NEIGHBORHOODDEVELOPMENTCENTER                                            2009 ANNUAL REPORT                entrepreneurshi...
A Year of Impact   A Ye ar of ImpactBOARD OF DIRECTORS                                             Dear FrienDs oF nDC,Kat...
Strong ValuesSt rong Valu e sNDC VALUES                           MISSION                                                 ...
Innovative Approach  N D C Innovativ e A pproachMICRO-ENTREPRENEUR               SMALL BUSINESS                   SMALL BU...
Entrepreneur Success2 00 9 E ntrepre neur Suc ce s s Stori e s    CHERYL MIKEL OF RAINBOW CHILD DEVELOPMENT CENTER    Winn...
Entrepreneur Training  E n treprene ur Traini n gTRAINING PARTNERS                                               Neighborh...
Small Business LendingSm a ll Busine ss L e ndi n g                                                                       ...
Small Business Consulting Sm a ll Busine ss C onsulti n gSMALL BUSINESS CONSULTING                                  BUSINE...
Small Business Incubators    Sm a ll Busine ss Incubator sREAL ESTATE                                  NDC’s small busines...
University Avenue  Un i v ersi t y Aven ue Busi nes s      P repa ration C oll ab orati v e ( u7 )                        ...
Financial Statement     Fi nancial State me nt                             CONSOLIDATED STATEMENT OF FINANCIAL POSITION (D...
663 University Avenue, Suite 200Saint Paul, MN 55104Phone: 651-291-2480Fax: 651-291-2597www.ndc-mn.org  Building Neighborh...
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NDC Annual Report 2009

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NDC Annual Report 2009

  1. 1. NEIGHBORHOODDEVELOPMENTCENTER 2009 ANNUAL REPORT entrepreneurship creates jobs revitalizes communities fills empt y storefronts cultivates builds safe leaders neighborhoods
  2. 2. A Year of Impact A Ye ar of ImpactBOARD OF DIRECTORS Dear FrienDs oF nDC,Kate Barr (Board Chair)Nonprofits Assistance Fund 2009 was a year of seeking solid ground from which we could keep building neighborhoodTim Boberg economies—both for NDC and for the entrepreneurs we serve. Given the severity of the economicHays Companies downturn, all of us got better at adapting to constrained resources. Fortunately, NDC as anWafiq Fannoun (Board Secretary) organization, and most of the low-income entrepreneurs we work with, know a lot about economicIslamic University of Minnesota Mihailo Temali tough times. This experience served us all well last year, as most of us emerged from the yearJohn Flory (Vice Board Chair) NDC President & CEOLatino Economic Development Center with a good sense of how to succeed in the future.Tony Genia (Past Board Chair)Northwest Area Foundation Our future continues to be based on two key “assets”: neighborhood “underground” entrepreneurs who are so often hidden or underutilized in the targeted neighborhoods andJustin HuenemannNative American Community ethnic communities we work in, and our community partners who have the trust, credibility andDevelopment Institute connections required to find these folks. The resources we bring to both—through our dedicatedRamon Leon staff, trainers, board and funders—in a long-term comprehensive manner, help entrepreneursLatino Economic Development Center turn their dreams into reality and plants them in their own communities—often on major, visibleLorrie Louder (Board Treasurer) corridors like Payne Avenue, University Avenue, West Broadway and Lake Street.Saint Paul Port AuthorityRepa Mekha Kate BarrNexus Community Partners NDC’s unique “people-based/place-based” strategy continued to “build neighborhood economies NDC Board Chair from within” in 2009, especially in our targeted communities of St. Paul’s East Side andNneka MorganMerrill Lynch Frogtown/Summit-University, and Minneapolis’ North Side and Phillips/Central/Powderhorn Park neighborhoods. Being able to reach into the various ethnic communities in each ofArvid PovilaitisMeritex Enterprise, Inc. these neighborhoods continues to be our key approach, with a major emphasis on the AfricanWilliam Sands American, Oromo, Native American, Hmong, Somali and Latino communities in 2009.Western BankVivienne Williamson (Board Vice Chair) On behalf of the NDC staff and board, and most importantly on behalf of all the entrepreneursMighty Stitch, LLC and communities we work with, we thank all of our supporters for their generosity. In so manyMay Xiong ways, this is what allows NDC to seed the low-income neighborhoods of Minneapolis and St. PaulEast Side Financial Center andCenter for Working Families with hundreds of its own talented entrepreneurs, changing them forever, for the better. 1
