Civic Intelligence

Foundation for Sephardic Studies Inc.

990 • Fiscal year 2021 • EIN 11-2553513

Dec 01, 2020 to Nov 30, 2021 • Filed on May 31, 2022

Organization Profile
730 Avenue SBrooklyn, NY 11223

(718) 382-6688

Siviq Scores

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

Liabilities / Assets

67th percentile

0.19x

Higher debt load relative to assets than 67% of similar nonprofits.

2021 filings • 501(c)3 • $1M-$5M nonprofits • Source year 2021

Liabilities / Revenue

81st percentile

0.54x

Higher debt load relative to revenue than 81% of similar nonprofits.

2021 filings • 501(c)3 • $1M-$5M nonprofits • Source year 2021

Net Margin

35th percentile

4.3%

Higher net margin than 35% of similar nonprofits.

2021 filings • 501(c)3 • $1M-$5M nonprofits • Source year 2021

Top Officer Pay

39th percentile

$0

Higher top officer pay than 39% of similar nonprofits.

Top officer pay equals 0.0% of source-year revenue.

2021 filings • 501(c)3 • $1M-$5M nonprofits • Source year 2021

Asset Growth

22nd percentile

-1.7%

Faster asset growth than 22% of similar nonprofits.

2021 filings • 501(c)3 • $1M-$5M nonprofits • Annualized from 2020 to 2021

Revenue Growth

68th percentile

32%

Faster revenue growth than 68% of similar nonprofits.

2021 filings • 501(c)3 • $1M-$5M nonprofits • Annualized from 2020 to 2021

Balance Sheet
Liabilities / Assets67th percentile

Assets

Down

$4,103,734

Down $70,709 (-1.7%) from 2020

Net Assets

Up

$3,314,412

Up $63,040 (+1.9%) from 2020

Liabilities

Down

$789,322

Down $133,749 (-14%) from 2020

Revenue And Expenses
Liabilities / Revenue81st percentileNet Margin35th percentile

Revenue

Up

$1,451,621

Up $355,912 (+32%) from 2020

Expenses

Up

$1,388,581

Up $122,134 (+9.6%) from 2020

Net Income

Up

$63,040

Up $233,778 (+137%) from 2020

Historical Trend

Balance Sheet Trend

Asset Growth22nd percentile

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

$6.0M$4.0M$2.0M$0Assets 2011: $5,194,455Liabilities 2011: $1,568,194Net Assets 2011: $3,626,2612011Assets 2012: $5,106,027Liabilities 2012: $1,460,262Net Assets 2012: $3,645,7652012Assets 2013: $4,937,497Liabilities 2013: $1,385,180Net Assets 2013: $3,552,3172013Assets 2014: $4,903,005Liabilities 2014: $1,249,550Net Assets 2014: $3,653,4552014Assets 2015: $4,754,783Liabilities 2015: $1,024,100Net Assets 2015: $3,730,6832015Assets 2016: $4,591,564Liabilities 2016: $1,022,018Net Assets 2016: $3,569,5462016Assets 2017: $4,477,732Liabilities 2017: $964,854Net Assets 2017: $3,512,8782017Assets 2018: $4,295,897Liabilities 2018: $932,535Net Assets 2018: $3,363,3622018Assets 2019: $4,345,211Liabilities 2019: $923,101Net Assets 2019: $3,422,1102019Assets 2020: $4,174,443Liabilities 2020: $923,071Net Assets 2020: $3,251,3722020Assets 2021: $4,103,734Liabilities 2021: $789,322Net Assets 2021: $3,314,4122021Assets 2022: $3,870,313Liabilities 2022: $859,772Net Assets 2022: $3,010,5412022Assets 2023: $3,912,421Liabilities 2023: $842,601Net Assets 2023: $3,069,8202023Assets 2024: $3,826,801Liabilities 2024: $823,656Net Assets 2024: $3,003,1452024

