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Sepp Devolopment Fund Corp FY2024 filing

Tax-deductible

Binghamton, NY501(c)(3)Housing EIN 16-1241738Revenue $886K in FY2024

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.
68¢ 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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FY2024 · 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
68%
of spending
Fine: 68% of spending went to programs; 65% to 75%.
Pt IX · Ln 25 · col B
Cash reserves
2 mo
of spending, in cash
Fine: 1.9 months of spending in cash; 1 to 3.
Pt X · Ln 1–2 · Pt I · Ln 18
Liabilities
$1.9M
154% of total assets
Concern: liabilities are 154% 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
$886K
+35% vs prior year
Spent
$519K
To programs
68%
Net assets
−$665K
By yearFY2021–FY2025
Revenue
$886K
FY2024▲ +35%
Tap a bar for its year
Revenue by fiscal year
FY2021$493K
FY2022$457K
FY2023$658K
FY2024$886K
FY2025$714K
Expenses
$519K
FY2024▲ +18%
Tap a bar for its year
Expenses by fiscal year
FY2021$393K
FY2022$386K
FY2023$441K
FY2024$519K
FY2025$542K
Net assets
−$665K
FY2024▲ +36%
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 FY2024 Form 990 (year ending June 2024) · figures checked against the IRS filing · see the original

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You’re viewing the FY2024 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

68 cents of each dollar spent went to programs.

Program services 68% · $353K Management & general 32% · $165K

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 (FY2023); the FY2024 filing did not itemize Part VII
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
$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 · $353K · in their own filed words · FY2023
01

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

$353Kprogram expense

By the numbers

The FY2024 990, line by line.

Download 990
from philanthropy.org
1The main four
Money inPt VIII
$886K
Ln 12
Fees for servicesLn 2g$650K
Gifts and grantsLn 1h$234K
Other incomeLn 4–11$2K
Money outPt IX
$519K
Ln 25
Programscol B$353K
Managementcol C$165K
Owns and owesPt X
−$665K
net assets · Ln 32
Cash and savingsLn 1–2$81K
Total assetsLn 16$1.2M
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$234K
Government grantsLn 1e$216K
Fees for servicesLn 2g$650K
Investment incomeLn 3$173
Other incomeLn 4–11$2K
Total revenueLn 12$886K
Assets in detailPt X, end of year
CashLn 1$81K
Cash and savings togetherLn 1–2$81K
Land, buildings, equipmentLn 10c$711K
Other assetsLn 15$444K
Total assetsLn 16$1.2M
LiabilitiesLn 26$1.9M
Net assetsLn 32−$665K
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 FY24End FY24
Cash and savingsLn 1–2$61K$81K
Land, buildings, equipmentLn 10c$564K$711K
Total assetsLn 16$917K$1.2M
LiabilitiesLn 26$1.9M$1.9M
Net assetsLn 32−$1.0M−$665K
4Every line
Statement of functional expensesPt IX · every line
LineTotalProgramsManagementFundraising
Other salaries and wagesLn 7$114K$43K$71K
Other employee benefitsLn 9$6K$6K
Payroll taxesLn 10$7K$7K
Management feesLn 11a$54K$54K
Legal feesLn 11b$1K$1K
Accounting feesLn 11c$4K$4K
Other fees for servicesLn 11g$75K$66K$8K
Advertising and promotionLn 12$2K$2K
Office expensesLn 13$6K$6K
OccupancyLn 16$50K$50K
InterestLn 20$78K$78K
Depreciation, depletion and amortizationLn 22$58K$58K
InsuranceLn 23$14K$14K
Other expenses (24a–d)Ln 24$39K$34K$4K
All other expensesLn 24e$11K$4K$7K
Total functional expensesLn 25$519K$353K$165K$0

Filing history

YearMoney inMoney outIn minus outNet assetsDownload
FY2025 Latest $714K$542K$172K−$493K 990 PDF
FY2024 Viewing $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 FY2024 990 (6 parts)
Part I · Summary $885,743 revenue, 12 lines filed
I-8 Contributions and grantsPrior year $58,090$233,515
I-9 Program service revenuePrior year $598,135$649,864
I-10 Investment incomePrior year $74$173
I-11 Other revenuePrior year $2,147$2,191
I-12 Total revenuePrior year $658,446$885,743
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 $78,412$126,295
I-16a Professional fundraising feesPrior year $0$0
I-17 Other expensesPrior year $362,207$392,299
I-18 Total expensesPrior year $440,619$518,594
I-19 Revenue less expensesPrior year $217,827$367,149
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 $885,743 across 7 lines filed
VIII-1e Government grants$215,515
VIII-1f All other contributions, gifts and grants$18,000
VIII-1h Total contributions, gifts and grants$233,515
VIII-2a-f Program service revenue, itemized rows (sum of 2a–2f as filed)Related to mission $649,864$649,864
VIII-3 Investment incomeExcluded from tax $173$173
VIII-11a-d Other revenue, itemized rows (sum of 11a–11d as filed)Excluded from tax $2,191$2,191
VIII-12 Total revenueRelated to mission $649,864 · Unrelated business $0 · Excluded from tax $2,364$885,743
Part IX · Statement of functional expenses $518,594 across 15 lines filed
IX-7 Other salaries and wagesPrograms $42,890 · Management $70,730$113,620
IX-9 Other employee benefitsPrograms $5,602$5,602
IX-10 Payroll taxesManagement $7,073$7,073
IX-11a Management feesManagement $54,309$54,309
IX-11b Legal feesManagement $1,076$1,076
IX-11c Accounting feesManagement $4,200$4,200
IX-11g Other fees for servicesPrograms $66,037 · Management $8,500$74,537
IX-12 Advertising and promotionManagement $2,071$2,071
IX-13 Office expensesManagement $6,391$6,391
IX-16 OccupancyPrograms $50,395$50,395
IX-20 InterestPrograms $78,120$78,120
IX-22 Depreciation, depletion and amortizationPrograms $58,058$58,058
IX-23 InsurancePrograms $13,781$13,781
IX-24 Other expenses (24a–d)Programs $34,415 · Management $4,200$38,615
IX-24e All other expensesPrograms $3,905 · Management $6,841$10,746
IX-25 Total functional expensesPrograms $353,203 · Management $165,391 · Fundraising $0$518,594
Part X · Balance sheet $1,239,303 assets, 12 lines filed
X-1 Cash, non-interest-bearingStart of year $61,447$80,844
X-9 Prepaid expenses and deferred chargesStart of year $2,786$3,665
X-10c Land, buildings and equipment, netStart of year $564,016$711,248
X-14 Intangible assets$0
X-15 Other assetsStart of year $288,859$443,546
X-16 Total assetsStart of year $917,108$1,239,303
X-17 Accounts payable and accrued expensesStart of year $38,052$34,899
X-25 Other liabilitiesStart of year $15,133$14,842
X-26 Total liabilitiesStart of year $1,949,268$1,904,314
X-27 Net assets without donor restrictionsStart of year −$1,032,160−$665,011
X-32 Total net assets or fund balancesStart of year −$1,032,160−$665,011
X-33 Total liabilities and net assetsStart of year $917,108$1,239,303
Part XI · Reconciliation of net assets −$665,011 net assets at year end
XI-1 Total revenue$885,743
XI-2 Total expenses$518,594
XI-3 Revenue less expenses$367,149
XI-4 Net assets at start of year−$1,032,160
XI-9 Other changes in net assets$0
XI-10 Net assets at end of year−$665,011

Form 990 e-file (XML) FY2024 from the IRS · Classification, formation year and address from the IRS Business Master File

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