Civic Intelligence

Foundation for Sephardic Studies Inc.

990 • Fiscal year 2023 • EIN 11-2553513

Dec 01, 2022 to Nov 30, 2023 • Filed on Apr 15, 2025

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

69th percentile

0.22x

Higher debt load relative to assets than 69% of similar nonprofits.

2023 filings • 501(c)3 • $1M-$5M nonprofits • Source year 2023

Liabilities / Revenue

76th percentile

0.38x

Higher debt load relative to revenue than 76% of similar nonprofits.

2023 filings • 501(c)3 • $1M-$5M nonprofits • Source year 2023

Net Margin

47th percentile

2.7%

Higher net margin than 47% of similar nonprofits.

2023 filings • 501(c)3 • $1M-$5M nonprofits • Source year 2023

Top Officer Pay

57th percentile

$76,667

Higher top officer pay than 57% of similar nonprofits.

Top officer pay equals 3.5% of source-year revenue.

2023 filings • 501(c)3 • $1M-$5M nonprofits • Source year 2023

Asset Growth

40th percentile

1.1%

Faster asset growth than 40% of similar nonprofits.

2023 filings • 501(c)3 • $1M-$5M nonprofits • Annualized from 2022 to 2023

Revenue Growth

74th percentile

29%

Faster revenue growth than 74% of similar nonprofits.

2023 filings • 501(c)3 • $1M-$5M nonprofits • Annualized from 2022 to 2023

Balance Sheet
Liabilities / Assets69th percentile

Assets

Up

$3,912,421

Up $42,108 (+1.1%) from 2022

Net Assets

Up

$3,069,820

Up $59,279 (+2.0%) from 2022

Liabilities

Down

$842,601

Down $17,171 (-2.0%) from 2022

Revenue And Expenses
Liabilities / Revenue76th percentileNet Margin47th percentile

Revenue

Up

$2,221,688

Up $501,178 (+29%) from 2022

Expenses

Up

$2,162,409

Up $138,028 (+6.8%) from 2022

Net Income

Up

$59,279

Up $363,150 (+120%) from 2022

Historical Trend

Balance Sheet Trend

Asset Growth40th 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

2023

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

Operations Trend

Revenue Growth74th 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

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
Apr 15, 2025
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
Top Officer Pay57th percentile

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
2025-04-15
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”

Raw XML Appendix397 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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ReturnHeader/ReturnTs02025-04-15T02:45:31-00:00
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ReturnHeader/TaxPeriodBeginDt02022-12-01
ReturnHeader/TaxPeriodEndDt02023-11-30
ReturnHeader/TaxYr02022

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
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