Civic Intelligence

Sebco Vip Housing Development Fund Company Inc.

990 • Fiscal year 2020 • EIN 13-3518596

Jan 01, 2020 to Dec 31, 2020 • Filed on Dec 15, 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

8th percentile

0.00x

Higher debt load relative to assets than 8% of similar nonprofits.

2020 filings • NTEE L • $5M-$10M nonprofits • Source year 2020

Liabilities / Revenue

8th percentile

0.05x

Higher debt load relative to revenue than 8% of similar nonprofits.

2020 filings • NTEE L • $5M-$10M nonprofits • Source year 2020

Net Margin

95th percentile

100%

Higher net margin than 95% of similar nonprofits.

2020 filings • NTEE L • $5M-$10M nonprofits • Source year 2020

Top Officer Pay

33rd percentile

$0

Higher top officer pay than 33% of similar nonprofits.

Top officer pay equals 0.0% of source-year revenue.

2020 filings • NTEE L • $5M-$10M nonprofits • Source year 2020

Asset Growth

67th percentile

4.0%

Faster asset growth than 67% of similar nonprofits.

2020 filings • NTEE L • $5M-$10M nonprofits • Annualized from 2019 to 2020

Revenue Growth

41st percentile

0.0%

Faster revenue growth than 41% of similar nonprofits.

2020 filings • NTEE L • $5M-$10M nonprofits • Annualized from 2019 to 2020

Balance Sheet
Liabilities / Assets8th percentile

Assets

Up

$6,715,648

Up $257,027 (+4.0%) from 2019

Net Assets

Up

$6,702,006

Up $257,915 (+4.0%) from 2019

Liabilities

Down

$13,642

Down $888 (-6.1%) from 2019

Revenue And Expenses
Liabilities / Revenue8th percentileNet Margin95th percentile

Revenue

Flat

$258,190

Flat from 2019

Expenses

Flat

$275

Flat from 2019

Net Income

Flat

$257,915

Flat from 2019

Historical Trend

Balance Sheet Trend

Asset Growth67th percentile

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

$10M$5.0M$0-$5.0M-$10MAssets 2011: $3,046,444Liabilities 2011: $7,893,589Net Assets 2011: -$4,847,1452011Assets 2012: $2,871,899Liabilities 2012: $7,804,438Net Assets 2012: -$4,932,5392012Assets 2013: $2,572,944Liabilities 2013: $7,645,067Net Assets 2013: -$5,072,1232013Assets 2014: $5,417,696Liabilities 2014: $67,812Net Assets 2014: $5,349,8842014Assets 2015: $5,461,261Liabilities 2015: $49,711Net Assets 2015: $5,411,5502015Assets 2016: $5,683,356Liabilities 2016: $13,641Net Assets 2016: $5,669,7152016Assets 2017: $5,942,792Liabilities 2017: $13,642Net Assets 2017: $5,929,1502017Assets 2018: $6,200,707Liabilities 2018: $14,530Net Assets 2018: $6,186,1772018Assets 2019: $6,458,621Liabilities 2019: $14,530Net Assets 2019: $6,444,0912019Assets 2020: $6,715,648Liabilities 2020: $13,642Net Assets 2020: $6,702,0062020Assets 2021: $7,073,816Liabilities 2021: $13,892Net Assets 2021: $7,059,9242021Assets 2022: $7,443,007Liabilities 2022: $14,142Net Assets 2022: $7,428,8652022Assets 2023: $7,828,759Liabilities 2023: $13,892Net Assets 2023: $7,814,8672023Assets 2024: $8,233,823Liabilities 2024: $14,142Net Assets 2024: $8,219,6812024

