Civic Intelligence

Erma Cava Housing Development Fund Company Inc.

990 • Fiscal year 2020 • EIN 13-3073995

Jan 01, 2020 to Dec 31, 2020 • Filed on Nov 30, 2021

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

95th percentile

2.06x

Higher debt load relative to assets than 95% of similar nonprofits.

2020 filings • NTEE L • $1M-$5M nonprofits • Source year 2020

Liabilities / Revenue

Score unavailable

No value available

Liabilities-to-revenue requires both liabilities and revenue on this filing.

Source year 2020

Net Margin

100th percentile

100%

Higher net margin than 100% of similar nonprofits.

2020 filings • NTEE L • $1M-$5M nonprofits • Source year 2020

Top Officer Pay

51st percentile

$0

Higher top officer pay than 51% of similar nonprofits.

2020 filings • NTEE L • $1M-$5M nonprofits • Source year 2020

Asset Growth

31st percentile

-3.3%

Faster asset growth than 31% of similar nonprofits.

2020 filings • NTEE L • $1M-$5M nonprofits • Annualized from 2019 to 2020

Revenue Growth

Score unavailable

No value available

A valid growth rate could not be computed from the available filing history.

Annualized from 2019 to 2020

Balance Sheet
Liabilities / Assets95th percentile

Assets

Down

$1,155,726

Down $39,659 (-3.3%) from 2019

Net Assets

Down

-$1,221,234

Down $357,647 (-41%) from 2019

Liabilities

Up

$2,376,960

Up $317,988 (+15%) from 2019

Revenue And Expenses
Liabilities / RevenueScore unavailableNet Margin100th percentile

Revenue

Down

-$357,647

Down $297,054 (-490%) from 2019

Expenses

Flat

$0

Flat from 2019

Net Income

Down

-$357,647

Down $297,054 (-490%) from 2019

Historical Trend

Balance Sheet Trend

Asset Growth31st percentile

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

$3.0M$2.0M$1.0M$0-$1.0M-$2.0MAssets 2011: $1,738,342Liabilities 2011: $2,410,829Net Assets 2011: -$672,4872011Assets 2012: $1,620,611Liabilities 2012: $2,382,395Net Assets 2012: -$761,7842012Assets 2013: $1,532,272Liabilities 2013: $2,361,337Net Assets 2013: -$829,0652013Assets 2014: $1,465,426Liabilities 2014: $2,329,252Net Assets 2014: -$863,8262014Assets 2015: $1,392,498Liabilities 2015: $2,306,312Net Assets 2015: -$913,8142015Assets 2016: $1,302,389Liabilities 2016: $2,158,134Net Assets 2016: -$855,7452016Assets 2017: $1,309,184Liabilities 2017: $2,101,254Net Assets 2017: -$792,0702017Assets 2018: $1,276,821Liabilities 2018: $2,079,815Net Assets 2018: -$802,9942018Assets 2019: $1,195,385Liabilities 2019: $2,058,972Net Assets 2019: -$863,5872019Assets 2020: $1,155,726Liabilities 2020: $2,376,960Net Assets 2020: -$1,221,2342020Assets 2021: $780,553Liabilities 2021: $2,133,998Net Assets 2021: -$1,353,4452021Assets 2022: $760,692Liabilities 2022: $2,181,930Net Assets 2022: -$1,421,2382022Assets 2023: $739,700Liabilities 2023: $2,113,727Net Assets 2023: -$1,374,0272023Assets 2024: $726,026Liabilities 2024: $2,216,927Net Assets 2024: -$1,490,9012024

Highlighted filing

2020

Assets$1,155,726
Liabilities$2,376,960
Net Assets-$1,221,234
Open 2020 Filing

Operations Trend

Revenue GrowthScore unavailable

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

$1.0M$500K$0-$500KExpenses 2011: $02011Expenses 2012: $02012Revenue 2013: -$55,298Expenses 2013: $0Net Income 2013: -$55,2982013Revenue 2014: -$34,761Expenses 2014: $0Net Income 2014: -$34,7612014Revenue 2015: -$49,988Expenses 2015: $0Net Income 2015: -$49,9882015Revenue 2016: $58,069Expenses 2016: $0Net Income 2016: $58,0692016Revenue 2017: $63,675Expenses 2017: $0Net Income 2017: $63,6752017Revenue 2018: -$10,924Expenses 2018: $0Net Income 2018: -$10,9242018Revenue 2019: -$60,593Expenses 2019: $0Net Income 2019: -$60,5932019Revenue 2020: -$357,647Expenses 2020: $0Net Income 2020: -$357,6472020Revenue 2021: $667,444Expenses 2021: $799,655Net Income 2021: -$132,2112021Revenue 2022: $772,460Expenses 2022: $840,253Net Income 2022: -$67,7932022Revenue 2023: $714,173Expenses 2023: $666,962Net Income 2023: $47,2112023Revenue 2024: $699,734Expenses 2024: $816,608Net Income 2024: -$116,8742024

