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Sepp Devolopment Fund Corp

Tax-deductible

Binghamton, NY501(c)(3)Housing EIN 16-1241738Revenue $714K in FY2025

On file with the IRSseppmanagement.com53 Front St, 13905-4705 · Binghamton, NYTax-exempt since Aug 1989Publicly supported — 509(a)(2)

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Low-income housing

501(c)(3) charity; gifts are tax-deductible.
69¢ of each $1 spent went to programs.
Mission: Form 990 Part I, line 1 · Status: IRS Pub. 78 · Programs: Part IX

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FY2025 · 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
5 of 5
filings with a surplus
Average surplus $185K a year · 29% of revenue · last 5 filings
Looks good: a surplus in 5 of the last 5 filings.
Pt I · Ln 19 · 5 filings
Spent on programs
69%
of spending
Fine: 69% of spending went to programs; 65% to 75%.
Pt IX · Ln 25 · col B
Cash reserves
2 mo
of spending, in cash
Fine: 1.6 months of spending in cash; 1 to 3.
Pt X · Ln 1–2 · Pt I · Ln 18
Liabilities
$1.9M
136% of total assets
Concern: liabilities are 136% of assets; over 80%.
Pt X · Ln 26
Independent board members
22
of 22 voting members
Looks good: 22 of 22 voting members are independent, a majority.
Pt VI · Ln 1a–1b
Looks goodFineWorth a lookConcernNo data yetTap a box for the reason.
Revenue
$714K
-19% vs prior year
Spent
$542K
To programs
69%
Net assets
−$493K
By yearFY2021–FY2025
Revenue
$714K
FY2025▼ -19%
Tap a bar for its year
Revenue by fiscal year
FY2021$493K
FY2022$457K
FY2023$658K
FY2024$886K
FY2025$714K
Expenses
$542K
FY2025▲ +5%
Tap a bar for its year
Expenses by fiscal year
FY2021$393K
FY2022$386K
FY2023$441K
FY2024$519K
FY2025$542K
Net assets
−$493K
FY2025▲ +26%
Tap a bar for its year
Net assets by fiscal year
FY2021−$1.3M
FY2022−$1.2M
FY2023−$1.0M
FY2024−$665K
FY2025−$493K

From the FY2025 Form 990 (year ending June 2025) · figures checked against the IRS filing · see the original

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Is it real?

Yes. Never revoked by the IRS. Latest filing on record: FY2025. IRS ruling in Aug 1989.

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

Where the money goes

69 cents of each dollar spent went to programs.

Program services 69% · $374K Management & general 31% · $168K

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

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Who runs it and what they're paid

23 people listed on the 990.

Part VII, Section A · reportable compensation · most recent filed roster (FY2024); the FY2025 filing did not itemize Part VII
$0Pt VII · Sec A
$0Pt VII · Sec A
Len Basso
Member
$0Pt VII · Sec A
$0Pt VII · Sec A
$0Pt VII · Sec A
$0Pt VII · Sec A
$0Pt VII · Sec A
$0Pt VII · Sec A
See Sepp Devolopment Fund Corp 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 2No
  • Top official's pay set by an independent reviewPt VI · Ln 15aNo

Programs and updates

Develops and manages low-income and subsidized housing under federal programs.

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1 program · $374K · in their own filed words · FY2024
01

To provide low-income and subsidized housing under section 8 and section 236 of the national housing act.

$374Kprogram expense

By the numbers

The FY2025 990, line by line.

Download 990
from philanthropy.org
1The main four
Money inPt VIII
$714K
Ln 12
Fees for servicesLn 2g$670K
Gifts and grantsLn 1h$41K
Other incomeLn 4–11$2K
Money outPt IX
$542K
Ln 25
Programscol B$374K
Managementcol C$168K
Owns and owesPt X
−$493K
net assets · Ln 32
Cash and savingsLn 1–2$71K
Total assetsLn 16$1.4M
LiabilitiesLn 26$1.9M
PeoplePt VI, VII
23
listed · VII A
PaidVII A0
Voting boardVI 1a22
IndependentVI 1b22
2In more detail
Revenue in detailPt VIII
Gifts and grantsLn 1h$41K
Government grantsLn 1e$24K
Fees for servicesLn 2g$670K
Investment incomeLn 3$362
Other incomeLn 4–11$2K
Total revenueLn 12$714K
Assets in detailPt X, end of year
CashLn 1$71K
Cash and savings togetherLn 1–2$71K
Land, buildings, equipmentLn 10c$729K
Other assetsLn 15$563K
Total assetsLn 16$1.4M
LiabilitiesLn 26$1.9M
Net assetsLn 32−$493K
OperationsPt I, VI
EmployeesI 50
VolunteersI 60
Fiscal year endsHeaderJune
Conflict-of-interest policyVI 12aYes
Whistleblower policyVI 13No
Records policyVI 14No
3Year over year
Balance sheet, start vs end of yearPt X · col A, B
LineStart FY25End FY25
Cash and savingsLn 1–2$81K$71K
Land, buildings, equipmentLn 10c$711K$729K
Total assetsLn 16$1.2M$1.4M
LiabilitiesLn 26$1.9M$1.9M
Net assetsLn 32−$665K−$493K
4Every line
Statement of functional expensesPt IX · every line
LineTotalProgramsManagementFundraising
Other salaries and wagesLn 7$123K$48K$74K
Other employee benefitsLn 9$6K$6K
Payroll taxesLn 10$7K$7K
Management feesLn 11a$57K$57K
Legal feesLn 11b$103$103
Accounting feesLn 11c$4K$4K
Other fees for servicesLn 11g$68K$60K$9K
Advertising and promotionLn 12$916$916
Office expensesLn 13$5K$5K
OccupancyLn 16$67K$67K
Conferences, conventions and meetingsLn 19$706$706
InterestLn 20$76K$76K
Depreciation, depletion and amortizationLn 22$56K$56K
InsuranceLn 23$15K$15K
Other expenses (24a–d)Ln 24$44K$39K$4K
All other expensesLn 24e$11K$5K$6K
Total functional expensesLn 25$542K$374K$168K$0