  3. 3. Strong ValuesSt rong Valu e sNDC VALUES MISSION NDC STAFFAsset-Based Neighborhood Development Center is a community-based non-profitThe talent and energy among organization that works in the low-income communities of St. Paul, Jeff Alexander Bonita Martin Midtown Global Training Program Directorresidents of low income Minneapolis, surrounding suburbs, and Greater Minnesota to help Market Directorcommunities are critical resources emerging entrepreneurs develop successful businesses that serve Perla Mayo Darrell Beauford Technical Assistance Manageravailable to revitalize those their community, and to help community groups build a stronger Real Estatecommunities economically and neighborhood economy. Accounting Kathy Moriarty Manager Chief Administrativesocially. Officer Daniel Birru Accountant Samir SaikaliCollaborative Grants & Data ManagerCommunity partnerships and Alison Collins BRC Supervisor & Brian Singernetworks are key to gaining Assistant Property Loan Directoraccess to and trust from local Manager Emma Spillman“underground” entreprenuerial Becky George Office Managertalent. Mercado Central Market Manager Ayan Suguelle Training Program CoordinatorPatience Kimberly Hanna Market Coordinator Mihailo “Mike” TemaliSuccess is a long term proposition President & CEOthat demands patience and an Rick Hofacre Facility Maintenance Sai Thaoopen mind. Manager Loan Officer Harvey Hoffman Michael ThielenAdaptable Building Operations Loan Fund AdministratorThe environment entrepreneurs Manager Romaine Turnerwork in is complicated and Mike LaFave Senior Loan Officerconstantly evolving and demands Deputy Director Teshite Wakofrom those who work with them an Earlsworth Chief Financial Officerability to adapt, and a commitment “Baba” Letang Midtown Global John Wheelerto innovation. Market Manager Director of Incubators NDC STAFF 2
  4. 4. Innovative Approach N D C Innovativ e A pproachMICRO-ENTREPRENEUR SMALL BUSINESS SMALL BUSINESS CAPACITY SMALL BUSINESSTRAINING FINANCING CONSULTING BUILDING INCUBATORSIn addition to English- NDC’s unique funding There are five satellite NDC works with Neighborhood NDC and neighborhoodspeaking individuals, NDC resource fills a gap in the business resource centers Partners to enhance their organizations collaborate toprovides specialized training Twin Cities finance market available to entrepreneurs. capacity to create and conduct reclaim and rehab commercialto Hmong, Latino, Somali and by providing access to credit NDC provides on-going economic development properties within targetedEast African entrepreneurs in for start-up businesses (and support in marketing, initiatives within their own inner city neighborhoods. Thetheir native languages. This other entrepreneurs) who are merchandising, financial communities. properties then operate as16-week course covers the unable to access traditional record-keeping, credit repair, Incubators, providing a networkfundamentals and techniques sources of capital. NDC retail management, legal of support and resources forof marketing, operations, created the nation’s first assistance and more. small businesses.financial management and Reba-Free financing programwriting a solid business plan. to meet the needs of the large Somali immigrant community. 203 entrepreneurs trained in 27 loans totaling $344,503 More than 3,200 hours of 25 Neighborhood Partners Our small business incubators: 2009 in 2009 small business consulting across the Twin Cities •Frogtown Entrepreneur Center to 270 entrepreneurs in •Frogtown Square (opens 2011) 2009 •Mercado Central •Midtown Global Market 3663 entrepreneurs trained 356 loans totaling Approximately 28,000 •Plaza Verde since 1993 $7,178,992 since 1993 hours of small business •Swedish Bank Building consulting to 1,200 entrepreneurs since 1993 3
  5. 5. Entrepreneur Success2 00 9 E ntrepre neur Suc ce s s Stori e s CHERYL MIKEL OF RAINBOW CHILD DEVELOPMENT CENTER Winner of the Senator Paul Wellstone & Sheila Wellstone Twin Cities Small Business of the Year Award AWARD NOMINEES Rainbow Child Development Center has been providing high quality childcare in the Midway neighborhood of St. Paul Café Finspang Sigbritt Johnson & Maj-Britt Syse since 1998. The Center provides a safe, nurturing place for children to learn, play and grow and is particularly proud of its commitment to serve low-income residents of the community. Central Coffee Shop Kamaludin Osman NUH JAMA OF FACE 2 FACE INTERPRETING, INC. Winner of the Business Achievement Award Nuh Jama started Face 2 Face Interpreting, Inc. in South Minneapolis in 2006 to provide interpretation Fiesta in America Laura Sanchez and translation services. The business has grown dramatically and now offers services in over 30 different languages. Gaviota Construction TAMARA MATTISON OF GENERATION TO GENERATION, INC. Harold & Madel Carmen Fajardo Winner of the Thomas McBurney Community Impact Award Owner Tamara Mattison created Generation to Generation, Inc. to provide consulting, training and development services for Get Gorgeous Styling Salon young women. In partnership with Eagles Wings, she created Talitha Cumi—or Daughter Arise!