Highlighted filing

2020

Assets$6,715,648
Liabilities$13,642
Net Assets$6,702,006
Open 2020 Filing

Operations Trend

Revenue Growth41st percentile

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

$15M$10M$5.0M$0-$5.0MExpenses 2011: $02011Expenses 2012: $02012Revenue 2013: -$139,584Expenses 2013: $0Net Income 2013: -$139,5842013Revenue 2014: $10,422,008Expenses 2014: $0Net Income 2014: $10,422,0082014Revenue 2015: $225,671Expenses 2015: $0Net Income 2015: $225,6712015Revenue 2016: $258,190Expenses 2016: $25Net Income 2016: $258,1652016Revenue 2017: $261,306Expenses 2017: $1,871Net Income 2017: $259,4352017Revenue 2018: $258,190Expenses 2018: $1,163Net Income 2018: $257,0272018Revenue 2019: $258,190Expenses 2019: $275Net Income 2019: $257,9152019Revenue 2020: $258,190Expenses 2020: $275Net Income 2020: $257,9152020Revenue 2021: $358,168Expenses 2021: $250Net Income 2021: $357,9182021Revenue 2022: $369,191Expenses 2022: $250Net Income 2022: $368,9412022Revenue 2023: $386,252Expenses 2023: $250Net Income 2023: $386,0022023Revenue 2024: $405,064Expenses 2024: $250Net Income 2024: $404,8142024

Highlighted filing

2020

Revenue$258,190
Expenses$275
Net Income$257,915
Open 2020 Filing
Jump To
Filing Snapshot
Filing Period
Jan 1, 2020 to Dec 31, 2020
Signed
Dec 15, 2021
Return Version
2020v4.0
Gross Receipts
$258,190
Mission and Program Overview

Mission

Provide housing very low income elderly and handicapped individuals under section 202 of the federal housing act of 1936 in the south bronx area of new york city, new york

Balance Sheet Detail
LineBeginningEndChange
Assets
Investments Other Securities$5,999,823$6,258,013▲ $258,190
Other Notes and Loans Receivable, Net$457,036$457,036→ $0
Cash and Non-Interest-Bearing Accounts$1,762--
Total Assets$6,458,621$6,715,648▲ $257,027
Other Assets Total-$599-
Liabilities
Accounts Payable and Accrued Expenses$13,642$13,642→ $0
Other Liabilities$888--
Total Liabilities$14,530$13,642▼ $888
Net Assets / Fund Balance
Net Assets Without Donor Restrictions$6,444,091$6,702,006▲ $257,915
Total Net Assets Fund Balance$6,444,091$6,702,006▲ $257,915
Total Liabilities and Net Assets / Fund Balance$6,458,621$6,715,648▲ $257,027

Asset Categories

AssetBook ValueDepreciationBasis
Other Securities$1,551,263--
Compensation and Service Providers
Top Officer Pay33rd percentile

Board Members and Trustees

NameTitle
Fr Louis R GiganteChairperson
Enrico BocciaDirector
Salvatore GiganteExecutive Vi
Carmen ReyesTreasurer/di
Revenue and Support

Revenue Composition

Contributions and Grants
$0
Program Service Revenue
$0
Investment Income
$0
Other Revenue
$258,190
Change in Net Assets
$257,915
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$275
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0
Salaries, Compensation, and Employee Benefits$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Fees for Services Other-$275-$275
Total Functional Expenses$0$275$0$275
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
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
No

Governance Explanations

Form 990, Page 6, Part VI, Line 2

“Sebco development, inc. Chair sole member sebco development, inc. Coo sole member”

Form 990, Page 6, Part VI, Line 6

“The organization's sole member is sebco development, inc. A not-for- profit irc section 501(c)(3)community based organization.”

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

“The return is reviewed by the controller and then by the chief operating officer.”

Form 990, Page 6, Part VI, Line 18

“Available as well from the new york state department of law.”

Form 990, Page 6, Part VI, Line 19

“UPON REQUEST.”

Filing and Contact Details

Filer

Filer Name
Sebcovip Housing Development Fund
EIN
13-3518596
Phone
7186172800
Address
885 BRUCKNER BOULEVARD, BRONX, NY 10459

Signing Officer

Name
Salvatore Gigante
Title
Executive Vice Presi
Phone
7186172800
Signed
2021-12-15
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Salvatore Gigante
Formed
1989
Legal Domicile
Ny
Voting Board Members
7
Independent Board Members
4
Employees
0

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, Part IX, Line 11G

“Ny state filing fee 0 275 0”

