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← BREAKING GROUND HOUSING DEVELOPMENT FUND CORPORATION

Form 990 for tax year 2024

Filed by BREAKING GROUND HOUSING DEVELOPMENT FUND CORPORATION.

Totals

Total revenue
$35,558,133
Total expenses
$25,040,971
Contributions and grants received
$20,035,333
Grants paid
$0
Program service revenue
$14,200,947
Investment income
$809,351
Other revenue
$512,502
Total assets, end of year
$220,896,027
Total liabilities, end of year
$63,261,368
Net assets or fund balances, end of year
$157,634,659
Program services expenses (Part IX)
$22,622,471
Management and general expenses
$1,680,685
Fundraising expenses
$737,815
Program service expenses (Part III)
$22,622,471

Program services were 90.3% 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.

  • 1c · Fundraising events

    $4,061,025

  • 1f · All other contributions, gifts and grants

    $15,974,308

  • 1g · Noncash contributions included above

    $256,214

  • 2a · Program service revenue: LOW INCOME HOUSING RENTAL INCOME

    total $7,790,155 · related or exempt $7,790,155

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

    total $6,227,081 · related or exempt $6,227,081

  • 2c · Program service revenue: ANCILLARY TENANT SERVICES

    total $183,711 · related or exempt $183,711

  • 3 · Investment income

    total $1,228,684 · excluded $1,228,684

  • 6a · Gross rents

    real property $815,852

  • 6b · Less rental expenses

    real property $0

  • 6c · Rental income or loss

    real property $815,852

  • 6d · Net rental income or loss

    total $815,852 · excluded $815,852

  • 7b · Less cost or other basis and sales expenses

    other assets $419,333

  • 7c · Gain or loss

    other assets -$419,333

  • 7d · Net gain or loss

    total -$419,333 · excluded -$419,333

  • 8a · Fundraising events: gross income

    $213,900

  • 8a · Fundraising events: contributions included on line 1c

    $4,061,025

  • 8b · Fundraising events: direct expenses

    $645,952

  • 8c · Net income from fundraising events

    total -$432,052 · excluded -$432,052

  • 11d · All other revenue

    total $128,702 · excluded $128,702

  • 11e · Other revenue, total

    $128,702

Functional expenses

Part IX, the statement of functional expenses.

  • 7 · Other salaries and wages

    total $7,846,711 · program services $6,596,778 · management and general $699,343 · fundraising $550,590

  • 8 · Pension plan contributions

    total $70,387 · program services $35,861 · management and general $19,266 · fundraising $15,260

  • 9 · Other employee benefits

    total $1,526,493 · program services $1,358,415 · management and general $109,289 · fundraising $58,789

  • 10 · Payroll taxes

    total $565,555 · program services $467,974 · management and general $56,858 · fundraising $40,723

  • 11a · Fees: management

    total $525,777 · program services $525,777

  • 11b · Fees: legal

    total $278,204 · program services $226,382 · management and general $51,822

  • 11c · Fees: accounting

    total $31,191 · program services $14,500 · management and general $16,691

  • 11g · Fees: other

    total $437,856 · program services $391,410 · management and general $46,446

  • 13 · Office expenses

    total $465,848 · program services $464,798 · fundraising $1,050

  • 14 · Information technology

    total $124,567 · program services $124,567

  • 16 · Occupancy

    total $3,727,209 · program services $3,641,439 · management and general $85,770

  • 17 · Travel

    total $11,733 · program services $11,733

  • 19 · Conferences, conventions and meetings

    total $69,359 · program services $67,394 · fundraising $1,965

  • 20 · Interest

    total $866,686 · program services $375,267 · management and general $491,419

  • 22 · Depreciation, depletion and amortization

    total $1,648,228 · program services $1,648,228

  • 23 · Insurance

    total $738,225 · program services $738,225

  • 24a · Other expenses: REPAIRS AND MAINTENANCE

    total $1,471,048 · program services $1,471,048

  • 24b · Other expenses: SECURITY EXPENSES

    total $1,436,531 · program services $1,436,531

  • 24c · Other expenses: TENANT SOCIAL SERVICES

    total $1,255,151 · program services $1,255,151

  • 24d · Other expenses: BAD DEBT EXPENSE

    total $901,650 · program services $837,042 · management and general $283 · fundraising $64,325

