Abyssinian Development Corporation
- Assets
- $101.3m
- Revenue
- $9.7m
- Investments
- $0.0
- Employees
- 28
- Location
- New York, NY
- Founding
- 06/1994
- Data as of
- 12/2022
- EIN
- 13-3552154
Organization Overview
Abyssinian Development Corporation is located in New York, NY. The organization was established in 1994. According to its NTEE Classification (P20) the organization is classified as: Human Service Organizations, under the broad grouping of Human Services and related organizations. As of 12/2022, Abyssinian Development Corporation employed 28 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Abyssinian Development Corporation is a 501(c)(3) and as such, is described as a "Charitable or Religous organization or a private foundation" by the IRS.
For the year ending 12/2022, Abyssinian Development Corporation generated $9.7m in total revenue. This represents a relatively dramatic decline in revenue. Over the past 6 years, the organization has seen revenues fall by an average of (20.1%) each year. All expenses for the organization totaled $16.1m during the year ending 12/2022. You can explore the organizations financials more deeply in the financial statements section below.
Form
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2022
Describe the Organization's Mission:
Part 3 - Line 1
A COMPREHENSIVE COMMUNITY DEVELOPMENT THROUGH AFFORDABLE HOUSING FOR LOW AND MODERATE INCOME FAMILIES, EDUCATIONAL PROGRAMS, AND FIRST TIME HOME-BUYER TRAINING TO THE HARLEM COMMUNITY OF NEW YORK CITY.
Describe the Organization's Program Activity:
Part 3 - Line 4a
REAL ESTATE PROPERTIES THAT PROVIDE LOW TO MODERATE INCOME HOUSING AND TENANT SERVICES FOR THE HARLEM COMMUNITY OF NEW YORK CITY. OUR PORTFOLIO INCLUDES CLOSE TO 600 UNITS OF AFFORDABLE HOUSING, THE MAJORITY OF WHICH QUALIFY FOR HOUSING ASSISTANCE PAYMENTS THROUGH VARIOUS FEDERAL AND LOCAL AGENCIES AND ABOUT 19,000 SQUARE FEE OF COMMERCIAL SPACE THAT'S LEASED TO COMMUNITY SMALL BUSINESSES. THE ORGANIZATION'S REAL ESTATE HOLDINGS ARE PRINCIPALLY STRUCTURED AS LOW INCOME HOUSING TAX CREDIT PARTNERSHIPS THAT ARE DESIGNED TO GENERATE DOLLAR-FOR-DOLLAR TAX CREDITS IN EXCHANGE FOR PRIVATE EQUITY INVESTMENTS IN THE DEVELOPMENT AND PRESERVATION OF AFFORDABLE HOUSING.
OUR EDUCATION PLAN BRINGS A HOLISTIC APPROACH TO ACADEMIC ACHIEVEMENT THROUGH PARTNERSHIPS WITH TRADITIONAL PUBLIC SCHOOLS IN NEW YORK CITY' SCHOOL DISTRICT 5. OUR OBJECTIVE IS TO ENSURE THAT STUDENTS CAN LEARN, GROW AND EXCEL TO BE PREPARED FOR COLLEGE; FAMILIES ARE ENGAGED AS PARTNERS; AND FACULTY OPERATE AS A COMMUNITY OF LEADERS, SHARING BEST PRACTICES AND COMMUNITY RESOURCES. OUR DIRECT SERVICES INCLUDE COLLEGE/CAREER PREPARATORY SERVICES, STEM CLASSROOM CURRICULUM ENHANCEMENTS, AFTER-SCHOOL TUTORING TO SUPPORT STUDENTS PERFORMING JUST BELOW GRADE-LEVEL PROFICIENCY, AND CO-SPONSORING A DISTRICT-WIDE ANNUAL STEM EXPO.
OUR HARLEM ECONOMIC LITERACY PROGRAM PROVIDES FINANCIAL LITERACY AND HOME-OWNERSHIP COUNSELING SERVICES TO FIRST-TIME HOMEBUYERS THROUGH WORKSHOP TRAINING, CASE MANAGEMENT SERVICES, AND GRANT APPLICATION ASSISTANCE.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Rev Dr Calvin O Butts III Chair | Trustee | 3 | $0 |
Dr Cynthia Barnes Board Member | Trustee | 1 | $0 |
Alvin Vinson Treasurer Human Resources Committee | Trustee | 1 | $0 |
Dr Deborah Allen Board Member | Trustee | 1 | $0 |
G Anthony Andersen Joint Chair Of Real Estate & Finance Comm | Trustee | 2.5 | $0 |
Larry Dais Chair Of Audit Committee | Trustee | 1.5 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $0 |
| All other contributions, gifts, grants, and similar amounts not included above | $60,600 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $60,600 |
| Total Program Service Revenue | $9,569,228 |
| Investment income | -$151,096 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $0 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | -$12,218 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $9,714,669 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $17,629 |
| Grants and other assistance to domestic individuals. | $0 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $154,392 |
| Compensation of current officers, directors, key employees. | $34,197 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $1,767,475 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $454,938 |
| Payroll taxes | $163,282 |
| Fees for services: Management | $1,583,212 |
| Fees for services: Legal | $223,661 |
| Fees for services: Accounting | $127,700 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $0 |
| Advertising and promotion | $0 |
| Office expenses | $43,241 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $791,254 |
| Travel | $891 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $2,660,350 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $4,067,333 |
| Insurance | $788,974 |
| All other expenses | $213,228 |
| Total functional expenses | $16,057,006 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $5,589,018 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $411,948 |
| Accounts receivable, net | $2,066,306 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $11,001,901 |
| Prepaid expenses and deferred charges | $3,167,257 |
| Net Land, buildings, and equipment | $75,399,115 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $2,845 |
| Intangible assets | $0 |
| Other assets | $3,672,086 |
| Total assets | $101,310,476 |
| Accounts payable and accrued expenses | $7,917,697 |
| Grants payable | $0 |
| Deferred revenue | $12,166,980 |
| Tax-exempt bond liabilities | $23,167,579 |
| Escrow or custodial account liability | $0 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
| Secured mortgages and notes payable | $35,264,386 |
| Unsecured mortgages and notes payable | $36,500 |
| Other liabilities | $1,429,484 |
| Total liabilities | $79,982,626 |
| Net assets without donor restrictions | $19,512,860 |
| Net assets with donor restrictions | $1,814,990 |
| Capital stock or trust principal, or current funds | $0 |
| Paid-in or capital surplus, or land, building, or equipment fund | $0 |
| Retained earnings, endowment, accumulated income, or other funds | $0 |
| Total liabilities and net assets/fund balances | $101,310,476 |