Sepp Inc
- Assets
- $5.2m
- Revenue
- $4.3m
- Investments
- $0.0
- Employees
- 0
- Location
- Binghamton, NY
- Founding
- 09/1969
- Data as of
- 06/2022
- EIN
- 16-0950820
Organization Overview
Sepp Inc is located in Binghamton, NY. The organization was established in 1969. 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. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Sepp 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 06/2022, Sepp Inc generated $4.3m in total revenue. This organization has experienced exceptional growth, as over the past 7 years, it has increased revenue by an average of 25.0% each year . All expenses for the organization totaled $1.2m during the year ending 06/2022. While expenses have increased by 0.7% 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
2022
Describe the Organization's Mission:
Part 3 - Line 1
PROVIDING LOW-INCOME HOUSING
Describe the Organization's Program Activity:
Part 3 - Line 4a
ACQUIRING REAL ESTATE FOR THE SOLE PURPOSE OF DEVELOPING LOW-INCOME HOUSING PROJECTS FOR THE ELDERLY.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Daniel Schofield Secretary | OfficerTrustee | 2 | $0 |
Thomas Dellapenna Vice Chairperson | OfficerTrustee | 2 | $0 |
Thomas Augostini Treasurer | OfficerTrustee | 2 | $0 |
Benjamin Federman Chairperson | OfficerTrustee | 2 | $0 |
John Bernardo Executive Director | Officer | 1 | $0 |
Len Basso Director | Trustee | 1 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $93,607 |
| All other contributions, gifts, grants, and similar amounts not included above | $0 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $93,607 |
| Total Program Service Revenue | $1,919,433 |
| Investment income | $21,015 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $2,242,666 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $4,326,789 |
| 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. | $0 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $333,298 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $23,118 |
| Payroll taxes | $28,082 |
| Fees for services: Management | $129,762 |
| Fees for services: Legal | $10,518 |
| Fees for services: Accounting | $13,872 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $12,872 |
| Fees for services: Other | $15,800 |
| Advertising and promotion | $3,936 |
| Office expenses | $16,712 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $93,896 |
| Travel | $955 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $115,747 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $107,320 |
| Insurance | $38,699 |
| All other expenses | $21,661 |
| Total functional expenses | $1,214,084 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $1,035,191 |
| Savings and temporary cash investments | $367,536 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $131,925 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $285,500 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $62,365 |
| Net Land, buildings, and equipment | $889,719 |
| Investments—publicly traded securities | $1,139,300 |
| Investments—other securities | $0 |
| Investments—program-related | $357,505 |
| Intangible assets | $0 |
| Other assets | $897,152 |
| Total assets | $5,166,193 |
| Accounts payable and accrued expenses | $241,387 |
| Grants payable | $0 |
| Deferred revenue | $0 |
| 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 | $1,140,381 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $29,967 |
| Total liabilities | $1,411,735 |
| Net assets without donor restrictions | $3,754,458 |
| 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 | $5,166,193 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
1260 Housing Development Corporation Philadelphia, PA | $75,955,661 | $16,577,131 |
Services For The Underserved Inc New York, NY | $8,662,192 | $15,624,121 |
Hudson River Housing Poughkeepsie, NY | $27,296,400 | $16,670,773 |
Division Housing Corporation Brooklyn, NY | $37,066,960 | $16,618,579 |
Cambridge Affordable Housing Corporation Cambridge, MA | $128,682,054 | $13,147,216 |
Affordable Housing Alliance Inc Neptune, NJ | $23,008,220 | $15,041,931 |
New Community Corporation Newark, NJ | $92,222,632 | $16,838,314 |
Boston Tremont Housing Development Fund Corporation New York, NY | $28,761,784 | $24,917,100 |
Highbridge Community Housing Development Fund Corporation Bronx, NY | $37,198,979 | $10,077,862 |
Harlem West Ii Housing Dev Fund Co Inc New York, NY | $7,149,098 | $1,214,746 |
Housing Development Corporation Midatlantic Lancaster, PA | $24,908,226 | $11,939,671 |
Augustus & James Corporation New York, NY | $14,865,131 | $12,141,215 |