Civic Intelligence

Sebco Vip Housing Development Fund Company Inc.

990 • Fiscal year 2021 • EIN 13-3518596

Jan 01, 2021 to Dec 31, 2021 • Filed on Nov 11, 2022

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

(718) 617-2800

Siviq Scores

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

Liabilities / Assets

7th percentile

0.00x

Higher debt load relative to assets than 7% of similar nonprofits.

2021 filings • NTEE L • $5M-$10M nonprofits • Source year 2021

Liabilities / Revenue

8th percentile

0.04x

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

2021 filings • NTEE L • $5M-$10M nonprofits • Source year 2021

Net Margin

96th percentile

100%

Higher net margin than 96% of similar nonprofits.

2021 filings • NTEE L • $5M-$10M nonprofits • Source year 2021

Top Officer Pay

93rd percentile

$825,206

Higher top officer pay than 93% of similar nonprofits.

Top officer pay equals 230.4% of source-year revenue.

2021 filings • NTEE L • $5M-$10M nonprofits • Source year 2021

Asset Growth

75th percentile

5.3%

Faster asset growth than 75% of similar nonprofits.

2021 filings • NTEE L • $5M-$10M nonprofits • Annualized from 2020 to 2021

Revenue Growth

85th percentile

39%

Faster revenue growth than 85% of similar nonprofits.

2021 filings • NTEE L • $5M-$10M nonprofits • Annualized from 2020 to 2021

Balance Sheet
Liabilities / Assets7th percentile

Assets

Up

$7,073,816

Up $358,168 (+5.3%) from 2020

Net Assets

Up

$7,059,924

Up $357,918 (+5.3%) from 2020

Liabilities

Up

$13,892

Up $250 (+1.8%) from 2020

Revenue And Expenses
Liabilities / Revenue8th percentileNet Margin96th percentile

Revenue

Up

$358,168

Up $99,978 (+39%) from 2020

Expenses

Down

$250

Down $25 (-9.1%) from 2020

Net Income

Up

$357,918

Up $100,003 (+39%) from 2020

Historical Trend

Balance Sheet Trend

Asset Growth75th 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

2021

Assets$7,073,816
Liabilities$13,892
Net Assets$7,059,924
Open 2021 Filing

Operations Trend

Revenue Growth85th 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

2021

Revenue$358,168
Expenses$250
Net Income$357,918
Open 2021 Filing
Jump To
Filing Snapshot
Filing Period
Jan 1, 2021 to Dec 31, 2021
Signed
Nov 11, 2022
Return Version
2021v4.0
Gross Receipts
$358,168
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

Provide housing for very low income elderly and handicapped individuals under section 202 of the federal housing act of 1959 in the south bronx area of new york city, new york

Balance Sheet Detail
LineBeginningEndChange
Assets
Investments Other Securities$4,706,750$4,706,750→ $0
Total Assets$6,715,648$7,073,816▲ $358,168
Other Assets Total$2,008,898$2,367,066▲ $358,168
Liabilities
Accounts Payable and Accrued Expenses$13,642$13,892▲ $250
Total Liabilities$13,642$13,892▲ $250
Net Assets / Fund Balance
Net Assets Without Donor Restrictions$6,702,006$7,059,924▲ $357,918
Total Net Assets Fund Balance$6,702,006$7,059,924▲ $357,918
Total Liabilities and Net Assets / Fund Balance$6,715,648$7,073,816▲ $358,168

Asset Categories

AssetBook ValueDepreciationBasis
Other Assets Org$599--
Other Securities$4,706,750--
Compensation and Service Providers
Top Officer Pay93rd percentile

Employees

NameTitleOtherTotal
Salvatore GiganteSecretary/co$825,206$825,206
Latoya AllenVice Preside$479,011$479,011
Louis R GiganteDirector$100,000$100,000
Jason BoroffDirector$96,224$96,224
Carmen ReyesTreasurer$600$600
Enrico BocciaChair$600$600
Victor PapaDirector$600$600

Board Members and Trustees

NameTitle
Latoya AllenVice President
Migdalia MoralesDirector
Salvatore GiganteSecretary/COO
Revenue and Support

Revenue Composition

Contributions and Grants
$0
Program Service Revenue
$0
Investment Income
$0
Other Revenue
$358,168
Change in Net Assets
$357,918

Audited Revenue Reconciliation

Revenue per Audited Statements
$358,168
Total Revenue per Audited Statements
$358,168
Total Revenue per Form 990
$358,168
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$250
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
Other Expenses-$250-$250
Total Functional Expenses$0$250$0$250

Audited Expense Reconciliation

Line ItemAmount
Expenses per Audited Statements$250
Total Expenses per Audited Statements$250
Total Expenses per Form 990$250
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
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
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

“Louis r gigante salvatore gigante director secretary/co family relationship”

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 opeating officer 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

“PROVIDE UPON REQUEST.”