—a 12 week training that focuses Ilka Bird on developing healthy relationships, healthy boundaries, self esteem, self awareness, self confidence and self worth. Grass Roots Gourmet Victoria Potts NAT COLLEY OF VET YOUR LAWYER Winner of the Business Creativity Award Metropolitan Transportation Network, Inc. Vet Your Lawyer’s unique service empowers the ordinary person with objective, independent knowledge Gebi Koji & Tashitaa Tufaa about the lawyer s/he is about to hire for their case in order to find the “right” lawyer the first time and save money, time and aggravation. Nuestro Mundo Bi-lingual Daycare Lucianna Carballo-Pierre MAKRAM & SHARIN EL-AMIN OF EL-AMIN’S FISH HOUSE Winner of the Longevity and Sustained Impact Award Organize Life El-Amin’s Fish House is a family-owned take-out restaurant that specializes in freshly prepared fried catfish, whiting and Linda LaBarre & Ashlee Olds walleye that are prepared with healthy, cholesterol-free cooking oil. Owners Makram and Sharon El-Amin have been serving high quality, fresh fish in the Twin Cities for more than 20 years and at their location on West Broadway in North Minneapolis since 2001. Rituals Antoinette Williams JAMAL HASHI OF SAFARI EXPRESS RESTAURANT Sister Chris’ Fruit Flavored Products, LLC Winner of the Business Turn Around Award Vicie Williams Safari Express, located at the Midtown Global Market, offers an innovative menu with its own signature style. Brothers Jamal and Sade Hashi sell many classic East African dishes that are a smash hit, including their delectable sambusas, homemade chapati bread wraps, and rich meat and vegetable The Clearance Rack Neeson & Haiyen Vang stews. 4
  6. 6. Entrepreneur Training E n treprene ur Traini n gTRAINING PARTNERS Neighborhood Development Center works closely with community-basedAurora Saint Anthony Neighborhood partner organizations to sponsor 16-week entrepreneur training classes Development Corporation in 20 neighborhoods and ethnic communities throughout MinneapolisAfrican Development CenterAmerican Indian Economic Development Fund and St. Paul. The class consists of eight classroom sessions and up toChicanos Latinos Unidos en Servicio 12 one-on-one consultations with a business trainer. Classes are offeredDayton’s Bluff Community CouncilEmerge Community Development twice a year (spring and fall cycles) and are currently offered in fiveEmployment Action CenterFriendship Community Services, Inc. different languages (English, Hmong, Oromo, Somali and Spanish).Hmong American PartnershipHmong Chamber of CommerceHope Community, Inc. Classes are conducted in small group settings and are hosted by NDC’sLatino Economic Development CenterLutheran Social Services community-based partners―emphasizing the connections between theMIGIZI Communications development of individuals and the development of the community.Native American Community Development Institute EMERGE GRADUATIONNorthside Economic Opportunities NetworkNortheast Community Development Corporation NDC’s Entrepreneur Training Program is specifically targeted to low-Northside Residents Redevelopment Council income residents who do not have access to traditional sources ofOromo Community of MinnesotaPowderhorn Phillips Cultural Wellness Center capital and who want to learn the skills to successfully start and operateRiverview Economic Development AssociationSelby Area Community Development Corporation a business. NDC provides scholarships to the majority of programSeward Redesign, Inc. participants.Sparc NDC classes are taught by professional training consultants who utilizeTRAINERS an NDC-developed curriculum and focus on teaching participants theShahir Ahmed Lindsay NauenJeff Alexander Phillip Porter fundamentals of operating a small business and creating a viableEduardo Barrera Bob ReedTherese Baumann Mark Robinson business plan. NDC offers workshops on a variety of business relatedDave Bonko Edgardo RodriquezBarry Bonoff Linda Sapp topics.Kari Emory Joanne Simons YOUNG DADS GRADUATIONTony Genia Brian SingerLu HangWendy Hines Sai Thao Romaine Turner NDC’s ultimate goal is to develop the talent that exists within innerTarabi Jama Kin Kia Vang city communities and help emerging entrepreneurs create vibrant NDC TRAINING IMPACTS:Michelle Jansen Teshite WakoGrover Jones Dale White businesses that―by creating employment opportunities, providing During 2009, 203 entrepreneursTara McCarthy Ronald WilliamsJuliet Mitchell Candy York needed goods and services, offering role models, and establishing were trained through NDC’s vibrant community gather places―contribute to the revitalization of Entrepreneur Training Program. those communities. 5
