for this year.$43.0$31.4$11.6$9.29$8.07$1.22
2022Detailed filing. Detailed filing data is available for this year.$38.7$28.3$10.4$6.57$9.52$2.95
2021Detailed filing. Detailed filing data is available for this year.$45.1$31.8$13.3$12.1$7.93$4.13
2020Detailed filing. Detailed filing data is available for this year.$39.5$30.3$9.19$7.59$6.03$1.55
2019Detailed filing. Detailed filing data is available for this year.$27.0$19.4$7.63$5.86$6.70$0.84
2018Detailed filing. Detailed filing data is available for this year.$24.6$16.1$8.47$7.37$6.35$1.03
2017Detailed filing. Detailed filing data is available for this year.$16.4$8.94$7.45$5.98$5.83$0.15
2016Detailed filing. Detailed filing data is available for this year.$15.4$8.09$7.29$7.17$4.03$3.14
2015Detailed filing. Detailed filing data is available for this year.$11.4$7.22$4.15$3.86$3.56$0.30
2014Detailed filing. Detailed filing data is available for this year.$9.56$5.71$3.85$4.00$3.21$0.79
2013Detailed filing. Detailed filing data is available for this year.$6.45$3.39$3.06$3.18$3.09$0.09
2012Facts available. Structured filing facts are available, but richer extracted sections are limited.$4.65$1.69$2.97$2.80
2011Facts available. Structured filing facts are available, but richer extracted sections are limited.$3.97$1.41$2.56$2.15
2010Facts available. Structured filing facts are available, but richer extracted sections are limited.$3.27$0.91$2.35$2.42
Latest Filing Detail
Jump To
Filing Snapshot
Filing Period
Jan 1, 2024 to Dec 31, 2024
Signed
Sep 19, 2025
Return Version
2024v5.2
Gross Receipts
$16,078,052
Mission and Program Overview

Mission

Helping minority entrepreneurs succeed.

Balance Sheet Detail
LineBeginningEndChange
Assets
Investments Program Related$27,650,561$34,180,221▲ $6,529,660
Savings and Temporary Cash Investments$12,335,294$26,577,933▲ $14,242,639
Pledges and Grants Receivable$1,714,734$1,504,389▼ $210,345
Investments Other Securities$750,000$750,000→ $0
Accounts Receivable$26,620$205,748▲ $179,128
Prepaid Expenses and Deferred Charges$172,045$181,926▲ $9,881
Land, Buildings, and Equipment, Net$187,699$78,284▼ $109,415
Total Assets$42,978,022$63,533,261▲ $20,555,239
Other Assets Total$141,069$54,760▼ $86,309
Liabilities
Mortgage Notes Payable Secured by Investment Property$26,497,333$24,593,083▼ $1,904,250
Deferred Revenue$2,523,304$18,831,500▲ $16,308,196
Other Liabilities$1,826,850$1,139,017▼ $687,833
Accounts Payable and Accrued Expenses$549,712$606,188▲ $56,476
Total Liabilities$31,397,199$45,169,788▲ $13,772,589
Net Assets / Fund Balance
Net Assets Without Donor Restrictions$8,278,649$17,516,392▲ $9,237,743
Net Assets With Donor Restrictions$3,302,174$847,081▼ $2,455,093
Total Net Assets Fund Balance$11,580,823$18,363,473▲ $6,782,650
Total Liabilities and Net Assets / Fund Balance$42,978,022$63,533,261▲ $20,555,239

Asset Categories

AssetBook ValueDepreciationBasis
Equipment$65,794$572,831$638,625
Buildings$12,490$161,560$174,050
Investment Program Related Org$34,180,221--
Compensation and Service Providers

Employees

NameTitleFull / Part TimeBaseOtherTotal
Dorothy BridgesPresident & CEOFT$316,780$87,166$403,946
Adrian Ruddock VP of Lending& Business Consulting ServicesFT$187,778$65,173$252,951
Pomsok YuDirector of Business ConsultingFT$120,662$42,938$163,600
Mesude CingilliCFO/VP of Finance & ITFT$135,602-$135,602
George Jacobson ProgramManager - MBDA Business CenterFT$103,771$20,815$124,586
Gregory DonovanDirector of OperationsFT$104,728$156$104,884

Board Members and Trustees

NameTitle
Hoyt HsiaoChair
Jeffrey PayneTreasurer / Vice Chair
Al MendozaDirector
Al PereraDirector
Andrea NovakDirector
Bukata HayesDirector
Chris PhamDirector
D'Angelos SvenkesonDirector
Darren MoquistDirector
David RudolphDirector
Jacob RiderDirector
Jashan EisonDirector
Joel LebewitzDirector
Joseph WallaceDirector
Kenya McKnight-AhadDirector
Kevin BesikofDirector
Laura HelmuellerDirector
Mary MuldowneyDirector
Matt ThompsonDirector
Michael RobertsDirector
Molly DorganDirector
Natalie McGradyDirector
Priya NarulaDirector
Robert DotyDirector
Shaun CoardDirector
Shawn CalabraseDirector
Stefan MichnoDirector
Steven SingerDirector
Andrea BurnsDirector (Jan-Jun)
John TaylorDirector (Jan-Jun)
Matthew LyonsDirector (Jan-Jun)
Suzanne MurphyDirector (Jan-Jun)
John StoutSecretary

