Civic Intelligence

Foundation for Sephardic Studies Inc.

990 • Fiscal year 2022 • EIN 11-2553513

Dec 01, 2021 to Nov 30, 2022 • Filed on Oct 05, 2023

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

70th percentile

0.22x

Higher debt load relative to assets than 70% of similar nonprofits.

2022 filings • 501(c)3 • $1M-$5M nonprofits • Source year 2022

Liabilities / Revenue

80th percentile

0.50x

Higher debt load relative to revenue than 80% of similar nonprofits.

2022 filings • 501(c)3 • $1M-$5M nonprofits • Source year 2022

Net Margin

16th percentile

-18%

Higher net margin than 16% of similar nonprofits.

2022 filings • 501(c)3 • $1M-$5M nonprofits • Source year 2022

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.

2022 filings • 501(c)3 • $1M-$5M nonprofits • Source year 2022

Asset Growth

28th percentile

-5.7%

Faster asset growth than 28% of similar nonprofits.

2022 filings • 501(c)3 • $1M-$5M nonprofits • Annualized from 2021 to 2022

Revenue Growth

65th percentile

19%

Faster revenue growth than 65% of similar nonprofits.

2022 filings • 501(c)3 • $1M-$5M nonprofits • Annualized from 2021 to 2022

Balance Sheet
Liabilities / Assets70th percentile

Assets

Down

$3,870,313

Down $233,421 (-5.7%) from 2021

Net Assets

Down

$3,010,541

Down $303,871 (-9.2%) from 2021

Liabilities

Up

$859,772

Up $70,450 (+8.9%) from 2021

Revenue And Expenses
Liabilities / Revenue80th percentileNet Margin16th percentile

Revenue

Up

$1,720,510

Up $268,889 (+19%) from 2021

Expenses

Up

$2,024,381

Up $635,800 (+46%) from 2021

Net Income

Down

-$303,871

Down $366,911 (-582%) from 2021

Historical Trend

Balance Sheet Trend

Asset Growth28th 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

2022

Assets$3,870,313
Liabilities$859,772
Net Assets$3,010,541
Open 2022 Filing

Operations Trend

Revenue Growth65th 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

2022

Revenue$1,720,510
Expenses$2,024,381
Net Income-$303,871
Open 2022 Filing
Jump To
Filing Snapshot
Filing Period
Dec 1, 2021 to Nov 30, 2022
Signed
Oct 5, 2023
Return Version
2021v4.2
Gross Receipts
$1,810,837
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$3,775,341$3,652,993▼ $122,348
Cash and Non-Interest-Bearing Accounts$312,738$198,595▼ $114,143
Prepaid Expenses and Deferred Charges$15,655$17,545▲ $1,890
Total Assets$4,103,734$3,870,313▼ $233,421
Other Assets Total-$1,180-
Liabilities
Other Liabilities$775,760$837,711▲ $61,951
Accounts Payable and Accrued Expenses$13,562$22,061▲ $8,499
Total Liabilities$789,322$859,772▲ $70,450
Net Assets / Fund Balance
Net Assets Without Donor Restrictions$3,314,412$3,010,541▼ $303,871
Total Net Assets Fund Balance$3,314,412$3,010,541▼ $303,871
Total Liabilities and Net Assets / Fund Balance$4,103,734$3,870,313▼ $233,421

Asset Categories

AssetBook ValueDepreciationBasis
Buildings$2,605,588$2,433,867$5,039,455
Land$946,298-$946,298
Equipment$58,727$164,837$223,564
Leasehold Improvements$42,380$130,713$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
$1,482,375
Program Service Revenue
$0
Investment Income
$0
Other Revenue
$238,135
All Other Contributions
$1,482,375
Change in Net Assets
$-303,871

