Sepp Housing Development Fund Corp

Nonprofit profile at a glance

EIN
161241738
IRS 990 coverage
2011–2024
Forms available
Form 990 2024
Location
Binghamton, NY, USA
Phone
6077238989
Rating
61
Verdict
SUPPORTED
Rating confidence
Moderate
Sector
Low-Income & Subsidized Rental Housing

Official website

Reported finances

Revenue
$713,632
Expenses
$542,108
Assets
$1,366,902
Liabilities
$1,860,389

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

Leadership & pay

23 people listed

Executive titles in this filing

  • JOHN BERNARDO (EXECUTIVE DIRECTOR)

Highest reported compensation

  • JOHN BERNARDO (EXECUTIVE DIRECTOR): $186,845 total reported compensation

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

Overview

Mission

Low-income housing

What it reported doing in 2024

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

Operating model

Revenue model
Earned-program. 94% of the money available for current operations came from fees and other program revenue.
Distribution model
Direct operator. The filing allocates 100% of reported program-service expenses outside its grant, affiliate-payment, and member-benefit lines. This expense classification does not rule out separately announced grant awards.

The verdict

SUPPORTED - The filed numbers largely add up and most voting board members are independent. A relatively small share of available resources goes toward mission work and few specific pay-setting methods are documented in the filing; unanswered boxes are not proof of absence.

Rating breakdown

  • Financial Efficiency: 52
  • Transparency & Controls: 65
  • Accountability: 74
  • Sustainability: 65
  • Growth: 60

Detailed rating inputs

Financial Efficiency

  • Mission deployment rate: 52.4%; rating input score 52
  • Program expense ratio: 69%; rating input score 69
  • Fundraising efficiency: Limited

Transparency & Controls

  • Consistency checks: 100%; rating input score 100; 63rd 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: Yes; rating input score 100
  • Related-party transparency: Limited

Accountability

  • Independent voting board: 100%; rating input score 100; 63rd percentile among comparable filings
  • Governance controls: 3 of 8 controls in place; rating input score 38
    • Conflict-of-interest policy: Pass
    • Whistleblower policy: Fail
    • Document-retention policy: Fail
    • CEO compensation review process: Fail
    • Other executive compensation review process: NotApplicable
    • Form 990 shared with the board: Fail
    • Board meeting minutes documented: Pass
    • Audit committee oversight: Fail
    • Independent financial-statement audit: Pass

Sustainability

  • Operating margin: 24%; rating input score 80; 80th percentile among comparable filings
  • Total-asset coverage ratio: 2.52; rating input score 71; 71st percentile among comparable filings
  • Liabilities to assets ratio: 1.36; rating input score 3; 3rd percentile among comparable filings
  • Officer compensation ratio: 4.5%; rating input score 54; 54th percentile among comparable filings

Growth

  • Program expense growth: -1.3% per year; rating input score 0; 14th percentile among comparable filings
  • Revenue growth: 6.3% per year; rating input score 100; 51st percentile among comparable filings
  • Asset growth: 3.5% per year; rating input score 100; 32nd percentile among comparable filings

Details

  • Where the money goes: 52.4% of revenue deployed · 69% of spending went to programs
  • Governance: 22 of 22 board members independent · 3 of 8 filing controls reported
  • Programs: 1 filed program accomplishment · $374K in reported program spending
  • Leadership: top reported pay $187K · 23 people listed · 0 of 6 pay-setting controls reported
  • Consistency: 31 of 31 current checks pass
  • Schedules: 6 filed schedules · includes major donors and executive pay
  • Filing history: 14 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.

  • Review — Financial Efficiency: Mission deployment rate scored 52/100.
  • High — Transparency & Controls: Pay-setting controls scored 0/100.
  • Moderate — Accountability: Governance controls: 5 of 8 not reported.
  • High — Growth: Program expense growth scored 0/100.
  • High — Sustainability: Liabilities to assets ratio scored 3/100.
  • Review — Sustainability: Officer compensation ratio scored 54/100.