Civic Intelligence

Sebco Development Inc.

990 • Fiscal year 2020 • EIN 13-2944013

May 01, 2019 to Apr 30, 2020 • Filed on Mar 12, 2020

Organization ProfileWWW.SEBCODEVELOPMENT.ORG
885 Bruckner BoulevardBronx, NY 10459

(718) 617-2800

Siviq Scores

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

Liabilities / Assets

41st percentile

0.10x

Higher debt load relative to assets than 41% of similar nonprofits.

2020 filings • 501(c)3 • $5M-$10M nonprofits • Source year 2020

Liabilities / Revenue

71st percentile

0.52x

Higher debt load relative to revenue than 71% of similar nonprofits.

2020 filings • 501(c)3 • $5M-$10M nonprofits • Source year 2020

Net Margin

28th percentile

-3.7%

Higher net margin than 28% of similar nonprofits.

2020 filings • 501(c)3 • $5M-$10M nonprofits • Source year 2020

Top Officer Pay

Score unavailable

No value available

This filing does not contain officer compensation rows.

Source year 2020

Asset Growth

24th percentile

-1.3%

Faster asset growth than 24% of similar nonprofits.

2020 filings • 501(c)3 • $5M-$10M nonprofits • Annualized from 2019 to 2020

Revenue Growth

33rd percentile

-7.0%

Faster revenue growth than 33% of similar nonprofits.

2020 filings • 501(c)3 • $5M-$10M nonprofits • Annualized from 2019 to 2020

Balance Sheet
Liabilities / Assets41st percentile

Assets

Down

$9,437,019

Down $123,461 (-1.3%) from 2019

Net Assets

Down

$8,471,286

Down $46,047 (-0.5%) from 2019

Liabilities

Down

$965,733

Down $77,414 (-7.4%) from 2019

Revenue And Expenses
Liabilities / Revenue71st percentileNet Margin28th percentile

Revenue

Down

$1,861,678

Down $139,220 (-7.0%) from 2019

Expenses

Up

$1,930,054

Up $81,275 (+4.4%) from 2019

Net Income

Down

-$68,376

Down $220,495 (-145%) from 2019

Historical Trend

Balance Sheet Trend

Asset Growth24th percentile

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

$15M$10M$5.0M$0Assets 2011: $4,693,068Liabilities 2011: $905,774Net Assets 2011: $3,787,2942011Assets 2012: $4,310,363Liabilities 2012: $634,009Net Assets 2012: $3,676,3542012Assets 2013: $4,729,419Liabilities 2013: $1,155,415Net Assets 2013: $3,574,0042013Assets 2014: $4,643,544Liabilities 2014: $1,084,704Net Assets 2014: $3,558,8402014Assets 2015: $6,041,829Liabilities 2015: $1,208,762Net Assets 2015: $4,833,0672015Assets 2016: $10,121,964Liabilities 2016: $1,629,156Net Assets 2016: $8,492,8082016Assets 2017: $9,214,882Liabilities 2017: $1,043,418Net Assets 2017: $8,171,4642017Assets 2018: $9,081,185Liabilities 2018: $731,496Net Assets 2018: $8,349,6892018Assets 2019: $9,560,480Liabilities 2019: $1,043,147Net Assets 2019: $8,517,3332019Assets 2020: $9,437,019Liabilities 2020: $965,733Net Assets 2020: $8,471,2862020Assets 2022: $9,533,839Liabilities 2022: $1,416,419Net Assets 2022: $8,117,4202022Assets 2023: $8,303,756Liabilities 2023: $1,061,213Net Assets 2023: $7,242,5432023Assets 2024: $8,745,293Liabilities 2024: $1,936,293Net Assets 2024: $6,809,0002024

