Abyssinian Development Corporation in New York, New York (NY)

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Abyssinian Development Corporation
Employer Identification Number (EIN)133552154
Name of OrganizationAbyssinian Development Corporation
In Care of NameTommy Harris
Address4w 125th St, New York, NY 10027-4567
ActivitiesDiscussion groups, forums, panels lectures, etc.
SubsectionCharitable Organization
Ruling Date06/1994
DeductibilityContributions are deductible
FoundationOrganization which receives a substantial part of its support from a governmental unit or the general public
OrganizationCorporation
Exempt Organization StatusUnconditional Exemption
Tax Period12/2011
Assets$50,000,000 to greater
Income$10,000,000 to $49,999,999
Filing Requirement990 (all other) or 990EZ return
Asset Amount$130,711,689
Amount of Income$23,304,842
Form 990 Revenue Amount$23,067,174
National Taxonomy of Exempt Entities (NTEE)Human Services - Multipurpose and Other: Human Service Organizations - Multipurpose


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Financial snapshot ($)

Revenue for 2011

Functional expenses for 2011

Support schedule

Statements Regarding Other IRS Filings and Tax Compliance (for 2011)
Did the organization have unrelated business gross income of $1,000 or more during the year?No
Initiation fees and capital contributions$0
Gross receipts for public use of club facilities $0
Gross income from members or shareholders$0
Gross income from other sources$0
Statement of Revenue (for 2011)
Total revenue$23,067,174
Contributions, Gifts, Grants and Other Similar Amounts$2,245,912
Program Service Revenue$19,313,691
Other Revenue
Investment income (including dividends, interest, and other similar amounts)$90,290
Income from investment of tax-exempt bond proceeds$0
Royalties$0
Net rental income$0
Net gain from sales of assets other than inventory$0
Net income from fundraising events$853,901
Gross income from fundraising events$1,091,569
Less: direct expenses$237,668
Net income from gaming activities$0
Net income from sales of inventory$0
Miscellaneous Revenue$563,380
Statement of Functional Expenses (for 2011)
Total functional expenses$24,216,916
Compensation of current officers, directors, trustees, and key employees$1,056,124
Other salaries and wages$4,953,027
Payroll taxes$0
Professional fundraising services$0
Other$18,207,765
Balance Sheet (for 2011)
Total assets$130,711,689
Total liabilities$117,226,830
Tax-exempt bond liabilities$0
Secured mortgages and notes payable to unrelated third parties$106,495,120
Unsecured notes and loans payable to unrelated third parties$0
Other$10,731,710
Total net assets or fund balances$13,484,859
Retained earnings, endowment, accumulated income, or other funds$0
Reason for Public Charity Status (for 2011)
The organization is not a private foundation because it is:An organization that normally receives a substantial part of its support from a governmental unit or from the general public described in section 170(b)(1)(A)(vi)
Support Schedule for Organizations Described in Sections 170(b)(1)(A)(iv) and 170(b)(1)(A)(vi) (for 2011)
2007 - 2011 Total
Total Support$21,518,119
Gifts, grants, contributions, and membership fees received$18,883,336
Tax revenues levied for the organization's benefit and either paid to or expended on its behalf$0
The value of services or facilities furnished by a governmental unit to the organization without charge$0
Gross income from interest, dividends, payments received on securities loans, rents, royalties and income from similar sources$2,634,783
Gross receipts from related activities, etc.$61,140,465
Revenue, Expenses, and Changes in Net Assets or Fund Balances
20062007
Total revenue$11,898,240$19,509,725
Contributions, gifts, grants, and similar amounts received$2,073,389$9,997,688
Contributions to donor advised funds$0$0
Direct public support$2,073,389$9,997,688
Indirect public support$0$0
Government contributions (grants)$0$0
