Abyssinian Development Corporation
Public records show a registered, tax-exempt organization in good standing.
What it says it does
A COMPREHENSIVE COMMUNITY DEVELOPMENT CORPORATION FOCUSED ON PROVIDING AFFORDABLE HOUSING TO LOW AND MODERATE INCOME FAMILIES AND SOCIAL SERVICES, PRINCIPALLY EDUCATIONAL PROGRAMS IN THE AREAS OF COLLEGE/CAREER READINESS, STEM, AND DISTRICT-BASED INITIATIVES TO IMPROVE STUDENT OUTCOMES AND HOMEOWNERSHIP WORKSHOPS FOR FIRST-TIME HOME BUYERS.
- Income
- $31.9 million
- Spending
- $23.2 million
- Spent on programs
- 89%
- Reserves
- -34 months of spending
- Largest source of income
- investment income, 65%
- Employees
- 24
- Volunteers
- 0
- Highest pay
- $154,392, coo/cfo
Source: Form 990 for the year ending December 31, 2024, filed with the Internal Revenue Service. Rating method 2026.2. How we rate
Financial health
Weak: 40 out of 100.
Reserves
0 of 35Spendable reserves are negative: it owes or has committed more than it holds.
Debt
2 of 20It owes 83% of what it owns.
Living within its means
15 of 15Income exceeded spending by 27% of income.
Income trend
15 of 15Income rose 172% on the year before.
Spending floor
8 of 1589% of spending went to programs and raising each dollar of donations cost 47 cents.
Source: Form 990 for the year ending December 31, 2024, filed with the Internal Revenue Service. Rating method 2026.2. How we rate
Governance
Good: 70 out of 100.
Independent board
25 of 2510 of 10 voting board members are independent.
Conflict of interest policy
15 of 15Has a written conflict of interest policy.
Whistleblower policy
8 of 8Has a written whistleblower policy.
Record keeping policy
7 of 7Has a written policy on keeping and destroying records.
Board minutes
5 of 5Keeps minutes of board meetings.
Board sees the tax return
0 of 10Did not give the board a copy of this return before filing it.
Pay set independently
0 of 5Reports no independent review process for its chief executive's pay.
Independent check of accounts
0 of 15Its accounts were not audited or reviewed by an independent accountant.
No reported misuse
10 of 10Reports no diversion of assets, excess benefits or loans to insiders.
Source: Form 990 for the year ending December 31, 2024, filed with the Internal Revenue Service. Rating method 2026.2. How we rate
Impact evidence
Describes programs. Its tax return describes what it does but we have found no measurable results in it.
Programs described in its return (3)
- $19.9 million spent. 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.
- $633,952 spent. 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.
- $64,931 spent. 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.
Source: Form 990 for the year ending December 31, 2024, filed with the Internal Revenue Service. Rating method 2026.2. How we rate
Legitimacy checks
Is it registered with the IRS? Passed.
Listed in the IRS master file of tax-exempt organizations as a 501(c)(3) charitable organization.
Source: Exempt Organizations Business Master File, Internal Revenue Service, file dated September 7, 2026.
Has the IRS revoked its tax-exempt status? Passed.
Not on the IRS automatic revocation list.
Source: Automatic revocation of exemption list, Internal Revenue Service, file dated September 30, 2026.
Are donations tax-deductible? Passed.
On the IRS list of organizations eligible to receive tax-deductible contributions.
Source: Publication 78 data: organizations eligible for tax-deductible contributions, Internal Revenue Service, file dated September 10, 2026.
Is it keeping up with its IRS filings? Passed.
Most recent return on file covers the year ending December 2024.
Source: Exempt Organizations Business Master File, Internal Revenue Service, file dated September 7, 2026.
How long has it been tax-exempt? Passed.
Recognized by the IRS since June 1994.
Source: Exempt Organizations Business Master File, Internal Revenue Service, file dated September 7, 2026.
Is it in good standing with state regulators? Passed.
Not on California's list of charities barred from soliciting. Other states are not yet checked.
Source: May Not Operate or Solicit for Charitable Purposes list, California Attorney General, Registry of Charities and Fundraisers, file dated October 7, 2026.
Ratings and checks are our reading of public records, using the published method. They are not a statement about anyone's honesty. If you work for this organization, you can send corrections or results, confirm you want gifts through Veridonate, or ask to be removed from giving.