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← ARAB GULF PROGRAMME FOR DEVELOPMENT

Form 990 for tax year 2023

Filed by ARAB GULF PROGRAMME FOR DEVELOPMENT.

Totals

Total revenue
$24,942,163
Total expenses
$17,624,431
Contributions and grants received
$0
Grants paid
$6,990,000
Program service revenue
$0
Investment income
$24,466,798
Other revenue
$475,365
Total assets, end of year
$829,757,055
Total liabilities, end of year
$16,516,494
Net assets or fund balances, end of year
$813,240,561
Program services expenses (Part IX)
$6,990,000
Management and general expenses
$10,634,431
Fundraising expenses
$0
Program service expenses (Part III)
$6,990,000

Program services were 39.7% of total expenses calculated — Part IX's program-services column over total expenses, both as filed.

Line items

Every line the filer filed in Parts VIII, IX and X, as filed and in filed order. Blank columns are left out, and the lines are not forced to add up to the totals above.

Revenue

Part VIII, the statement of revenue.

  • 3 · Investment income

    total $11,959,354 · unrelated business $945 · excluded $11,958,409

  • 4 · Income from investment of tax-exempt bond proceeds

    total $0

  • 5 · Royalties

    total $0

  • 6c · Rental income or loss

    real property $0 · personal property $0

  • 6d · Net rental income or loss

    total $0

  • 7a · Gross sales of assets other than inventory

    securities $245,195,591 · other assets $5,721

  • 7b · Less cost or other basis and sales expenses

    securities $232,693,868 · other assets $0

  • 7c · Gain or loss

    securities $12,501,723 · other assets $5,721

  • 7d · Net gain or loss

    total $12,507,444 · excluded $12,507,444

  • 8a · Fundraising events: gross income

    $0

  • 8b · Fundraising events: direct expenses

    $0

  • 8c · Net income from fundraising events

    total $0

  • 9a · Gaming: gross income

    $0

  • 9b · Gaming: direct expenses

    $0

  • 9c · Net income from gaming

    total $0

  • 10a · Gross sales of inventory

    $0

  • 10b · Cost of goods sold

    $0

  • 10c · Net income from sales of inventory

    total $0

  • 11a · Other revenue: OTHER REVENUE

    total $475,365 · excluded $475,365

  • 11e · Other revenue, total

    $475,365

Functional expenses

Part IX, the statement of functional expenses.

  • 1 · Grants to domestic organizations and governments

    total $1,500,000 · program services $1,500,000

  • 2 · Grants to domestic individuals

    total $0

  • 3 · Grants to foreign organizations and individuals

    total $5,490,000 · program services $5,490,000

  • 4 · Benefits paid to or for members

    total $0

  • 5 · Compensation of officers, directors and key employees

    total $993,048 · management and general $993,048

  • 6 · Compensation of disqualified persons

    total $0

  • 7 · Other salaries and wages

    total $1,278,199 · management and general $1,278,199

  • 8 · Pension plan contributions

    total $415,117 · management and general $415,117

  • 9 · Other employee benefits

    total $1,460,204 · management and general $1,460,204

  • 10 · Payroll taxes

    total $0

  • 11a · Fees: management

    total $0

  • 11b · Fees: legal

    total $48,830 · management and general $48,830

  • 11c · Fees: accounting

    total $0

  • 11d · Fees: lobbying

    total $0

  • 11e · Fees: professional fundraising services

    total $0

  • 11f · Fees: investment management

    total $2,395,390 · management and general $2,395,390

  • 11g · Fees: other

    total $204,811 · management and general $204,811

  • 12 · Advertising and promotion

    total $0

  • 13 · Office expenses

    total $164,685 · management and general $164,685

  • 14 · Information technology

    total $18,366 · management and general $18,366

  • 15 · Royalties

    total $0

  • 16 · Occupancy

    total $46,234 · management and general $46,234

  • 17 · Travel

    total $789,055 · management and general $789,055

  • 18 · Travel or entertainment for public officials

    total $0

  • 19 · Conferences, conventions and meetings

    total $15,178 · management and general $15,178

  • 20 · Interest

    total $0

  • 21 · Payments to affiliates

    total $0

  • 22 · Depreciation, depletion and amortization

    total $140,033 · management and general $140,033

  • 23 · Insurance

    total $19,359 · management and general $19,359

  • 24a · Other expenses: PROJECT DEVELOP. IMPAIRMENT

    total $1,490,330 · program services $0 · management and general $1,490,330 · fundraising $0

