Overview
What is Abyssinian Development Corporation?
The Abyssinian Development Corporation, situated in New York City, is a dedicated community development organization. Their primary focus lies in providing affordable housing to low and moderate-income families, with their portfolio comprising nearly 600 units. A significant portion of these units qualifies for housing assistance payments through various federal and local agencies. Additionally, the organization manages about 19,000 square feet of commercial space, which is leased to local small businesses. The organization's real estate holdings are primarily structured as Low Income Housing Tax Credit Partnerships, which generate tax credits in exchange for private equity investments in affordable housing development and preservation. Beyond housing, the Abyssinian Development Corporation also offers educational programs and first-time homebuyer training, focusing on areas such as college/career readiness, STEM, and district-based initiatives to improve student outcomes. Their mission is to foster comprehensive community development through the provision of affordable housing and social services, including educational programs and workshops for first-time home buyers. The organization employs a total of 38 individuals.
Official website here: www.adcorp.org
What are the reviews and ratings of this charity?
Charity Navigator Rating: Needs Improvement
The Abyssinian Development Corporation has received a rating of 66% from Charity Navigator, indicating a need for improvement in various aspects of its operations. While the organization boasts a fully independent board and a high program expense ratio of 94.69%, it lacks financial statements and has a concerning liabilities-to-assets ratio at 78.94%, which could raise questions about its financial stability.
User feedback from Great Nonprofits highlights positive experiences, with a volunteer expressing appreciation for the organization's mission. This suggests that while there are financial and accountability concerns, the community impact and volunteer engagement may be strong points for the organization.
Overall, while the Abyssinian Development Corporation has demonstrated commendable governance features, it faces significant challenges in financial transparency and stability that need to be addressed to enhance its credibility and effectiveness in serving the community.
This AI summary has been generated from information found on Charity Navigator and Great Nonprofits.
Is Abyssinian Development Corporation legitimate?
Abyssinian Development Corporation is a legitimate nonprofit organization registered as a 501(c)(3) entity. Abyssinian Development Corporation submitted a form 990, which is a tax form used by tax-exempt organizations in the U.S., indicating its operational transparency and adherence to regulatory requirements. Donations to this organization are tax deductible.
Heare are some key statistics you may want to consider:
Executive Compensation: $153,731
Professional Fundraising Fees: $0
Other Salaries and Wages: $1,667,133
For more financial information, click here
Official website here: www.adcorp.org
What is the mission statement of Abyssinian Development Corporation?
The Abyssinian Development Corporation, serving as a comprehensive community development organization, focuses on providing affordable housing for low and moderate-income families. Their mission includes offering educational programs and first-time homebuyer training. The educational initiatives primarily focus on college/career readiness, STEM, and district-based initiatives to enhance student outcomes. Additionally, the corporation conducts homeownership workshops for first-time homebuyers. Their real estate properties offer low to moderate income housing, and they provide tenant services. The organization's portfolio includes nearly 600 units of affordable housing, with a significant portion qualifying for housing assistance payments through various federal and local agencies. Furthermore, they also lease about 19,000 square feet of commercial space to community small businesses. The organization's real estate holdings are primarily structured as Low Income Housing Tax Credit partnerships designed to generate dollar-for-dollar tax credits in exchange for private equity investments in the development and preservation of affordable housing.
Official website here: www.adcorp.org
Who is the CEO of Abyssinian Development Corporation?
Princess Palmer is the Chair of Abyssinian Development Corporation.
Official website here: www.adcorp.org
What is the revenue of Abyssinian Development Corporation?
Abyssinian Development Corporation's revenue in 2021 was $11,407,313.
Official website here: www.adcorp.org
Who are the executives of Abyssinian Development Corporation and what are their salaries?
The average compensation at Abyssinian Development Corporation during 2021 was $47,917. There are 38 employees and 20 volunteers at Abyssinian Development Corporation.
Here are 11 key members and their salaries:
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- Compensation: $145,000
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- Other: $8,732
Official website here: www.adcorp.org
Where can I find the form 990 for Abyssinian Development Corporation?
Abyssinian Development Corporation's most recent form 990 was submitted in 2021 and can be accessed here.
Official website here: www.adcorp.org
Learn more at the official website: www.adcorp.org
Mission Statement of Abyssinian Development Corporation
Abyssinian Development Corporation, a comprehensive community development organization, is dedicated to providing affordable housing for low and moderate-income families in New York City. Beyond housing, the corporation also offers educational programs and first-time homebuyer training. Its mission primarily revolves around two key areas: providing affordable housing and offering social services.
In the realm of housing, Abyssinian Development Corporation manages real estate properties that cater to low to moderate-income families. Their portfolio includes nearly 600 housing units, many of which qualify for housing assistance payments through various federal and local agencies. Additionally, the organization leases about 19,000 square feet of commercial space to community small businesses. Their housing developments are often structured as Low Income Housing Tax Credit partnerships, which generate dollar-for-dollar tax credits in exchange for private equity investments in the development and preservation of affordable housing.
Educationally, the corporation focuses on college/career readiness, STEM, and district-based initiatives to improve student outcomes. They offer workshops for first-time homebuyers, aiming to equip individuals with the necessary skills and knowledge to successfully purchase a home. By combining affordable housing with educational programs and homeownership workshops, Abyssinian Development Corporation serves to empower its community and improve the overall quality of life for its residents.
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Impact
August, 2024
Abyssinian Development Corporation's impact can be seen in its profound contribution to the Harlem community of New York City. The organization's focus on providing affordable housing for low and moderate-income families has had a transformative effect on the community. With a portfolio of nearly 600 units of affordable housing, Abyssinian Development Corporation has helped countless families find stable and secure homes.
Additionally, their efforts to offer educational programs, including initiatives in college/career readiness, STEM education, and programs to improve student outcomes, have had a significant impact on the youth in the community. By providing these resources and services, the organization is empowering residents to build a brighter future for themselves and their families.
Furthermore, through their first-time homebuyer training workshops, Abyssinian Development Corporation is helping individuals achieve the dream of homeownership, thereby promoting economic stability and community growth.
Overall, Abyssinian Development Corporation's commitment to comprehensive community development is evident through its work in providing housing, educational programs, and support for homeownership. Their impact is felt through the improved quality of life and opportunities they have brought to the Harlem community.
This information is meant to be a general summary of Abyssinian Development Corporation. Please take the time to review official sources before making any decisions based upon the content provided here.
Financials
This financial information is from Propublica.
Other financial information:
This information is from the most recently submitted tax form from this organization, which was in 2021.
- Investment Income: $289,671
- Program Service Revenue: $10,485,369
- Gross Receipts: $11,841,813
Assets and Liabilities:
- Total Assets: $107,838,994
- Total Liabilities: $78,956,390
- Net Assets: $28,882,604
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Programs
Programs are reported by nonprofits in their tax forms and are normally their tax-exempt activities.
RESIDENT. & COMM. RENT
Revenue
$10,485,369
Organization Details
Founding Year
1989
Phone
(646) 442-5999Principal Officer
Princess Palmer
Main Address
2283 ADAM CLAYTON POWELL JR BLVD, NEW YORK, NY, 10030
Website
www.adcorp.orgIf you are a representative of Abyssinian Development Corporation and wish to learn more about how Give Freely can help you raise funds, please click here: https://givefreely.com/nonprofits/. Our services are offered at no cost to your organization.