Highlighted filing

2021

Assets$4,103,734
Liabilities$789,322
Net Assets$3,314,412
Open 2021 Filing

Operations Trend

Revenue Growth68th percentile

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

$4.0M$3.0M$2.0M$1.0M$0-$1.0MExpenses 2011: $1,203,7732011Expenses 2012: $996,9382012Revenue 2013: $873,777Expenses 2013: $967,225Net Income 2013: -$93,4482013Revenue 2014: $1,197,871Expenses 2014: $1,096,733Net Income 2014: $101,1382014Revenue 2015: $1,419,940Expenses 2015: $1,342,712Net Income 2015: $77,2282015Revenue 2016: $1,101,881Expenses 2016: $1,263,018Net Income 2016: -$161,1372016Revenue 2017: $1,263,646Expenses 2017: $1,320,314Net Income 2017: -$56,6682017Revenue 2018: $1,232,622Expenses 2018: $1,399,512Net Income 2018: -$166,8902018Revenue 2019: $1,449,695Expenses 2019: $1,390,567Net Income 2019: $59,1282019Revenue 2020: $1,095,709Expenses 2020: $1,266,447Net Income 2020: -$170,7382020Revenue 2021: $1,451,621Expenses 2021: $1,388,581Net Income 2021: $63,0402021Revenue 2022: $1,720,510Expenses 2022: $2,024,381Net Income 2022: -$303,8712022Revenue 2023: $2,221,688Expenses 2023: $2,162,409Net Income 2023: $59,2792023Revenue 2024: $3,005,633Expenses 2024: $3,072,308Net Income 2024: -$66,6752024

Highlighted filing

2021

Revenue$1,451,621
Expenses$1,388,581
Net Income$63,040
Open 2021 Filing
Jump To
Filing Snapshot
Filing Period
Dec 1, 2020 to Nov 30, 2021
Signed
May 31, 2022
Return Version
2020v4.2
Gross Receipts
$1,451,621
Mission and Program Overview

Mission

Foundation has been dedicated to enhance and promoting the culture of the sephardic jewish communities.

Balance Sheet Detail
LineBeginningEndChange
Assets
Land, Buildings, and Equipment, Net$3,863,591$3,775,341▼ $88,250
Cash and Non-Interest-Bearing Accounts$283,461$312,738▲ $29,277
Prepaid Expenses and Deferred Charges$7,940$15,655▲ $7,715
Total Assets$4,174,443$4,103,734▼ $70,709
Other Assets Total$19,451--
Liabilities
Other Liabilities$914,884$775,760▼ $139,124
Accounts Payable and Accrued Expenses$8,187$13,562▲ $5,375
Total Liabilities$923,071$789,322▼ $133,749
Net Assets / Fund Balance
Net Assets Without Donor Restrictions$3,251,372$3,314,412▲ $63,040
Total Net Assets Fund Balance$3,251,372$3,314,412▲ $63,040
Total Liabilities and Net Assets / Fund Balance$4,174,443$4,103,734▼ $70,709

Asset Categories

AssetBook ValueDepreciationBasis
Buildings$2,729,456$2,309,999$5,039,455
Land$946,298-$946,298
Equipment$52,769$154,493$207,262
Leasehold Improvements$46,818$126,275$173,093
Compensation and Service Providers
Top Officer Pay39th percentile

Board Members and Trustees

NameTitle
Solomon FallasPresident
Norman MandelOperation Fin. Resource Director
Isaac GindiSecretary/director
Raymond GindiSecretary/director
Seymour SammellTreasurer
Revenue and Support

Revenue Composition

Contributions and Grants
$1,000,289
Program Service Revenue
$299,744
Investment Income
$0
Other Revenue
$151,588
All Other Contributions
$1,000,289
Change in Net Assets
$63,040

Audited Revenue Reconciliation

Revenue per Audited Statements
$1,451,621
Total Revenue per Audited Statements
$1,451,621
Total Revenue per Form 990
$1,451,621
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$875,603
Salaries, Compensation, and Employee Benefits$512,978
Total Fundraising Expense$14,053
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Other Salaries and Wages$310,123$173,241-$483,364
Depreciation Depletion$89,776$49,871-$139,647
Office Expenses-$119,817-$119,817
Fees for Services Management-$80,532-$80,532
Fees for Services Other$31,866$30,584-$62,450
Other Expenses$24,868$13,891$1,056$38,759
Insurance$21,182$11,833-$33,015
Payroll Taxes$19,000$10,614-$29,614
All Other Expenses--$12,997$12,997
Total Functional Expenses$816,404$558,124$14,053$1,388,581

Audited Expense Reconciliation

Line ItemAmount
Expenses per Audited Statements$1,388,581
Total Expenses per Audited Statements$1,388,581
Total Expenses per Form 990$1,388,581
Fundraising, Events, and Gaming
Fundraising activities
Yes
Gaming activities
No
Professional fundraiser used
No

Fundraising and Gaming Totals

Line ItemAmount
Fundraising Gross Income$71,766
Professional Fundraising Fees$0

Fundraising Events

EventGross ReceiptsGross RevenueDirect ExpensesNet Income
Annual Raffle$21,981$21,981-$21,981
Youth Minyan$2,150$2,150-$2,150
Total Events$71,766$71,766-$71,766
Political and Lobbying Activity
Political campaign activity
No
Lobbying activity
No
Subject to proxy tax
No
Debt and Bond Financing

Other Reported Liabilities

LiabilityAmount
Federal income taxes$704,080
Line of credit$71,680
SBA loan payable-
Other Liabilities-
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
No
Annual disclosure for covered persons
Yes
Audit committee
Yes
Backup withholding compliance
No
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
Yes
Other officer compensation reviewed
No
Conflict-of-interest policy
Yes
Audited financial statements prepared
No
Key decisions subject to board approval
No
Management duties delegated
No

Governance Explanations

Form 990, Part VI, Line 12

“Revenue is unrestricted and can be used as for opertaional purposes and program purposes.”

