Civic Intelligence

Sebco Development Inc.

990 • Fiscal year 2024 • EIN 13-2944013

May 01, 2023 to Apr 30, 2024 • Filed on Jan 06, 2025

Organization ProfileWWW.SEBCODEVELOPMENT.ORG
429 Bruckner Blvd 2nd FloorBronx, NY 10455

(347) 726-2547

Siviq Scores

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Balance Sheet

Assets

Up

$8,745,293

Up $441,537 (+5.3%) from 2023

Net Assets

Down

$6,809,000

Down $433,543 (-6.0%) from 2023

Liabilities

Up

$1,936,293

Up $875,080 (+82%) from 2023

Revenue And Expenses

Revenue

Up

$2,724,695

Up $63,316 (+2.4%) from 2023

Expenses

Down

$3,158,238

Down $378,018 (-11%) from 2023

Net Income

Up

-$433,543

Up $441,334 (+50%) from 2023

Historical Trend

Balance Sheet Trend

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

2024

Assets$8,745,293
Liabilities$1,936,293
Net Assets$6,809,000
Open 2024 Filing

Operations Trend

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

2024

Revenue$2,724,695
Expenses$3,158,238
Net Income-$433,543
Open 2024 Filing
Jump To
Filing Snapshot
Filing Period
May 1, 2023 to Apr 30, 2024
Signed
Jan 6, 2025
Return Version
2023v6.0
Gross Receipts
$2,724,695
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. 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 edlerly.

Balance Sheet Detail
LineBeginningEndChange
Assets
Savings and Temporary Cash Investments$896,797$657,933▼ $238,864
Investments Other Securities$493,500$493,500→ $0
Cash and Non-Interest-Bearing Accounts$633,343$182,935▼ $450,408
Pledges and Grants Receivable$224,914$170,362▼ $54,552
Other Notes and Loans Receivable, Net$135,395--
Prepaid Expenses and Deferred Charges$19,771$18,810▼ $961
Land, Buildings, and Equipment, Net-$14,840-
Total Assets$8,303,756$8,745,293▲ $441,537
Other Assets Total$5,900,036$7,206,913▲ $1,306,877
Liabilities
Accounts Payable and Accrued Expenses$428,835$868,527▲ $439,692
Other Liabilities$493,500$857,773▲ $364,273
Deferred Revenue$138,878$209,993▲ $71,115
Total Liabilities$1,061,213$1,936,293▲ $875,080
Net Assets / Fund Balance
Net Assets Without Donor Restrictions$7,242,543$6,809,000▼ $433,543
Total Net Assets Fund Balance$7,242,543$6,809,000▼ $433,543
Total Liabilities and Net Assets / Fund Balance$8,303,756$8,745,293▲ $441,537

Asset Categories

AssetBook ValueDepreciationBasis
Equipment$14,840$1,960$16,800
Other Assets Org$15,000--
Other Securities$493,500--
Compensation and Service Providers

Employees

NameTitleBaseOtherTotal
Salvatore GiganteCEO/director$158,395$93,600$158,395
Sonal ShahController$139,248-$139,248
Jason BoroffDirector-$128,697$128,697

Board Members and Trustees

NameTitle
Enrico BocciaChair
Valerie TorresDirector
Victor PapaDirector
Evelyn VelaquezTreasurer/se
Revenue and Support

Revenue Composition

Contributions and Grants
$148,631
Program Service Revenue
$712,147
Investment Income
$178,107
Other Revenue
$1,685,810
All Other Contributions
$18,907
Change in Net Assets
$-433,543

