Civic Intelligence

Foundation for Sephardic Studies Inc.

990 • Fiscal year 2023 • EIN 11-2553513

Dec 01, 2022 to Nov 30, 2023 • Filed on Mar 20, 2024

Organization Profile
730 Avenue SBrooklyn, NY 11223

(718) 382-6688

Siviq Scores

Scores are not available for this record yet.

Balance Sheet

Assets

Flat

$3,912,421

Flat from 2023

Net Assets

Flat

$3,069,820

Flat from 2023

Liabilities

Flat

$842,601

Flat from 2023

Revenue And Expenses

Revenue

Flat

$2,221,688

Flat from 2023

Expenses

Flat

$2,162,409

Flat from 2023

Net Income

Flat

$59,279

Flat from 2023

Historical Trend

Balance Sheet Trend

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 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

2023

Assets$3,912,421
Liabilities$842,601
Net Assets$3,069,820
Open 2023 Filing

Operations Trend

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 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

2023

Revenue$2,221,688
Expenses$2,162,409
Net Income$59,279
Open 2023 Filing
Jump To
Filing Snapshot
Filing Period
Dec 1, 2022 to Nov 30, 2023
Signed
Mar 20, 2024
Return Version
2022v5.0
Gross Receipts
$2,221,688
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$3,652,993$3,539,473▼ $113,520
Cash and Non-Interest-Bearing Accounts$198,595$347,085▲ $148,490
Prepaid Expenses and Deferred Charges$17,545--
Total Assets$3,870,313$3,912,421▲ $42,108
Other Assets Total$1,180$25,863▲ $24,683
Liabilities
Other Liabilities$837,711$807,313▼ $30,398
Accounts Payable and Accrued Expenses$22,061$35,288▲ $13,227
Total Liabilities$859,772$842,601▼ $17,171
Net Assets / Fund Balance
Net Assets Without Donor Restrictions$3,010,541$3,069,820▲ $59,279
Total Net Assets Fund Balance$3,010,541$3,069,820▲ $59,279
Total Liabilities and Net Assets / Fund Balance$3,870,313$3,912,421▲ $42,108

Asset Categories

AssetBook ValueDepreciationBasis
Buildings$2,476,552$2,562,903$5,039,455
Land$946,298-$946,298
Equipment$78,681$172,259$250,940
Leasehold Improvements$37,942$135,151$173,093
Compensation and Service Providers

Employees

NameTitleFull / Part TimeBaseTotal
Norman MandelOperation Fin. Resource DirectorFT$76,667$76,667

Board Members and Trustees

NameTitle
Solomon FallasPresident
Isaac GindiSecretary/director
Raymond GindiSecretary/director
Seymour SammellTreasurer
Revenue and Support

Revenue Composition

Contributions and Grants
$2,221,688
Program Service Revenue
$0
Investment Income
$0
Other Revenue
$0
All Other Contributions
$1,683,911
Change in Net Assets
$59,279

Audited Revenue Reconciliation

Revenue per Audited Statements
$2,221,688
Total Revenue per Audited Statements
$2,221,688
Total Revenue per Form 990
$2,221,688
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$1,332,658
Salaries, Compensation, and Employee Benefits$644,893
Grants and Similar Amounts Paid$184,858
Total Fundraising Expense$61,947
Professional Fundraising Fees$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Other Salaries and Wages$413,759$231,134-$644,893
All Other Expenses$135,277$62,309-$197,586
Grants to Domestic Individuals$184,858--$184,858
Other Expenses$116,250$64,940$61,947$181,190
Depreciation Depletion$90,515$50,564-$141,079
Advertising-$52,756-$52,756
Office Expenses-$40,430-$40,430
Insurance$24,825$13,868-$38,693
Interest-$28,105-$28,105
Fees for Services Accounting-$23,900-$23,900
Total Functional Expenses$1,532,456$568,006$61,947$2,162,409

Audited Expense Reconciliation

Line ItemAmount
Expenses per Audited Statements$2,162,409
Total Expenses per Audited Statements$2,162,409
Total Expenses per Form 990$2,162,409
Fundraising, Events, and Gaming
Fundraising activities
Yes
Gaming activities
No
Professional fundraiser used
Yes

Fundraising and Gaming Totals

Line ItemAmount
Professional Fundraising Fees$0

Fundraising Events

EventGross ReceiptsGross RevenueDirect ExpensesNet Income
Summer Bake Sales$146,193---
Annual Tuition Raffle$100,769---
Total Events$437,777---
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$807,313
Line of credit/Mortgage Payable-
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

Governance Explanations

Form 990, Part VI, Line 11B

“Form 990 is provided to all members before filing. Approval is required and communicated to the tax preparer before filing forming.”