Highlighted filing

2020

Assets$9,437,019
Liabilities$965,733
Net Assets$8,471,286
Open 2020 Filing

Operations Trend

Revenue Growth33rd percentile

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

$8.0M$6.0M$4.0M$2.0M$0-$2.0MRevenue 2011: $1,002,336Expenses 2011: $1,159,222Net Income 2011: -$156,8862011Expenses 2012: $1,111,2612012Revenue 2013: $1,791,774Expenses 2013: $1,894,124Net Income 2013: -$102,3502013Revenue 2014: $2,208,570Expenses 2014: $2,223,734Net Income 2014: -$15,1642014Revenue 2015: $3,335,979Expenses 2015: $2,922,062Net Income 2015: $413,9172015Revenue 2016: $6,192,961Expenses 2016: $2,533,220Net Income 2016: $3,659,7412016Revenue 2017: $1,875,594Expenses 2017: $2,149,399Net Income 2017: -$273,8052017Revenue 2018: $1,993,017Expenses 2018: $1,814,792Net Income 2018: $178,2252018Revenue 2019: $2,000,898Expenses 2019: $1,848,779Net Income 2019: $152,1192019Revenue 2020: $1,861,678Expenses 2020: $1,930,054Net Income 2020: -$68,3762020Revenue 2022: $1,201,801Expenses 2022: $1,731,443Net Income 2022: -$529,6422022Revenue 2023: $2,661,379Expenses 2023: $3,536,256Net Income 2023: -$874,8772023Revenue 2024: $2,724,695Expenses 2024: $3,158,238Net Income 2024: -$433,5432024

Highlighted filing

2020

Revenue$1,861,678
Expenses$1,930,054
Net Income-$68,376
Open 2020 Filing
Jump To
Filing Snapshot
Filing Period
May 1, 2019 to Apr 30, 2020
Signed
Mar 12, 2020
Return Version
2019v5.0
Gross Receipts
$1,861,678
Mission and Program Overview

Mission

Sebco development inc. Is a non profit community based organization committed to developing and maintaining affordable and safe housing in the city of new york. Sebco strives to continually provide well maintained, secure housing along with the supportive services needed to improve the quality of life of the families and individuals we serve in our community.

Sebco development, inc. Is a community based housing development company located in the south bronx of new york city, the poorest congressional districts in the united states. In its forty years, it has developed more than 6,000 units of subsidized housing. It continues to develop housing, as well as providing social services, transitional housing for the homeless and meals for the elderly.

Balance Sheet Detail
LineBeginningEndChange
Assets
Savings and Temporary Cash Investments-$1,588,753-
Investments Other Securities$493,500$493,500→ $0
Cash and Non-Interest-Bearing Accounts$4,047,628$355,531▼ $3,692,097
Other Notes and Loans Receivable, Net$57,041$91,839▲ $34,798
Accounts Receivable$56,658$88,671▲ $32,013
Prepaid Expenses and Deferred Charges$55,057$43,501▼ $11,556
Land, Buildings, and Equipment, Net$27,525$22,525▼ $5,000
Total Assets$9,560,480$9,437,019▼ $123,461
Other Assets Total$4,823,071$6,752,699▲ $1,929,628
Liabilities
Other Liabilities$750,850$553,509▼ $197,341
Accounts Payable and Accrued Expenses$170,749$331,748▲ $160,999
Deferred Revenue$121,548$80,476▼ $41,072
Total Liabilities$1,043,147$965,733▼ $77,414
Net Assets / Fund Balance
Net Assets Without Donor Restrictions$7,687,514$7,618,878▼ $68,636
Net Assets With Donor Restrictions$829,819$852,408▲ $22,589
Total Net Assets Fund Balance$8,517,333$8,471,286▼ $46,047
Total Liabilities and Net Assets / Fund Balance$9,560,480$9,437,019▼ $123,461

Asset Categories

AssetBook ValueDepreciationBasis
Other Land Buildings$22,525$135,000$157,525
Equipment-$142,416$142,416
Other Assets Org$50,000--
Other Securities$493,500--
Compensation and Service Providers
Top Officer PayScore unavailable

Board Members and Trustees

NameTitle
Fr Louis R GiganteChairperson
Alejandro RosadoDirector
Enrico BocciaDirector
Irwin SiegelDirect & COU
Salvatore GiganteExec Vice Pr
Carmen ReyesTreasurer/di
Revenue and Support

Revenue Composition

Contributions and Grants
$167,971
Program Service Revenue
$525,652
Investment Income
$127,693
Other Revenue
$1,040,362
All Other Contributions
$79,300
Change in Net Assets
$-68,376

