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Sepp Devolopment Fund Corp FY2022 filing

Tax-deductible

Binghamton, NY501(c)(3)Housing EIN 16-1241738Revenue $457K in FY2022

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.
65¢ 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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FY2022 · 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
65%
of spending
Fine: 65% of spending went to programs; 65% to 75%.
Pt IX · Ln 25 · col B
Cash reserves
1 mo
of spending, in cash
Fine: 1.2 months of spending in cash; 1 to 3.
Pt X · Ln 1–2 · Pt I · Ln 18
Liabilities
$2.0M
271% of total assets
Concern: liabilities are 271% of assets; over 80%.
Pt X · Ln 26
Independent board members
20
of 20 voting members
Looks good: 20 of 20 voting members are independent, a majority.
Pt VI · Ln 1a–1b
Looks goodFineWorth a lookConcernNo data yetTap a box for the reason.
Revenue
$457K
-7% vs prior year
Spent
$386K
To programs
65%
Net assets
−$1.2M
By yearFY2021–FY2025
Revenue
$457K
FY2022▼ -7%
Tap a bar for its year
Revenue by fiscal year
FY2021$493K
FY2022$457K
FY2023$658K
FY2024$886K
FY2025$714K
Expenses
$386K
FY2022▼ -2%
Tap a bar for its year
Expenses by fiscal year
FY2021$393K
FY2022$386K
FY2023$441K
FY2024$519K
FY2025$542K
Net assets
−$1.2M
FY2022▲ +5%
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 FY2022 Form 990 (year ending June 2022) · figures checked against the IRS filing · see the original

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You’re viewing the FY2022 filing — not the latest on file. See the latest (FY2025) →

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

65 cents of each dollar spent went to programs.

Program services 65% · $252K Management & general 35% · $135K

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

21 people listed on the 990.

Part VII, Section A · reportable compensation · most recent filed roster (FY2021); the FY2022 filing did not itemize Part VII
Len Basso
Member
$0Pt VII · Sec A
$0Pt VII · Sec A
Daniel Schofield
Chairperson
$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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Provided by the organization

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1 program · $252K · in their own filed words · FY2021
01

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

$252Kprogram expense

By the numbers

The FY2022 990, line by line.

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from philanthropy.org
1The main four
Money inPt VIII
$457K
Ln 12
Fees for servicesLn 2g$429K
Gifts and grantsLn 1h$26K
Other incomeLn 4–11$2K
Money outPt IX
$386K
Ln 25
Programscol B$252K
Managementcol C$135K
Owns and owesPt X
−$1.2M
net assets · Ln 32
Cash and savingsLn 1–2$39K
Total assetsLn 16$730K
LiabilitiesLn 26$2.0M
PeoplePt VI, VII
21
listed · VII A
PaidVII A0
Voting boardVI 1a20
IndependentVI 1b20
2In more detail
Revenue in detailPt VIII
Gifts and grantsLn 1h$26K
Government grantsLn 1e$14K
Fees for servicesLn 2g$429K
Investment incomeLn 3$53
Other incomeLn 4–11$2K
Total revenueLn 12$457K
Assets in detailPt X, end of year
CashLn 1$39K
Cash and savings togetherLn 1–2$39K
Land, buildings, equipmentLn 10c$439K
Other assetsLn 15$248K
Total assetsLn 16$730K
LiabilitiesLn 26$2.0M
Net assetsLn 32−$1.2M
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 FY22End FY22
Cash and savingsLn 1–2$39K$39K
Land, buildings, equipmentLn 10c$440K$439K
Total assetsLn 16$699K$730K
LiabilitiesLn 26$2.0M$2.0M
Net assetsLn 32−$1.3M−$1.2M
4Every line
Statement of functional expensesPt IX · every line
LineTotalProgramsManagementFundraising
Other salaries and wagesLn 7$64K$64K
Other employee benefitsLn 9$4K$4K
Payroll taxesLn 10$6K$6K
Management feesLn 11a$38K$38K
Accounting feesLn 11c$4K$4K
Other fees for servicesLn 11g$52K$46K$7K
Advertising and promotionLn 12$960$960
Office expensesLn 13$6K$6K
OccupancyLn 16$37K$37K
InterestLn 20$81K$81K
Depreciation, depletion and amortizationLn 22$40K$40K
InsuranceLn 23$10K$10K
Other expenses (24a–d)Ln 24$31K$27K$4K
All other expensesLn 24e$9K$5K$4K
Total functional expensesLn 25$386K$252K$135K$0

