Accounting Aid Society

Analysis

Accounting Aid Society is a registered charity in United States, based in Detroit, MI. It received its IRS tax-exemption ruling in January 1976, 50 years ago. Its declared purposes cover community improvement and capacity building, which this site groups under community and economic development. 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 June 2023, Accounting Aid Society reported income of $3.7m and spending of $3.7m, spending 99% of its income. Across the 5 years on record, from June 2019 to June 2023, income grew from $1.8m to $3.7m (+106%), an average of +20% a year. The sharpest change came in the year to June 2021, when income rose by 36%. Over the whole period it spent 93% of the income it received.

Among 19,475 United States charities whose main cause is community and economic development and that reported income, Accounting Aid Society sits at the 90th percentile: it is larger than about 90% of them. Against every charity in United States with reported income it ranks in the 90th percentile, and in the 90th percentile within MI. Charities of a similar size with the same main cause include Waterbury Development Corporation ($3.7m), Cooperative Development Institute ($3.7m) and American Agape Foundation Inc ($3.7m).

On its Form 990 for the period ending June 2023, revenue came from contributions and grants 95% and program service revenue 4.9% of the total. Compensation of current officers, directors and key employees was $249k (6.7% of expenses). Other salaries and wages came to $2.1m. At year end it held assets of $3.2m against liabilities of $1.1m, net assets of $2.2m. It reported 67 employees.