  7. 7. Small Business LendingSm a ll Busine ss L e ndi n g LENDING PARTNERS Neighborhood Development Center fills a gap in the Twin Cities finance market by providing African Development Center American Indian Economic Development Fund access to credit for start-up and existing businesses that are unable to access traditional Latino Economic Development Center Metropolitan Consortium of Community Developers sources of capital. NDC provides financing of up to $50,000 with an average loan size of WomenVenture $12,000. NDC’s flexible individualized approach to lending involves working closely with entrepreneurs to understand their business needs, their long-term plans to grow and improve their business, and the risks associated with their request and strategies to mitigate those risks. NDC often partners with private banks and other community lenders to help make loans more viable. NDC is also open to evaluating requests which do not qualify for financing from other lenders. NDC also offers Reba-Free (asset based) financing to meet the needs of the Twin Cities’ growing Muslim community. NDC has received several awards for creating the first such financing program in the nation. Since 1993, NDC has financed more than 350 companies with more than $7.1 million. According to a 2008 study by Wilder Research on the impact of NDC’s programs, of the businesses helped by NDC, 21% had increased their number of employees and 56% had increased their gross monthly revenues. NDC LENDING IMPACTS: During 2009, NDC financed 27 loans totaling $344,503. NDC FLYER OFFERING LOANS TO SMALL BUSINESSES 6
  8. 8. Small Business Consulting Sm a ll Busine ss C onsulti n gSMALL BUSINESS CONSULTING BUSINESS RESOURCE CENTERS (BRCs) 3. Computer Skills AssistanceNeighborhood Development Center understands that NDC launched its Business Resource Center initiative as a By appointment (occasionally walk-ins can be accommodated),the most important component of an entrepreneur’s means of addressing the “digital divide” amongst business individualized small business assistance is available on aeducation begins after they are open for business. NDC owners―a term which describes the gap in knowledge and variety of topics:provides graduates of its programs with on-going support experience with computers and technology. • Basic computer and Internet skillsin the form of one-on-one business consulting to help • Web-based research (Industry analysis, target markets, etc) Centers are operated by the BRC Supervisor and staffed • Preparing business plans with Business Plan Proguide them through operational difficulties and develop by qualified college interns from a wide spectrum of study • Microsoft Office Suite (Word, Excel, PowerPoint, Publisher)plans to strengthen and improve their businesses. areas including urban development, marketing, business • Low- and No-Cost Marketing (Includes creation of businessWe do this by providing access to professionals with development, graphic design, and more. BRCs provide cards, flyers, web-based marketing, online directories,expertise in a variety of key business areas, including: entrepreneurs with the opportunity to receive one-on-one website building, etc.) • Business Management training to build their computer skills. • Recordkeeping and Accounting The goal of the Business Resource Centers is empowerment. • Marketing NDC believes digital inclusion for low-income entrepreneurs • Merchandising will allow them to develop their business in the most efficient • Food Business Management and cost-effective way possible. • Credit Counseling • Pro-bono Legal Assistance BRC SERVICES • Language-Cultural Issues 1. Self Directed Use • Referrals Entrepreneurs may use BRC computers to access the Internet or do business-related work on their own. A printer and copierThe goal of NDC’s business consulting program is to is available for a fee.ensure that emerging entrepreneurs receive