Audited Revenue Reconciliation

Revenue per Audited Statements
$2,724,695
Total Revenue per Audited Statements
$2,724,695
Total Revenue per Form 990
$2,724,695
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$1,800,538
Salaries, Compensation, and Employee Benefits$1,357,700
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Other Salaries and Wages$702,694$108,093-$810,787
Current Officers, Directors, Trustees, and Key Employees$259,186$77,538-$336,724
Fees for Services Legal-$336,424-$336,424
Information Technology$138,137$74,381-$212,518
Fees for Services Other$152,516--$152,516
Other Employee Benefits$106,266$11,807-$118,073
Office Expenses$68,834$37,065-$105,899
Payroll Taxes$79,638$12,478-$92,116
Occupancy$75,026$16,006-$91,032
All Other Expenses$12,210$16,655-$28,865
Other Expenses$21,606$5,401-$27,007
Insurance$8,812$6,238-$15,050
Fees for Services Accounting-$12,150-$12,150
Advertising$2,217$6,653-$8,870
Depreciation Depletion$1,274$686-$1,960
Conferences and Meetings$742$83-$825
Total Functional Expenses$2,365,124$793,114$0$3,158,238

Audited Expense Reconciliation

Line ItemAmount
Expenses per Audited Statements$3,158,238
Total Expenses per Audited Statements$3,158,238
Total Expenses per Form 990$3,158,238
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
Long Term Lease Obligation$284,628
Lease Obligations$79,645
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
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
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 11B

“The organization's form 990 is reviewed and approved by controller and chief executive officer before it is finalized and filed.”

Form 990, Page 6, Part VI, Line 12C

“The conflict of interest policy is enforced pursuant to the new york state not for profit corporation laws.”

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

“The salary of ceo is approved by the board of independent directors.”

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

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

Form 990, Page 6, Part VI, Line 19

“UPON REQUEST”

Filing and Contact Details

Filer

Filer Name
Sebco Development Inc
EIN
13-2944013
Phone
3477262547
Address
429 BRUCKNER BLVD 2ND FLOOR, BRONX, NY 10455

Signing Officer

Name
Salvatore Gigante
Title
CEO/director
Phone
7186172800
Signed
2025-01-06
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Salvatore Gigante
Formed
1978
Legal Domicile
Ny
Voting Board Members
5
Independent Board Members
3
Employees
47

Preparer

Firm
A Gary Aaronson CPA Pllc
Address
42 WEST 38TH STREET SUITE 1003, NEW YORK, NY 10018-0060
Preparer
A Gary Aaronson
Phone
2126845770
Supplemental Narrative

Additional Explanations

FORM 990 - ORGANIZATION'S 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.”