Highlighted filing

2020

Revenue-$357,647
Expenses$0
Net Income-$357,647
Open 2020 Filing
Jump To
Filing Snapshot
Filing Period
Jan 1, 2020 to Dec 31, 2020
Signed
Nov 30, 2021
Return Version
2020v4.0
Gross Receipts
$439,036
Mission and Program Overview

Mission

Provide housing for the elderly and handicapped under section 202 of the federal housing act of 1936 in the south bronx area of new york city.

Provide affordable housing for the elderly and handicapped under section 202 of the federal housing act of 1936.

Balance Sheet Detail
LineBeginningEndChange
Assets
Land, Buildings, and Equipment, Net$320,401$284,651▼ $35,750
Prepaid Expenses and Deferred Charges$58,487$83,190▲ $24,703
Accounts Receivable$41,169$64,909▲ $23,740
Cash and Non-Interest-Bearing Accounts$61,331$31,093▼ $30,238
Total Assets$1,195,385$1,155,726▼ $39,659
Other Assets Total$713,997$691,883▼ $22,114
Liabilities
Other Liabilities$1,967,389$1,937,566▼ $29,823
Accounts Payable and Accrued Expenses$91,281$249,017▲ $157,736
Unsecured Notes Loans Payable-$190,000-
Deferred Revenue$302$377▲ $75
Total Liabilities$2,058,972$2,376,960▲ $317,988
Net Assets / Fund Balance
Net Assets Without Donor Restrictions$-863,587$-1,221,234▼ $357,647
Total Net Assets Fund Balance$-863,587$-1,221,234▼ $357,647
Total Liabilities and Net Assets / Fund Balance$1,195,385$1,155,726▼ $39,659

Asset Categories

AssetBook ValueDepreciationBasis
Other Land Buildings$265,451$2,195,856$2,461,307
Land$19,200-$19,200
Other Assets Org$8,518--
Compensation and Service Providers
Top Officer Pay51st percentile

Board Members and Trustees

NameTitle
Fr Louis R GiganteChairman
Alejandor RosadoDirector
Enrico BocciaDirector
Carmen ReyesTreasurer/di
Revenue and Support

Revenue Composition

Contributions and Grants
$0
Program Service Revenue
$0
Investment Income
$231
Other Revenue
$-357,878
Change in Net Assets
$-357,647

Audited Revenue Reconciliation

Revenue per Audited Statements
$-357,647
Total Revenue per Audited Statements
$-357,647
Total Revenue per Form 990
$-357,647
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Grants and Similar Amounts Paid$0
Other Expenses$0
Professional Fundraising Fees$0
Salaries, Compensation, and Employee Benefits$0
Total Fundraising Expense$0
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
Insider Transactions and Loans

Interested-Person Transactions

Interested PartyRelationshipDescriptionShared RevenueAmount
-PresidentRepairsNo$158,201
-PresidenGuard ServicesNo$66,153
-ChairpersonProperty ManagementNo$27,677
-COOProperty ManagementNo$27,677
Debt and Bond Financing

Other Reported Liabilities

LiabilityAmount
Mortgage Payable$1,901,096
DEVELOPER'S FEE PAYABLE$24,292
Tenant Security Deposits (contra)$8,518
Ppp Loan$3,660
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
No
Annual disclosure for covered persons
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
No
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
Yes

Governance Explanations

Form 990, Page 6, Part VI, Line 2

“Building management associates, inc chairperson property management company tiffany maintenance co., inc. President maint co owned by chair of org sentry security co. Inc. Chair chair of security co. And orga building management associates, inc pres coo of organization and bma”

Form 990, Page 6, Part VI, Line 3

“The organization operates a housing project for the elderly and handicapped under section 202 of the federal housing act of 1959. Building management associates, inc. Manages the property under terms and fees dictated by the united states department of housing and urban development. The chairperson of the organization is the majority owner of the management company.”

Form 990, Page 6, Part VI, Line 6

“Organized with one member, sebco development co., inc., a not for profit irc section 501(c)(3) community based organization.”

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

“The controller and chief operating officer review the financial statement and then the form 990 before filing.”

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

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

Form 990, Page 6, Part VI, Line 19

“PROVIDED UPON REQUEST.”

