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Nonprofiteer
← BREAKING GROUND IV HOUSING DEVELOPMENT FUND CORPORATION

Form 990 for tax year 2023

Filed by BREAKING GROUND IV HOUSING DEVELOPMENT FUND CORPORATION.

Totals

Total revenue
$6,130,660
Total expenses
$6,703,416
Contributions and grants received
$0
Grants paid
$0
Program service revenue
$6,130,458
Investment income
$0
Other revenue
$202
Total assets, end of year
$15,946,035
Total liabilities, end of year
$24,516,133
Net assets or fund balances, end of year
-$8,570,098
Program services expenses (Part IX)
$4,954,833
Management and general expenses
$1,748,583
Fundraising expenses
$0
Program service expenses (Part III)
$4,954,833

Program services were 73.9% of total expenses calculated — Part IX's program-services column over total expenses, both as filed.

Line items

Every line the filer filed in Parts VIII, IX and X, as filed and in filed order. Blank columns are left out, and the lines are not forced to add up to the totals above.

Revenue

Part VIII, the statement of revenue.

  • 2a · Program service revenue: TENANT HOUSING (GOV'T CONTRACTS)

    total $6,096,506 · related or exempt $6,096,506

  • 2b · Program service revenue: LOW-INCOME HOUSING RENTAL INCOME

    total $33,952 · related or exempt $33,952

  • 11a · Other revenue: MISCELLANEOUS REVENUE

    total $202 · excluded $202

  • 11e · Other revenue, total

    $202

Functional expenses

Part IX, the statement of functional expenses.

  • 7 · Other salaries and wages

    total $2,499,050 · program services $1,689,697 · management and general $809,353

  • 8 · Pension plan contributions

    total $40,570 · program services $18,677 · management and general $21,893

  • 9 · Other employee benefits

    total $297,369 · program services $188,608 · management and general $108,761

  • 10 · Payroll taxes

    total $164,489 · program services $101,706 · management and general $62,783

  • 11b · Fees: legal

    total $61,100 · program services $3,068 · management and general $58,032

  • 11c · Fees: accounting

    total $38,126 · management and general $38,126

  • 11g · Fees: other

    total $61,535 · program services $1,887 · management and general $59,648

  • 13 · Office expenses

    total $65,875 · program services $65,875

  • 14 · Information technology

    total $20,803 · program services $20,803

  • 16 · Occupancy

    total $301,338 · program services $165,020 · management and general $136,318

  • 17 · Travel

    total $3,651 · program services $3,651

  • 19 · Conferences, conventions and meetings

    total $18,885 · program services $18,885

  • 20 · Interest

    total $35,672 · management and general $35,672

  • 22 · Depreciation, depletion and amortization

    total $417,997 · management and general $417,997

  • 23 · Insurance

    total $66,904 · program services $66,904

  • 24a · Other expenses: CLIENT RELATED EXPENSES

    total $1,004,528 · program services $1,004,528

  • 24b · Other expenses: REPAIRS AND MAINTENANCE

    total $551,456 · program services $551,456

  • 24c · Other expenses: SECURITY EXPENSES

    total $484,992 · program services $484,992

  • 24d · Other expenses: BAD DEBTS

    total $349,758 · program services $349,758

  • 24e · All other expenses

    total $219,318 · program services $219,318

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $15,508 · end of year $6,799

  • 4 · Accounts receivable

    beginning of year $2,290,319 · end of year $5,613,930

  • 9 · Prepaid expenses and deferred charges

    beginning of year $809 · end of year $9

  • 10a · Land, buildings and equipment: cost or other basis

    $17,585,382

  • 10b · Land, buildings and equipment: accumulated depreciation

    $7,261,047

  • 10c · Land, buildings and equipment, net

    beginning of year $10,744,132 · end of year $10,324,335

  • 15 · Other assets

    beginning of year $962 · end of year $962

  • 17 · Accounts payable and accrued expenses

    beginning of year $548,696 · end of year $588,005

  • 19 · Deferred revenue

    beginning of year $1,017,910 · end of year $1,400,234

  • 23 · Secured mortgages and notes payable

    beginning of year $9,974,049 · end of year $9,974,049

  • 25 · Other liabilities

    beginning of year $9,508,417 · end of year $12,553,845

  • 27 · Net assets without donor restrictions

    beginning of year -$7,997,342 · end of year -$8,570,098

Mission and programs · 2023

Mission

SEE SCHEDULE O

Activities or mission (Part I)

OPERATION OF THE ANDREWS HOUSING PROJECT FOR THE BENEFIT OF HOMELESS AND LOW-INCOME ADULTS.