  • 24b · Other expenses: AGFUND PROGRAM AWARD EXP.

    total $494,296 · program services $0 · management and general $494,296 · fundraising $0

  • 24c · Other expenses: OFFICE SUPPLIES/OTHER PROGRAMS

    total $187,972 · program services $0 · management and general $187,972 · fundraising $0

  • 24d · Other expenses: TRANSLATOR EXPENSES

    total $8,149 · program services $0 · management and general $8,149 · fundraising $0

  • 24e · All other expenses

    total $465,175 · management and general $465,175

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $2,829,099 · end of year $11,267,822

  • 2 · Savings and temporary cash investments

    beginning of year $23,135,800 · end of year $51,324,740

  • 3 · Pledges and grants receivable

    beginning of year $0 · end of year $0

  • 4 · Accounts receivable

    beginning of year $134,075,225 · end of year $133,709,016

  • 5 · Loans and receivables from officers and key people

    beginning of year $0 · end of year $0

  • 6 · Loans and receivables from disqualified persons

    beginning of year $0 · end of year $0

  • 7 · Other notes and loans receivable

    beginning of year $0 · end of year $0

  • 8 · Inventories for sale or use

    beginning of year $0 · end of year $0

  • 9 · Prepaid expenses and deferred charges

    beginning of year $137,284 · end of year $155,955

  • 10a · Land, buildings and equipment: cost or other basis

    $3,540,609

  • 10b · Land, buildings and equipment: accumulated depreciation

    $2,904,966

  • 10c · Land, buildings and equipment, net

    beginning of year $556,104 · end of year $635,643

  • 11 · Investments: publicly traded securities

    beginning of year $0 · end of year $0

  • 12 · Investments: other securities

    beginning of year $568,417,503 · end of year $583,655,360

  • 13 · Investments: program-related

    beginning of year $50,498,850 · end of year $49,008,519

  • 14 · Intangible assets

    beginning of year $0 · end of year $0

  • 15 · Other assets

    beginning of year $0 · end of year $0

  • 17 · Accounts payable and accrued expenses

    beginning of year $4,532,513 · end of year $4,616,006

  • 18 · Grants payable

    beginning of year $9,385,365 · end of year $11,243,479

  • 19 · Deferred revenue

    beginning of year $0 · end of year $0

  • 20 · Tax-exempt bond liabilities

    beginning of year $0 · end of year $0

  • 21 · Escrow or custodial account liability

    beginning of year $0 · end of year $0

  • 22 · Loans and payables to officers and key people

    beginning of year $0 · end of year $0

  • 23 · Secured mortgages and notes payable

    beginning of year $1,000,000 · end of year $250,000

  • 24 · Unsecured notes and loans payable

    beginning of year $0 · end of year $0

  • 25 · Other liabilities

    beginning of year $41,125 · end of year $407,009

  • 29 · Capital stock, trust principal or current funds

    beginning of year $0 · end of year $0

  • 30 · Paid-in or capital surplus, or land, building or equipment fund

    beginning of year $764,690,862 · end of year $813,240,561

  • 31 · Retained earnings, endowment or other funds

    beginning of year $0 · end of year $0

Mission and programs · 2023

Mission

SEE SCHEDULE O

  • SEE SCHEDULE O

    Expenses $1,610,000 · Grants $1,610,000

  • SEE SCHEDULE O

    Expenses $1,747,500 · Grants $1,747,500

  • SEE SCHEDULE O

    Expenses $3,632,500 · Grants $3,632,500

As filed on the 2023 return. The filer continues this part on Schedule O, which is not shown here.

