Sebco Development Inc

Analysis

Sebco Development Inc is a registered charity in United States, based in Bronx, NY. It received its IRS tax-exemption ruling in February 1979, 47 years ago. Its declared purposes cover housing and shelter, which this site groups under housing and shelter. The IRS classifies it as a publicly supported organisation (donations from the general public) under section 501(c)(3), and contributions to it are listed as tax-deductible.

In the financial year ending April 2023, Sebco Development Inc reported income of $2.7m and spending of $3.5m, spending 133% of what it took in. Across the 4 years on record, from April 2019 to April 2023, income grew from $2.0m to $2.7m (+33%), an average of +10% a year. The sharpest change came in the year to April 2023, when income rose by 121%. Over the whole period it spent 117% of the income it received.

Among 15,864 United States charities whose main cause is housing and shelter and that reported income, Sebco Development Inc sits at the 85th percentile: it is larger than about 85% of them. Against every charity in United States with reported income it ranks in the 88th percentile, and in the 85th percentile within NY. Charities of a similar size with the same main cause include Community Alliance of Tenants ($2.7m), Astoria Gardens Tenant Association ($2.7m) and Stardust Non-Profit Building Supplies Inc ($2.7m).

On its Form 990 for the period ending April 2023, revenue came from contributions and grants 4.5% and program service revenue 26% of the total. Compensation of current officers, directors and key employees was $369k (10% of expenses). Other salaries and wages came to $616k. At year end it held assets of $8.3m against liabilities of $1.1m, net assets of $7.2m. It reported 26 employees.

Data notes from the register: Spending has exceeded income in each of the last three reported years, so the charity has been drawing on reserves or other funds.