Filing and Contact Details

Filer

Filer Name
Erma Cava Housing Development Fund
EIN
13-3073995
Phone
7186172800
Address
885 BRUCKNER BOULEVARD, BRONX, NY 10459

Signing Officer

Name
Salvatore Gigante
Title
COO
Phone
7186172800
Signed
2021-11-30
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Salvatore Gigante
Formed
1980
Legal Domicile
Ny
Voting Board Members
7
Independent Board Members
4
Employees
2

Preparer

Firm
Irwin Siegel CPA
Address
130 EAST 59TH STREET, NEW YORK, NY 10022
Preparer
Irwin Siegel CPA
Phone
2124475599
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IRS990ScheduleL/BusTrInvolveInterestedPrsnGrp/TransactionDesc1REPAIRS
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IRS990ScheduleL/BusTrInvolveInterestedPrsnGrp/TransactionDesc3PROPERTY MANAGEMENT
IRS990/ScheduleORequiredInd0true
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt0BUILDING MANAGEMENT ASSOCIATES, INC CHAIRPERSON PROPERTY MANAGEMENT COMPANY TIFFANY MAINTENANCE CO., INC. PRESIDENT MAINT CO OWNED BY CHAIR OF ORG SENTRY SECURITY CO. INC. CHAIR CHAIR OF SECURITY CO. AND ORGA BUILDING MANAGEMENT ASSOCIATES, INC PRES COO OF ORGANIZATION AND BMA
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt1THE ORGANIZATION OPERATES A HOUSING PROJECT FOR THE ELDERLY AND HANDICAPPED UNDER SECTION 202 OF THE FEDERAL HOUSING ACT OF 1959. BUILDING MANAGEMENT ASSOCIATES, INC. MANAGES THE PROPERTY UNDER TERMS AND FEES DICTATED BY THE UNITED STATES DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT. THE CHAIRPERSON OF THE ORGANIZATION IS THE MAJORITY OWNER OF THE MANAGEMENT COMPANY.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt2ORGANIZED WITH ONE MEMBER, SEBCO DEVELOPMENT CO., INC., A NOT FOR PROFIT IRC SECTION 501(C)(3) COMMUNITY BASED ORGANIZATION.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt3THE CONTROLLER AND CHIEF OPERATING OFFICER REVIEW THE FINANCIAL STATEMENT AND THEN THE FORM 990 BEFORE FILING.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt4THE CONFLICTS OF INTEREST POLICY IS ENFORCED PURSUANT TO THE NEW YORK STATE NOT-FOR-PROFIT CORPORATION LAWS.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt5PROVIDED UPON REQUEST.
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc0FORM 990, PAGE 6, PART VI, LINE 2
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc1FORM 990, PAGE 6, PART VI, LINE 3
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc2FORM 990, PAGE 6, PART VI, LINE 6
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc3FORM 990, PAGE 6, PART VI, LINE 11B
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc4FORM 990, PAGE 6, PART VI, LINE 12C
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc5FORM 990, PAGE 6, 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/TotalAssetsBOYAmt01195385
IRS990/TotalAssetsEOYAmt01155726
IRS990/TotalAssetsGrp/BOYAmt01195385
IRS990/TotalAssetsGrp/EOYAmt01155726
IRS990/TotalCompGreaterThan150KInd0false
IRS990/TotalEmployeeCnt02
IRS990/TotalFunctionalExpensesGrp/FundraisingAmt00
IRS990/TotalFunctionalExpensesGrp/ManagementAndGeneralAmt00
IRS990/TotalFunctionalExpensesGrp/ProgramServicesAmt00
IRS990/TotalFunctionalExpensesGrp/TotalAmt00
IRS990/TotalGrossUBIAmt00
IRS990/TotalLiabilitiesBOYAmt02058972
IRS990/TotalLiabilitiesEOYAmt02376960
IRS990/TotalLiabilitiesGrp/BOYAmt02058972
IRS990/TotalLiabilitiesGrp/EOYAmt02376960
IRS990/TotalNetAssetsFundBalanceGrp/BOYAmt0-863587
IRS990/TotalNetAssetsFundBalanceGrp/EOYAmt0-1221234
IRS990/TotalProgramServiceExpensesAmt01023433
IRS990/TotalRevenueGrp/ExclusionAmt0-362413
IRS990/TotalRevenueGrp/RelatedOrExemptFuncIncomeAmt04766
IRS990/TotalRevenueGrp/TotalRevenueColumnAmt0-357647
IRS990/TotLiabNetAssetsFundBalanceGrp/BOYAmt01195385
IRS990/TotLiabNetAssetsFundBalanceGrp/EOYAmt01155726
IRS990/TrnsfrExmptNonChrtblRltdOrgInd0false
IRS990/TypeOfOrganizationCorpInd0X
IRS990/UnrelatedBusIncmOverLimitInd0false
IRS990/UnsecuredNotesLoansPayableGrp/EOYAmt0190000
IRS990/UponRequestInd0X
IRS990/USAddress/AddressLine1Txt0885 BRUCKNER BOULEVARD
IRS990/USAddress/CityNm0BRONX
IRS990/USAddress/StateAbbreviationCd0NY
IRS990/USAddress/ZIPCd010459
IRS990/VotingMembersGoverningBodyCnt07
IRS990/VotingMembersIndependentCnt04
IRS990/WebsiteAddressTxt0WWW.SEBCODEVELOPMENT.ORG
IRS990/WhistleblowerPolicyInd0true
ReturnHeader/BuildTS02022-09-23 18:48:47Z
ReturnHeader/BusinessOfficerGrp/DiscussWithPaidPreparerInd0true
ReturnHeader/BusinessOfficerGrp/PersonNm0SALVATORE GIGANTE
ReturnHeader/BusinessOfficerGrp/PersonTitleTxt0COO
ReturnHeader/BusinessOfficerGrp/PhoneNum07186172800
ReturnHeader/BusinessOfficerGrp/SignatureDt02021-11-30
ReturnHeader/Filer/BusinessName/BusinessNameLine1Txt0ERMA CAVA HOUSING DEVELOPMENT FUND
ReturnHeader/Filer/BusinessName/BusinessNameLine2Txt0COMPANY INC
ReturnHeader/Filer/BusinessNameControlTxt0ERMA
ReturnHeader/Filer/EIN0133073995
ReturnHeader/Filer/PhoneNum07186172800
ReturnHeader/Filer/USAddress/AddressLine1Txt0885 BRUCKNER BOULEVARD
ReturnHeader/Filer/USAddress/CityNm0BRONX
ReturnHeader/Filer/USAddress/StateAbbreviationCd0NY
ReturnHeader/Filer/USAddress/ZIPCd010459
ReturnHeader/PreparerFirmGrp/PreparerFirmEIN0132992528
ReturnHeader/PreparerFirmGrp/PreparerFirmName/BusinessNameLine1Txt0IRWIN SIEGEL CPA
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/AddressLine1Txt0130 EAST 59TH STREET
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/CityNm0NEW YORK
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/StateAbbreviationCd0NY
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/ZIPCd010022
ReturnHeader/PreparerPersonGrp/PhoneNum02124475599
ReturnHeader/PreparerPersonGrp/PreparationDt02021-11-30
ReturnHeader/PreparerPersonGrp/PreparerPersonNm0IRWIN SIEGEL CPA
ReturnHeader/PreparerPersonGrp/SelfEmployedInd0X
ReturnHeader/ReturnTs02021-11-30T16:33:11-06:00
ReturnHeader/ReturnTypeCd0990
ReturnHeader/SigningOfficerGrp/PersonFullName/PersonFirstNm0SALVATOE
ReturnHeader/SigningOfficerGrp/PersonFullName/PersonLastNm0GIGANTE
ReturnHeader/TaxPeriodBeginDt02020-01-01
ReturnHeader/TaxPeriodEndDt02020-12-31
ReturnHeader/TaxYr02020