  • 24e · All other expenses

    total $1,042,562 · program services $933,951 · management and general $103,498 · fundraising $5,113

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $2,019,354 · end of year $5,157,252

  • 2 · Savings and temporary cash investments

    beginning of year $1,975,320 · end of year $2,361,632

  • 4 · Accounts receivable

    beginning of year $21,366,683 · end of year $26,053,443

  • 7 · Other notes and loans receivable

    beginning of year $39,182,147 · end of year $40,240,485

  • 9 · Prepaid expenses and deferred charges

    beginning of year $138,696 · end of year $152,269

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

    $71,133,352

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

    $44,227,408

  • 10c · Land, buildings and equipment, net

    beginning of year $28,572,771 · end of year $26,905,944

  • 15 · Other assets

    beginning of year $121,545,625 · end of year $120,025,002

  • 17 · Accounts payable and accrued expenses

    beginning of year $5,007,283 · end of year $6,257,755

  • 19 · Deferred revenue

    beginning of year $1,995,358 · end of year $2,650,417

  • 23 · Secured mortgages and notes payable

    beginning of year $54,849,707 · end of year $48,549,707

  • 25 · Other liabilities

    beginning of year $6,007,222 · end of year $5,803,489

  • 27 · Net assets without donor restrictions

    beginning of year $125,554,759 · end of year $144,697,410

  • 28 · Net assets with donor restrictions

    beginning of year $21,386,267 · end of year $12,937,249

Mission and programs · 2024

Mission

SEE SCHEDULE O

Activities or mission (Part I)

WE OFFER AFFORDABLE HOUSING AND SUPPORT PROGRAMS FOR HOMELESS AND VULNERABLE NEW YORKERS.

  • THE TIMES SQUARE IS BREAKING GROUND'S FLAGSHIP SUPPORTIVE HOUSING RESIDENCE. BREAKING GROUND TRANSFORMED THIS BUILDING INTO THE LARGEST PERMANENT SUPPORTIVE HOUSING RESIDENCE IN THE NATION AND CONTRIBUTED TO THE REVITALIZATION OF THE TIMES SQUARE NEIGHBORHOOD AS A WHOLE WHILE DEMONSTRATING A NEW APPROACH TO ENDING LONG-TERM URBAN HOMELESSNESS. THE TIMES SQUARE COMBINES PERMANENT AFFORDABLE HOUSING FOR LOW-INCOME AND FORMERLY HOMELESS ADULTS, PERSONS WITH SERIOUS MENTAL ILLNESS AND PERSONS LIVING WITH HIV/AIDS. A RANGE OF ON-SITE SOCIAL SERVICES ARE PROVIDED BY BREAKING GROUND'S SOCIAL SERVICE PARTNER, THE CENTER FOR URBAN COMMUNITY SERVICES.

    Expenses $11,952,550 · Revenue $8,768,926

  • SCATTER SITE LIVING PROVIDES CLIENTS WITH SPECIAL NEEDS AN OPPORTUNITY TO LIVE IN THE COMMUNITY IN AN APARTMENT SETTING WHILE STILL RECEIVING SUPPORTIVE SERVICES. THESE PROGRAMS ASSIST INDIVIDUALS WITH THEIR REINTEGRATION INTO THE COMMUNITY AND MOVE TOWARD GREATER STABILITY AND INDEPENDENCE. CLIENTS WORK WITH CASE MANAGERS TO DEVELOP MUTUALLY AGREEABLE GOALS AND SERVICE PLANS AIMED AT IMPROVING THEIR INDIVIDUAL LIVES. SOME OF THE SERVICES PROVIDED INCLUDE:*DAILY LIVING SKILLS AND MONEY MANAGEMENT *POSITIVE SOCIAL NETWORKING AND FAMILY INTEGRATION *MEDICATION MANAGEMENT *VOCATIONAL AND EDUCATIONAL SERVICES *HEALTH AND MEDICAL SERVICES*CRISIS INTERVENTION *CLIENT SELF-ADVOCACY STREET TO HOME OUTREACH