Filing and Contact Details

Filer

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

Signing Officer

Name
Salvatore Gigante
Title
Secretary/COO
Phone
7186172800
Signed
2022-11-11

Organization Details

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

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
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IRS990ScheduleA/Form990ScheduleAPartVIGrp/ExplanationTxt0ACCRUED INTEREST RECEIVABLE 1,909,431 ON DECEMBER 30, 2014, THE ORGANIZATION SOLD ITS AFFORDABLE HOUSING APARTMENT HOUSE TO ANOTHER NON FOR PROFIT HOUSING DEVELOPMENT CORPORATION, PIO/VIP HOUSING DEVELOPMENT FUND CORPORATION (EIN: 47-1916490) WHICH COMBINED WITH ANOTHER SOLD AFFORDABLE HOUSING APARTMENT HOUSE. THE SALES WERE DONE TO OBTAIN FINANCING TO PROVIDE NEEDED CAPITAL IMPROVEMENT 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 MORTGAGE OF 4,706,750, BEARING INTEREST AT THE RATE OF FIVE PERCENT PER YEAR. THE PRINCIPAL OF THE NOTE IS DUE DECEMBER 31, 2054. THE PRINCIPAL IS NOT AMORTIZED AND DUE IN FULL AT MATURITY. INTEREST IS ACCRUED AND PAYABLE ONLY FROM "AVAILABLE CASH" OF WHICH THERE HAD BEEN NONE. THE MORTGAGE NOTES IS NON-RECOURSE. FURTHER, THIS ORGANIZATION IS PROHIBITED BY THE TERMS OF THE NOTE TO OBTAIN A MONEY JUDGEMENT AGAINST PIO/VIP HOUSING DEVELOPMENT FUND CORPORATION.
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IRS990ScheduleD/OtherAssetsOrgGrp/Desc1NOTE RECEIVABLE RESERVES
IRS990ScheduleD/OtherAssetsOrgGrp/Desc2DUE FROM AFFILATE
IRS990ScheduleD/OtherSecuritiesGrp/BookValueAmt04706750
IRS990ScheduleD/OtherSecuritiesGrp/Desc0PURCHASE MONEY MORTGAGE
IRS990ScheduleD/OtherSecuritiesGrp/MethodValuationCd0C
IRS990ScheduleD/RevenueSubtotalAmt0358168
IRS990ScheduleD/TotalBookValueOtherAssetsAmt02367066
IRS990ScheduleD/TotalBookValueSecuritiesAmt04706750
IRS990ScheduleD/TotalExpensesPerForm990Amt0250
IRS990ScheduleD/TotalRevenuePerForm990Amt0358168
IRS990ScheduleD/TotalRevEtcAuditedFinclStmtAmt0358168
IRS990ScheduleD/TotExpnsEtcAuditedFinclStmtAmt0250
IRS990ScheduleJ/AnyNonFixedPaymentsInd0false
IRS990ScheduleJ/CompBasedOnRevenueOfFlngOrgInd0false
IRS990ScheduleJ/CompBsdNetEarnsFlngOrgInd0false
IRS990ScheduleJ/CompBsdNetEarnsRltdOrgsInd0false
IRS990ScheduleJ/CompBsdOnRevRelatedOrgsInd0false
IRS990ScheduleJ/EquityBasedCompArrngmInd0false
IRS990ScheduleJ/InitialContractExceptionInd0false
IRS990/ScheduleJRequiredInd0true
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/CompensationBasedOnRltdOrgsAmt0825206
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/CompensationBasedOnRltdOrgsAmt1479011
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/PersonNm0SALVATORE GIGANTE
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/PersonNm1LATOYA ALLEN
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/TitleTxt0SECRETARY/COO
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/TitleTxt1VICE PRESIDENT
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/TotalCompensationRltdOrgsAmt0825206
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/TotalCompensationRltdOrgsAmt1479011
IRS990ScheduleJ/SeverancePaymentInd0false
IRS990ScheduleJ/SupplementalNonqualRtrPlanInd0false
IRS990/ScheduleORequiredInd0true
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt0LOUIS R GIGANTE SALVATORE GIGANTE DIRECTOR SECRETARY/CO FAMILY RELATIONSHIP
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 OPEATING OFFICER BEFORE FILING.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt3THE CONFLICTS OF INTEREST POLICY IS ENFORCED PURSUANT TO THE NEW YORK STATE NOT-FOR-PROFIT CORPORATION LAWS
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt4PROVIDE UPON REQUEST.
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc0FORM 990, PAGE 6, PART VI, LINE 2
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc1FORM 990, PAGE 6, PART VI, LINE 6
