Civic Intelligence

Arab Gulf Programme for Development

990 • Fiscal year 2019 • EIN 52-2340908

Jan 01, 2019 to Dec 31, 2019 • Filed on Nov 16, 2020

C/O Wohabe Law 405 Lexington AveNew York, NY 10174

(212) 838-7380

Siviq Scores

Precomputed percentiles for this filing year versus similar nonprofits in the same peer cohort.

Liabilities / Assets

18th percentile

0.02x

Higher debt load relative to assets than 18% of similar nonprofits.

2019 filings • $250M-$1B nonprofits • Source year 2019

Liabilities / Revenue

27th percentile

0.20x

Higher debt load relative to revenue than 27% of similar nonprofits.

2019 filings • $250M-$1B nonprofits • Source year 2019

Net Margin

98th percentile

82%

Higher net margin than 98% of similar nonprofits.

2019 filings • $250M-$1B nonprofits • Source year 2019

Top Officer Pay

27th percentile

$378,000

Higher top officer pay than 27% of similar nonprofits.

Top officer pay equals 0.5% of source-year revenue.

2019 filings • $250M-$1B nonprofits • Source year 2019

Asset Growth

85th percentile

17%

Faster asset growth than 85% of similar nonprofits.

2019 filings • $250M-$1B nonprofits • Annualized from 2018 to 2019

Revenue Growth

73rd percentile

10%

Faster revenue growth than 73% of similar nonprofits.

2019 filings • $250M-$1B nonprofits • Annualized from 2018 to 2019

Assets

Up

$606,882,481

Up $87,391,177 (+17%) from 2018

Net Assets

Up

$593,277,250

Up $90,249,932 (+18%) from 2018

Liabilities

Down

$13,605,231

Down $2,858,755 (-17%) from 2018

Revenue

Up

$69,590,464

Up $6,490,949 (+10%) from 2018

Expenses

Down

$12,866,269

Down $1,325,301 (-9.3%) from 2018

Net Income

Up

$56,724,195

Up $7,816,250 (+16%) from 2018

Historical Trend

Balance Sheet Trend

The highlighted filing sits inside the broader history for assets, liabilities, and net assets.

$1.0B$500M$0Assets 2017: $502,517,087Liabilities 2017: $16,869,579Net Assets 2017: $485,647,5082017Assets 2018: $519,491,304Liabilities 2018: $16,463,986Net Assets 2018: $503,027,3182018Assets 2019: $606,882,481Liabilities 2019: $13,605,231Net Assets 2019: $593,277,2502019Assets 2020: $699,706,501Liabilities 2020: $13,233,986Net Assets 2020: $686,472,5152020Assets 2021: $798,090,238Liabilities 2021: $14,717,678Net Assets 2021: $783,372,5602021Assets 2022: $779,649,865Liabilities 2022: $14,959,003Net Assets 2022: $764,690,8622022Assets 2023: $829,757,055Liabilities 2023: $16,516,494Net Assets 2023: $813,240,5612023Assets 2024: $964,711,133Liabilities 2024: $20,260,412Net Assets 2024: $944,450,7212024

Highlighted filing

2019

Assets$606,882,481
Liabilities$13,605,231
Net Assets$593,277,250

Operations Trend

Revenue, expenses, and net income across loaded years, with this filing highlighted.

$150M$100M$50M$0Revenue 2017: $44,499,366Expenses 2017: $13,638,420Net Income 2017: $30,860,9462017Revenue 2018: $63,099,515Expenses 2018: $14,191,570Net Income 2018: $48,907,9452018Revenue 2019: $69,590,464Expenses 2019: $12,866,269Net Income 2019: $56,724,1952019Revenue 2020: $55,793,875Expenses 2020: $13,212,397Net Income 2020: $42,581,4782020Revenue 2021: $70,695,191Expenses 2021: $13,261,440Net Income 2021: $57,433,7512021Revenue 2022: $63,016,234Expenses 2022: $15,322,792Net Income 2022: $47,693,4422022Revenue 2023: $24,942,163Expenses 2023: $17,624,431Net Income 2023: $7,317,7322023Revenue 2024: $124,323,993Expenses 2024: $20,486,580Net Income 2024: $103,837,4132024