Audited Revenue Reconciliation

Revenue per Audited Statements
$1,861,678
Total Revenue per Audited Statements
$1,861,678
Total Revenue per Form 990
$1,861,678
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Salaries, Compensation, and Employee Benefits$968,707
Other Expenses$961,347
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Other Salaries and Wages$728,638$61,768-$790,406
Other Employee Benefits$100,168$13,711-$113,879
Fees for Services Other$71,531--$71,531
Payroll Taxes$61,491$2,931-$64,422
Information Technology$40,811$21,975-$62,786
Office Expenses$39,622$21,335-$60,957
Occupancy$31,774$7,943-$39,717
All Other Expenses$24,343$10,279-$34,622
Fees for Services Legal$20,477$6,825-$27,302
Advertising$5,964$17,892-$23,856
Other Expenses$4,668$14,003-$18,671
Fees for Services Accounting-$11,069-$11,069
Depreciation Depletion$3,250$1,750-$5,000
Conferences and Meetings-$2,337-$2,337
Total Functional Expenses$1,705,220$224,834$0$1,930,054

Audited Expense Reconciliation

Line ItemAmount
Expenses per Audited Statements$1,930,054
Total Expenses per Audited Statements$1,930,054
Total Expenses per Form 990$1,930,054
Fundraising, Events, and Gaming
Fundraising activities
No
Gaming activities
No
Professional fundraiser used
No

Fundraising and Gaming Totals

Line ItemAmount
Professional Fundraising Fees$0
Political and Lobbying Activity
Political campaign activity
No
Lobbying activity
No
Subject to proxy tax
No
Debt and Bond Financing

Other Reported Liabilities

LiabilityAmount
Mortgage Payable (contra)$493,500
Due to Affiliates$60,009
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
No
Annual disclosure for covered persons
Yes
Audit committee
Yes
Backup withholding compliance
Yes
Business relationship with 35% controlled entity
Yes
Business relationship with family members
Yes
Business relationship with organization members
Yes
Material changes to governing documents
No
Compensation from other sources disclosed
No
CEO compensation reviewed
Yes
Other officer compensation reviewed
Yes
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, Page 6, Part VI, Line 2

“Sentry security company chairman sentry security company officer building management associates, inc owner tiffany maintenance co., inc. Building managment associates, inc. Owner building management associates, inc tiffancy maintenance co., inc. Officer officer”

Form 990, Page 6, Part VI, Line 9

“Irwin siegel 900 third avenue new york, ny 10022”

Form 990, Page 6, Part VI, Line 11B

“The certified financial statements are reviewed by the board of directors. Then the form 990 is prepared utilizing the information from the certified financial statements. The form 990 is part of the new york state department of law filing.”

Form 990, Page 6, Part VI, Line 15A

“The salaries of all of the officers and senior personnel are approved by the board of directors.”

Form 990, Page 6, Part VI, Line 15B

“Only one officer is compensated by the organization-louis r. Gigante received an annual salary of one hundred thousand dolllars which is the same salary he has received for at fifteen years.”

Form 990, Page 6, Part VI, Line 19

“Upon request as well as from the new york state department of law which receives a copy along with the certified financial statements.”

Filing and Contact Details

Filer

Filer Name
Sebco Development Inc
EIN
13-2944013
Phone
7186172800
Address
885 BRUCKNER BOULEVARD, BRONX, NY 10459

Signing Officer

Name
Salvatore Gigante
Title
Exec Vice President
Phone
7186172800
Signed
2020-03-12
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Fr Louis R Gigante
Formed
1978
Legal Domicile
Ny
Voting Board Members
5
Independent Board Members
2
Employees
25

Preparer

Firm
Irwin Siegel CPA
Address
130 EAST 59TH STREET, NEW YORK, NY 10022
Preparer
Irwin Siegel CPA
Phone
2124475599
Supplemental Narrative

Additional Explanations

FORM 990 - ORGANIZATION'S MISSION

“Sebco development, inc. Is a community based housing development company located in the south bronx of new york city, the poorest congressional districts in the united states. In its forty years, it has developed more than 6,000 units of subsidized housing. It continues to develop housing, as well as providing social services, transitional housing for the homeless and meals for the elderly.”

