Nonprofit · EIN 13-3552154
ABYSSINIAN DEVELOPMENT CORPORATION
Tax-exempt · NEW YORK, NY 10030
Financials
| Year ended | Form | Revenue | Expenses | Net income | Total assets | Liabilities | Net assets |
|---|---|---|---|---|---|---|---|
| December 31, 2024 | 990 | $31,927,796 | $23,209,578 | $8,718,218 | $118,153,697 | $98,496,154 | $19,657,543 |
| December 31, 2023 | 990 | $11,745,428 | $17,192,373 | -$5,446,945 | $95,675,744 | $82,716,994 | $12,958,750 |
| December 31, 2022 | 990 | $9,714,669 | $16,057,006 | -$6,342,337 | $101,310,476 | $79,982,626 | $21,327,850 |
Financial details: 990 for the year ended December 31, 2024
Revenue
- Contributions, gifts and grants
- $234,970
- of which government grants
- $168,570
- Program service revenue
- $10,716,313
- Investment income
- $20,614,509
- Net income from sales of inventory
- -$12,218
- Tax-exempt bond proceeds
- $20,555,394
- Other revenue
- $362,004
Expenses
- Grants and similar amounts paid
- $0
- Compensation of officers, directors and key employees
- $145,000
- Other salaries and wages
- $2,038,527
- Salaries, compensation and benefits (total)
- $2,657,721
- Professional fundraising fees
- $0
- Legal fees
- $122,702
- Accounting fees
- $81,507
- Occupancy
- $672,601
- Travel
- $6,397
- Depreciation
- $4,719,925
- Program services (functional)
- $20,550,303
- Management and general (functional)
- $2,547,746
- Fundraising (functional)
- $111,529
Balance sheet and other
- Total assets, start of year
- $95,675,744
- Total assets, end of year
- $118,153,697
- Total liabilities, end of year
- $98,496,154
- Net assets, end of year
- $19,657,543
- Land, buildings and equipment
- $83,751,846
- Net assets without donor restrictions
- $17,978,852
- Net assets with donor restrictions
- $1,678,691
- Gross receipts
- $32,362,296
- Employees
- 24
- Volunteers
- 0
- Year formed
- 1989
- State of legal domicile
- NY
From the e-filed returns the IRS publishes as XML (latest three processing years; amended returns replace the original). PDF copies at the IRS.
Officers, directors and key employees
As listed on the 990 for the year ended December 31, 2024, highest compensation first.
| Name | Title | Hours / week | Compensation | Other / benefits |
|---|---|---|---|---|
| PRINCESS PALMER | COO/CFO Officer | 35 | $145,000 | $9,392 |
| DR CYNTHIA BARNES | BOARD MEMBER Trustee or director | 1 | $0 | $0 |
| ALVIN VINSON TREASURER | HUMAN RESOURCES COMMITTEE Trustee or director | 1 | $0 | $0 |
| DR DEBORAH ALLEN | BOARD MEMBER Trustee or director | 1 | $0 | $0 |
| G ANTHONY ANDERSEN JOINT CHAIR OF | REAL ESTATE & FINANCE COMM Trustee or director | 2.5 | $0 | $0 |
| LARRY DAIS | CHAIR OF AUDIT COMMITTEE Trustee or director | 1.5 | $0 | $0 |
| DR SANDYE JOHNSON | BOARD MEMBER Trustee or director | 5 | $0 | $0 |
| GERRI WARREN-MERRICK | BOARD MEMBER Trustee or director | 1 | $0 | $0 |
| PHILIP ISOM | BOARD MEMBER Trustee or director | 1.5 | $0 | $0 |
| DARRYL WILLIAMS | BOARD MEMBER Trustee or director | 1.5 | $0 | $0 |
| TIMOTHY C NASH JR | SECRETARY Trustee or director | 2 | $0 | $0 |
990 for the year ended December 31, 2023: 11 people
| Name | Title | Hours / week | Compensation | Other / benefits |
|---|---|---|---|---|
| PRINCESS PALMER | COO/CFO Officer | 35 | $145,000 | $9,392 |
| DR CYNTHIA BARNES | BOARD MEMBER Trustee or director | 1 | $0 | $0 |
| ALVIN VINSON TREASURER | HUMAN RESOURCES COMMITTEE Trustee or director | 1 | $0 | $0 |
| DR DEBORAH ALLEN | BOARD MEMBER Trustee or director | 1 | $0 | $0 |
| G ANTHONY ANDERSEN JOINT CHAIR OF | REAL ESTATE & FINANCE COMM Trustee or director | 2.5 | $0 | $0 |
| LARRY DAIS | CHAIR OF AUDIT COMMITTEE Trustee or director | 1.5 | $0 | $0 |
| DR SANDYE JOHNSON | BOARD MEMBER Trustee or director | 5 | $0 | $0 |
| GERRI WARREN-MERRICK | BOARD MEMBER Trustee or director | 1 | $0 | $0 |
| PHILIP ISOM | BOARD MEMBER Trustee or director | 1.5 | $0 | $0 |
| DARRYL WILLIAMS | BOARD MEMBER Trustee or director | 1.5 | $0 | $0 |
| TIMOTHY C NASH JR | SECRETARY Trustee or director | 2 | $0 | $0 |
990 for the year ended December 31, 2022: 12 people
| Name | Title | Hours / week | Compensation | Other / benefits |
|---|---|---|---|---|
| PRINCESS PALMER | COO/CFO Officer | 35 | $145,000 | $9,392 |
| REV DR CALVIN O BUTTS III | CHAIR Trustee or director | 3 | $0 | $0 |
| DR CYNTHIA BARNES | BOARD MEMBER Trustee or director | 1 | $0 | $0 |
| ALVIN VINSON TREASURER | HUMAN RESOURCES COMMITTEE Trustee or director | 1 | $0 | $0 |
| DR DEBORAH ALLEN | BOARD MEMBER Trustee or director | 1 | $0 | $0 |
| G ANTHONY ANDERSEN JOINT CHAIR OF | REAL ESTATE & FINANCE COMM Trustee or director | 2.5 | $0 | $0 |
| LARRY DAIS | CHAIR OF AUDIT COMMITTEE Trustee or director | 1.5 | $0 | $0 |
| DR SANDRA JOHNSON | BOARD MEMBER Trustee or director | 5 | $0 | $0 |
| GERRI WARREN-MERRICK | BOARD MEMBER Trustee or director | 1 | $0 | $0 |
| PHILIP ISOM | BOARD MEMBER Trustee or director | 1.5 | $0 | $0 |
| DARRYL WILLIAMS | BOARD MEMBER Trustee or director | 1.5 | $0 | $0 |
| TIMOTHY C NASH JR | SECRETARY Trustee or director | 2 | $0 | $0 |
Address and contacts
- Address (IRS master file)
- 2283 ADAM CLAYTON POWELL JR BLVD, NEW YORK, NY 10030-2826
- Principal officer (990 for 2024)
- PRINCESS PALMER, 2283 ADAM CLAYTON POWELL JR BLVD, NEW YORK, NY 10030
- Signed the 990
- PRINCESS PALMER, COO/CFO
- Phone
- (646) 442-5999
- Website
- WWW.ADCORP.ORG
Mission
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.