Program service revenue including government fees and contracts$4,834,091$6,918,676
Membership dues and assessments$0$0
Interest on savings and temporary cash investments$0$0
Dividends and interest from securities$0$0
Net rental income or (loss)$0$0
Gross rents$0$0
Less: rental expenses$0$0
Other investment income$869,176$938,933
Gain or (loss) from sales of assets other than inventory$0$0
Gross amount from sales of assets other than inventory$0$0
Less: cost or other basis and sales expenses$0$0
Net income or (loss) from special events and activities$0$0
Gross revenue$438,914$520,143
Less: direct expenses other than fundraising expenses$438,914$520,143
Gross profit or (loss) from sales of inventory$0$0
Gross sales of inventory, less returns and allowances$0$0
Less: cost of goods sold$0$0
Other revenue$4,121,584$1,654,428
Total expenses$14,218,952$15,516,225
Program services$12,597,557$11,666,175
Management and general$1,136,426$3,151,586
Fundraising$484,969$698,464
Payments to affiliates$0$0
Net assets or fund balances at end of year$2,580,935$7,885,815
Excess or (deficit) for the year$-2,320,712$3,993,500
Net assets or fund balances at beginning of year$3,444,563$2,580,935
Other changes in net assets or fund balances$1,457,084$1,311,380
Statement of Functional Expenses (for 2007)
TotalProgram servicesManagement and generalFundraising
Total functional expenses$15,516,225$11,666,175$3,151,586$698,464
Grants paid from donor advised funds$0
Other grants and allocations$144,327
Specific assistance to individuals$0
Benefits paid to or for members$0
Compensation of current officers, directors, key employees, etc.$1,278,065$788,058$327,719$162,288
Compensation of former officers, directors, key employees, etc.$10,000$0$10,000$0
Compensation and other distributions, not included above, to disqualified persons (as defined under section 4958(f)(1)) and persons described in section 4958(c)(3)(B)$0$0$0$0
Salaries and wages of employees not included above$3,954,012$3,558,611$316,321$79,080
Pension plan contributions not included above$0$0$0$0
Employee benefits not included above$0$0$0$0
Payroll taxes$673,667$570,026$72,549$31,092
Professional fundraising fees$362,743$300,559$41,456$20,728
Accounting fees$0$0$0$0
Legal fees$0$0$0$0
Supplies$129,330$87,475$38,131$3,724
Telephone$0$0$0$0
Postage and shipping$0$0$0$0
Occupancy$837,308$373,502$443,580$20,226
Equipment rental and maintenance$339,170$91,065$236,345$11,760
Printing and publications$8,931$6,067$2,492$372
Travel$128,807$105,841$18,309$4,657
Conferences, conventions, and meetings$111,668$100,480$9,688$1,500
Interest$365,082$161,864$162,639$40,579
Depreciation, depletion, etc.$1,538,466$1,190,510$248,459$99,497
Other expenses not covered above$5,634,649$4,187,790$1,223,898$222,961
Balance Sheets
20062007
Total assets$61,184,528$91,746,118
Cash - non-interest-bearing$6,503,580$4,983,455
Savings and temporary cash investments$269,630$2,762
Accounts receivable less allowance for doubtful accounts$742,488$1,332,083
Pledges receivable less allowance for doubtful accounts$0$0
Grants receivable$345,053$1,154,786
Receivables from current and former officers, directors, trustees, and key employees$0$0
Receivables from other disqualified persons (as defined under section 4958(f)(1)) and persons described in section 4958(c)(3)(B)$0$0
Other notes and loans receivable less allowance for doubtful accounts$1,453,173$1,062,635
Inventories for sale or use$0$0
Prepaid expenses and deferred charges$196,728$160,301
Investments - publicly-traded securities$0$0
Investments - other securities$0$0
Investments - land, buildings, and equipment less accumulated depreciation$0$0
Investments - other$1,101,843$1,228,419
Land, buildings, and equipment less accumulated depreciation$46,529,342$76,468,744
Other assets, including program-related investments$4,042,691$5,352,933
Total liabilities$58,603,593$83,860,303
Accounts payable and accrued expenses$3,072,972$13,998,831
Grants payable$0$0