Listed in Part VII

  • Nasser Al Kahtani

    EXEC. DIRECTOR/BOARD MEMBER

    Total calculated
    $629,300
    From this org
    $545,300
    From related orgs
    $0
    Other
    $84,000
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $398,500
    Bonus
    $88,000
    Other
    $58,800
    Deferred
    $0
    Nontaxable benefits
    $84,000
    Filer's total
    $629,300

  • Monirah Al Otaibi

    FINANCE & ADMIN DEPT. DIRECTOR

    Total calculated
    $220,748
    From this org
    $197,648
    From related orgs
    $0
    Other
    $23,100
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $178,695
    Bonus
    $0
    Other
    $18,953
    Deferred
    $0
    Nontaxable benefits
    $23,100
    Filer's total
    $220,748

  • Zeina Ahmed Safa

    ASSET MGMT UNITE DIRECTOR

    Total calculated
    $188,672
    From this org
    $165,508
    From related orgs
    $0
    Other
    $23,164
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $141,228
    Bonus
    $0
    Other
    $24,280
    Deferred
    $0
    Nontaxable benefits
    $23,164
    Filer's total
    $188,672

  • Muhammed Al Salim

    PROJECT DIRECTOR

    Total calculated
    $187,480
    From this org
    $164,316
    From related orgs
    $0
    Other
    $23,164
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $140,727
    Bonus
    $0
    Other
    $23,589
    Deferred
    $0
    Nontaxable benefits
    $23,164
    Filer's total
    $187,480

  • Dareen Mahrous

    IT DIRECTOR

    Total calculated
    $177,534
    From this org
    $154,434
    From related orgs
    $0
    Other
    $23,100
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $138,092
    Bonus
    $0
    Other
    $16,342
    Deferred
    $0
    Nontaxable benefits
    $23,100
    Filer's total
    $177,534

  • Salah Hassan Abdullah

    INTERNAL AUDIT DIRECTOR

    Total calculated
    $136,420
    From this org
    $113,320
    From related orgs
    $0
    Other
    $23,100
    Hours/week
    40

  • Buthaina Al Balawy

    MEDIA DIRECTOR

    Total calculated
    $134,484
    From this org
    $111,384
    From related orgs
    $0
    Other
    $23,100
    Hours/week
    40

  • Mohsen Saleh Al Bahli

    BOARD MEMBER

    Total calculated
    $29,000
    From this org
    $29,000
    From related orgs
    $0
    Other
    $0
    Hours/week
    1

  • Mohammed Ahmed Al-Mahroqi

    BOARD MEMBER

    Total calculated
    $29,000
    From this org
    $29,000
    From related orgs
    $0
    Other
    $0
    Hours/week
    1

  • Nawaf Hashim Al Sadeh

    BOARD MEMBER

    Total calculated
    $27,000
    From this org
    $27,000
    From related orgs
    $0
    Other
    $0
    Hours/week
    1

  • Ghazi A A E A Almutawa

    BOARD MEMBER

    Total calculated
    $20,000
    From this org
    $20,000
    From related orgs
    $0
    Other
    $0
    Hours/week
    1

  • Khalifa Abdulla A M Alqubaisi

    BOARD MEMBER

    Total calculated
    $20,000
    From this org
    $20,000
    From related orgs
    $0
    Other
    $0
    Hours/week
    1

  • Abdulmuhsen Saad A Alkhalaf

    BOARD MEMBER

    Total calculated
    $18,000
    From this org
    $18,000
    From related orgs
    $0
    Other
    $0
    Hours/week
    1

  • Prince Abdulaziz Bin Talal Ai

    PRESIDENT/BOARD MEMBER

    Total calculated
    $0
    Hours/week
    1

Compensation is as filed in Part VII: reportable pay from this organization and from related organizations, other compensation, and hours per week. The total, marked calculated, is our sum of the three dollar columns, with a blank column counted as $0; the form itself has no total. On a Form 990-EZ the columns are Part IV's instead, and on a Form 990-PF Part VIII's — compensation, contributions to benefit plans, and expense account — and the total sums those. A Schedule J breakdown is as filed: base pay, bonus, other, deferred compensation and nontaxable benefits from this organization, with any from related organizations beside each, and the filer's own total. It is shown with the Part VII listing of the same name on the same return. The form gives no key between the two, so that pairing is ours, and is marked matched by us.