Filing history

YearMoney inMoney outIn minus outNet assetsDownload
FY2025 Latest Viewing $714K$542K$172K−$493K 990 PDF
FY2024 $886K$519K$367K−$665K 990 PDF
FY2023 $658K$441K$218K−$1.0M 990 PDF
FY2022 $457K$386K$71K−$1.2M 990 PDF
FY2021 $493K$393K$99K−$1.3M 990 PDF

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Schedules filed Part IV

III · Programs R · Related orgs G · Fundraising L · Interested persons I · Grants A · Public support O · Explanations
See the full FY2025 990 (6 parts)
Part I · Summary $713,632 revenue, 12 lines filed
I-8 Contributions and grantsPrior year $233,515$41,029
I-9 Program service revenuePrior year $649,864$669,861
I-10 Investment incomePrior year $173$362
I-11 Other revenuePrior year $2,191$2,380
I-12 Total revenuePrior year $885,743$713,632
I-13 Grants and similar amounts paidPrior year $0$0
I-14 Benefits paid to membersPrior year $0$0
I-15 Salaries and benefitsPrior year $126,295$136,496
I-16a Professional fundraising feesPrior year $0$0
I-17 Other expensesPrior year $392,299$405,612
I-18 Total expensesPrior year $518,594$542,108
I-19 Revenue less expensesPrior year $367,149$171,524
Part VI · Governance 22 of 22 board members independent, 3 to look at
VI-1a Voting members of the governing body22
VI-1b Independent voting members22
VI-13 Written whistleblower policyNo
VI-14 Document retention and destruction policyNo
VI-15a Process for setting top official's payNo
VI-2 Family or business relationship among officers or directorsNo
VI-12a Written conflict of interest policyYes
Part VIII · Statement of revenue $713,632 across 7 lines filed
VIII-1e Government grants$23,670
VIII-1f All other contributions, gifts and grants$17,359
VIII-1h Total contributions, gifts and grants$41,029
VIII-2a-f Program service revenue, itemized rows (sum of 2a–2f as filed)Related to mission $669,861$669,861
VIII-3 Investment incomeExcluded from tax $362$362
VIII-11a-d Other revenue, itemized rows (sum of 11a–11d as filed)Excluded from tax $2,380$2,380
VIII-12 Total revenueRelated to mission $669,861 · Unrelated business $0 · Excluded from tax $2,742$713,632
Part IX · Statement of functional expenses $542,108 across 16 lines filed
IX-7 Other salaries and wagesPrograms $48,432 · Management $74,256$122,688
IX-9 Other employee benefitsPrograms $6,372$6,372
IX-10 Payroll taxesManagement $7,436$7,436
IX-11a Management feesManagement $56,973$56,973
IX-11b Legal feesManagement $103$103
IX-11c Accounting feesManagement $4,200$4,200
IX-11g Other fees for servicesPrograms $59,612 · Management $8,750$68,362
IX-12 Advertising and promotionManagement $916$916
IX-13 Office expensesManagement $4,775$4,775
IX-16 OccupancyPrograms $67,077$67,077
IX-19 Conferences, conventions and meetingsManagement $706$706
IX-20 InterestPrograms $76,360$76,360
IX-22 Depreciation, depletion and amortizationPrograms $56,250$56,250
IX-23 InsurancePrograms $15,290$15,290
IX-24 Other expenses (24a–d)Programs $39,392 · Management $4,200$43,592
IX-24e All other expensesPrograms $5,470 · Management $5,538$11,008
IX-25 Total functional expensesPrograms $374,255 · Management $167,853 · Fundraising $0$542,108
Part X · Balance sheet $1,366,902 assets, 12 lines filed
X-1 Cash, non-interest-bearingStart of year $80,844$71,411
X-9 Prepaid expenses and deferred chargesStart of year $3,665$3,875
X-10c Land, buildings and equipment, netStart of year $711,248$729,056
X-14 Intangible assets$0
X-15 Other assetsStart of year $443,546$562,560
X-16 Total assetsStart of year $1,239,303$1,366,902
X-17 Accounts payable and accrued expensesStart of year $34,899$33,377
X-25 Other liabilitiesStart of year $14,842$15,702
X-26 Total liabilitiesStart of year $1,904,314$1,860,389
X-27 Net assets without donor restrictionsStart of year −$665,011−$493,487
X-32 Total net assets or fund balancesStart of year −$665,011−$493,487
X-33 Total liabilities and net assetsStart of year $1,239,303$1,366,902
Part XI · Reconciliation of net assets −$493,487 net assets at year end
XI-1 Total revenue$713,632
XI-2 Total expenses$542,108
XI-3 Revenue less expenses$171,524
XI-4 Net assets at start of year−$665,011
XI-9 Other changes in net assets$0
XI-10 Net assets at end of year−$493,487

Form 990 e-file (XML) FY2025 from the IRS · Classification, formation year and address from the IRS Business Master File

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