    Expenses $3,451,374 · Revenue $3,459,321

  • PARK HOUSE AND WEBSTER AVENUE PARK HOUSE IS BREAKING GROUND'S FIRST AFFORDABLE FAMILY PROJECT. IT SHARES A LARGE SITE WITH A COMPANION BUILDING, WEBSTER AVENUE SUPPORTIVE RESIDENCE, RECLAIMING A BROWNFIELD SITE. THE 243,760 SF, 12-STORY PROJECT CONTAINS 248 STUDIO, ONE-, TWO-,AND THREE-BEDROOM UNITS THAT ARE HOME TO LOW-INCOME WORKING ADULTS AND FAMILIES.WEBSTER AVENUE SUPPORTIVE RESIDENCE PROVIDES 170 MICROSTUDIO APARTMENTS FOR FORMERLY HOMELESS SINGLE ADULTS - MANY LIVING WITH HIV/AIDS OR SPECIAL NEEDS - AND LOW-INCOME WORKING ADULTS FROM THE BRONX COMMUNITY. TOGETHER, PARK HOUSE AND WEBSTER PROVIDE 418 UNITS OF SUPPORTIVE AND AFFORDABLE HOUSING IN THE TREMONT SECTION OF THE BRONX.

    Expenses $1,578,950 · Revenue $1,476,919

  • STREET TO HOME OUTREACH PROGRAM FOUNDED ON THE PREMISE THAT HOUSING IS THE ESSENTIAL FIRST STEP TO ADDRESSING THE COMPLEX ISSUES FACED BY CHRONICALLY HOMELESS INDIVIDUALS. STREET TO HOME IS A SYSTEMATIC METHOD OF IDENTIFYING AND PRIORITIZING FOR HOUSING THOSE WHO HAVE BEEN OUTDOORS THE LONGEST AND WHO HAVE THE HIGHEST RISK OF PREMATURE DEATH ON THE STREETS.THE CHRONICALLY HOMELESS ARE SOMETIMES REFERRED TO AS "HARD TO HOUSE" DUE TO THEIR NON-RESPONSIVENESS TO TRADITIONAL OUTREACH EFFORTS (E.G., OFFERS OF A NIGHT IN THE SHELTER OR A WARM MEAL) AND THE CHALLENGES TO STABILITY POSED BY SEVERE AND PERSISTENT MENTAL ILLNESS, CHRONIC HEALTH CONDITIONS AND ALCOHOL AND SUBSTANCE ABUSE. BY TAKING THE TIME TO GAIN THE TRUST OF CHRONICALLY HOMELESS INDIVIDUALS GRADUALLY OVER TIME, AND OFFERING HOUSING WITHOUT CONDITIONS (E.G., SOBRIETY), STREET TO HOME DEMONSTRATES THAT THESE INDIVIDUALS DO WANT A HOME AND CAN SUCCESSFULLY SECURE AND MAINTAIN PERMANENT HOUSING.THE STREET TO HOME MODEL WAS PIONEERED BY BREAKING GROUND IN 2004 AND ADOPTED BY THE NYC DEPARTMENT OF HOMELESS SERVICES AS A CITYWIDE STRATEGY IN 2007. THROUGH OUR STREET TO HOME PROGRAM, BREAKING GROUND MAKES CONTACT WITH AN AVERAGE OF 1,000 STREET HOMELESS INDIVIDUALS AND CONNECTS MORE THAN 300 INDIVIDUALS TO HOUSING, MEDICAL AND MENTAL HEALTH SERVICES, SUBSTANCE ABUSE COUNSELING, AND OTHER ESSENTIALS SUPPORTS EACH YEAR.THE CARING, INDIVIDUALLY TAILORED ATTENTION CLIENTS RECEIVE AT EACH STAGE OF THEIR JOURNEY FROM STREET TO HOME ENSURES THAT MORE THAN 90% OF PEOPLE WHO BREAKING GROUND PLACES REMAIN STABLY HOUSED. BREAKING GROUND AND ITS PARTNERS ARE RESPONSIBLE FOR COVERING THE ENTIREBOROUGHS OF BROOKLYN AND QUEENS, AND ONE-THIRD OF MANHATTAN.