Highlighted filing

2019

Revenue$69,590,464
Expenses$12,866,269
Net Income$56,724,195
Jump To
Filing Snapshot
Filing Period
Jan 1, 2019 to Dec 31, 2019
Signed
Nov 16, 2020
Return Version
2019v5.1
Gross Receipts
$188,567,606
Mission and Program Overview

Mission

SEE SCHEDULE O

Balance Sheet Detail
LineBeginningEndChange
Assets
Pd in Cap Srpls Land Bldg Eqp Fund$503,027,318$593,277,250▲ $90,249,932
Investments Other Securities$387,048,343$478,204,847▲ $91,156,504
Investments Program Related$53,784,585$53,008,572▼ $776,013
Accounts Receivable$29,317,692$39,435,163▲ $10,117,471
Savings and Temporary Cash Investments$40,288,795$29,570,537▼ $10,718,258
Cash and Non-Interest-Bearing Accounts$349,480$3,928,114▲ $3,578,634
Other Notes and Loans Receivable, Net$2,500,000$1,750,000▼ $750,000
Land, Buildings, and Equipment, Net$1,174,212$934,835▼ $239,377
Prepaid Expenses and Deferred Charges$583,753$50,413▼ $533,340
Pledges and Grants Receivable$0$0→ $0
Receivable From Disqualified Prsn$0$0→ $0
Receivables From Officers Etc$0$0→ $0
Investments in Publicly Traded Securities$0$0→ $0
Rtn Earn Endowment Incm Other Fnds$0$0→ $0
Cap Stk Tr Prin Current Funds$0$0→ $0
Intangible Assets$0$0→ $0
Inventories for Sale or Use$0$0→ $0
Loans From Officers Directors$0$0→ $0
Total Assets$519,491,304$606,882,481▲ $87,391,177
Other Assets Total$4,444,444$0▼ $4,444,444
Liabilities
Grants Payable$6,734,780$7,328,082▲ $593,302
Accounts Payable and Accrued Expenses$7,209,008$4,467,337▼ $2,741,671
Mortgage Notes Payable Secured by Investment Property$2,500,000$1,750,000▼ $750,000
Other Liabilities$20,198$59,812▲ $39,614
Unsecured Notes Loans Payable$0$0→ $0
Deferred Revenue$0$0→ $0
Escrow Account Liability$0$0→ $0
Tax Exempt Bond Liabilities$0$0→ $0
Total Liabilities$16,463,986$13,605,231▼ $2,858,755
Net Assets / Fund Balance
Total Net Assets Fund Balance$503,027,318$593,277,250▲ $90,249,932
Total Liabilities and Net Assets / Fund Balance$519,491,304$606,882,481▲ $87,391,177

Asset Categories

AssetBook ValueDepreciationBasis
Equipment$540,029$1,745,699$2,285,728
Other Land Buildings$284,276$406,396$690,672
Leasehold Improvements$110,530$165,795$276,325
Investment Program Related Org$18,008,572--
Other Securities$59,555,130--
Compensation and Service Providers

Employees

NameTitleFull / Part TimeBaseOtherTotal
Nasser Al KahtaniExec. Director/board MemberFT$296,400$81,600$378,000
Jebrin Al JebrinProject Dept. DirectorFT$182,542$93,718$276,260
Hizam Bin AsherPrivate Office DirectorFT$125,291$83,740$209,031
Salem Al SaifFinance & Admin Dept. DirectorFT$125,279$75,360$200,639
Abdulatif Al DuwaihiMedia DirectorFT$145,133$32,547$177,680
Ghada Al DhakheelSerior Project OfficerFT$138,454$33,558$172,012
Maha Al AlshaikhSenior Project OfficerFT$130,879$41,133$172,012
Mohammed Ahmed Al-mahrBoard Member-$23,000-$23,000
Nawaf Hashim AbdullatiBoard Member-$23,000-$23,000
Thamer Hossain AlfailaBoard Member-$23,000-$23,000
Ahmed Ali BokashishaBoard Member-$20,000-$20,000
Eng Youssef Ibrahim AlVice President/board Member-$20,000-$20,000

