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Nonprofiteer
← BUILDING BRIDGES DEVELOPMENT CORPORATION

Form 990 for tax year 2023

Filed by BUILDING BRIDGES DEVELOPMENT CORPORATION.

Totals

Total revenue
$9,418,968
Total expenses
$738,275
Contributions and grants received
$9,418,938
Grants paid
$0
Program service revenue
$0
Investment income
$30
Other revenue
$0
Total assets, end of year
$25,977,572
Total liabilities, end of year
$21,938,720
Net assets or fund balances, end of year
$4,038,852
Program services expenses (Part IX)
$738,275
Management and general expenses
$0
Fundraising expenses
$0
Program service expenses (Part III)
$738,275

Program services were 100.0% 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.

  • 1e · Government grants (contributions)

    $9,418,938

  • 3 · Investment income

    total $30 · excluded $30

Functional expenses

Part IX, the statement of functional expenses.

  • 11g · Fees: other

    total $46,730 · program services $46,730

  • 13 · Office expenses

    total $7,616 · program services $7,616

  • 22 · Depreciation, depletion and amortization

    total $683,929 · program services $683,929

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $146,817

  • 2 · Savings and temporary cash investments

    beginning of year $2,393 · end of year $2,423

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

    $30,576,491

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

    $4,601,342

  • 10c · Land, buildings and equipment, net

    beginning of year $26,659,079 · end of year $25,975,149

  • 23 · Secured mortgages and notes payable

    beginning of year $31,450,000 · end of year $21,938,720

  • 25 · Other liabilities

    beginning of year $130 · end of year $0

  • 27 · Net assets without donor restrictions

    beginning of year -$4,641,841 · end of year $4,038,852

Mission and programs · 2023

Mission

BUILDING BRIDGES DEVELOPMENT CORPORATION (BBDC) WAS ORGANIZED TO OPERATE EXCLUSIVELY FOR CHARITABLE AND EDUCATIONAL PURPOSES BY CONDUCTING OR SUPPORTING ACTIVITIES OF BUILDING BRIDGES ACROSS THE RIVER (BBAR), A SECTION 501(C)3 ORGANIZATION.

Activities or mission (Part I)

SEE PART III, LINE 1.

  • BUILDING BRIDGES DEVELOPMENT CORPORATION SERVICED THE NEW MARKET TAX CREDITS AND CONSTRUCTION LOANS. THEREFORE, HELPING TO SUPPORT THE ACTIVITIES OF BUILDING BRIDGES ACROSS THE RIVER.

    Expenses $738,275

As filed on the 2023 return.

Listed in Part VII

  • William T Skip McMahon

    CO-FOUNDER

    Total calculated
    $39,448
    From this org
    $0
    From related orgs
    $39,448
    Other
    $0
    Hours/week
    2 + 2 related

  • Jeffery P Capron

    BOARD MEMBER

    Total calculated
    $0
    Hours/week
    2 + 2 related

  • Scott Kratz

    DIRECTOR OF 11TH ST BRIDGE

    Total calculated
    $191,874
    From this org
    $0
    From related orgs
    $172,494
    Other
    $19,380
    Hours/week
    1 + 40 related

    Schedule J breakdown matched by us

    Base
    $0 + $157,494 related
    Bonus
    $0 + $15,000 related
    Other
    $0
    Deferred
    $0 + $7,298 related
    Nontaxable benefits
    $0 + $12,082 related
    Filer's total
    $0 + $191,874 related

  • Rahsaan Bernard

    PRESIDENT AND CEO

    Total calculated
    $366,649
    From this org
    $0
    From related orgs
    $321,549
    Other
    $45,100
    Hours/week
    1 + 40 related

    Schedule J breakdown matched by us

    Base
    $0 + $295,469 related
    Bonus
    $0 + $26,080 related
    Other
    $0
    Deferred
    $0 + $10,927 related
    Nontaxable benefits
    $0 + $34,173 related
    Filer's total
    $0 + $366,649 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

The filer's explanations (Part III)

PART I, LINE 3
BUILDING BRIDGES DC RELIES ON A RELATED ORGANIZATION, BUILDING BRIDGES, TO DETERMINE COMPENSATION OF OFFICERS. BBAR USES THE FOLLOWING METHODS TO ESTABLISH COMPENSATION OF THE PRESIDENT: - COMPENSATION COMMITTEE - APPROVAL BY THE BOARD OR COMPENSATION COMMITTEE

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
2023
Filed
14 November 2024
IRS schema version
2023v5.1
Source object
202443199349306929

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