Form 990, Part VI, Line 19

“Audited financial statements are available through the nys charity website for the public to view.”

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
2024-03-20
Discuss with paid preparer
Yes

Organization Details

Formed
1980
Legal Domicile
Ny
Voting Board Members
5
Independent Board Members
5
Employees
15

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 for operational purposes”

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IRS990ScheduleD/EquipmentGrp/DepreciationAmt0172259
IRS990ScheduleD/EquipmentGrp/OtherCostOrOtherBasisAmt0250940
IRS990ScheduleD/ExpensesSubtotalAmt02162409
IRS990ScheduleD/InclEscrowCustodialAcctLiabInd0false
IRS990ScheduleD/LandGrp/BookValueAmt0946298
IRS990ScheduleD/LandGrp/OtherCostOrOtherBasisAmt0946298
IRS990ScheduleD/LeaseholdImprovementsGrp/BookValueAmt037942
IRS990ScheduleD/LeaseholdImprovementsGrp/DepreciationAmt0135151
IRS990ScheduleD/LeaseholdImprovementsGrp/OtherCostOrOtherBasisAmt0173093
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Amt0807313
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Desc0Federal income taxes
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Desc1Line of credit/Mortgage Payable
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Desc2SBA loan payable
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Desc3Other Liabilities
IRS990ScheduleD/OtherSecuritiesGrp/Desc0Financial derivatives and other financial products
IRS990ScheduleD/OtherSecuritiesGrp/Desc1Closely-held equity interests
IRS990ScheduleD/RevenueSubtotalAmt02221688
IRS990ScheduleD/TotalBookValueLandBuildingsAmt03539473
IRS990ScheduleD/TotalExpensesPerForm990Amt02162409
IRS990ScheduleD/TotalLiabilityAmt0807313
IRS990ScheduleD/TotalRevenuePerForm990Amt02221688
IRS990ScheduleD/TotalRevEtcAuditedFinclStmtAmt02221688
IRS990ScheduleD/TotExpnsEtcAuditedFinclStmtAmt02162409
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IRS990ScheduleG/FundraisingEventInformationGrp/CharitableContributionsTotAmt0437777
IRS990ScheduleG/FundraisingEventInformationGrp/CharitableContriEvent1Amt0146193
IRS990ScheduleG/FundraisingEventInformationGrp/CharitableContriEvent2Amt0100769
IRS990ScheduleG/FundraisingEventInformationGrp/CharitableContriOtherEventsAmt0190815
IRS990ScheduleG/FundraisingEventInformationGrp/Event1Nm0SUMMER BAKE SALES
IRS990ScheduleG/FundraisingEventInformationGrp/Event2Nm0ANNUAL TUITION RAFFLE
IRS990ScheduleG/FundraisingEventInformationGrp/GrossReceiptsEvent1Amt0146193
IRS990ScheduleG/FundraisingEventInformationGrp/GrossReceiptsEvent2Amt0100769
IRS990ScheduleG/FundraisingEventInformationGrp/GrossReceiptsOtherEventsAmt0190815
IRS990ScheduleG/FundraisingEventInformationGrp/GrossReceiptsTotalAmt0437777
IRS990ScheduleG/FundraisingEventInformationGrp/OtherEventsTotalCnt02
IRS990ScheduleG/LicensedStatesCd0NY
IRS990ScheduleI/GrantRecordsMaintainedInd0true
IRS990ScheduleI/GrantsOtherAsstToIndivInUSGrp/CashGrantAmt0103779
IRS990ScheduleI/GrantsOtherAsstToIndivInUSGrp/GrantTypeTxt0Grant assistance to individuals
IRS990ScheduleI/GrantsOtherAsstToIndivInUSGrp/RecipientCnt058
IRS990ScheduleI/SupplementalInformationDetail/ExplanationTxt0Grant assistance to individuals are for needy and unfortunate people. The individuals must be eligible to qualify for such assistance.
IRS990ScheduleI/SupplementalInformationDetail/FormAndLineReferenceDesc0Part III Line 1
IRS990/ScheduleJRequiredInd0false
IRS990/ScheduleORequiredInd0true
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt0REVENUE IS UNRESTRICTED AND CAN BE USED FOR OPERATIONAL PURPOSES