Board Members and Trustees

NameTitle
Prince Talal Bin AbdulPresident/board Member

Highest Paid Contractors

ContractorServicesLocationCompensation
State Street Global ServicesInvestment MgmtC/O BLACKSTONE GROUP 345 OARJ AVE, New York, NY 10154, Ae$1,235,179
Blackston Real Estate Partners Eu VInvestment Mgmt-$150,000
Mercer Financial Servs Middle EastConsultancy Servs.OFFICE 01B LVL 5 GATE PRECINCT BL, Dubai, 0, Ae$123,750
Sanne Fiduciary Services LtdFund AdministrationAFC 5, St Helier, CHANNEL ISLANDS, Je$119,964
Revenue and Support

Revenue Composition

Contributions and Grants
$0
Program Service Revenue
$32,370,000
Investment Income
$24,922,553
Other Revenue
$12,297,911
Change in Net Assets
$56,724,195

Audited Revenue Reconciliation

Revenue per Audited Statements
$37,220,464
Revenue Not Reported on Financial Statements
$32,370,000
Revenue Not Reported on Form 990
$33,525,737
Other Revenue Adjustments
$32,370,000
Total Revenue per Audited Statements
$70,746,201
Total Revenue per Form 990
$69,590,464
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$5,418,294
Salaries, Compensation, and Employee Benefits$5,260,975
Grants and Similar Amounts Paid$2,187,000
Professional Fundraising Fees$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Other Salaries and Wages$2,494,721--$2,494,721
Foreign Grants$1,987,000--$1,987,000
Fees for Service Investment Mgmnt Fees-$1,505,143-$1,505,143
Other Employee Benefits$1,395,848--$1,395,848
Current Officers, Directors, Trustees, and Key Employees$687,639--$687,639
Pension Plan Contributions$682,767--$682,767
Travel-$433,312-$433,312
Depreciation Depletion-$335,629-$335,629
Office Expenses-$213,244-$213,244
Grants to Domestic Orgs$200,000--$200,000
Information Technology-$97,347-$97,347
Fees for Services Legal-$92,120-$92,120
All Other Expenses-$59,493-$59,493
Fees for Services Other-$52,562-$52,562
Occupancy-$45,148-$45,148
Fees for Services Accounting-$45,000-$45,000
Other Expenses$476,672$26,163-$26,163
Conferences and Meetings-$21,911-$21,911
Insurance-$9,537-$9,537
Total Functional Expenses$9,929,660$2,936,609$0$12,866,269

Audited Expense Reconciliation

Line ItemAmount
Expenses per Audited Statements$12,866,269
Total Expenses per Audited Statements$12,866,269
Total Expenses per Form 990$12,866,269
International Activity

Grant and Assistance Recipients

RecipientLocationCategoryPurposeAmount
Education for EmploymentWashington, DC501(c)(3)Prog.support$100,000
Helen Keller InternationalNew York, NY501(c)(3)Prog.support$100,000

International Summary

Offices
1
Employees
44
Spending
$487,990,507

International Compliance

Foreign grant records maintained
Yes
Activity in boycott countries
Yes
Foreign corporation ownership
No
Foreign partnership interest
No
Interest in foreign trust
No
Passive foreign investment company interest
No
Transfers to foreign corporations
No

International Activities

RegionActivityServicesOfficesEmployeesSpending
Middle East and North AfricaInvestments---$278,830,493
North AmericaInvestments---$99,494,633
Europe (Including Iceland and Greenland)Investments---$81,068,628
South AsiaInvestments---$18,811,093
Middle East and North AfricaProgram ServicesAgfund Program Expense144$7,742,660
Middle East and North AfricaGrantmaking---$1,587,000
Sub-Saharan AfricaGrantmaking---$256,000
East Asia and the PacificGrantmaking---$110,000
South AsiaGrantmaking---$90,000
Fundraising, Events, and Gaming
Fundraising activities
No
Gaming activities
No
Professional fundraiser used
No

Fundraising and Gaming Totals

Line ItemAmount
Fundraising Direct Expenses$0
Fundraising Gross Income$0
Gaming Direct Expenses$0
Gaming Gross Income$0
Professional Fundraising Fees$0
Political and Lobbying Activity
Political campaign activity
No
Subject to proxy tax
No
Insider Transactions and Loans

