Secure Benefit Services INC FY2023 filing

Tax-deductible

Saint Petersburg, FL501(c)(3)Public & Societal BenefitEIN 02-0616337

To provide bill paying and cash management services to individuals on social security who are indigent and/or incapacited.

501(c)(3) charity; gifts are tax-deductible.
53¢ of each $1 spent went to programs.
$110K paid to officers and key staff.
Mission: Form 990 Part I, line 1 · Status: IRS Pub. 78 · Programs: Part IX · Pay: Part VII

Before you give

FY2023 · Form 990Independent: from IRS data, not the org
Download 990
IRS status
501(c)(3)
not on the IRS revocation list
Looks good: listed by the IRS and not on the revocation list.
IRS BMF · Auto-Revocation List
Tax-deductible gifts
Yes
Donations are tax-deductible
Looks good: the IRS lists gifts to it as deductible.
IRS Pub. 78 · IRS BMF
Latest return
FY2025
latest Form 990
Looks good: the latest return is for FY2025, 1 tax year back; within 2 tax years.
IRS e-file · Filing history
Surplus or deficit
4 of 6
filings with a surplus
Average surplus $6K a year · 1% of revenue · last 6 filings
Fine: a surplus in 4 of the last 6 filings.
Pt I · Ln 19 · 6 filings
Spent on programs
53%
of spending
Worth a look: 53% of spending went to programs; under 65%.
Pt IX · Ln 25 · col B
Pay to officers and key staff
$110K
to officers and key staff · 19% of spending
Fine: pay to officers and key staff is 19% of spending; 15% to 20%.
Pt VII · Sec A
Cash reserves
58 mo
of spending, in cash
Looks good: 57.7 months of spending in cash; 3 or more.
Pt X · Ln 1–2 · Pt I · Ln 18
Liabilities
$2.7M
98% of total assets
Concern: liabilities are 98% of assets; over 80%.
Pt X · Ln 26
Independent board members
1
of 3 voting members
Worth a look: 1 of 3 voting members are independent, under half.
Pt VI · Ln 1a–1b
Looks goodFineWorth a lookConcernNo data yetTap a box for the reason.
Revenue
$613K
+5% vs prior year
Spent
$573K
To programs
53%
Net assets
$56K
By yearFY2020–FY2025
Revenue
$613K
FY2023▲ +5%
Revenue by fiscal year
FY2020$408K
FY2021$465K
FY2022$586K
FY2023$613K
FY2024$562K
FY2025$580K
Expenses
$573K
FY2023▼ -0.6%
Expenses by fiscal year
FY2020$392K
FY2021$481K
FY2022$576K
FY2023$573K
FY2024$577K
FY2025$579K
Net assets
$56K
FY2023▲ +242%
Net assets by fiscal year
FY2020$23K
FY2021$7K
FY2022$16K
FY2023$56K
FY2024$41K
FY2025$42K

From the FY2023 Form 990 · see the original

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You’re viewing the FY2023 filing — not the latest on file. See the latest (FY2025) →

Is it real?

Yes. Exemption reinstated (2013-05-15). Per the IRS revocation list. Latest filing on record: FY2025. IRS ruling in Sep 2014.

IRS Pub. 78 · IRS Auto-Revocation List · IRS Business Master File

Where the money goes

53 cents of each dollar spent went to programs.

Program services 53% · $306K Management & general 47% · $267K

Form 990 Part IX, line 25, columns B–D. Every line is in By the numbers.

Who runs it and what they're paid

3 people listed on the 990; $110K paid to officers and key staff.

Part VII, Section A · reportable compensation
President/Secretary
$110,000Pt VII · Sec A
Vice President
$0Pt VII · Sec A
$0Pt VII · Sec A

Michael Higbee’s $114K as President/Secretary is at the 82nd percentile of top reported officer pay among 1043 $100K–1M public & societal benefit nonprofits. Peer set: organizations in the same NTEE major field of work and revenue-size band, compared on each org’s own highest-paid officer/key-employee, from Form 990 Part VII / 990-PF Part VIII. Descriptive placement, not a verdict on whether the pay is appropriate.

Compensation history total reportable pay by year · 1 named individual · Part VII

NameFY2025FY2024FY2023FY2022FY2021FY2020
Michael Higbee$114,400$114,400$110,000$125,800$140,000$130,900

Total reportable compensation (Form 990 Part VII column D / Schedule J column E) by filing year, matched by name within this organization. The Schedule J base / bonus / deferred breakdown is not parsed into this dataset.

See Secure Benefit Services INC executive salaries →

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Questions the 990 asks

The form asks each of these directly. These are the filed answers.

  • Family or business ties among officersPt VI · Ln 2Yes
  • Top official's pay set by an independent reviewPt VI · Ln 15aNo

Programs and updates

Manages finances and pays bills for indigent or incapacitated Social Security recipients.

Provided by the organization

This section is blank until Secure Benefit Services INC claims this page.

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1 program service account for $306K of program spending, described in the organization's own filed words · FY2023.
01

Provided bill paying and cash management services to individuals on social security who are indigent and/or incapacitated.

$306Kprogram expense

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By the numbers

The FY2023 990, line by line.