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc2FORM 990, PAGE 6, PART VI, LINE 11B
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc3FORM 990, PAGE 6, PART VI, LINE 12C
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc4FORM 990, PAGE 6, PART VI, LINE 19
IRS990/SchoolOperatingInd0false
IRS990/SignificantChangeInd0false
IRS990/SignificantNewProgramSrvcInd0false
IRS990/SubjectToExcsTaxNetInvstIncInd0false
IRS990/SubjectToProxyTaxInd0false
IRS990/SubjToTaxRmnrtnExPrchtPymtInd0false
IRS990/TaxableDistributionsInd0false
IRS990/TaxablePartyNotificationInd0false
IRS990/TaxExemptBondsInd0false
IRS990/TerminateOperationsInd0false
IRS990/TotalAssetsBOYAmt06715648
IRS990/TotalAssetsEOYAmt07073816
IRS990/TotalAssetsGrp/BOYAmt06715648
IRS990/TotalAssetsGrp/EOYAmt07073816
IRS990/TotalCompGreaterThan150KInd0true
IRS990/TotalEmployeeCnt00
IRS990/TotalFunctionalExpensesGrp/FundraisingAmt00
IRS990/TotalFunctionalExpensesGrp/ManagementAndGeneralAmt0250
IRS990/TotalFunctionalExpensesGrp/ProgramServicesAmt00
IRS990/TotalFunctionalExpensesGrp/TotalAmt0250
IRS990/TotalGrossUBIAmt00
IRS990/TotalLiabilitiesBOYAmt013642
IRS990/TotalLiabilitiesEOYAmt013892
IRS990/TotalLiabilitiesGrp/BOYAmt013642
IRS990/TotalLiabilitiesGrp/EOYAmt013892
IRS990/TotalNetAssetsFundBalanceGrp/BOYAmt06702006
IRS990/TotalNetAssetsFundBalanceGrp/EOYAmt07059924
IRS990/TotalRevenueGrp/ExclusionAmt0358168
IRS990/TotalRevenueGrp/TotalRevenueColumnAmt0358168
IRS990/TotLiabNetAssetsFundBalanceGrp/BOYAmt06715648
IRS990/TotLiabNetAssetsFundBalanceGrp/EOYAmt07073816
IRS990/TotReportableCompRltdOrgAmt01502241
IRS990/TrnsfrExmptNonChrtblRltdOrgInd0false
IRS990/TypeOfOrganizationCorpInd0X
IRS990/UnrelatedBusIncmOverLimitInd0false
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/WhistleblowerPolicyInd0false
ReturnHeader/BuildTS02022-09-23 18:48:47Z
ReturnHeader/BusinessOfficerGrp/PersonNm0SALVATORE GIGANTE
ReturnHeader/BusinessOfficerGrp/PersonTitleTxt0SECRETARY/COO
ReturnHeader/BusinessOfficerGrp/PhoneNum07186172800
ReturnHeader/BusinessOfficerGrp/SignatureDt02022-11-11
ReturnHeader/Filer/BusinessName/BusinessNameLine1Txt0SEBCOVIP HOUSING DEVELOPMENT FUND
ReturnHeader/Filer/BusinessName/BusinessNameLine2Txt0COMPANY INC
ReturnHeader/Filer/BusinessNameControlTxt0SEBC
ReturnHeader/Filer/EIN0133518596
ReturnHeader/Filer/PhoneNum07186172800
ReturnHeader/Filer/USAddress/AddressLine1Txt0885 BRUCKNER BLVD
ReturnHeader/Filer/USAddress/CityNm0BRONX
ReturnHeader/Filer/USAddress/StateAbbreviationCd0NY
ReturnHeader/Filer/USAddress/ZIPCd010459
ReturnHeader/PreparerFirmGrp/PreparerFirmName/BusinessNameLine1Txt0A GARY AARONSON CPA PLLC
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/AddressLine1Txt042 WEST 38TH STREET SUITE 1003
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/CityNm0NEW YORK
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/StateAbbreviationCd0NY
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/ZIPCd0100180060
ReturnHeader/PreparerPersonGrp/PhoneNum02126845770
ReturnHeader/PreparerPersonGrp/PreparationDt02022-11-14
ReturnHeader/PreparerPersonGrp/PreparerPersonNm0A GARY AARONSON
ReturnHeader/PreparerPersonGrp/SelfEmployedInd0X
ReturnHeader/ReturnTs02022-11-14T18:42:56-05:00
ReturnHeader/ReturnTypeCd0990
ReturnHeader/SigningOfficerGrp/PersonFullName/PersonFirstNm0SALVATORE
ReturnHeader/SigningOfficerGrp/PersonFullName/PersonLastNm0GIGANTE
ReturnHeader/TaxPeriodBeginDt02021-01-01
ReturnHeader/TaxPeriodEndDt02021-12-31
ReturnHeader/TaxYr02021

Document Assets

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Filings

Displayed year

2021 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$7,073,816
Liabilities
$13,892
Net assets
$7,059,924
Revenue
$358,168
Expenses
$250
Net income
$357,918
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