  • SEE SCHEDULE O

    Expenses $4,954,833 · Revenue $6,130,458

As filed on the 2023 return. The filer continues this part on Schedule O, which is not shown here.

Listed in Part VII

  • Brenda E Rosen

    PRESIDENT & CEO

    Total calculated
    $643,431
    From this org
    $0
    From related orgs
    $629,604
    Other
    $13,827
    Hours/week
    0.65 + 34.35 related

    Schedule J breakdown matched by us

    Base
    $0 + $529,604 related
    Bonus
    $0 + $100,000 related
    Other
    $0
    Deferred
    $0 + $13,200 related
    Nontaxable benefits
    $0 + $627 related
    Filer's total
    $0 + $643,431 related

  • David Beer

    SECRETARY

    Total calculated
    $384,088
    From this org
    $0
    From related orgs
    $336,867
    Other
    $47,221
    Hours/week
    1.02 + 33.98 related

    Schedule J breakdown matched by us

    Base
    $0 + $316,867 related
    Bonus
    $0 + $20,000 related
    Other
    $0
    Deferred
    $0 + $13,200 related
    Nontaxable benefits
    $0 + $34,021 related
    Filer's total
    $0 + $384,088 related

  • Benjamin Stacks

    CHAIRMAN & TREASURER

    Total calculated
    $0
    Hours/week
    0.01 + 0.55 related

  • Nicholas Tsang

    DIRECTOR

    Total calculated
    $0
    Hours/week
    0.01 + 0.34 related

  • Judith Rosenfeld

    DIRECTOR

    Total calculated
    $153,555
    From this org
    $0
    From related orgs
    $136,282
    Other
    $17,273
    Hours/week
    1.05 + 33.95 related

    Schedule J breakdown matched by us

    Base
    $0 + $136,282 related
    Bonus
    $0
    Other
    $0
    Deferred
    $0 + $5,591 related
    Nontaxable benefits
    $0 + $11,682 related
    Filer's total
    $0 + $153,555 related

  • Kevin Moran

    CFO

    Total calculated
    $400,262
    From this org
    $0
    From related orgs
    $353,041
    Other
    $47,221
    Hours/week
    0.65 + 34.35 related

    Schedule J breakdown matched by us

    Base
    $0 + $353,041 related
    Bonus
    $0
    Other
    $0
    Deferred
    $0 + $13,200 related
    Nontaxable benefits
    $0 + $34,021 related
    Filer's total
    $0 + $400,262 related

Compensation is as filed in Part VII: reportable pay from this organization and from related organizations, other compensation, and hours per week. The total, marked calculated, is our sum of the three dollar columns, with a blank column counted as $0; the form itself has no total. On a Form 990-EZ the columns are Part IV's instead, and on a Form 990-PF Part VIII's — compensation, contributions to benefit plans, and expense account — and the total sums those. A Schedule J breakdown is as filed: base pay, bonus, other, deferred compensation and nontaxable benefits from this organization, with any from related organizations beside each, and the filer's own total. It is shown with the Part VII listing of the same name on the same return. The form gives no key between the two, so that pairing is ours, and is marked matched by us.

Schedule J

Answered yes

None.

Answered no

  • 4a · Severance or change-of-control payment
  • 4b · Supplemental nonqualified retirement plan
  • 4c · Equity-based compensation arrangement
  • 5a · Pay contingent on this organization's revenues
  • 5b · Pay contingent on a related organization's revenues
  • 6a · Pay contingent on this organization's net earnings
  • 6b · Pay contingent on a related organization's net earnings
  • 7 · Other non-fixed payments
  • 8 · Paid under the initial-contract exception

Part I's answers as filed. A line not listed was left unanswered; on lines 1a and 3 that means the box was not checked.