Loans and Receivables

Line ItemBeginningEndChange
Loans from Officers, Directors, Trustees, and Key Employees$0$0→ $0
Receivables from Disqualified Persons$0$0→ $0
Receivables from Officers, Directors, Trustees, and Key Employees$0$0→ $0
Debt and Bond Financing

Other Reported Liabilities

LiabilityAmount
Other Liabilities$59,812
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
No
Audit committee
Yes
Business relationship with 35% controlled entity
No
Business relationship with family members
No
Business relationship with organization members
No
Material changes to governing documents
No
Compensation from other sources disclosed
No
CEO compensation reviewed
No
Other officer compensation reviewed
No
Conflict-of-interest policy
No
Audited financial statements prepared
No
Key decisions subject to board approval
No
Management duties delegated
No

Governance Explanations

Form 990, Part VI, Section A, Lines 7A & 7B

Powers of the board the members of the board hold certain powers of election and approval in connection with the governance and decision making of the organization.

Form 990, Part VI, Section B, Line 11B

Board review of form 990 a complete copy of this form 990 was not provided to all members of the organization's governing body before filing the form. Representatives of the organization coordinated the preparation of this form 990 with the assistance of the organization's u.s. Legal counsel and accounting firm.

Form 990, Part VI, Section C, Line 19

Public inspection the organization does not make its governing documents, conflict of interest policy, or financial statements available to the public.

Filing and Contact Details

Filer

Filer Name
Arab Gulf Programme for Development
EIN
52-2340908
In Care Of
% NASSER AL KAHTANI
Phone
2128387380
Address
C/O WOHABE LAW 405 LEXINGTON AVE, NEW YORK, NY 10174

Signing Officer

Name
Nasser Al Kahtani
Title
Executive Director
Phone
2128387380
Signed
2020-11-16
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Nasser Al Kahtani
Formed
1981
Voting Board Members
6
Independent Board Members
5
Employees
44
Volunteers
5

Preparer

Firm
PricewaterhouseCoopers LLP
Address
600 13TH STREET NW STE 1000, WASHINGTON, DC 20005
Preparer
Travis L Patton
Phone
2024141000
Supplemental Narrative

Additional Explanations

Form 990, Part I, Line 1 & Part III, Line 1

Organization's mission the arab gulf programme for development's (agfund) mission establishes that, through the implementation of its programs, it will provide support to needy groups to help facilitate their full access to basic and fundamental social requirements, such as education and health care, under the umbrella of fair national and international laws that establish and preserve security and peace.

Form 990, Part III, Line 4A

Microfinance banks - a vision of combating poverty. Provide support for microfinance banks assisting the poor in developing countries. By providing banking services to marginalized segments of arab countries, specifically women, youth, rural communities, and small to medium sized enterprises, agfund has become the first organization in the arab world to establish microfinance institutions for those without such financial resources. Agfund's microfinance service offerings include loans, savings, deposits, current accounts, health and cooperative insurance, remittances, and currency exchange. Over time, agfund's microfinance operations have expanded to include a technical support unit, which provides a means for sharing experiences between microfinancing institutions to improve, make known, and improve upon best practices.

Form 990, Part III, Line 4B

Arab open university. In strategic partnership with the british open university, creation and support for the arab open university, a non-profit institution of higher education, to provide sophisticated higher education to the largest possible number of arab students while contributing to the development of practical solutions to issues of concern to the arab communities. Such issues involve unemployment, increasing demand for higher education, helping the poor to get their rights, and increasing the role of arab women in development mobility.

Form 990, Part III, Line 4C

Other initiatives: lead initiatives focused on early childhood development, women's empowerment, youth empowerment, and the promotion of a civil society.

Financial Statement Notes

Form 990, Schedule D, Part XI, Line 4B

Other amounts member country commitments during 2019: contributing country 2019 contribution -------------------- ----------------- kingdom of saudi arabia $25,000,000 kuwait $5,000,000 oman $2,000,000 bahrain $370,000 ------------ $32,370,000

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