Form 990, Page 2, Part III, Line 4D

“COMMUNITY DEVELOPMENT”

Form 990, Part XI

“Increase unrestricted assets”

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IRS990/ProgramServiceRevenueGrp/Desc0THE CITY OF NEW YORK
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IRS990/ProgSrvcAccomActy3Grp/Desc0SOCIAL SERVICES TO RESIDENTS OF THE HOUSING DEVELOPED BY THE ORGANIZATION TO STABILIZE THE NEIGHBORHOOD.
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IRS990ScheduleD/OtherAssetsOrgGrp/BookValueAmt21400918
IRS990ScheduleD/OtherAssetsOrgGrp/BookValueAmt3342763
IRS990ScheduleD/OtherAssetsOrgGrp/BookValueAmt4141273
IRS990ScheduleD/OtherAssetsOrgGrp/BookValueAmt550000
IRS990ScheduleD/OtherAssetsOrgGrp/Desc0DEVELOPER'S FEE RECEIVABLE
IRS990ScheduleD/OtherAssetsOrgGrp/Desc1INTERCOMPANY RECEIVABLES
IRS990ScheduleD/OtherAssetsOrgGrp/Desc2DEVELOPMENT EXPENSES
IRS990ScheduleD/OtherAssetsOrgGrp/Desc3ACCRUED INTEREST RECEIVABLE
IRS990ScheduleD/OtherAssetsOrgGrp/Desc4DUE FROM FR. SMITH RESIDENCE RESIDEN
IRS990ScheduleD/OtherAssetsOrgGrp/Desc5INVESTMENT IN SUBSIDIARIES
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IRS990ScheduleD/OtherLiabilitiesOrgGrp/Amt160009
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IRS990ScheduleD/TotalBookValueOtherAssetsAmt06752699
IRS990ScheduleD/TotalBookValueSecuritiesAmt0493500
IRS990ScheduleD/TotalExpensesPerForm990Amt01930054
IRS990ScheduleD/TotalLiabilityAmt0553509
IRS990ScheduleD/TotalRevenuePerForm990Amt01861678
IRS990ScheduleD/TotalRevEtcAuditedFinclStmtAmt01861678
IRS990ScheduleD/TotExpnsEtcAuditedFinclStmtAmt01930054
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IRS990ScheduleL/BusTrInvolveInterestedPrsnGrp/NameOfInterested/BusinessName/BusinessNameLine1Txt1BUILDING MANAGEMENT ASSOCAITES INC
IRS990ScheduleL/BusTrInvolveInterestedPrsnGrp/NameOfInterested/BusinessName/BusinessNameLine1Txt2SENTRY SECURITY CO INC
IRS990ScheduleL/BusTrInvolveInterestedPrsnGrp/NameOfInterested/BusinessName/BusinessNameLine1Txt3SENTRY SECURITY CO INC
IRS990ScheduleL/BusTrInvolveInterestedPrsnGrp/RelationshipDescriptionTxt0OWNER
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IRS990ScheduleL/BusTrInvolveInterestedPrsnGrp/RelationshipDescriptionTxt2OFFICER
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IRS990ScheduleL/BusTrInvolveInterestedPrsnGrp/TransactionDesc1PROPERTY MANAGEMENT
IRS990ScheduleL/BusTrInvolveInterestedPrsnGrp/TransactionDesc2SECURITY COMPANY
IRS990ScheduleL/BusTrInvolveInterestedPrsnGrp/TransactionDesc3SECURITY COMPANY
IRS990/ScheduleORequiredInd0true
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt0SEBCO DEVELOPMENT, INC. IS A COMMUNITY BASED HOUSING DEVELOPMENT COMPANY LOCATED IN THE SOUTH BRONX OF NEW YORK CITY, THE POOREST CONGRESSIONAL DISTRICTS IN THE UNITED STATES. IN ITS FORTY YEARS, IT HAS DEVELOPED MORE THAN 6,000 UNITS OF SUBSIDIZED HOUSING. IT CONTINUES TO DEVELOP HOUSING, AS WELL AS PROVIDING SOCIAL SERVICES, TRANSITIONAL HOUSING FOR THE HOMELESS AND MEALS FOR THE ELDERLY.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt1COMMUNITY DEVELOPMENT
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt2SENTRY SECURITY COMPANY CHAIRMAN SENTRY SECURITY COMPANY OFFICER BUILDING MANAGEMENT ASSOCIATES, INC OWNER TIFFANY MAINTENANCE CO., INC. BUILDING MANAGMENT ASSOCIATES, INC. OWNER BUILDING MANAGEMENT ASSOCIATES, INC TIFFANCY MAINTENANCE CO., INC. OFFICER OFFICER
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt3IRWIN SIEGEL 900 THIRD AVENUE NEW YORK, NY 10022
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt4THE CERTIFIED FINANCIAL STATEMENTS ARE REVIEWED BY THE BOARD OF DIRECTORS. THEN THE FORM 990 IS PREPARED UTILIZING THE INFORMATION FROM THE CERTIFIED FINANCIAL STATEMENTS. THE FORM 990 IS PART OF THE NEW YORK STATE DEPARTMENT OF LAW FILING.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt5THE SALARIES OF ALL OF THE OFFICERS AND SENIOR PERSONNEL ARE APPROVED BY THE BOARD OF DIRECTORS.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt6ONLY ONE OFFICER IS COMPENSATED BY THE ORGANIZATION-LOUIS R. GIGANTE RECEIVED AN ANNUAL SALARY OF ONE HUNDRED THOUSAND DOLLLARS WHICH IS THE SAME SALARY HE HAS RECEIVED FOR AT FIFTEEN YEARS.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt7UPON REQUEST AS WELL AS FROM THE NEW YORK STATE DEPARTMENT OF LAW WHICH RECEIVES A COPY ALONG WITH THE CERTIFIED FINANCIAL STATEMENTS.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt8INCREASE UNRESTRICTED ASSETS
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc0FORM 990 - ORGANIZATION'S MISSION
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc1FORM 990, PAGE 2, PART III, LINE 4D
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc2FORM 990, PAGE 6, PART VI, LINE 2
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc3FORM 990, PAGE 6, PART VI, LINE 9
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc4FORM 990, PAGE 6, PART VI, LINE 11B
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc5FORM 990, PAGE 6, PART VI, LINE 15A
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc6FORM 990, PAGE 6, PART VI, LINE 15B
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc7FORM 990, PAGE 6, PART VI, LINE 19
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc8FORM 990, PART XI
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IRS990/TerminateOperationsInd0false
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Document Assets

