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Sepp INC EIN 16-0950820

Sepp INC

EIN  16-0950820 Public charity (501(c)(3)) Binghamton, NY Founded 1984
Form 990 (PDF) Compare with another nonprofit →
Verified accurate 9/4/26 · see original filing: IRS
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Size
$1–10M
What they do
Develops and manages low-income housing for the elderly.
Leadership
Len Basso · Director
Money in and out
$2.0M revenue, $1.1M expenses
Bottom line
57% program efficiency

Develops and manages low-income housing for the elderly. For fiscal year 2024 it reported $2.0M in revenue, $1.1M in expenses, and $8.7M in net assets.Pt I

Where the money goes · FY2024
Total revenue
$2.0M
Pt VIII · Ln 12
Total expenses
$1.1M
Pt IX · Ln 25
Net assets
$8.7M
Pt X · Ln 32
Revenue less expenses (Pt I · Ln 19): $844K
Where spending went · Part IX cols B–D
Program services $0.57 Management & general $0.43
Program efficiency
57%
of spending reaches programs▲ +5% vs prior filing year
Operating runway
28.4mo
months of highly liquid reserves at operating expense rate▼ -7% vs prior filing year
Surplus margin
+42%
revenue over expenses, this year▼ -40% vs prior filing year

Summary of the Filing

Part I · fiscal year 2024 · Form 990
Revenue
$2.0M
FY2024▼ -43%
Expenses
$1.1M
FY2024▲ +13%
Total assets
$9.6M
FY2024▲ +9%
Total liabilities
$953K
FY2024▼ -11%
Total revenue
$2.0M
Pt VIII · Ln 12
Total expenses
$1.1M
Pt IX · Ln 25
Net assets
$8.7M
Pt X · Ln 32
Revenue less expensesPt I · Ln 19$844K
Total assetsPt X · Ln 16$9.6M
Program-expense ratioPt IX · col B57%
Voting members of governing bodyPt I · Ln 320
Independent voting membersPt I · Ln 420
Mission & Programs · Part III

Where the work happens

1 program service account for $654K of program spending, described in the organization's own filed words · FY2024.
01

Acquiring real estate for the sole purpose of developing low-income housing projects for the elderly.

$654Kprogram expense

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Identity & Classification

Form 990 Header · IRS Business Master File
Legal nameHdr · item CSepp INC
EINHdr · item D16-0950820
Principal addressHdr · item CBinghamton, NY
WebsiteHdr · item Jwww.seppinc.com
Year of formationHdr · item L1984
State of legal domicileHdr · item MNY
Exempt statusHdr · item I501(c)(3) · active
NTEE classificationIRS BMFHousing (L210)
Ruling yearIRS BMFSep 1969

Governance & Policies

Part VI
Voting members of the governing bodyPt VI · Ln 1a20
Independent voting membersPt VI · Ln 1b20
Conflict-of-interest policyPt VI · Ln 12aYes
Whistleblower policyPt VI · Ln 13No
Document retention policyPt VI · Ln 14No
CEO/top-official compensation independently reviewedPt VI · Ln 15aNo
Family or business relationships among officers/directorsPt VI · Ln 2No

Officers, Directors & Key Employees

Part VII, Section A · reportable compensation
Len Basso
Director
$0Pt VII · Sec A
David Harder
Director
$0Pt VII · Sec A
$0Pt VII · Sec A
John Mauro
Director
$0Pt VII · Sec A
$0Pt VII · Sec A
Ethan Cook
Director
$0Pt VII · Sec A
$0Pt VII · Sec A
$0Pt VII · Sec A
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Statement of Revenue

Part VIII
Program service revenue$1.5M · 74%
Contributions & grants$346K · 17%
Investment income$124K · 6%
Other revenue$52K · 3%
Program service revenue74%$1.5M
Contributions & grants17%$346K
Investment income6%$124K
Other revenue3%$52K
— government grantsLn 1e$346K
Total revenueLn 12$2.0M

Statement of Functional Expenses

Part IX · allocated across program, management, and fundraising
Allocation · columns B–D
Program services $0.57 Management & general $0.43
Program services57%$654K
Management & general43%$495K
Total functional expensesLn 25$1.1M

Balance Sheet

Part X · end of year
CashLn 1$539K
Total assetsLn 16$9.6M
Total liabilitiesLn 26$953K
Total net assetsLn 32$8.7M
Months of cash on handcomputed5.6

Financial Metrics

Form 990 · FY2024 · each ratio shown with the dollars behind it
Liquidity & Payout
Operating runway
Highly liquid reserves $2.7M · Operating expenses/yr $1.1M
28.4 months
Where the money goes
Program services
Program services $654K · Total expenses $1.1M
57%
Management & General
Management & general $495K · Total expenses $1.1M
43%
Fundraising
Fundraising $0 · Total expenses $1.1M
0%
Cost to raise $1
Fundraising expense (3-yr avg) $0 · Solicited contributions (3-yr avg) $15K
Solicited contributions below reporting floor
Where the money comes from
Contribution dependence
Contributions & grants $346K · Total revenue $2.0M
17%
Government reliance
Government grants $346K · Total revenue $2.0M
17%
Earned-income share
Program service revenue $1.5M · Total revenue $2.0M
74%
Investment reliance
Investment income $124K · Total revenue $2.0M
+6%
Program self-sufficiency
Program service revenue $1.5M · Total expenses $1.1M
128%
Growth & trend
Revenue growth (YoY)
This year $2.0M · Prior year $3.5M
-43%
Revenue CAGR
FY2020 $2.0M · FY2024 $2.0M
0%
Net-asset trend (YoY)
End of year $8.7M · Beginning of year —
Beginning net assets not meaningfully positive — showing dollar change
Balance sheet
Surplus Margin
Revenue $2.0M · Expenses $1.1M
+42%
Liabilities-to-Assets
Total liabilities — · Total assets $9.6M
—
Net-asset ratio
Net assets $8.7M · Total assets $9.6M
90%
Marketable Investment Share
Publicly traded securities (Pt X, ln 11) $2.2M · Other securities (Pt X, ln 12) — · Total assets (Pt X, ln 16) $9.6M
23%
People & payroll
Highest Reported Total Compensation
Individual Len Basso · Reported title DIRECTOR · Highest reported compensation $0 · Total expenses $1.1M
0%
Personnel share
Salaries, benefits & payroll (Pt IX 5-10) $404K · Total expenses $1.1M
35%
Peer comparison

Same NTEE category, revenue band, and state where available. Descriptive — not a grade.

MetricThis orgPeer medianPercentile
Program ratio 57%——
Overhead ratio 43%——
Revenue growth -43%——

Straight from the Form 990 — descriptive, not an evaluation. A ratio is hidden when its base is zero or too small to be meaningful; the dollars are always shown.

Similar Organizations

Closest in mission — by what they do
Sepp Devolopment Fund CorpNY
Sepp Management Company INCNY
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Wp Housing Company INCNY
Community Housing INCOR
A H I Housing INCFL
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Filings & Schedule Manifest

Part IV
III · Programs I · Grants R · Related orgs G · Fundraising L · Interested persons A · Public support F · Foreign M · Noncash
FY2024$3.5M revenue · ⤓ 990 PDF
FY2023$2.5M revenue · ⤓ 990 PDF
FY2022$4.3M revenue · ⤓ 990 PDF
FY2021$2.0M revenue · ⤓ 990 PDF

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Sources

Every figure above is drawn from these filings
Form 990 e-file (XML) · FY2024IRS
Classification, formation year, addressIRS Business Master File
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