Sepp Inc

Nonprofit profile at a glance

EIN
160950820
IRS 990 coverage
2012–2024
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
$1,993,204
Expenses
$1,148,977
Assets
$9,642,243
Liabilities
$952,684

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

Leadership & pay

21 people listed

Executive titles in this filing

  • JOHN BERNARDO (EXECUTIVE DIRECTOR (FORMER))

Highest reported compensation

  • JOHN BERNARDO (EXECUTIVE DIRECTOR (FORMER)): $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

Providing low-income housing

What it reported doing in 2024

Acquiring real estate for the sole purpose of developing low-income housing projects for the elderly.

Operating model

Revenue model
Earned-program. 75% 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: 36
  • Transparency & Controls: 69
  • Accountability: 84
  • Sustainability: 81
  • Growth: 100

Detailed rating inputs

Financial Efficiency

  • Mission deployment rate: 31.4%; rating input score 31
  • Program expense ratio: 56.9%; rating input score 57
  • 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: 5 of 8 controls in place; rating input score 62
    • 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: Pass
    • Board meeting minutes documented: Pass
    • Audit committee oversight: Pass
    • Independent financial-statement audit: Pass

Sustainability

  • Operating margin: 42.4%; rating input score 90; 90th percentile among comparable filings
  • Total-asset coverage ratio: 8.39; rating input score 90; 90th percentile among comparable filings
  • Liabilities to assets ratio: 0.1; rating input score 43; 43rd percentile among comparable filings
  • Officer compensation ratio: 2.1%; rating input score 58; 58th percentile among comparable filings

Growth

  • Program expense growth: 0.2% per year; rating input score 100; 19th percentile among comparable filings
  • Revenue growth: 9.3% per year; rating input score 100; 64th percentile among comparable filings
  • Asset growth: 15.2% per year; rating input score 100; 73rd percentile among comparable filings

Details

  • Where the money goes: 31.4% of revenue deployed · 56.9% of spending went to programs
  • Governance: 20 of 20 board members independent · 5 of 8 filing controls reported
  • Programs: 1 filed program accomplishment · $654K in reported program spending
  • Leadership: top reported pay $187K · 21 people listed · 0 of 6 pay-setting controls reported
  • Consistency: 33 of 33 current checks pass
  • Schedules: 6 filed schedules · includes major donors and executive pay
  • Filing history: 12 filing years from 2012 to 2024
  • Contacts: How to reach this organization
  • Related organizations: 16 filed related-organization links
  • 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.

  • Moderate — Financial Efficiency: Mission deployment rate scored 31/100.
  • High — Transparency & Controls: Pay-setting controls scored 0/100.
  • Review — Financial Efficiency: Program expense ratio scored 57/100.
  • Review — Accountability: Governance controls: 3 of 8 not reported.
  • Moderate — Sustainability: Liabilities to assets ratio scored 43/100.
  • Review — Sustainability: Officer compensation ratio scored 58/100.