Document Assets

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Filings

Displayed year

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

Open filing
Assets
$1,155,726
Liabilities
$2,376,960
Net assets
-$1,221,234
Revenue
-$357,647
Expenses
$0
Net income
-$357,647
Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2024XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$0.73$2.22$1.49$0.70$0.82$0.12
2023Detailed filing. Detailed filing data is available for this year.$0.74$2.11$1.37$0.71$0.67$0.05
2022Facts available. Structured filing facts are available, but richer extracted sections are limited.$0.76$2.18$1.42$0.77$0.84$0.07
2021XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$0.78$2.13$1.35$0.67$0.80$0.13
2020Detailed filing. Detailed filing data is available for this year.$1.16$2.38$1.22$0.36$0.00$0.36
2019XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$1.20$2.06$0.86$0.06$0.00$0.06
2018XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$1.28$2.08$0.80$0.01$0.00$0.01
2017Detailed filing. Detailed filing data is available for this year.$1.31$2.10$0.79$0.06$0.00$0.06
2016XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$1.30$2.16$0.86$0.06$0.00$0.06
2015XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$1.39$2.31$0.91$0.05$0.00$0.05
2014Summary only. Only limited summary data is available for this year.$1.47$2.33$0.86$0.03$0.00$0.03
2013Detailed filing. Detailed filing data is available for this year.$1.53$2.36$0.83$0.06$0.00$0.06
2012Facts available. Structured filing facts are available, but richer extracted sections are limited.$1.62$2.38$0.76$0.00
2011Facts available. Structured filing facts are available, but richer extracted sections are limited.$1.74$2.41$0.67$0.00
Peer Organizations

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