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Nonprofiteer
← BREAKING GROUND IV HOUSING DEVELOPMENT FUND CORPORATION

Form 990 for tax year 2022

Filed by BREAKING GROUND IV HOUSING DEVELOPMENT FUND CORPORATION.

Totals

Total revenue
$5,156,679
Total expenses
$5,644,192
Contributions and grants received
$0
Grants paid
$0
Program services expenses (Part IX)
$4,880,722
Management and general expenses
$763,470
Fundraising expenses
$0
Program service expenses (Part III)
$4,880,722

Program services were 86.5% of total expenses calculated — Part IX's program-services column over total expenses, both as filed.

Listed in Part VII

  • BRENDA E ROSEN

    PRESIDENT & CEO

    Total calculated
    $600,372
    From this org
    $0
    From related orgs
    $587,598
    Other
    $12,774
    Hours/week
    0.58 + 34.42 related

    Schedule J breakdown matched by us

    Base
    $0 + $487,598 related
    Bonus
    $0 + $100,000 related
    Other
    $0
    Deferred
    $0 + $12,200 related
    Nontaxable benefits
    $0 + $574 related
    Filer's total
    $0 + $600,372 related

  • DAVID BEER

    SECRETARY

    Total calculated
    $350,111
    From this org
    $0
    From related orgs
    $306,168
    Other
    $43,943
    Hours/week
    0.89 + 34.11 related

    Schedule J breakdown matched by us

    Base
    $0 + $286,168 related
    Bonus
    $0 + $20,000 related
    Other
    $0
    Deferred
    $0 + $12,200 related
    Nontaxable benefits
    $0 + $31,743 related
    Filer's total
    $0 + $350,111 related

  • TOBY SHERMAN

    DIRECTOR

    Total calculated
    $275,402
    From this org
    $0
    From related orgs
    $256,279
    Other
    $19,123
    Hours/week
    0.92 + 34.08 related

    Schedule J breakdown matched by us

    Base
    $0 + $256,279 related
    Bonus
    $0
    Other
    $0
    Deferred
    $0 + $9,165 related
    Nontaxable benefits
    $0 + $9,958 related
    Filer's total
    $0 + $275,402 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 + 0.28 related

  • KEVIN MORAN

    CFO

    Total calculated
    $382,088
    From this org
    $0
    From related orgs
    $338,301
    Other
    $43,787
    Hours/week
    0.58 + 34.42 related

    Schedule J breakdown matched by us

    Base
    $0 + $338,301 related
    Bonus
    $0
    Other
    $0
    Deferred
    $0 + $12,200 related
    Nontaxable benefits
    $0 + $31,587 related
    Filer's total
    $0 + $382,088 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 — 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

  • 7 · Other non-fixed payments

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
  • 8 · Paid under the initial-contract exception

The filer's explanations (Part III)

PART I, LINE 7
BREAKING GROUND ISSUED BONUSES TO TWO OFFICERS IN CALENDAR YEAR 2022: PRESIDENT & CEO, BRENDA ROSEN, AND VICE PRESIDENT OF HOUSING & REAL ESTATE DEVELOPMENT, DAVID BEER. THE BONUSES WERE AUTHORIZED AND APPROVED BY THE COMPENSATION COMMITTEE OF THE BOARD OF DIRECTORS BASED ON BOTH INDIVIDUALS HAVING MET CERTAIN PERFORMANCE BASED OBJECTIVE CRITERIA. THE BOARD'S DECISION-MAKING PROCESS IS MEMORIALIZED IN BOARD COMMITTEE MINUTES.

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.

Provenance

Return type
form_990
Tax year
2022
Filed
27 October 2023
IRS schema version
2022v5.0
Source object
202303109349301785

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