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← BREAKING GROUND III HOUSING DEVELOPMENT FUND CORPORATION

Form 990 for tax year 2022

Filed by BREAKING GROUND III HOUSING DEVELOPMENT FUND CORPORATION.

Totals

Total revenue
$315,130
Total expenses
$328,200
Contributions and grants received
$0
Grants paid
$0
Program service revenue
$315,130
Investment income
$0
Other revenue
$0
Total assets, end of year
$95,460
Total liabilities, end of year
$154,739
Net assets or fund balances, end of year
-$59,279
Program services expenses (Part IX)
$287,356
Management and general expenses
$40,844
Fundraising expenses
$0
Program service expenses (Part III)
$287,356

Program services were 87.6% 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 $315,130 · related or exempt $315,130 · unrelated business $0 · excluded $0

Functional expenses

Part IX, the statement of functional expenses.

  • 7 · Other salaries and wages

    total $86,479 · program services $59,897 · management and general $26,582

  • 8 · Pension plan contributions

    total $2,357 · program services $1,642 · management and general $715

  • 9 · Other employee benefits

    total $22,109 · program services $18,694 · management and general $3,415

  • 10 · Payroll taxes

    total $6,051 · program services $4,448 · management and general $1,603

  • 11b · Fees: legal

    total $1,369 · management and general $1,369

  • 11c · Fees: accounting

    total $879 · management and general $879

  • 11g · Fees: other

    total $1,153 · management and general $1,153

  • 16 · Occupancy

    total $5,128 · management and general $5,128

  • 24a · Other expenses: SECURITY EXPENSES

    total $133,373 · program services $133,373

  • 24b · Other expenses: SOCIAL SVCS TO RESIDENT

    total $69,302 · program services $69,302

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $134,963 · end of year $7,048

  • 4 · Accounts receivable

    beginning of year $20,387 · end of year $88,412

  • 17 · Accounts payable and accrued expenses

    beginning of year $2,957 · end of year $4,269

  • 19 · Deferred revenue

    beginning of year $79,228 · end of year $47,537

  • 25 · Other liabilities

    beginning of year $119,374 · end of year $102,933

  • 27 · Net assets without donor restrictions

    beginning of year -$46,209 · end of year -$59,279

Mission and programs · 2022

Mission

SEE SCHEDULE O

Activities or mission (Part I)

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

  • SEE SCHEDULE O

    Expenses $287,356 · Revenue $315,130

As filed on the 2022 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
    $600,372
    From this org
    $0
    From related orgs
    $587,598
    Other
    $12,774
    Hours/week
    0.85 + 34.15 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
    1.3 + 33.7 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
    1.34 + 33.66 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

    TREASURER

    Total calculated
    $0
    Hours/week
    0.01 + 0.54 related

  • Nicholas Tsang

    CHAIRMAN

    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
    0.85 + 34.15 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, 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

  • 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.

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

    EXCLUDED FROM TAX · REAL ESTATE · NY · 99.99% owned · general or managing partner

    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 · 100% owned · controlled entity

    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 CGM

  • 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 CGM

  • 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
2022
Filed
27 October 2023
IRS schema version
2022v5.0
Source object
202343109349301644

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