Audited Revenue Reconciliation

Revenue per Audited Statements
$1,720,510
Total Revenue per Audited Statements
$1,720,510
Total Revenue per Form 990
$1,720,510
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$1,095,637
Salaries, Compensation, and Employee Benefits$653,737
Grants and Similar Amounts Paid$275,007
Total Fundraising Expense$13,242
Professional Fundraising Fees$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Current Officers, Directors, Trustees, and Key Employees$419,433$234,304-$653,737
All Other Expenses$126,017$160,848$13,242$300,107
Grants to Domestic Individuals$275,007--$275,007
Depreciation Depletion$82,321$45,985-$128,306
Insurance$37,218$20,790-$58,008
Other Expenses$19,726$11,020-$30,746
Interest-$21,366-$21,366
Fees for Services Legal-$18,750-$18,750
Office Expenses-$6,627-$6,627
Total Functional Expenses$1,426,820$584,319$13,242$2,024,381

Audited Expense Reconciliation

Line ItemAmount
Expenses per Audited Statements$2,024,381
Total Expenses per Audited Statements$2,024,381
Total Expenses per Form 990$2,024,381
International Activity

Grant and Assistance Recipients

RecipientLocationCategoryPurposeAmount
United Hatzalah---$36,000
The Sephardic Heritage Museum---$19,000
Fundraising, Events, and Gaming
Fundraising activities
Yes
Gaming activities
No
Professional fundraiser used
Yes

Fundraising and Gaming Totals

Line ItemAmount
Fundraising Gross Income$256,782
Fundraising Direct Expenses$90,327
Professional Fundraising Fees$0

Fundraising Events

EventGross ReceiptsGross RevenueDirect ExpensesNet Income
Annual Raffle$148,386$148,386-$148,386
Torah Dedications$108,396$108,396-$108,396
Total Events$256,782$256,782-$256,782
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$837,711
Line of credit-
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
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
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
Board Member
Phone
7183826688
Signed
2023-10-05
Discuss with paid preparer
Yes

Organization Details

Formed
1980
Legal Domicile
Ny
Voting Board Members
5
Independent Board Members
5
Employees
12

Preparer

Firm
Bb Tax & Advisory Inc
Address
3636 33RD STREET SUITE 100, ASTORIA, NY 11106
Preparer
Tatyana Blecic CPA
Phone
7183920240
Supplemental Narrative

