BREAKING GROUND II HOUSING DEVELOP… - Form 990 Financial Data

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Financial Vulnerability Assessment (Tuckman-Chang)

4 risk indicators measuring financial stability and operational resilience

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Financial Trends

Organization Details

Formation Year

1995

Legal Domicile

Principal Officer

BRENDA ROSEN

Phone

2123899300

Tax Period

2023-01-01 to 2023-12-31

BREAKING GROUND II HOUSING DEVELOPMENT FUND CORPORATION, founded in 1995, is a community nonprofit in the Housing & Shelter sector that reported $4.8M in total revenue in fiscal year 2023. Revenue surged 148% from the prior year, signaling strong growth momentum. The organization ran a surplus of $2.8M, a strong 58% operating margin.

Mission

BREAKING GROUND II HDFC, INC. ("BG II") WAS ORGANIZED ON JANUARY 26, 1995, UNDER SECTION 402 OF THE NOT-FOR-PROFIT CORPORATION LAW OF THE STATE OF NEW YORK. BG II IS A NOT-FOR-PROFIT CHARITABLE ORGANIZATION EXEMPT FROM INCOME AND DESCRIPTION OF ORGANIZATION MISSION: EXCISE TAXES UNDER SECTION 501(C)(3)OF THE INTERNAL REVENUE CODE. BG II WAS FORMED FOR THE CHARITABLE PURPOSE OF OWNING, REHABILITATING, MANAGING, MAINTAINING AND OPERATING LOW-INCOME HOUSING PROJECTS AND TO PROVIDE RELATED SOCIAL SERVICE PROGRAMS TO THE TENANTS RESIDING IN THE BUILDINGS OWNED BY RELATED ENTITIES. IN ADDITION, BG II MAY ALSO ACQUIRE PROPERTIES FOR FUTURE DEVELOPMENT AS SUPPORTIVE AND LOW-INCOME HOUSING UNITS.

Program Service Accomplishments

Program 1

Expenses: $1,889,038 Revenue: $8,110,374

BREAKING GROUND II HDFC'S ("BG II") PRIMARY EXEMPT PURPOSE IS TO OWN, REHABILITATE, MANAGE, MAINTAIN, AND OPERATE HOUSING AND SUPPORTIVE SERVICES FOR LOW INCOME AND FORMERLY HOMELESS TENANTS. BG II'S PRIMARY RESIDENCE IS THE PRINCE GEORGE IN MANHATTAN. BUILT IN 1904, THE PRINCE GEORGE WAS ONCE ONE OF NEW YORK CITY'S PREMIER HOTELS. AFTER MANY YEARS OF DECLINE AND NEGLECT, IT WAS REHABILITATED BY BREAKING GROUND AND REOPENED IN 1999 TO PROVIDE 416 UNITS OF AFFORDABLE HOUSING FOR LOW-INCOME AND FORMERLY HOMELESS ADULTS AND PERSONS LIVING WITH HIV/AIDS. THE PRINCE GEORGE IS NOW LISTED ON THE NATIONAL REGISTER OF HISTORIC PLACES. IN SEPTEMBER 2023, BREAKING GROUND COMMENCED CONSTRUCTION ON SUTPHIN SENIOR RESIDENCE, A 15-STORY AFFORDABLE HOUSING PROPERTY AT 97-04 SUTPHIN BOULEVARD IN JAMAICA, QUEENS. THE BUILDING WILL YIELD 173 APARTMENTS RESERVED FOR LOW-INCOME SENIORS, INCLUDING 52 SUPPORTIVE HOUSING UNITS FOR FORMERLY HOMELESS OLDER ADULTS WITH SERIOUS MENTAL ILLNESS OR SUBSTANCE USE DISORDER. THE REMAINING 121 UNITS WILL BE RESERVED FOR ADULTS AGED 62 YEARS OR OLDER, EARNING 50 PERCENT OR LESS THAN THE AREA MEDIAN INCOME. BREAKING GROUND RECOGNIZED $6.2M IN DEVELOPER FEES FOR THIS NEW CONSTRUCTION PROJECT.

