Structured Employment Economic Development Corporation

Nonprofit profile at a glance

EIN
132875743
IRS 990 coverage
2010–2024
Forms available
Form 990 2024, Form 990-N 2021
Location
Bronx, NY, USA
Phone
3476493083
Rating
73
Verdict
SUPPORTED
Rating confidence
Moderate
Sector
Public, Societal Benefit

Official website

Reported finances

Revenue
$5,765,424
Expenses
$6,102,936
Assets
$2,537,263
Liabilities
$5,135,678

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

Leadership & pay

11 people listed

Executive titles in this filing

  • RAUL RUSSI (PRESIDENT)
  • LYMARIS ALBORS (CHIEF EXECUTIVE OFFICER)
  • KEITH RASMUSSEN (EXECUTIVE DIRECTOR)

Highest reported compensation

  • RAUL RUSSI (PRESIDENT): $998,427 total reported compensation
  • LYMARIS ALBORS (CHIEF EXECUTIVE OFFICER): $892,753 total reported compensation
  • JOSE A RODRIGUEZ (CHIEF LEGAL OFFICER/ EXEC VP): $592,593 total reported compensation

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

Overview

Mission

Structured employment economic development corporations (seedco) mission is to advance economic opportunity for people, businesses, and communities in need as such, seedco designs and implements innovative programs and services that benefit workers, families, and businesses across the country each year, seedco supports communities through two core program portfolios 1) workforce development 2) work and family supports seedco operates as both a direct services provider and an intermediary organization, helping community based organizations expand outreach and secure funding.

What it reported doing in 2024

Workforce development- using a long-term career case management model, seedco provides career counselling and job-readiness training and job placement services to help individuals with barriers to employment obtain, retain and advance in jobs. seedcos workforce development programs provide A broad range of job seekers and workers with paths to success that begin with job placement and move on to job retention and career advancement. We tailor these services so they meet the needs of hard-to-serve populations including non-custodial parents, out-of-school youth, and individuals with a history of criminal justice involvement.

Operating model

Revenue model
Grant-funded. 98% of the money available for current operations came from government grants.
Distribution model
Direct operator. The filing allocates 81% 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 - A large share of available resources goes toward mission work and the filed numbers largely add up. The filing does not identify recipients for some grant dollars and program spending has declined or grown slowly.

Rating breakdown

  • Financial Efficiency: 77
  • Transparency & Controls: 70
  • Accountability: 100
  • Sustainability: 17
  • Growth: 0

Detailed rating inputs

Financial Efficiency

  • Mission deployment rate: 87.8%; rating input score 88
  • Program expense ratio: 82.9%; rating input score 83
  • Fundraising efficiency: Limited

Transparency & Controls

  • Consistency checks: 93.3%; rating input score 93; 17th percentile among comparable filings
  • Pay-setting controls: 3 of 6 controls in place; rating input score 50
    • Compensation committee: Missing
    • Independent consultant: Missing
    • Other Form 990s reviewed: Missing
    • Written employment contract: Pass
    • Compensation survey or study: Pass
    • Board or committee approval: Pass
  • Foreign activity oversight: Limited
  • Grant itemization coverage: 44.4%; rating input score 44; 14th percentile among comparable filings
  • 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: 9 of 9 controls in place; rating input score 100
    • Conflict-of-interest policy: Pass
    • Whistleblower policy: Pass
    • Document-retention policy: Pass
    • CEO compensation review process: Pass
    • Other executive compensation review process: Pass
    • Form 990 shared with the board: Pass
    • Board meeting minutes documented: Pass
    • Audit committee oversight: Pass
    • Independent financial-statement audit: Pass

Sustainability

  • Operating margin: -5.9%; rating input score 19; 19th percentile among comparable filings
  • Total-asset coverage ratio: 0.42; rating input score 14; 14th percentile among comparable filings
  • Liabilities to assets ratio: 2.02; rating input score 1; 1st percentile among comparable filings
  • Officer compensation ratio: 9.6%; rating input score 31; 31st percentile among comparable filings

Growth

  • Program expense growth: -10.7% per year; rating input score 0; 2nd percentile among comparable filings
  • Revenue growth: -16.2% per year; rating input score 0; 1st percentile among comparable filings
  • Asset growth: -15.5% per year; rating input score 0; 1st percentile among comparable filings

Details

  • Where the money goes: 87.8% of revenue deployed · 82.9% of spending went to programs
  • Governance: 5 of 5 board members independent · 9 of 9 filing controls reported
  • Programs: 1 filed program accomplishment · $5.1M in reported program spending
  • Leadership: top reported pay $998K · 11 people listed · 3 of 6 pay-setting controls reported
  • Highest-paid contractors: 1 contractor listed · $185K reported
  • Consistency: 32 of 33 current checks pass · 1 finding to review
  • Schedules: 8 filed schedules · includes major donors, grants, and executive pay
  • Filing history: 13 filing years from 2010 to 2024
  • Contacts: How to reach this organization
  • Money network: 14 filed money-flow records
  • Related organizations: 130 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 — Transparency & Controls: Grant itemization coverage scored 44/100.
  • High — Growth: Program expense growth scored 0/100.
  • High — Growth: Revenue growth scored 0/100.
  • High — Sustainability: Operating margin scored 19/100.
  • High — Sustainability: Total-asset coverage ratio scored 14/100.
  • High — Growth: Asset growth scored 0/100.
  • High — Sustainability: Liabilities to assets ratio scored 1/100.
  • Moderate — Sustainability: Officer compensation ratio scored 31/100.
  • Review — Transparency & Controls: Domestic grant itemization did not reconcile in the filed values.