Additional Explanations

Form 990, Part V, Line 12

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

Raw XML AppendixShowing 400 of 407 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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IRS990ScheduleA/OtherIncome170Grp/TotalAmt0151588
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IRS990ScheduleA/PublicSupportCY170Pct00.92480
IRS990ScheduleA/PublicSupportPY170Pct00.92210
IRS990ScheduleA/PublicSupportTotal170Amt05551603
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IRS990ScheduleA/TotalCalendarYear170Grp/CurrentTaxYearAmt01482375
IRS990ScheduleA/TotalCalendarYear170Grp/CurrentTaxYearMinus1YearAmt01000289
IRS990ScheduleA/TotalCalendarYear170Grp/CurrentTaxYearMinus2YearsAmt0735202
IRS990ScheduleA/TotalCalendarYear170Grp/CurrentTaxYearMinus3YearsAmt01101115
IRS990ScheduleA/TotalCalendarYear170Grp/CurrentTaxYearMinus4YearsAmt01232622
IRS990ScheduleA/TotalCalendarYear170Grp/TotalAmt05551603
IRS990ScheduleA/TotalSupportAmt06002935
IRS990ScheduleB/ContributorInformationGrp/ContributorBusinessName/BusinessNameLine10RESTRICTED
IRS990ScheduleB/ContributorInformationGrp/ContributorNum0RESTRICTED
IRS990ScheduleB/ContributorInformationGrp/ContributorUSAddress/AddressLine10RESTRICTED
IRS990ScheduleB/ContributorInformationGrp/ContributorUSAddress/AddressLine20RESTRICTED
IRS990ScheduleB/ContributorInformationGrp/ContributorUSAddress/City0RESTRICTED
IRS990ScheduleB/ContributorInformationGrp/ContributorUSAddress/State0RESTRICTED
IRS990ScheduleB/ContributorInformationGrp/ContributorUSAddress/ZIPCode0RESTRICTED
IRS990ScheduleB/ContributorInformationGrp/TotalContributionsAmt0RESTRICTED
IRS990/ScheduleBRequiredInd0true
IRS990ScheduleD/BuildingsGrp/BookValueAmt02605588
IRS990ScheduleD/BuildingsGrp/DepreciationAmt02433867
IRS990ScheduleD/BuildingsGrp/OtherCostOrOtherBasisAmt05039455
IRS990ScheduleD/EquipmentGrp/BookValueAmt058727
IRS990ScheduleD/EquipmentGrp/DepreciationAmt0164837
IRS990ScheduleD/EquipmentGrp/OtherCostOrOtherBasisAmt0223564
IRS990ScheduleD/ExpensesSubtotalAmt02024381
IRS990ScheduleD/InclEscrowCustodialAcctLiabInd0false
IRS990ScheduleD/LandGrp/BookValueAmt0946298
IRS990ScheduleD/LandGrp/OtherCostOrOtherBasisAmt0946298
IRS990ScheduleD/LeaseholdImprovementsGrp/BookValueAmt042380
IRS990ScheduleD/LeaseholdImprovementsGrp/DepreciationAmt0130713
IRS990ScheduleD/LeaseholdImprovementsGrp/OtherCostOrOtherBasisAmt0173093
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Amt0837711
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IRS990ScheduleD/OtherLiabilitiesOrgGrp/Desc1Line of credit
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Desc2SBA loan payable
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Desc3Other Liabilities
IRS990ScheduleD/OtherSecuritiesGrp/Desc0Financial derivatives and other financial products
IRS990ScheduleD/OtherSecuritiesGrp/Desc1Closely-held equity interests
IRS990ScheduleD/RevenueSubtotalAmt01720510
IRS990ScheduleD/TotalBookValueLandBuildingsAmt03652993
IRS990ScheduleD/TotalExpensesPerForm990Amt02024381
IRS990ScheduleD/TotalLiabilityAmt0837711
IRS990ScheduleD/TotalRevenuePerForm990Amt01720510
IRS990ScheduleD/TotalRevEtcAuditedFinclStmtAmt01720510
IRS990ScheduleD/TotExpnsEtcAuditedFinclStmtAmt02024381
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IRS990ScheduleG/FundraisingEventInformationGrp/GrossReceiptsEvent2Amt0108396
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IRS990ScheduleG/FundraisingEventInformationGrp/GrossRevenueEvent1Amt0148386
IRS990ScheduleG/FundraisingEventInformationGrp/GrossRevenueEvent2Amt0108396
IRS990ScheduleG/FundraisingEventInformationGrp/GrossRevenueTotalEventsAmt0256782
IRS990ScheduleG/FundraisingEventInformationGrp/NetIncomeSummaryAmt0256782
IRS990ScheduleG/LicensedStatesCd0NY
IRS990ScheduleI/GrantRecordsMaintainedInd0true
IRS990ScheduleI/GrantsOtherAsstToIndivInUSGrp/CashGrantAmt0220007