Program accomplishments
- 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.Expenses $19,851,420 · revenue $10,642,170
- 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.Expenses $633,952 · revenue $234,970
- 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.Expenses $64,931 · revenue $74,143
What it must file and when
IRS records say it files Form 990 or 990-EZ. Based on its last return; a smaller organization may file the 990-N. Its accounting year ends in December, so each return is due on the 15th day of the 5th month after that.
| Tax year | Year ended | Due | IRS public records |
|---|---|---|---|
| 2025 | December 31, 2025 | May 15, 2026 | Not on file |
| 2024 | December 31, 2024 | May 15, 2025 | 990 on file |
| 2023 | December 31, 2023 | May 15, 2024 | 990 on file |
IRS record
- EIN
- 13-3552154
- Tax-exempt status
- 501(c)(3): Charitable, religious, educational or scientific organization
- Foundation status
- Publicly supported organization (170(b)(1)(A)(vi))
- Donations deductible (Pub 78)
- Public charity, 50% deduction limit
- Exempt since
- 1994
- Accounting year ends
- December
- Files
- Form 990 or 990-EZ
- Assets (IRS master file)
- $118,153,697
- Income (IRS master file)
- $32,362,296
Filing history
| Form | Year ended | Revenue | Expenses | Assets | Return |
|---|---|---|---|---|---|
| 990 | December 2024 | $31,927,796 | $23,209,578 | $118,153,697 | XML |
| 990 | December 2023 | $11,745,428 | $17,192,373 | $95,675,744 | XML |
| 990 | December 2022 | $9,714,669 | $16,057,006 | $101,310,476 | XML |
| 990 | December 2021 | $11,407,313 | $17,817,270 | $107,838,994 | IRS |
| 990 | December 2020 | $9,959,988 | $16,551,494 | $112,525,482 | IRS |
990-N: the IRS bulk file holds only the latest e-Postcard per organization; earlier years come from archived copies of that file since 2020 and can have gaps (the IRS e-Postcard search lists every one). 990, 990-EZ, 990-PF, 990-T: every e-filed return in the IRS e-file index since 2019; XML for the latest three processing years, amounts from the IRS Statistics of Income extracts before that. PDF copies and determination letters at the IRS (search EIN 13-3552154).
Questions about ABYSSINIAN DEVELOPMENT CORPORATION
- What is the EIN of ABYSSINIAN DEVELOPMENT CORPORATION?
- The employer identification number (EIN) of ABYSSINIAN DEVELOPMENT CORPORATION is 13-3552154.
- Is ABYSSINIAN DEVELOPMENT CORPORATION tax-exempt?
- Yes. The IRS lists it as tax-exempt under section 501(c)(3) since 1994.
- Are donations to ABYSSINIAN DEVELOPMENT CORPORATION tax-deductible?
- Yes. It is listed in IRS Publication 78 (Public charity, 50% deduction limit).
- Which annual return does ABYSSINIAN DEVELOPMENT CORPORATION file?
- Form 990 or 990-EZ. Based on its last return; a smaller organization may file the 990-N.
- When is the next return of ABYSSINIAN DEVELOPMENT CORPORATION due?
- The return for tax year 2025 (the year ending December 31, 2025) is due May 15, 2026. Form 8868 extends it by six months; the 990-N cannot be extended.
- When did ABYSSINIAN DEVELOPMENT CORPORATION last file with the IRS?
- The latest return in the IRS public files is the 990 for the year ended December 2024.
- Who is the principal officer of ABYSSINIAN DEVELOPMENT CORPORATION?
- The 990 for the year ended December 31, 2024 names PRINCESS PALMER.
- Who are the officers and directors of ABYSSINIAN DEVELOPMENT CORPORATION?
- The 990 for the year ended December 31, 2024 lists 11 people; 1 received compensation from the organization, the highest $145,000 (PRINCESS PALMER, COO/CFO).
- How much revenue does ABYSSINIAN DEVELOPMENT CORPORATION have?
- On its 990 for the year ended December 31, 2024 it reported revenue of $31,927,796, expenses of $23,209,578 and total assets of $118,153,697 at year end.
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