Filing history

YearMoney inMoney outIn minus outNet assetsDownload
FY2025 Latest $714K$542K$172K−$493K 990 PDF
FY2024 $886K$519K$367K−$665K 990 PDF
FY2023 $658K$441K$218K−$1.0M 990 PDF
FY2022 Viewing $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 FY2022 990 (6 parts)
Part I · Summary $457,018 revenue, 12 lines filed
I-8 Contributions and grantsPrior year $68,382$25,861
I-9 Program service revenuePrior year $422,717$429,021
I-10 Investment incomePrior year $55$53
I-11 Other revenuePrior year $1,601$2,083
I-12 Total revenuePrior year $492,755$457,018
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 $72,738$74,925
I-16a Professional fundraising feesPrior year $0$0
I-17 Other expensesPrior year $320,706$311,475
I-18 Total expensesPrior year $393,444$386,400
I-19 Revenue less expensesPrior year $99,311$70,618
Part VI · Governance 20 of 20 board members independent, 3 to look at
VI-1a Voting members of the governing body20
VI-1b Independent voting members20
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 $457,018 across 7 lines filed
VIII-1e Government grants$13,910
VIII-1f All other contributions, gifts and grants$11,951
VIII-1h Total contributions, gifts and grants$25,861
VIII-2a-f Program service revenue, itemized rows (sum of 2a–2f as filed)Related to mission $429,021$429,021
VIII-3 Investment incomeExcluded from tax $53$53
VIII-11a-d Other revenue, itemized rows (sum of 11a–11d as filed)Excluded from tax $2,083$2,083
VIII-12 Total revenueRelated to mission $429,021 · Unrelated business $0 · Excluded from tax $2,136$457,018
Part IX · Statement of functional expenses $386,400 across 14 lines filed
IX-7 Other salaries and wagesManagement $64,154$64,154
IX-9 Other employee benefitsPrograms $4,356$4,356
IX-10 Payroll taxesManagement $6,415$6,415
IX-11a Management feesManagement $38,423$38,423
IX-11c Accounting feesManagement $3,600$3,600
IX-11g Other fees for servicesPrograms $45,538 · Management $6,750$52,288
IX-12 Advertising and promotionManagement $960$960
IX-13 Office expensesManagement $6,091$6,091
IX-16 OccupancyPrograms $37,343$37,343
IX-20 InterestPrograms $81,436$81,436
IX-22 Depreciation, depletion and amortizationPrograms $40,264$40,264
IX-23 InsurancePrograms $10,355$10,355
IX-24 Other expenses (24a–d)Programs $27,266 · Management $4,200$31,466
IX-24e All other expensesPrograms $4,947 · Management $4,302$9,249
IX-25 Total functional expensesPrograms $251,505 · Management $134,895 · Fundraising $0$386,400
Part X · Balance sheet $729,649 assets, 12 lines filed
X-1 Cash, non-interest-bearingStart of year $39,231$39,457
X-9 Prepaid expenses and deferred chargesStart of year $2,579$2,592
X-10c Land, buildings and equipment, netStart of year $440,033$439,342
X-14 Intangible assets$0
X-15 Other assetsStart of year $217,067$248,258
X-16 Total assetsStart of year $698,910$729,649
X-17 Accounts payable and accrued expensesStart of year $31,010$28,889
X-25 Other liabilitiesStart of year $14,394$14,841
X-26 Total liabilitiesStart of year $2,019,515$1,979,636
X-27 Net assets without donor restrictionsStart of year −$1,320,605−$1,249,987
X-32 Total net assets or fund balancesStart of year −$1,320,605−$1,249,987
X-33 Total liabilities and net assetsStart of year $698,910$729,649
Part XI · Reconciliation of net assets −$1,249,987 net assets at year end
XI-1 Total revenue$457,018
XI-2 Total expenses$386,400
XI-3 Revenue less expenses$70,618
XI-4 Net assets at start of year−$1,320,605
XI-9 Other changes in net assets$0
XI-10 Net assets at end of year−$1,249,987

Form 990 e-file (XML) FY2022 from the IRS · Classification, formation year and address from the IRS Business Master File

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