Grants on this return

No itemized grants to organizations on this return.

Related organizations on this return

Schedule R Part II: tax-exempt organizations related to the filer by control. It does not record shared board members or money.

Taxable family on this return

Schedule R Parts I, III and IV, as filed. These record ownership and control, not shared board members or money moved.

Related partnerships

Part III: related organizations taxable as a partnership, with the filer's share.

  • PRINCE GEORGE ASSOCIATES LP

    NONE · REAL ESTATE · NY

    Directly controlled by BG II

  • CHELSEA RESIDENCE LP

    NONE · REAL ESTATE · NY

    Directly controlled by BG III

Related corporations and trusts

Part IV: related organizations taxable as a corporation or trust.

  • CHELSEA GP CORPORATION

    C · REAL ESTATE · NY

    Directly controlled by BG III HDFC

  • PRINCE GEORGE GP CORPORATION

    C · REAL ESTATE · NY

    Directly controlled by BG II HDFC

  • CG HEGEMAN AVE HOUSING CORP

    C · REAL ESTATE · NY

    Directly controlled by BG II HDFC

  • CG BROOK AVE HOUSING CORPORATION

    C · REAL ESTATE · NY

    Directly controlled by BG II HDFC

  • PITT STREET HOUSING CORP

    C · REAL ESTATE · NY

    Directly controlled by BG II HDFC

  • ST MARKS SENIOR HOUSING CORPORATION

    C · REAL ESTATE · NY

    Directly controlled by BG HDFC

  • 1630 DEWEY AVENUE MANAGING MEMBER

    C · REAL ESTATE · NY

    Directly controlled by BG II HDFC

  • SCHERMERHORN HOUSING CORP

    C · REAL ESTATE · NY

    Directly controlled by BG HDFC

  • CG-BOSTON ROAD HOUSING CORP

    C · REAL ESTATE · NY

    Directly controlled by BG II HDFC

  • CG-WEBSTER AVENUE SUPPORTIVE HOUSING

    C · REAL ESTATE · NY

    Directly controlled by BG II HDFC

  • 410 COMMON GROUND ASYLUM HTC LLC

    C · REAL ESTATE · NY

    Directly controlled by CGM

  • COMMON GROUND CEDARWOODS MANAGEMENT LLC

    C · REAL ESTATE · NY

    Directly controlled by CGM

  • WEBSTER AVE AFF MANAGING MEMBER LLC

    C · REAL ESTATE · NY

    Directly controlled by BG II HFC

  • COMMON GROUND 410 ASYLUM LIHTC LLC

    C · REAL ESTATE · NY

    Directly controlled by CGM

  • LA CENTRAL SUPPORTING HOUSING LLC

    C · REAL ESTATE · NY

    Directly controlled by BG II HDFC

  • BREAKING GROUND V

    C · REAL ESTATE · NY

    Directly controlled by BG II HDFC

  • WEBSTER AVENUE AFFORDABLE DEVELOPER LLC

    C · REAL ESTATE · NY

    Directly controlled by BG II HDFC

  • LA CENTRAL SUPPORTIVE DEVELOPER LLC

    C · REAL ESTATE · NY

    Directly controlled by BG II HDFC

  • EDWINS PLACE DEVELOPER LLC

    C · REAL ESTATE · NY

    Directly controlled by BG II HDFC

  • EDWINS PLACE HOUSING LLC

    C · REAL ESTATE · NY

    Directly controlled by BG II HDFC

  • BG BETANCES HOUSING LLC

    C · REAL ESTATE · NY

    Directly controlled by BG II HDFC

  • BG SUTPHIN LLC

    C · REAL ESTATE · NY

    Directly controlled by BG II HDFC

Provenance

Return type
form_990
Tax year
2023
Filed
6 November 2024
IRS schema version
2023v5.1
Source object
202413119349302736

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