Deferred revenue$6,003$40,625
Loans from officers, directors, trustees, and key employees$0$0
Tax-exempt bond liabilities$0$0
Mortgages and other notes payable$51,724,059$69,648,187
Other liabilities$3,800,559$172,660
Total liabilities and net assets/fund balances$61,184,528$91,746,118
Total net assets or fund balances$2,580,935$7,885,815
Reconciliation of Revenue per Audited Financial Statements With Revenue per Return
20062007
Total revenue$11,898,240$19,509,725
Total revenue, gains, and other support per audited financial statements$12,245,157$20,065,932
Other expenses$346,917$556,207
Net unrealized gains on investments$0$0
Donated services and use of facilities$346,917$556,207
Recoveries of prior year grants$0$0
Other$0$0
Other revenue$0$0
Investment expenses$0$0
Other$0$0
Reconciliation of Expenses per Audited Financial Statements With Expenses per Return
20062007
Total expenses$14,218,952$15,516,225
Total expenses and losses per audited financial statements$14,565,869$16,072,432
Other revenue$346,917$556,207
Donated services and use of facilities$346,917$556,207
Prior year adjustments$0$0
Losses$0$0
Other$0$0
Other expenses$0$0
Investment expenses$0$0
Other$0$0
Current Officers, Directors, Trustees, and Key Employees
Average hours per week devoted to positionCompensationContributions to employee benefit plans & deferred compensation plansExpense account and other allowances
35$200,000$0$0
35$149,728$0$0
35$127,475$0$0
35$109,508$0$0
35$127,190$0$0
35$148,360$0$0
35$88,552$0$0
35$107,678$0$0
35$109,758$0$0
35$109,816$0$0
Total number of officers, directors, and trustees permitted to vote on organization business at board meetings24
Are any officers, directors, trustees, or key employees listed in Form 990, Part V-A, or highest compensated employees listed in Schedule A, Part I, or highest compensated professional and other independent contractors listed in Schedule A, Part II-A or II-B, related to each other through family or business relationships?No
Do any officers, directors, trustees, or key employees listed in Form 990, Part V-A, or highest compensated employees listed in Schedule A, Part I, or highest compensated professional and other independent contractors listed in Schedule A, Part II-A or II-B, receive compensation from any other organizations, whether tax exempt or taxable, that are related to the organization?No
Does the organization have a written conflict of interest policy?Yes
Former Officers, Directors, Trustees, and Key Employees That Received Compensation or Other Benefits
Loans and AdvancesCompensationContributions to employee benefit plans & deferred compensation plansExpense account and other allowances
$0$10,000$0$0
Other Information
Did the organization have unrelated business gross income of $1,000 or more during the year covered by this return, and has it filed a tax return on Form 990-T for this year?No
Was there a liquidation, dissolution, termination, or substantial contraction during the year?No
Is the organization related (other than by association with a statewide or nationwide organization) through common membership, governing bodies, trustees, officers, etc., to any other exempt or nonexempt organization?No
Direct and indirect political expenditures$0
Did the organization file Form 1120-POL for this year?No
Were substantially all dues nondeductible by members?
Did the organization make only in-house lobbying expenditures of $2,000 or less?
Dues, assessments, and similar amounts from members$0
Section 162(e) lobbying and political expenditures$0
Aggregate nondeductible amount of section 6033(e)(1)(A) dues notices$0
Taxable amount of lobbying and political expenditures$0
Does the organization elect to pay the section 6033(e) tax on the amount above?
If section 6033(e)(1)(A) dues notices were sent, does the organization agree to add the amount above to its reasonable estimate of dues allocable to nondeductible lobbying and political expenditures for the following tax year?