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Trantor Score

Financial Health Score (300–850) · Liquidity · Solvency · Sustainability · Efficiency

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Liquidity (40%) • Solvency (30%) • Sustainability (20%) • Efficiency (10%)

Financial Overview (2023)

Revenue Breakdown

Contributions & Grants $0

Program Service Revenue $8,110,374

Investment Income $-3,803,312

Other Revenue $539,188

TOTAL REVENUE $4,846,250

Expense Breakdown

Grants Paid $0

Salaries & Benefits $588,962

Fundraising Expenses $0

Program Expenses $1,889,038

Other Expenses $1,430,853

TOTAL EXPENSES $2,019,815

Year-over-Year Comparison

	2023	2022	Change
Revenue	$4,846,250	$1,951,175	+1.5%
Expenses	$2,019,815	$3,331,378	-0.4%
Net Income	$2,826,435	$-1,380,203	-3.0%

Key Indicators

✗ Grants to Organizations ✗ Grants to Individuals ✗ Lobbying ✗ Political Activity ✗ Foreign Activities ✗ Donor Advised Fund ✗ Schedule B Required

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Financial Health Indicators

Comprehensive financial analysis: Altman Z-Score, liquidity, solvency, sustainability, efficiency, and growth metrics

Financial Distress Indicator

Liquidity & Cash Position

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Altman Z-Score • Liquidity Ratios • Solvency Analysis • Growth Indicators • Efficiency Metrics

Governance

Voting Members

Independent Members

Employees

N/A

Volunteers

N/A

Governance Policies

✓ Conflict of Interest Policy

✓ Whistleblower Policy

✓ Document Retention Policy

Special Practices & Reported Activities

✗ Operated a School

✗ Operated a Hospital

✗ Provided First Class Travel

✗ Reported Conflict of Interest

✗ Reported Asset Diversion

✗ Excess Benefit Transaction

✗ Made Political Expenditures

✗ Engaged in Lobbying

✗ Operated Donor Advised Fund

✗ Maintained Art Collections

✗ Filed Form 720

Compensation of Officers, Directors & Key Employees

Total Officers

$1,581,335

Total Directors

$1,181,073

Key Employees

Highest Compensated

reported

Name	Title	Hours/Week	Role	Reportable Comp	Other Comp	Total
BRENDA E ROSEN	PRESIDENT & CEO	5.26	Officer Director	$0	$13,827	$643,431
DAVID BEER	VICE PRESIDENT	8.16	Officer Director	$0	$47,221	$384,088
JUDITH ROSENFELD	SECRETARY	8.45	Officer Director	$0	$17,273	$153,554
BENJAMIN STACKS	TREASURER	0.08	Officer Director	$0	$0	$0
NICHOLAS TSANG	DIRECTOR	0.16	Director	$0	$0	$0
KEVIN MORAN	CFO	5.26	Officer	$0	$47,221	$400,262

Note: Compensation data is self-reported by the organization on their Form 990. "Reportable Comp" includes salary, bonuses, and other reportable compensation from the organization and related organizations. "Other Comp" includes benefits, deferred compensation, and non-taxable benefits.

Historical Data

Year	Revenue	Expenses	Assets	Net Income
2024	No data	No data	No data	No data
2023	$4,846,250	$2,019,815	$115,715,861	$2,826,435
2022	$1,951,175	$3,331,378	$113,381,926	$-1,380,203
2021	$5,680,382	$2,429,499	$109,976,012	$3,250,883
2020	$11,746,551	$2,291,966	$106,119,684	$9,454,585
2019	$13,025,236	$2,043,112	$94,336,155	$10,982,124
2018	$30,388,931	$1,799,700	$82,347,625	$28,589,231

BREAKING GROUND II HOUSING DEVELOPMENT FUND CORPORATION