Abyssinian Development Corporation

Analysis

Abyssinian Development Corporation is a registered charity in United States, based in New York, NY. It received its IRS tax-exemption ruling in June 1994, 32 years ago. The IRS classifies it as a publicly supported organisation (donations from the general public) under section 501(c)(3), and contributions to it are listed as tax-deductible.

In the financial year ending December 2023, Abyssinian Development Corporation reported income of $11.7m and spending of $17.2m, spending 146% of what it took in. Across the 6 years on record, from December 2018 to December 2023, income grew from $11.7m to $11.7m (+0.7%), an average of +0.1% a year. The sharpest change came in the year to December 2023, when income rose by 21%. Over the whole period it spent 152% of the income it received.

Among 72,936 United States charities whose main cause is other charitable purposes and that reported income, Abyssinian Development Corporation sits at the 96th percentile: it is larger than about 96% of them. Against every charity in United States with reported income it ranks in the 96th percentile, and in the 94th percentile within NY. Charities of a similar size with the same main cause include Elk Hill Farm Inc ($11.7m), The Fletcher School Inc ($11.7m) and Volunteers of America Inc ($11.7m).

On its Form 990 for the period ending December 2023, revenue came from contributions and grants 1.9% and program service revenue 90% of the total. Compensation of current officers, directors and key employees was $154k (0.9% of expenses). Other salaries and wages came to $1.8m. At year end it held assets of $95.7m against liabilities of $82.7m, net assets of $13.0m. It reported 27 employees.

Data notes from the register: Spending has exceeded income in each of the last three reported years, so the charity has been drawing on reserves or other funds.