Sebcovip Housing Development Fund Company Inc

Nonprofit profile at a glance

EIN
133518596
IRS 990 coverage
2011–2024
Forms available
Form 990 2024
Location
Bronx, NY, USA
Phone
7186172800
Rating
35
Verdict
REVIEW
Rating confidence
Moderate
Sector
Housing Development, Construction, Management

Official website

Reported finances

Revenue
$405,064
Expenses
$250
Assets
$8,233,823
Liabilities
$14,142

Source: IRS Form 990. Selected filing: tax year 2024. Amounts in USD.

Leadership & pay

5 people listed

Executive titles in this filing

  • SALVATORE GIGANTE (VICE PRESIDENT)
  • ANGELA DAVIS FARRISH (EXECUTIVE DIRECTOR)

Highest reported compensation

  • SALVATORE GIGANTE (VICE PRESIDENT): $250,490 total reported compensation
  • SONAL SHAH (CONTROLLER): $144,679 total reported compensation
  • ANGELA DAVIS FARRISH (EXECUTIVE DIRECTOR): $34,615 total reported compensation

Source: IRS Form 990. Selected filing: tax year 2024. Names and roles reflect this filing, not necessarily current officeholders.

Overview

Mission

Provide housing very low income elderly and handicapped individuals under section 202 of the federal housing act of 1936 in the south bronx area of New York city, New York

What it reported doing in 2024

Provided housing for very low income elderly and handicapped individuals under section 202 of the federal housing ac of 1936 in the south bronx area of New York city, New York. The property was sold for its fair market value and with the approval of the New York state department of law on december 30, 2014. Please see schedule a, part vi for further details.

Operating model

Revenue model
Other-operating. 100% of the money available for current operations came from other operating revenue.
Distribution model
No current program activity. The filing reports no program spending for the current year.

The verdict

REVIEW - Revenue comfortably covers expenses and revenue has grown recently. A relatively small share of available resources goes toward mission work and a relatively small share of total spending goes to programs.

Rating breakdown

  • Financial Efficiency: 0
  • Transparency & Controls: 54
  • Accountability: 57
  • Sustainability: 83
  • Growth: 60

Detailed rating inputs

Financial Efficiency

  • Mission deployment rate: 0%; rating input score 0
  • Program expense ratio: 0%; rating input score 0
  • Fundraising efficiency: Limited

Transparency & Controls

  • Consistency checks: 90%; rating input score 90; 9th percentile among comparable filings
  • Pay-setting controls: 0 of 6 controls in place; rating input score 0
    • Compensation committee: Missing
    • Independent consultant: Missing
    • Other Form 990s reviewed: Missing
    • Written employment contract: Missing
    • Compensation survey or study: Missing
    • Board or committee approval: Missing
  • Foreign activity oversight: Limited
  • Grant itemization coverage: Limited
  • Major donor itemization: Limited
  • Related-party transparency: No; rating input score 0

Accountability

  • Independent voting board: 66.7%; rating input score 67; 18th percentile among comparable filings
  • Governance controls: 4 of 9 controls in place; rating input score 44
    • Conflict-of-interest policy: Pass
    • Whistleblower policy: Pass
    • Document-retention policy: Fail
    • CEO compensation review process: Fail
    • Other executive compensation review process: Fail
    • Form 990 shared with the board: Pass
    • Board meeting minutes documented: Pass
    • Audit committee oversight: Missing
    • Independent financial-statement audit: Fail

Sustainability

  • Operating margin: 99.9%; rating input score 100; 100th percentile among comparable filings
  • Total-asset coverage ratio: 32,935.29; rating input score 100; 100th percentile among comparable filings
  • Liabilities to assets ratio: 0; rating input score 55; 55th percentile among comparable filings
  • Officer compensation ratio: Limited

Growth

  • Program expense growth: Limited
  • Revenue growth: 19.7% per year; rating input score 100; 87th percentile among comparable filings
  • Asset growth: 7.5% per year; rating input score 100; 58th percentile among comparable filings

Details

  • Where the money goes: 0% of revenue deployed · 0% of spending went to programs
  • Governance: 2 of 3 board members independent · 4 of 9 filing controls reported
  • Programs: 1 filed program accomplishment
  • Leadership: top reported pay $250K · 5 people listed · 0 of 6 pay-setting controls reported
  • Consistency: 12 of 13 current checks pass · 1 finding to review
  • Schedules: 5 filed schedules · includes executive pay
  • Filing history: 12 filing years from 2011 to 2024
  • Contacts: How to reach this organization
  • Related organizations: 1 filed related-organization link
  • Grant readiness: Federal tax and exclusion status, award history, and grant-maker relationships.
  • People: Everyone the filings name, and which of them the filings identify by more than a name.

Key Signals

Signals prioritize questions for review. They are not findings of misconduct.

  • High — Financial Efficiency: Mission deployment rate scored 0/100.
  • High — Financial Efficiency: Program expense ratio scored 0/100.
  • High — Transparency & Controls: Pay-setting controls scored 0/100.
  • Moderate — Accountability: Governance controls: 4 of 8 not reported.
  • High — Transparency & Controls: Related-party transparency scored 0/100.
  • Review — Transparency & Controls: Schedule R controlled transactions itemized did not reconcile in the filed values.
  • Review — Sustainability: Liabilities to assets ratio scored 55/100.