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IRS990/ProgSrvcAccomActy2Grp/Desc0ELDERLY NUTRITION PROGRAM UNDER CONTRACT WITH THE NEW YORK CITY DEPARTMENT FOR THE AGING.
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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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IRS990ScheduleA/GiftsGrantsContriRcvd170Grp/CurrentTaxYearMinus1YearAmt0120727
IRS990ScheduleA/GiftsGrantsContriRcvd170Grp/CurrentTaxYearMinus2YearsAmt0193553
IRS990ScheduleA/GiftsGrantsContriRcvd170Grp/CurrentTaxYearMinus3YearsAmt0145223
IRS990ScheduleA/GiftsGrantsContriRcvd170Grp/CurrentTaxYearMinus4YearsAmt0167971
IRS990ScheduleA/GiftsGrantsContriRcvd170Grp/TotalAmt0776105
IRS990ScheduleA/GrossInvestmentIncome170Grp/CurrentTaxYearAmt0178107
IRS990ScheduleA/GrossInvestmentIncome170Grp/CurrentTaxYearMinus1YearAmt0145324
IRS990ScheduleA/GrossInvestmentIncome170Grp/CurrentTaxYearMinus2YearsAmt0123392
IRS990ScheduleA/GrossInvestmentIncome170Grp/CurrentTaxYearMinus3YearsAmt0139315
IRS990ScheduleA/GrossInvestmentIncome170Grp/CurrentTaxYearMinus4YearsAmt0127693
IRS990ScheduleA/GrossInvestmentIncome170Grp/TotalAmt0713831
IRS990ScheduleA/GrossReceiptsRltdActivitiesAmt02955981
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IRS990ScheduleA/PublicSupportPY170Pct00.48790
IRS990ScheduleA/PublicSupportTotal170Amt0636904
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IRS990ScheduleD/EquipmentGrp/DepreciationAmt01960
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IRS990ScheduleD/OtherAssetsOrgGrp/BookValueAmt2598594
IRS990ScheduleD/OtherAssetsOrgGrp/BookValueAmt3353187
IRS990ScheduleD/OtherAssetsOrgGrp/BookValueAmt4258060
IRS990ScheduleD/OtherAssetsOrgGrp/BookValueAmt550000
IRS990ScheduleD/OtherAssetsOrgGrp/BookValueAmt615000
IRS990ScheduleD/OtherAssetsOrgGrp/Desc0OTHER RECEIVABLES
IRS990ScheduleD/OtherAssetsOrgGrp/Desc1DEVELOPER'S FEE RECEIVABLE
IRS990ScheduleD/OtherAssetsOrgGrp/Desc2ACCRUED INTEREST RECEIVABLE
IRS990ScheduleD/OtherAssetsOrgGrp/Desc3RIGHT OF USE ASSETS
IRS990ScheduleD/OtherAssetsOrgGrp/Desc4DUE FROM CROTONA BELMONT
IRS990ScheduleD/OtherAssetsOrgGrp/Desc5INITIAL MEMBER CONTRIBUTION
IRS990ScheduleD/OtherAssetsOrgGrp/Desc6SECURITY DEPOSIT
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IRS990ScheduleD/OtherLiabilitiesOrgGrp/Desc1LONG TERM LEASE OBLIGATION
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IRS990ScheduleD/OtherSecuritiesGrp/MethodValuationCd0C
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IRS990ScheduleD/TotalBookValueLandBuildingsAmt014840
IRS990ScheduleD/TotalBookValueOtherAssetsAmt07206913
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IRS990ScheduleD/TotalExpensesPerForm990Amt03158238
IRS990ScheduleD/TotalLiabilityAmt0857773
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IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/PersonNm0SALVATORE GIGANTE
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/TitleTxt0CEO/DIRECTOR
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IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/TotalCompensationRltdOrgsAmt093600
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IRS990/ScheduleORequiredInd0true
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt0SEBCO 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.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt1THE ORGANIZATION'S FORM 990 IS REVIEWED AND APPROVED BY CONTROLLER AND CHIEF EXECUTIVE OFFICER BEFORE IT IS FINALIZED AND FILED.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt2THE CONFLICT OF INTEREST POLICY IS ENFORCED PURSUANT TO THE NEW YORK STATE NOT FOR PROFIT CORPORATION LAWS.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt3THE SALARY OF CEO IS APPROVED BY THE BOARD OF INDEPENDENT DIRECTORS.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt4THE SALARIES OF ALL OF THE OFFICERS AND SENIOR PERSONNEL ARE APPROVED BY THE BOARD OF DIRECTORS.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt5UPON REQUEST
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc0FORM 990 - ORGANIZATION'S MISSION
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc1FORM 990, PAGE 6, PART VI, LINE 11B
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc2FORM 990, PAGE 6, PART VI, LINE 12C
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc3FORM 990, PAGE 6, PART VI, LINE 15A
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc4FORM 990, PAGE 6, PART VI, LINE 15B
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc5FORM 990, PAGE 6, PART VI, LINE 19
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IRS990ScheduleR/AssetSaleToOtherOrgInd0false
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IRS990ScheduleR/IdRelatedOrgTxblCorpTrGrp/EIN0465370561
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IRS990ScheduleR/IdRelatedOrgTxblCorpTrGrp/EntityTypeTxt0C CORP
IRS990ScheduleR/IdRelatedOrgTxblCorpTrGrp/EntityTypeTxt1C CORP

Document Assets

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Filings

Displayed year

2024 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$8,745,293
Liabilities
$1,936,293
Net assets
$6,809,000
Revenue
$2,724,695
Expenses
$3,158,238
Net income
-$433,543
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