SEBCO DEVELOPMENT INC

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Financial Vulnerability Assessment (Tuckman-Chang)

4 risk indicators measuring financial stability and operational resilience

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Financial Trends

Organization Details

Formation Year

1978

Legal Domicile

Principal Officer

SALVATORE GIGANTE

Phone

3477262547

Tax Period

2023-05-01 to 2024-04-30

SEBCO DEVELOPMENT INC, founded in 1978, is a community nonprofit in the Housing & Shelter sector that reported $2.7M in total revenue in fiscal year 2023. Expenses of $3.2M exceeded revenue, resulting in a 16% operating deficit.

Mission

SEBCO DEVELOPMENT INC. IS A NON PROFIT COMMUNITY BASED ORGANIZATION COMMITTED TO DEVELOPING AND MAINTAINING AFFORDABLE AND SAFE HOUSING IN THE CITY OF NEW YORK. SEBCO STRIVES TO CONTINUALLY PROVIDE WELL MAINTAINED, SECURE HOUSING ALONG WITH THE SUPPORTIVE SERVICES NEEDED TO IMPROVE THE QUALITY OF LIFE OF THE FAMILIES AND INDIVIDUALS WE SERVE IN OUR COMMUNITY.

Program Service Accomplishments

Program 1

Expenses: $1,523,253

HOUSING DEVELOPMENT FOR LOW INCOME, ELDERLY AND THE DISABLED.

Program 2

Expenses: $712,147 Revenue: $712,147

ELDERLY NUTRITION PROGRAM UNDER CONTRACT WITH THE NEW YORK CITY DEPARTMENT FOR THE AGING.

Program 3

Expenses: $129,724 Revenue: $129,724

SOCIAL SERVICES TO RESIDENTS OF THE HOUSING DEVELOPED BY THE ORGANIZATION TO STABILIZE THE NEIGHBORHOOD.

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Trantor Score

Financial Health Score (300–850) · Liquidity · Solvency · Sustainability · Efficiency

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Liquidity (40%) • Solvency (30%) • Sustainability (20%) • Efficiency (10%)

Financial Overview (2023)

Revenue Breakdown

Contributions & Grants $148,631

Program Service Revenue $712,147

Investment Income $178,107

Other Revenue $1,685,810

TOTAL REVENUE $2,724,695

Expense Breakdown

Grants Paid $0

Salaries & Benefits $1,357,700

Fundraising Expenses $0

Program Expenses $2,365,124

Other Expenses $1,800,538

TOTAL EXPENSES $3,158,238

Year-over-Year Comparison

	2023	2022	Change
Revenue	$2,724,695	$2,661,379	+0.0%
Expenses	$3,158,238	$3,536,256	-0.1%
Net Income	$-433,543	$-874,877	-0.5%

Key Indicators

✗ Grants to Organizations ✗ Grants to Individuals ✗ Lobbying ✗ Political Activity ✗ Foreign Activities ✗ Donor Advised Fund ✗ Schedule B Required

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Financial Health Indicators

Comprehensive financial analysis: Altman Z-Score, liquidity, solvency, sustainability, efficiency, and growth metrics

Financial Distress Indicator

Liquidity & Cash Position

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Altman Z-Score • Liquidity Ratios • Solvency Analysis • Growth Indicators • Efficiency Metrics

Governance

Voting Members

Independent Members

Employees

Volunteers

N/A

Governance Policies

✗ Conflict of Interest Policy

✗ Whistleblower Policy

✗ Document Retention Policy

Special Practices & Reported Activities

✗ Operated a School

✗ Operated a Hospital

✗ Provided First Class Travel

✗ Reported Conflict of Interest

✗ Reported Asset Diversion

✗ Excess Benefit Transaction

✗ Made Political Expenditures

✗ Engaged in Lobbying

✗ Operated Donor Advised Fund

✗ Maintained Art Collections

✗ Filed Form 720

Compensation of Officers, Directors & Key Employees

Total Officers

$391,243

Total Directors

$380,692

Key Employees

Highest Compensated

reported

Name	Title	Hours/Week	Role	Reportable Comp	Other Comp	Total
ENRICO BOCCIA	CHAIR	N/A	Officer Director	$0	$0	$0
EVELYN VELAQUEZ	TREASURER/SE	N/A	Officer Director	$0	$0	$0
SALVATORE GIGANTE	CEO/DIRECTOR	36.00	Officer Director	$158,395	$0	$251,995
VICTOR PAPA	DIRECTOR	N/A	Director	$0	$0	$0
JASON BOROFF	DIRECTOR	N/A	Director	$0	$0	$128,697
VALERIE TORRES	DIRECTOR	N/A	Director	$0	$0	$0
SONAL SHAH	CONTROLLER	30.00	Officer	$139,248	$0	$139,248

Note: Compensation data is self-reported by the organization on their Form 990. "Reportable Comp" includes salary, bonuses, and other reportable compensation from the organization and related organizations. "Other Comp" includes benefits, deferred compensation, and non-taxable benefits.

Historical Data

Year	Revenue	Expenses	Assets	Net Income
2024	No data	No data	No data	No data
2024	$2,724,695	$3,158,238	$8,745,293	$-433,543
2023	$2,661,379	$3,536,256	$8,303,756	$-874,877
2022	$1,201,801	$1,731,443	$9,533,839	$-529,642
2020	$1,861,678	$1,930,054	$9,437,019	$-68,376
2019	$2,000,898	$1,848,779	$9,560,480	$152,119
2018	$1,993,017	$1,814,792	$9,081,185	$178,225