Abh Development Corp

Analysis

Abh Development Corp is a registered charity in United States, based in Newport, RI. It received its IRS tax-exemption ruling in May 1971, 55 years ago. Its declared purposes cover housing and shelter, which this site groups under housing and shelter. The IRS classifies it as a publicly supported organisation (gross receipts test) under section 501(c)(3), and contributions to it are listed as tax-deductible.

In the financial year ending September 2023, Abh Development Corp reported income of $5.2m and spending of $3.6m, leaving 32% of income unspent that year. Across the 4 years on record, from September 2020 to September 2023, income grew from $3.1m to $5.2m (+66%), an average of +18% a year. The sharpest change came in the year to September 2022, when income rose by 32%. Over the whole period it spent 76% of the income it received.

Among 15,864 United States charities whose main cause is housing and shelter and that reported income, Abh Development Corp sits at the 91st percentile: it is larger than about 91% of them. Against every charity in United States with reported income it ranks in the 92nd percentile, and in the 90th percentile within RI. Charities of a similar size with the same main cause include Preswick Glen Inc ($5.2m), Habitat for Humanity International Inc ($5.2m) and Habitat for Humanity International Inc ($5.2m).

On its Form 990 for the period ending September 2023, revenue came from contributions and grants 14% and program service revenue 94% of the total. Compensation of current officers, directors and key employees was $147k (4.1% of expenses). Other salaries and wages came to $1.0m. At year end it held assets of $25.7m against liabilities of $14.6m, net assets of $11.1m. It reported 18 employees.