the support 2. Small Business Consultationthey need to grow, develop and continue to be assets to BRC facilities are also used as work-stations for entrepreneurstheir communities. to meet for more advanced assistance from NDC consultants. BRC INTERN ASSISTS CLIENT HAROLD FAJARDO NDC CONSULTING IMPACTS: OF GAVIOTA CONSTRUCTION In 2009, NDC provided more than 3,200 hours of small business consulting to 270 entrepreneurs. BUSINESS Cooperative Mercado Central Eastside Financial Center Midtown Global Market Northside Economic Opportunity Rondo Community 1515 East Lake Street #208 Swedish Bank Building 920 East Lake Street (lower level) Network (NEON) Outreach Library RESOURCE Minneapolis, MN 55407 965 Payne Avenue Minneapolis, MN 55407 1505 West Broadway Avenue 461 North Dale Street CENTERS: 7 St. Paul, MN 55130 Minneapolis, MN 55411 St. Paul, MN 55103
  9. 9. Small Business Incubators Sm a ll Busine ss Incubator sREAL ESTATE NDC’s small business incubator Since 1993, NDC has redeveloped 5PARTNERS program creates dynamic places for commercial properties (listed below).Aurora Saint Anthony Neighborhood small businesses to grow and develop, Cumulatively these properties representDevelopment CorporationUniversity/Dale while creating vibrant active places that over 120,000 sq. ft. of commercialModel Cities of Saint Paul contribute to economic development and space and are home to over 110 smallUniversity/Dale revitalization of urban neighborhoods. businesses.Greater Frogtown CommunityDevelopment CorporationUniversity/Dale Working closely with community-based In partnership with 3 community-basedEpiscopal HomesUniversity/Dale partners, NDC redevelops key commercial non-profits, NDC is also developingEast Side Neighborhood locations within targeted neighborhoods, 11,000 square feet of new commercialDevelopment Company providing venues within which space in Frogtown Center at the north-Old Swedish Bank MIDTOWN GLOBAL MARKET entrepreneurs can become profitable. east corner of University Avenue and Dale AT EAST LAKE STREET & 10TH AVENUE S.Cooperativa Mercado CentralMercado Central These highly-visible renovated buildings Street in St. Paul.Project for Pride in Living also serve as gathering places andMercado Central inspire hope and confidence within theWhittier CommunityDevelopment Corporation surrounding community. NDC promotesMercado Central the success of entrepreneurs withinIn the Heart of the Beast Theatre these incubators by providing tenantsPlaza VerdePowderhorn Phillips with a stable, affordable environment toCultural Wellness Center do business and by making its lendingMidtown Global Market and business consulting service availableAfrican Development CenterMidtown Global Market to all tenants. OLD SWEDISH BANK BUILDING PLAZA VERDE AT PAYNE AVENUE & CASE AVENUE NEAR EAST LAKE STREET & BLOOMINGTON AVENUE Frogtown Entrepreneur Center Old Swedish Bank Building Mercado Central Plaza Verde Midtown Global MarketINCUBATORS: 625 University and 501 North Dale 965 Payne Avenue 1515 East Lake Street 1516 East Lake Street 920 East Lake Street St. Paul, MN 55104 St. Paul, MN 55130 Minneapolis, MN 55407 Minneapolis, MN 55407 Minneapolis, MN 55407 8
  10. 10. University Avenue Un i v ersi t y Aven ue Busi nes s P repa ration C oll ab orati v e ( u7 ) PARTNER PROJECT SERVICES ORGANIZATIONS 1. Results-Driven Marketing 5. Small Business Workshops The following organizations--in partnership with Free one-on-one business marketing Many business topics available for free the neighborhoods and business owners along the corridor--comprise the University Avenue and communications consulting. at Rondo Community Library, including Business Preparation Collaborative (U7): 2. On-Site Business Consulting but not limited to: African Economic Development Solutions Professional specialists in all business • Marketing (accounting, marketing, (AED Solutions) Aurora/St. Anthony Neighborhood areas, with a focus on financial health branding, online advertising) Development Center (ASANDC) consultations. • Website development Greater Frogtown Community Development Corporation (GFCDC) 3. Business Resource Center and • Demographic analysis Hmong Chamber of Commerce Business Planning Center • Recordkeeping Metropolitan Consortium of Community Developers (MCCD) Computer access, free consulting • Website development Neighborhood Development Center (NDC) Selby Avenue Community Development services and information on all • Cash flow projection Corporation (SACDC)In January 2009, a group of eight community business-related issues at the Rondo • A new workshop titled “Survive