1The main four
Money inPt VIII
$613K
Ln 12
Fees for servicesLn 2g$613K
Money outPt IX
$573K
Ln 25
Programscol B$306K
Managementcol C$267K
Owns and owesPt X
$56K
net assets · Ln 32
Cash and savingsLn 1–2$2.8M
Total assetsLn 16$2.8M
LiabilitiesLn 26$2.7M
PeoplePt VI, VII
3
listed · VII A
PaidVII A1
Voting boardVI 1a3
IndependentVI 1b1
2In more detail
Revenue in detailPt VIII
Fees for servicesLn 2g$613K
Total revenueLn 12$613K
Assets in detailPt X, end of year
CashLn 1$2.8M
Cash and savings togetherLn 1–2$2.8M
Land, buildings, equipmentLn 10c$37K
Total assetsLn 16$2.8M
LiabilitiesLn 26$2.7M
Net assetsLn 32$56K
OperationsPt I, VI
EmployeesI 57
VolunteersI 60
Fiscal year endsHeaderDecember
Conflict-of-interest policyVI 12aYes
Whistleblower policyVI 13No
Records policyVI 14Yes
3Year over year
Balance sheet, start vs end of yearPt X · col A, B
LineStart FY23End FY23
Cash and savingsLn 1–2$3.2M$2.8M
Land, buildings, equipmentLn 10c$0$37K
Total assetsLn 16$3.2M$2.8M
LiabilitiesLn 26$3.1M$2.7M
Net assetsLn 32$16K$56K
4Every line
Statement of functional expensesPt IX · every line
LineTotalProgramsManagementFundraising
Pay of current officers, directors and key staffLn 5$110K$6K$104K$0
Other salaries and wagesLn 7$116K$12K$105K$0
Pension plan contributionsLn 8$2K$248$1K$0
Other employee benefitsLn 9$322$0$322$0
Payroll taxesLn 10$17K$3K$15K$0
Management feesLn 11a$2K$0$2K$0
Legal feesLn 11b$14K$0$14K$0
Accounting feesLn 11c$5K$0$5K$0
Investment management feesLn 11f$10K$0$10K$0
Advertising and promotionLn 12$3K$0$3K$0
Office expensesLn 13$11K$11K$0$0
OccupancyLn 16$75K$75K$0$0
Depreciation, depletion and amortizationLn 22$5K$5K$0$0
Other expenses (24a–d)Ln 24$202K$196K$6K$0
Total functional expensesLn 25$573K$306K$267K$0

Filing history

YearMoney inMoney outIn minus outNet assetsDownload
FY2025 Latest $580K$579K$1K$42K 990 PDF
FY2024 $562K$577K−$15K$41K 990 PDF
FY2023 Viewing $613K$573K$40K$56K 990 PDF
FY2022 $586K$576K$9K$16K 990 PDF
FY2021 $465K$481K−$16K$7K 990 PDF
FY2020 $408K$392K$16K$23K 990 PDF

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Schedules filed Part IV

III · Programs I · Grants R · Related orgs G · Fundraising L · Interested persons A · Public support F · Foreign M · Noncash
See the full FY2023 990 (4 parts)
Part VIII · Statement of revenue $612,926 across 2 lines filed
VIII-2a-f Program service revenue, itemized rows (sum of 2a–2f as filed)Unrelated business $0 · Excluded from tax $0$612,926
VIII-12 Total revenueRelated to mission $612,926 · Unrelated business $0 · Excluded from tax $0$612,926
Part IX · Statement of functional expenses $573,092 across 14 lines filed
IX-5 Pay of current officers, directors and key staffPrograms $5,500 · Management $104,500 · Fundraising $0$110,000
IX-7 Other salaries and wagesPrograms $11,615 · Management $104,531 · Fundraising $0$116,146
IX-8 Pension plan contributionsPrograms $248 · Management $1,403 · Fundraising $0$1,651
IX-9 Other employee benefitsPrograms $0 · Management $322 · Fundraising $0$322
IX-10 Payroll taxesPrograms $2,624 · Management $14,872 · Fundraising $0$17,496
IX-11a Management feesPrograms $0 · Management $1,900 · Fundraising $0$1,900
IX-11b Legal feesPrograms $0 · Management $14,500 · Fundraising $0$14,500
IX-11c Accounting feesPrograms $0 · Management $5,100 · Fundraising $0$5,100
IX-11f Investment management feesPrograms $0 · Management $10,045 · Fundraising $0$10,045
IX-12 Advertising and promotionPrograms $0 · Management $3,464 · Fundraising $0$3,464
IX-13 Office expensesPrograms $11,092 · Management $0 · Fundraising $0$11,092
IX-16 OccupancyPrograms $74,795 · Management $0 · Fundraising $0$74,795
IX-22 Depreciation, depletion and amortizationPrograms $4,577 · Management $0 · Fundraising $0$4,577
IX-24 Other expenses (24a–d)Programs $195,722 · Management $6,282 · Fundraising $0$202,004
IX-25 Total functional expensesPrograms $306,173 · Management $266,919 · Fundraising $0$573,092
Part X · Balance sheet $2,793,295 assets, 8 lines filed
X-1 Cash, non-interest-bearingStart of year $3,153,965$2,754,752
X-9 Prepaid expenses and deferred chargesStart of year $1,583$1,583
X-10c Land, buildings and equipment, netStart of year $0$36,960
X-16 Total assetsStart of year $3,155,548$2,793,295
X-26 Total liabilitiesStart of year $3,139,096$2,737,009
X-27 Net assets without donor restrictionsStart of year $16,452$56,286
X-32 Total net assets or fund balancesStart of year $16,452$56,286
X-33 Total liabilities and net assetsStart of year $3,155,548$2,793,295
Part XI · Reconciliation of net assets $56,286 net assets at year end
XI-1 Total revenue$612,926
XI-2 Total expenses$573,092
XI-3 Revenue less expenses$39,834
XI-4 Net assets at start of year$16,452
XI-10 Net assets at end of year$56,286

Form 990 e-file (XML) FY2023 from the IRS · Classification, formation year and address from the IRS Business Master File

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