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Filings

Displayed year

2020 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$9,437,019
Liabilities
$965,733
Net assets
$8,471,286
Revenue
$1,861,678
Expenses
$1,930,054
Net income
-$68,376
Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2024Detailed filing. Detailed filing data is available for this year.$8.75$1.94$6.81$2.72$3.16$0.43
2023Detailed filing. Detailed filing data is available for this year.$8.30$1.06$7.24$2.66$3.54$0.87
2022Detailed filing. Detailed filing data is available for this year.$9.53$1.42$8.12$1.20$1.73$0.53
2020Detailed filing. Detailed filing data is available for this year.$9.44$0.97$8.47$1.86$1.93$0.07
2019Detailed filing. Detailed filing data is available for this year.$9.56$1.04$8.52$2.00$1.85$0.15
2018Detailed filing. Detailed filing data is available for this year.$9.08$0.73$8.35$1.99$1.81$0.18
2017Detailed filing. Detailed filing data is available for this year.$9.21$1.04$8.17$1.88$2.15$0.27
2016Summary only. Only limited summary data is available for this year.$10.1$1.63$8.49$6.19$2.53$3.66
2015Summary only. Only limited summary data is available for this year.$6.04$1.21$4.83$3.34$2.92$0.41
2014Summary only. Only limited summary data is available for this year.$4.64$1.08$3.56$2.21$2.22$0.02
2013Facts available. Structured filing facts are available, but richer extracted sections are limited.$4.73$1.16$3.57$1.79$1.89$0.10
2012Facts available. Structured filing facts are available, but richer extracted sections are limited.$4.31$0.63$3.68$1.11
2011Summary only. Only limited summary data is available for this year.$4.69$0.91$3.79$1.00$1.16$0.16