    Expenses $5,639,597 · Revenue $495,781

As filed on the 2024 return. The filer continues this part on Schedule O, which is not shown here.

Listed in Part VII

  • BRENDA ROSEN

    PRESIDENT & CEO

    Total calculated
    $656,013
    From this org
    $0
    From related orgs
    $641,542
    Other
    $14,471
    Hours/week
    10.43 + 24.57 related

    Schedule J breakdown matched by us

    Base
    $0 + $641,542 related
    Bonus
    $0
    Other
    $0
    Deferred
    $0 + $13,800 related
    Nontaxable benefits
    $0 + $671 related
    Filer's total
    $0 + $656,013 related

  • MICHAEL FRANCO

    CHAIRMAN

    Total calculated
    $0
    Hours/week
    0.63

  • DAVID PICKET

    DIRECTOR

    Total calculated
    $0
    Hours/week
    0.46

  • BEN STACKS

    TREASURER

    Total calculated
    $0
    Hours/week
    0.11 + 0.25 related

  • MICHAEL RYAN

    DIRECTOR

    Total calculated
    $0
    Hours/week
    0.45

  • RICHARD ROBERTS

    DIRECTOR

    Total calculated
    $0
    Hours/week
    0.29

  • NICHOLAS TSANG

    SECRETARY

    Total calculated
    $0
    Hours/week
    0.12 + 0.28 related

  • DAVID WALSH

    DIRECTOR

    Total calculated
    $0
    Hours/week
    0.36

  • KARA MCSHANE

    DIRECTOR

    Total calculated
    $0
    Hours/week
    0.4

  • MICHAEL LASCHER

    DIRECTOR

    Total calculated
    $0
    Hours/week
    0.35

  • ANNIE TIRSCHWELL

    DIRECTOR

    Total calculated
    $0
    Hours/week
    0.35

  • PETER EZERSKY

    DIRECTOR (THRU 12/2024)

    Total calculated
    $0
    Hours/week
    0.35

  • KIRK GOODRICH

    DIRECTOR

    Total calculated
    $0
    Hours/week
    0.23

  • MICHAEL WERNER

    DIRECTOR

    Total calculated
    $0
    Hours/week
    0.17

  • ANDY D'AMICO

    DIRECTOR

    Total calculated
    $0
    Hours/week
    0.4

  • MARK LEVY

    DIRECTOR

    Total calculated
    $0
    Hours/week
    0.23

  • LOUISE CARROLL

    DIRECTOR

    Total calculated
    $0
    Hours/week
    0.29

  • KEVIN MORAN

    CFO

    Total calculated
    $415,906
    From this org
    $0
    From related orgs
    $365,675
    Other
    $50,231
    Hours/week
    10.43 + 24.57 related

    Schedule J breakdown matched by us

    Base
    $0 + $365,675 related
    Bonus
    $0
    Other
    $0
    Deferred
    $0 + $13,800 related
    Nontaxable benefits
    $0 + $36,431 related
    Filer's total
    $0 + $415,906 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

  • 3 · Independent compensation consultant
  • 3 · Compensation survey or study
  • 3 · Approval by the board or compensation committee

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.

Disregarded entities

Part I: entities that legally are the filer and file no return of their own.

Related partnerships

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

Related corporations and trusts

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

Provenance

Return type
form_990
Tax year
2024
Filed
7 November 2025
IRS schema version
2024v5.2
Source object
202543119349301994

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