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt1FORM 990 IS PROVIDED TO ALL MEMBERS BEFORE FILING. APPROVAL IS REQUIRED AND COMMUNICATED TO THE TAX PREPARER BEFORE FILING FORMING.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt2AUDITED FINANCIAL STATEMENTS ARE AVAILABLE THROUGH THE NYS CHARITY WEBSITE FOR THE PUBLIC TO VIEW.
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc0Form 990, Part V, Line 12
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc1Form 990, Part VI, Line 11B
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc2Form 990, Part VI, Line 19
IRS990/SchoolOperatingInd0false
IRS990/SignificantChangeInd0false
IRS990/SignificantNewProgramSrvcInd0false
IRS990/StatesWhereCopyOfReturnIsFldCd0NY
IRS990/SubjectToExcsTaxNetInvstIncInd0false
IRS990/SubjectToProxyTaxInd0false
IRS990/SubjToTaxRmnrtnExPrchtPymtInd0false
IRS990/TaxablePartyNotificationInd0false
IRS990/TaxExemptBondsInd0false
IRS990/TerminateOperationsInd0false
IRS990/TotalAssetsBOYAmt03870313
IRS990/TotalAssetsEOYAmt03912421
IRS990/TotalAssetsGrp/BOYAmt03870313
IRS990/TotalAssetsGrp/EOYAmt03912421
IRS990/TotalCompGreaterThan150KInd0false
IRS990/TotalContributionsAmt02221688
IRS990/TotalEmployeeCnt015
IRS990/TotalFunctionalExpensesGrp/FundraisingAmt061947
IRS990/TotalFunctionalExpensesGrp/ManagementAndGeneralAmt0568006
IRS990/TotalFunctionalExpensesGrp/ProgramServicesAmt01532456
IRS990/TotalFunctionalExpensesGrp/TotalAmt02162409
IRS990/TotalGrossUBIAmt00
IRS990/TotalLiabilitiesBOYAmt0859772
IRS990/TotalLiabilitiesEOYAmt0842601
IRS990/TotalLiabilitiesGrp/BOYAmt0859772
IRS990/TotalLiabilitiesGrp/EOYAmt0842601
IRS990/TotalNetAssetsFundBalanceGrp/BOYAmt03010541
IRS990/TotalNetAssetsFundBalanceGrp/EOYAmt03069820
IRS990/TotalProgramServiceExpensesAmt01532456
IRS990/TotalReportableCompFromOrgAmt076667
IRS990/TotalRevenueGrp/TotalRevenueColumnAmt02221688
IRS990/TotLiabNetAssetsFundBalanceGrp/BOYAmt03870313
IRS990/TotLiabNetAssetsFundBalanceGrp/EOYAmt03912421
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/SignatureDt02024-03-20
ReturnHeader/Filer/BusinessName/BusinessNameLine1Txt0FOUNDATION FOR SEPHARDIC STUDIES
ReturnHeader/Filer/BusinessNameControlTxt0FOUN
ReturnHeader/Filer/EIN0112553513
ReturnHeader/Filer/PhoneNum07183826688
ReturnHeader/Filer/USAddress/AddressLine1Txt0730 AVENUE S
ReturnHeader/Filer/USAddress/CityNm0BROOKLYN
ReturnHeader/Filer/USAddress/StateAbbreviationCd0NY
ReturnHeader/Filer/USAddress/ZIPCd011223
ReturnHeader/PreparerFirmGrp/PreparerFirmEIN0823256967
ReturnHeader/PreparerFirmGrp/PreparerFirmName/BusinessNameLine1Txt0BB TAX & ADVISORY INC
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/AddressLine1Txt03636 33RD STREET SUITE 100
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/CityNm0ASTORIA
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/StateAbbreviationCd0NY
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/ZIPCd011106
ReturnHeader/PreparerPersonGrp/PhoneNum07183920240
ReturnHeader/PreparerPersonGrp/PreparationDt02024-03-20
ReturnHeader/PreparerPersonGrp/PreparerPersonNm0Tatyana Blecic CPA
ReturnHeader/PreparerPersonGrp/SelfEmployedInd0X
ReturnHeader/ReturnTs02024-03-20T11:20:29-00:00
ReturnHeader/ReturnTypeCd0990
ReturnHeader/SigningOfficerGrp/PersonFullName/PersonFirstNm0NORMAN
ReturnHeader/SigningOfficerGrp/PersonFullName/PersonLastNm0MANDEL
ReturnHeader/TaxPeriodBeginDt02022-12-01
ReturnHeader/TaxPeriodEndDt02023-11-30

Document Assets

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Filings

Displayed year

2023 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$3,912,421
Liabilities
$842,601
Net assets
$3,069,820
Revenue
$2,221,688
Expenses
$2,162,409
Net income
$59,279
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
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