Highest Paid Contractors

ContractorServicesLocationCompensation
Fredrikson & Byron PALegal Services60 South 6th St Ste 1500, Minneapolis, MN 55402$231,917
Regents of the University of MinnesotaASCEND Mgmt Education Program2221 Univeristy Ave SE Ste 100, Minneapolis, MN 55414$179,500
Optima Advisory LLCHR Executive Advisory Support130 Cedar St, St Paul, MN 55110$151,188
FiservLending SoftwarePO Box 934057, Atlanta, GA 31193$122,781
A2 LLC dba The NationContracted Marketing26 Broadway 3rd Floor, New York, NY 10004$120,000
Revenue and Support

Revenue Composition

Contributions and Grants
$13,092,655
Program Service Revenue
$2,495,423
Investment Income
$381,192
Other Revenue
$-463,402
All Other Contributions
$800,680
Change in Net Assets
$6,782,650

Audited Revenue Reconciliation

Revenue per Audited Statements
$15,903,794
Revenue Not Reported on Financial Statements
$-397,926
Revenue Not Reported on Form 990
$1,000
Other Revenue Adjustments
$-397,926
Total Revenue per Audited Statements
$15,904,794
Total Revenue per Form 990
$15,505,868
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$3,847,445
Salaries, Compensation, and Employee Benefits$3,746,773
Total Fundraising Expense$1,298,489
Grants and Similar Amounts Paid$1,129,000
Professional Fundraising Fees$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Other Salaries and Wages$1,403,345$597,247$364,993$2,365,585
Grants to Domestic Orgs$1,129,000--$1,129,000
Information Technology$458,811$64,976$415,920$939,707
Fees for Services Other$607,503$28,491$174,762$810,756
Current Officers, Directors, Trustees, and Key Employees$455,209$195,908$141,380$792,497
Interest$702,316--$702,316
All Other Expenses$356,304$4,415$13,364$374,083
Other Employee Benefits$261,901$56,106$46,394$364,401
Fees for Services Legal$159,396$120,367-$279,763
Occupancy$150,968$40,856$21,418$213,242
Payroll Taxes$104,374$46,357$33,607$184,338
Depreciation Depletion$87,215$24,919$12,460$124,594
Office Expenses$51,443$12,062$9,947$73,452
Insurance$56,220$10,845$5,422$72,487
Fees for Services Accounting$64,990--$64,990
Fees for Services Lobbying--$42,141$42,141
Pension Plan Contributions$32,255$4,844$2,853$39,952
Conferences and Meetings$29,315$4,537$5,082$38,934
Other Expenses$20,232$700$0$20,932
Travel$17,911$547$808$19,266
Total Functional Expenses$6,203,044$1,221,685$1,298,489$8,723,218

Audited Expense Reconciliation

Line ItemAmount
Total Expenses per Audited Statements$9,122,144
Expenses per Audited Statements$8,723,218
Total Expenses per Form 990$8,723,218
Expenses Not Reported on Form 990$398,926
Expenses Not Reported on Financial Statements$0
International Activity

Grant and Assistance Recipients

RecipientLocationCategoryPurposeAmount
Minnesota Black Chamber of CommerceSt Paul, MN501(c)(3)Pass Thorugh Grant from McKnight Foundation$1,000,000
Intent Energy LLCMinneapolis, MNN/aJPMC Foundation grant$89,000
Objective Biotechnology IncMinneapolis, MNN/a2024 MN Cup grant$25,000
Fundraising, Events, and Gaming
Fundraising activities
Yes
Gaming activities
No
Professional fundraiser used
No

Fundraising and Gaming Totals

Line ItemAmount
Fundraising Direct Expenses$572,184
Fundraising Gross Income$108,782
Professional Fundraising Fees$0

Fundraising Events

EventGross ReceiptsGross RevenueDirect ExpensesNet Income
Gala$485,525$108,782$108,782$0
Total Events$485,525$108,782$572,184$-463,402
Political and Lobbying Activity
Political campaign activity
No
Lobbying activity
Yes
Subject to proxy tax
No
Debt and Bond Financing

Other Reported Liabilities

LiabilityAmount
Due to Third Party Loan Participants$1,025,825
Lease Liabilities$113,192
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
No
Annual disclosure for covered persons
Yes
Audit committee
Yes
Backup withholding compliance
Yes
Business relationship with 35% controlled entity
No
Business relationship with family members
No
Business relationship with organization members
No
Material changes to governing documents
No
Compensation from other sources disclosed
No
CEO compensation reviewed
Yes
Other officer compensation reviewed
Yes
Conflict-of-interest policy
Yes
Audited financial statements prepared
No
Key decisions subject to board approval
No
Management duties delegated
No

Governance Explanations

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.

Filing and Contact Details

Filer

Filer Name
Metropolitan Economic Development
EIN
41-0977257
Phone
6123326332
Address
1256 Penn Avenue North 4800, Minneapolis, MN 55411

Signing Officer

Name
Dorothy Bridges
Title
President & CEO
Phone
6123326332
Signed
2025-09-19
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Dorothy Bridges
Formed
1971
Legal Domicile
Mn
Voting Board Members
29
Independent Board Members
29
Employees
45
Volunteers
100

Preparer

Firm
Eide Bailly LLP
Address
800 Nicollet Mall Ste 1300, Minneapolis, MN 55402-7033
Preparer
Deb Nelson CPA
Phone
6122536500
Supplemental Narrative

Additional Explanations

Form 990, Part III, line 2

Started MN DEED PROMISE ACT loan program

Financial Statement Notes

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.

Raw XML AppendixShowing 400 of 902 raw XML fields

This appendix keeps the raw XML leaves available for debugging and edge-case review. The human report above is the primary experience.

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IRS990/Desc0MEDA'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.
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IRS990/Form990PartVIISectionAGrp/PersonNm38George Jacobson Program
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