Raw XML Appendix305 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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IRS990ScheduleA/Form990ScheduleAPartVIGrp/ExplanationTxt0ACCRUED INTEREST INCOME IS 1,295,073. ON DECEMBER 30, 2014, THE ORGANIZATION SOLD IT AFFRODABLE HOUSING APAPRTMENT HOUSE TO ANOTHER NOT FOR PROFIT HOUSING DEVELOPMENT FUND CORPORATION, PIO/VIP HOUSING DEVELOPMENT FUND CORPORATION (EIN: 47- 1916490) WHICH COMBINED IT WITH ANOTHER SOLD AFFORDABLE HOUSING APARMENT HOUSE. THE SALES WERE DONE TO OBTAIN FINANING TO PROVIDE NEEDED CAPITAL IMPROVMENTNS TO BOTH APARTMENT BUILDINGS. THE SALES WERE APPROVED BY THE UNITED STATES DEPARTMENT OF URBAN DEVELOPMENT, THE NEW YORK CITY DEPARTMENT OF HOUSING PRESERVATION AND DEVELOPMENT AND THE NEW YORK STATE ATTORNEY GENERAL. IT RECEIVED A MORTGAGE NOTE FOR 4,706,750, BEARING INTEREST AT THE RATE OF FIVE PERCENT PER YEAR. THE PRINCIPAL OF THE NOTE IS DUE DECEMBER 30, 2054. THE PRINCIPAL IS NOT AMORTIZED AND DUE IN FULL AT MATURITY. INTEREST IS ACCRUED AND PAYABLE ONLY FROM "AVAILABLE CASH" OF WHICH THERE HAS BEEN NONE. THE MORTGAGE NOTE IS NON-RECOURSE. FURTHER, THIS ORGANIZATION IS PROBIBITED BY THE TERMS OF THE NOTE TO OBTAIN A MONEY JUDGMENT AGAINST PIO/VIOP HOUSING DEVELOPMENT FUND CORPORATION.
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IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt0SEBCO DEVELOPMENT, INC. CHAIR SOLE MEMBER SEBCO DEVELOPMENT, INC. COO SOLE MEMBER
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt1THE ORGANIZATION'S SOLE MEMBER IS SEBCO DEVELOPMENT, INC. A NOT-FOR- PROFIT IRC SECTION 501(C)(3)COMMUNITY BASED ORGANIZATION.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt2THE RETURN IS REVIEWED BY THE CONTROLLER AND THEN BY THE CHIEF OPERATING OFFICER.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt3AVAILABLE AS WELL FROM THE NEW YORK STATE DEPARTMENT OF LAW.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt4UPON REQUEST.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt5NY STATE FILING FEE 0 275 0
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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
$6,715,648
Liabilities
$13,642
Net assets
$6,702,006
Revenue
$258,190
Expenses
$275
Net income
$257,915
Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2024Detailed filing. Detailed filing data is available for this year.$8.23$0.01$8.22$0.41$0.00$0.40
2023Detailed filing. Detailed filing data is available for this year.$7.83$0.01$7.81$0.39$0.00$0.39
2022Detailed filing. Detailed filing data is available for this year.$7.44$0.01$7.43$0.37$0.00$0.37
2021Detailed filing. Detailed filing data is available for this year.$7.07$0.01$7.06$0.36$0.00$0.36
2020Detailed filing. Detailed filing data is available for this year.$6.72$0.01$6.70$0.26$0.00$0.26
2019Detailed filing. Detailed filing data is available for this year.$6.46$0.01$6.44$0.26$0.00$0.26
2018Detailed filing. Detailed filing data is available for this year.$6.20$0.01$6.19$0.26$0.00$0.26
2017Detailed filing. Detailed filing data is available for this year.$5.94$0.01$5.93$0.26$0.00$0.26
2016Detailed filing. Detailed filing data is available for this year.$5.68$0.01$5.67$0.26$0.00$0.26
2015Detailed filing. Detailed filing data is available for this year.$5.46$0.05$5.41$0.23$0.00$0.23
2014Summary only. Only limited summary data is available for this year.$5.42$0.07$5.35$10.4$0.00$10.4
2013Detailed filing. Detailed filing data is available for this year.$2.57$7.65$5.07$0.14$0.00$0.14
2012Facts available. Structured filing facts are available, but richer extracted sections are limited.$2.87$7.80$4.93$0.00
2011Facts available. Structured filing facts are available, but richer extracted sections are limited.$3.05$7.89$4.85$0.00