IRS990ScheduleI/GrantsOtherAsstToIndivInUSGrp/GrantTypeTxt0GRANTS AND ASSISTANCE
IRS990ScheduleI/GrantsOtherAsstToIndivInUSGrp/RecipientCnt088
IRS990ScheduleI/RecipientTable/CashGrantAmt019000
IRS990ScheduleI/RecipientTable/CashGrantAmt136000
IRS990ScheduleI/RecipientTable/RecipientBusinessName/BusinessNameLine1Txt0THE SEPHARDIC HERITAGE MUSEUM
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IRS990ScheduleI/TotalOtherOrgCnt02
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IRS990/ScheduleORequiredInd0true
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IRS990/SubjectToExcsTaxNetInvstIncInd0false
IRS990/SubjectToProxyTaxInd0false
IRS990/SubjToTaxRmnrtnExPrchtPymtInd0false
IRS990/TaxablePartyNotificationInd0false
IRS990/TaxExemptBondsInd0false
IRS990/TerminateOperationsInd0false
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IRS990/TotalAssetsEOYAmt03870313
IRS990/TotalAssetsGrp/BOYAmt04103734
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IRS990/TotalContributionsAmt01482375
IRS990/TotalEmployeeCnt012
IRS990/TotalFunctionalExpensesGrp/FundraisingAmt013242
IRS990/TotalFunctionalExpensesGrp/ManagementAndGeneralAmt0584319
IRS990/TotalFunctionalExpensesGrp/ProgramServicesAmt01426820
IRS990/TotalFunctionalExpensesGrp/TotalAmt02024381
IRS990/TotalGrossUBIAmt00
IRS990/TotalLiabilitiesBOYAmt0789322
IRS990/TotalLiabilitiesEOYAmt0859772
IRS990/TotalLiabilitiesGrp/BOYAmt0789322
IRS990/TotalLiabilitiesGrp/EOYAmt0859772
IRS990/TotalNetAssetsFundBalanceGrp/BOYAmt03314412
IRS990/TotalNetAssetsFundBalanceGrp/EOYAmt03010541
IRS990/TotalProgramServiceExpensesAmt01426820
IRS990/TotalRevenueGrp/TotalRevenueColumnAmt01720510
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IRS990/TravelGrp/TotalAmt00
IRS990/TrnsfrExmptNonChrtblRltdOrgInd0false
IRS990/TypeOfOrganizationCorpInd0X
IRS990/UnrelatedBusIncmOverLimitInd0false
IRS990/UponRequestInd0X
IRS990/USAddress/AddressLine1Txt0730 AVENUE S
IRS990/USAddress/CityNm0BROOKLYN
IRS990/USAddress/StateAbbreviationCd0NY
IRS990/USAddress/ZIPCd011223
IRS990/VotingMembersGoverningBodyCnt05
IRS990/VotingMembersIndependentCnt05
IRS990/WhistleblowerPolicyInd0true
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ReturnHeader/AdditionalFilerInformation/TrustedCustomerGrp/IdentityAssuranceLevelCd0IAL1
ReturnHeader/AdditionalFilerInformation/TrustedCustomerGrp/TrustedCustomerCd02
ReturnHeader/BuildTS02023-04-26 12:10:37Z
ReturnHeader/BusinessOfficerGrp/DiscussWithPaidPreparerInd0true
ReturnHeader/BusinessOfficerGrp/PersonNm0NORMAN MANDEL
ReturnHeader/BusinessOfficerGrp/PersonTitleTxt0BOARD MEMBER
ReturnHeader/BusinessOfficerGrp/PhoneNum07183826688
ReturnHeader/BusinessOfficerGrp/SignatureDt02023-10-05
ReturnHeader/Filer/BusinessName/BusinessNameLine1Txt0FOUNDATION FOR SEPHARDIC STUDIES
ReturnHeader/Filer/BusinessNameControlTxt0FOUN
ReturnHeader/Filer/EIN0112553513
ReturnHeader/Filer/PhoneNum07183826688
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ReturnHeader/Filer/USAddress/StateAbbreviationCd0NY
ReturnHeader/Filer/USAddress/ZIPCd011223
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ReturnHeader/PreparerFirmGrp/PreparerFirmName/BusinessNameLine1Txt0BB TAX & ADVISORY INC
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ReturnHeader/PreparerFirmGrp/PreparerUSAddress/CityNm0ASTORIA
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/StateAbbreviationCd0NY
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/ZIPCd011106
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ReturnHeader/PreparerPersonGrp/PreparationDt02023-10-05
ReturnHeader/PreparerPersonGrp/PreparerPersonNm0Tatyana Blecic CPA

Document Assets

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Filings

Displayed year

2022 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$3,870,313
Liabilities
$859,772
Net assets
$3,010,541
Revenue
$1,720,510
Expenses
$2,024,381
Net income
-$303,871
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