Filing and Contact Details

Filer

Filer Name
Foundation for Sephardic Studies
EIN
11-2553513
Phone
7183826688
Address
730 AVENUE S, BROOKLYN, NY 11223

Signing Officer

Name
Norman Mandel
Title
Finance Director
Signed
2022-05-31
Discuss with paid preparer
Yes

Organization Details

Formed
1980
Legal Domicile
Ny
Voting Board Members
5
Independent Board Members
5
Employees
0

Preparer

Firm
Bb Tax & Advisory Inc
Address
48-19 43RD AVENUE, SUNNYSIDE, NY 11104
Preparer
Tatyana Blecic CPA
Phone
7183920240
Supplemental Narrative

Additional Explanations

Form 990, Part V, Line 11

“Form 990 is reviewed by the board of directors”

Raw XML Appendix398 raw XML fields

This appendix keeps the raw XML leaves available for debugging and edge-case review. The human report above is the primary experience.

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IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt1REVENUE IS UNRESTRICTED AND CAN BE USED AS FOR OPERTAIONAL PURPOSES AND PROGRAM PURPOSES.
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ReturnHeader/BuildTS02022-09-23 18:48:47Z
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ReturnHeader/BusinessOfficerGrp/PersonNm0NORMAN MANDEL
ReturnHeader/BusinessOfficerGrp/PersonTitleTxt0FINANCE DIRECTOR
ReturnHeader/BusinessOfficerGrp/SignatureDt02022-05-31
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ReturnHeader/PreparerPersonGrp/PreparationDt02022-05-31
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ReturnHeader/ReturnTs02022-05-31T01:15:31-00:00
ReturnHeader/ReturnTypeCd0990
ReturnHeader/SigningOfficerGrp/PersonFullName/PersonFirstNm0NORMAN
ReturnHeader/SigningOfficerGrp/PersonFullName/PersonLastNm0MANDEL
ReturnHeader/TaxPeriodBeginDt02020-12-01
ReturnHeader/TaxPeriodEndDt02021-11-30
ReturnHeader/TaxYr02020

Document Assets

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Filings

Displayed year

2021 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$4,103,734
Liabilities
$789,322
Net assets
$3,314,412
Revenue
$1,451,621
Expenses
$1,388,581
Net income
$63,040
Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2024Detailed filing. Detailed filing data is available for this year.$3.83$0.82$3.00$3.01$3.07$0.07
2023Detailed filing. Detailed filing data is available for this year.$3.91$0.84$3.07$2.22$2.16$0.06
2022Detailed filing. Detailed filing data is available for this year.$3.87$0.86$3.01$1.72$2.02$0.30
2021Detailed filing. Detailed filing data is available for this year.$4.10$0.79$3.31$1.45$1.39$0.06
2020Detailed filing. Detailed filing data is available for this year.$4.17$0.92$3.25$1.10$1.27$0.17
2019Detailed filing. Detailed filing data is available for this year.$4.35$0.92$3.42$1.45$1.39$0.06
2018Detailed filing. Detailed filing data is available for this year.$4.30$0.93$3.36$1.23$1.40$0.17
2017Detailed filing. Detailed filing data is available for this year.$4.48$0.96$3.51$1.26$1.32$0.06
2016Detailed filing. Detailed filing data is available for this year.$4.59$1.02$3.57$1.10$1.26$0.16
2015Detailed filing. Detailed filing data is available for this year.$4.75$1.02$3.73$1.42$1.34$0.08
2014Detailed filing. Detailed filing data is available for this year.$4.90$1.25$3.65$1.20$1.10$0.10
2013Facts available. Structured filing facts are available, but richer extracted sections are limited.$4.94$1.39$3.55$0.87$0.97$0.09
2012Facts available. Structured filing facts are available, but richer extracted sections are limited.$5.11$1.46$3.65$1.00
2011Facts available. Structured filing facts are available, but richer extracted sections are limited.$5.19$1.57$3.63$1.20