Last week, AED announced plans to sell its assets and transfer its programs to another organization. This week, it clarified that although a “significant number” of organizations have expressed interest in acquiring its assets, AED’s goal is to find a “single acquirer” that believes in the not-for-profit’s mission, shares its values, and is capable of acquiring all or most of its assets.
The whirlwind of activities at AED will likely continue through May, when President and CEO Gregory Niblett expects a sale and transition to take place, as Devex reported.
Over the last 50 years, AED has secured a reputation as one of the leading U.S. non-governmental organizations working to boost development worldwide. In 2009, the organization reported $119 million in total assets and $440 million in revenues. In December, however, AED’s revenue stream narrowed significantly when the U.S. Agency for International Development, one of the company’s main donors, temporarily suspended new funding to AED due to irregularities uncovered in its work in Pakistan and Afghanistan.