Sebco Development Inc
- Assets
- $8.3m
- Revenue
- $2.7m
- Investments
- $493.5k
- Employees
- 26
- Location
- Bronx, NY
- Founding
- 02/1979
- Data as of
- 04/2023
- EIN
- 13-2944013
Organization Overview
Sebco Development Inc is located in Bronx, NY. The organization was established in 1979. According to its NTEE Classification (L21) the organization is classified as: Low-Income & Subsidized Rental Housing, under the broad grouping of Housing & Shelter and related organizations. As of 04/2023, Sebco Development Inc employed 26 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Sebco Development Inc is a 501(c)(3) and as such, is described as a "Charitable or Religous organization or a private foundation" by the IRS.
For the year ending 04/2023, Sebco Development Inc generated $2.7m in total revenue. This represents relatively stable growth, over the past 7 years the organization has increased revenue by an average of 5.1% each year. All expenses for the organization totaled $3.5m during the year ending 04/2023. While expenses have increased by 7.4% per year over the past 7 years. They've been increasing with an increasing level of total revenue. You can explore the organizations financials more deeply in the financial statements section below.
Form
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2023
Describe the Organization's Mission:
Part 3 - Line 1
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.
Describe the Organization's Program Activity:
Part 3 - Line 4a
HOUSING DEVELOPMENT FOR LOW INCOME, ELDERLY AND THE DISABLED.
ELDERLY NUTRITION PROGRAM UNDER CONTRACT WITH THE NEW YORK CITY DEPARTMENT FOR THE AGING.
SOCIAL SERVICES TO RESIDENTS OF THE HOUSING DEVELOPED BY THE ORGANIZATION TO STABILIZE THE NEIGHBORHOOD.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Enrico Boccia Chair | OfficerTrustee | $400 | |
Carmen Reyes Treasurer/se | OfficerTrustee | $400 | |
Salvatore Gigante Ceo/director | OfficerTrustee | 36 | $171,635 |
Victor Papa Director | Trustee | $200 | |
Jason Boroff Director | Trustee | $0 | |
Louis R Gigante Director | Trustee | $30,000 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $26,000 |
| Government grants | $94,627 |
| All other contributions, gifts, grants, and similar amounts not included above | $100 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $120,727 |
| Total Program Service Revenue | $687,871 |
| Investment income | $145,324 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $0 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $2,661,379 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $0 |
| Grants and other assistance to domestic individuals. | $0 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $368,617 |
| Compensation of current officers, directors, key employees. | $108,011 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $616,063 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $101,765 |
| Payroll taxes | $86,535 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $451,783 |
| Fees for services: Accounting | $12,675 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $770,609 |
| Advertising and promotion | $12,280 |
| Office expenses | $87,110 |
| Information technology | $125,850 |
| Royalties | $0 |
| Occupancy | $62,330 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $1,600 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $12,525 |
| Insurance | $31,348 |
| All other expenses | $20,189 |
| Total functional expenses | $3,536,256 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $633,343 |
| Savings and temporary cash investments | $896,797 |
| Pledges and grants receivable | $224,914 |
| Accounts receivable, net | $0 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $135,395 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $19,771 |
| Net Land, buildings, and equipment | $0 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $493,500 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $5,900,036 |
| Total assets | $8,303,756 |
| Accounts payable and accrued expenses | $428,835 |
| Grants payable | $0 |
| Deferred revenue | $138,878 |
| Tax-exempt bond liabilities | $0 |
| Escrow or custodial account liability | $0 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
| Secured mortgages and notes payable | $0 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $493,500 |
| Total liabilities | $1,061,213 |
| Net assets without donor restrictions | $7,242,543 |
| Net assets with donor restrictions | $0 |
| Capital stock or trust principal, or current funds | $0 |
| Paid-in or capital surplus, or land, building, or equipment fund | $0 |
| Retained earnings, endowment, accumulated income, or other funds | $0 |
| Total liabilities and net assets/fund balances | $8,303,756 |