Schedule J

Answered yes

  • 1a · First-class or charter travel
  • 1a · Housing allowance or residence for personal use
  • 2 · Substantiation required before reimbursing expenses
  • 7 · Other non-fixed payments

Answered no

  • 1b · Written policy on the line-1a expenses
  • 8 · Paid under the initial-contract exception

The filer's explanations (Part III)

FORM 990, SCHEDULE J, PART I, LINE 1A
INDIVIDUALS REPORTED IN SCHEDULE J, PART II RECEIVED FIRST CLASS TRAVEL AND HOTEL ACCOMODATIONS, AS WELL AS A HOUSING ALLOWANCE.
FORM 990, SCHEDULE J, PART I, LINE 1B
AGFUND DOES NOT HAVE A WRITTEN POLICY REGARDING REIMBURSEMENT FOR EXPENSES. THERE IS AN ANNUAL BOARD-APPROVED BUDGET FOR EXPENSES RELATED TO TRAVEL FOR BOARD MEETINGS. THE BOARD DELEGATES APPROVAL FOR PAYMENT OF REIMBURSEMENTS THAT FALL WITHIN THE APPROVED BUDGET TO THE CEO.
FORM 990, SCHEDULE J, PART I, LINE 7
CERTAIN INDIVIDUALS LISTED IN PART VII RECEIVED NONFIXED INCENTIVE PAYMENTS DURING CALENDAR YEAR 2023 THAT ARE REPORTED IN SCHEDULE J, PART II, COLUMN B(II).

Part I's answers as filed. A line not listed was left unanswered; on lines 1a and 3 that means the box was not checked.

Grants on this return

Related organizations on this return

Schedule R Part II: tax-exempt organizations related to the filer by control. It does not record shared board members or money.

  • AL-AMAL MICROFINANCE BANK YEMEN

    MICRO FINANCE · YM

    Directly controlled by NA

  • NATIONAL MICROFINANCE BANK JORDAN

    MICRO FINANCE · JO · controlled entity

    Directly controlled by NA

  • IBDA'A MICROFINANCE COMPANY LEBANON

    MICRO FINANCE · LE

    Directly controlled by NA

  • EBDAA MICROFINANCE BANK BAHRAIN

    MICRO FINANCE · BA

    Directly controlled by NA

  • EBDAA MICROFINANCE BANK SUDAN

    MICRO FINANCE · SU

    Directly controlled by NA

  • IBDA'A MICROFINANCE BANK SYRIA

    MICRO FINANCE · SY

    Directly controlled by NA

  • AL-IBDAA MICROFINANCE BANK MAURITANIA

    MICRO FINANCE · MR · controlled entity

    Directly controlled by AGFUND

  • THE BANK FOR INNOV & P'SHIPSIERRA LEONE

    MICRO FINANCE · SL · controlled entity

    Directly controlled by AGFUND

  • IBDAA MICROFINANCE COMPANY PALESTINE

    MICRO FINANCE · TB · controlled entity

    Directly controlled by AGFUND

Taxable family on this return

Schedule R Parts I, III and IV, as filed. These record ownership and control, not shared board members or money moved.

Related corporations and trusts

Part IV: related organizations taxable as a corporation or trust.

  • AGBAR NO 2 LIMITED

    C CORP · INVESTMENTS · UK · 100% owned · share of income $1,315,322 · share of assets $38,504,259 · controlled entity

    Directly controlled by AGFUND

  • AGBAR LIMITED

    C CORP · INVESTMENTS · JE · 100% owned · share of income $17,398,522 · share of assets $0 · controlled entity

    Directly controlled by AGFUND

Provenance

Return type
form_990
Tax year
2023
Filed
10 November 2024
IRS schema version
2023v5.1
Source object
202413199349303826

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