Sparcbased nonprofits formed the University Avenue Community Library and the SBC LRT - A Ten Step Guide”Business Preparation Collaborative—which Business Planning Center (near Hwy. 6. Financing STAFFhas since come to be known as “U7”—to help 280). Working capital (5.5%) interest rate, Mike Temaliexisting small businesses on University Avenue 4. Grants business expansion and real estate NDC President & CEOin St. Paul prepare to survive the construction Marketing and façade improvement financing. Isabel Chanslorof the Central Corridor Light Rail Line and thrive grants. U7 Project Managerafter its completion. Miguel Jongewaard NDC Loan Officer/Business Advisor and U7 Small Business ConsultantNDC is the host organization for thiscollaborative effort that is focused on Steve Olson NDC/U7 Lead Graphic Designerstrengthening management and marketing Marilyn Portercapacity. Small Business Consultant, LEFT TO RIGHT: employed with ASANDC MARILYN PORTER, MIGUEL JONGEWAARD, Sia Lo Small Business Consultant, ISABEL CHANSLOR, employed with GFCDC SIA LO & STEVE OLSON 9
  11. 11. Financial Statement Fi nancial State me nt CONSOLIDATED STATEMENT OF FINANCIAL POSITION (DECEMBER 31, 2009) FINANCIAL SUPPORTERS Key Government Partners Assets Liabilities and Net Assets City of Minneapolis Cash and cash equivalents $1,767,220 Liabilities City of Saint Paul Community Development Financial Institution Board Contributions and other receivables $929,963 Payables and other accruals $894,416 Hennepin County Library Loan receivables, net of allowance for loan losses $3,432,547 Notes payable $17,034,382 Minneapolis Empowerment Zone Rental properties and equipment, net $13,819,583 Total Liabilities $17,928,789 Rondo Community Outreach Library Other assets $409,331 U.S. Small Business Administration Office of Community Services Net Assets Saint Paul Port Authority Unrestricted net assets $1,462,346 State of Minnesota Temporarily restricted net assets $967,500 Total Net Assets Corporate and Foundation $2,429,846 Allina Health System Campbell Foundation Total Assets $20,358,644 Total Liabilities and Net Assets $20,358,644 Deluxe Corporation Foundation F.R. Bigelow Foundation General Mills Foundation CONSOLIDATED STATEMENT OF ACTIVITIES (DECEMBER 31, 2009) H.E. & Helen Warren Foundation Heron Foundation 1% Marbrook Foundation Marquette Financial Companies Minneapolis Foundation 45% 14% Nexus Community Partners Piper Jaffray & Co. RBC Dain Rauscher Foundation Securian Foundation 34% The Fredrikson & Byron Foundation 7% The Jay & Rose Phillips Family Foundation The McKnight Foundation The Saint Paul Foundation Travelers Foundation US Bancorp Foundation 10% Valspar Foundation Wells Fargo Foundation Minnesota 20% Western Bank 19% Individuals 8% Alicia Cordes Kathy Moriarty Tim Boberg Erik Takeshita Leila Poullada Elizabeth George 16% 26% Greg & Janice Dames Earlsworth Letang Pamel Wandzel Anthony Genia James LaFave Paul Ginger Paul Engh JoAnna Hicks Revenues & Support Expenses Anthony Leonel Lemaire Edward Padilla Steve Erdall Susan Roe Grants and Contributions — $2,203,329 Incubator Program — $1,514,457 Management & General — $320,616 Michael Christenson Brian Singer Julie Sands Causey Mihailo Temali Incubator Rent — $940,462 Incubator Operations — $1,184,283 Lending — $641,754 A. William Sands Daniel Flicek Earned Income — $801,253 Jeff Alexander Missy Thompson Microentrepreneur Training — $371,133 Fundraising — $38,658 Marcus Weiss Avan Suguelle Government Grants — $1,004,047 Technical Assistance — $428,485 Luke Weisberg Kate Barr Samir Saikali Mike LaFaveNotes: (1) The financial statements recognize revenue for pledged contributions as per statement of FAS #116. There were multi-year grants that were recognized in prior years. We continued to fulfill program Bonita Martin Arvid Povilaitis Cristina Edelstein Emily Maltzcommitments with restricted funds received in previous years. (2) The financial statements are the consolidation of subsidiaries including Frogtown Entrepreneur Center, LLC; Mercado Vista, LLC (Plaza Verde);NDC REDI, LLC; NDC REDI II, LLC and NCS, LLC (Midtown Global Market). (3) Incubator operation subsidy and NDC overhead contributed. Ben Goldfarb 10
  12. 12. 663 University Avenue, Suite 200Saint Paul, MN 55104Phone: 651-291-2480Fax: 651-291-2597www.ndc-mn.org Building NeighborhooodBu ildi ng Ne igh b orh o od EconomiesFrom Within E c onomie s From Wi th i n Coordination by: Design by: Kathy Moriarty kmoriarty@ndc-mn.org Rachel A. Carlson Maren Misner mmisner@ndc-mn.org design@rachelanncarlson.com

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