Initiation fees and capital contributions$0
Gross receipts for public use of club facilities$0
At any time during the year, did the organization, directly or indirectly, own a controlled entity within the meaning of section 512(b)(13)?No
Amount of tax imposed on the organization during the year under: section 4911$0
Amount of tax imposed on the organization during the year under: section 4912$0
Amount of tax imposed on the organization during the year under: section 4955$0
Did the organization engage in any section 4958 excess benefit transaction during the year or did it become aware of an excess benefit transaction from a prior year?No
Amount of tax imposed on the organization managers or disqualified persons during the year under sections 4912, 4955, and 4958$0
Amount of tax above, reimbursed by the organization$0
At any time during the tax year, was the organization a party to a prohibited tax shelter transaction?No
Did the organization acquire a direct or indirect interest in any applicable insurance contract?No
Did the supporting organization, or a fund maintained by a sponsoring organization, have excess business holdings at any time during the year?No
Number of employees employed in the pay period that includes March 12, 2006136
Analysis of Income-Producing Activities (for 2007)
Unrelated business incomeExcluded by section 512, 513, or 514Related or exempt function income
Business codeAmountExclusion codeAmount
Total$0$0$9,512,037
Program service revenue
Program service revenue 1000000$000$0$1,247,957
Program service revenue 2000000$000$0$271,510
Program service revenue 3000000$000$0$191,451
Program service revenue 4000000$000$0$5,117,151
Program service revenue 5000000$000$0$90,607
Medicare/Medicaid payments000000$000$0$0
Fees and contracts from government agencies000000$000$0$0
Membership dues and assessments000000$000$0$0
Interest on savings and temporary cash investments000000$000$0$0
Dividends and interest from securities000000$000$0$0
Net rental income or (loss) from real estate
debt-financed property000000$000$0$0
not debt-financed property000000$000$0$0
Net rental income or (loss) from personal property000000$000$0$0
Other investment income000000$000$0$938,933
Gain or (loss) from sales of assets other than inventory000000$000$0$0
Net income or (loss) from special events000000$000$0$0
Gross profit or (loss) from sales of inventory000000$000$0$0
Other revenue000000$000$0$1,654,428
Information Regarding Taxable Subsidiaries and Disregarded Entities (for 2007)
EIN of corporation, partnership, or disregarded entityPercentage of ownership interestTotal incomeEnd-of-year assets
999999999100%$2,950,066$5,689,218
861137767100%$2,139,124$14,790,443
13355620151%$0$921,510
202799643100%$0$423,210
Compensation of the Five Highest Paid Employees Other Than Officers, Directors, and Trustees (for 2007)
CompensationContributions to employee benefit plans & deferred compensationExpense account and other allowances
$89,406$0$0
$89,170$0$0
$79,088$0$0
$78,418$0$0
$78,258$0$0
Total number of other employees paid over $50,00020
Statements About Activities (for 2007)
Expenses paid or incurred in connection with the lobbying activities$0
Did the organization receive or hold an easement for conservation purposes, including easements to preserve open space, the environment, historic land areas or historic structures?No
Did the organization provide credit counseling, debt management, credit repair, or debt negotiation services?No
Did the organization maintain any donor advised funds?No
Did the organization make any taxable distributions under section 4966?No
Did the organization make a distribution to a donor, donor advisor, or related person?No
The total number of donor advised funds owned at the end of the tax year$0
The aggregate value of assets held in all donor advised funds owned at the end of the tax year$0
The total number of separate funds or accounts owned at the end of the tax year (excluding donor advised funds included above) where donors have the right to provide advice on the distribution or investment of amounts in such funds or accounts$0
The aggregate value of assets held in all funds or accounts included above at the end of the tax year$0
Reason for Non-Private Foundation Status
The organization is not a private foundation because it isOrganization that receives a substantial part of its support from a governmental unit or from the general public
Support Schedule
20052006
Total$4,178,514$10,975,064
Gifts, grants, and contributions received$1,391,511$2,073,389
Membership fees received$0$0
Gross receipts from admissions, merchandise sold or services performed, or furnishing of facilities in any activity that is related to the organization's charitable, etc., purpose$1,343,118$4,834,091
Gross income from interest, dividends, amounts received from payments on securities loans (section 512(a)(5)), rents, royalties, and unrelated business taxable income (less section 511 taxes) from businesses acquired by the organization after June 30, 1975$-5,680$0
Net income from unrelated business activities not included above$0$0
Tax revenues levied for the organization's benefit and either paid to it or expended on its behalf$0$0
The value of services or facilities furnished to the organization by a governmental unit without charge. Do not include the value of services or facilities generally furnished to the public without charge$0$0
Other income$1,449,565$4,067,584
Lobbying Expenditures by Electing Public Charities (for 2007)
Total exempt purpose expenditures$0
Total lobbying expenditures$0
Total lobbying expenditures to influence public opinion (grassroots lobbying)$0
Total lobbying expenditures to influence a legislative body (direct lobbying)$0
Other exempt purpose expenditures$0
Lobbying nontaxable amount$0
Grassroots nontaxable amount$0
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