BREAKING GROUND III HDFC

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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

2000

Legal Domicile

Principal Officer

BRENDA ROSEN

Phone

2123899300

Tax Period

2023-01-01 to 2023-12-31

BREAKING GROUND III HDFC, founded in 2000, is a small nonprofit in the Housing & Shelter sector that reported $361K in total revenue in fiscal year 2023. Revenue grew 15% year-over-year, indicating healthy expansion.

Mission

BREAKING GROUND III HOUSING DEVELOPMENT FUND CORPORATION ("BG III") WAS ORGANIZED ON OCTOBER 24, 2000 UNDER SECTION 402 OF THE NOT-FOR-PROFIT CORPORATION LAW OF THE STATE OF NY. BG III IS A NOT-FOR-PROFIT CHARITABLE ORGANIZATION EXEMPT FROM INCOME AND EXCISE TAXES UNDER SECTION 501(C)(3) OF THE INTERNAL REVENUE CODE. BG III WAS FORMED FOR THE CHARITABLE PURPOSE OF OPERATING A HOUSING PROJECT AT 202 WEST 24TH STREET, NEW YORK CITY, A BUILDING THAT WAS PURCHASED THROUGH A LOAN FROM THE CITY OF NEW YORK DEPARTMENT OF HOUSING PRESERVATION AND DEVELOPMENT, WHICH PROVIDES HOUSING AND SOCIAL SERVICES TO QUALIFYING YOUNG ADULTS, FORMERLY HOMELESS AND LOW-INCOME SINGLE ADULTS.

Program Service Accomplishments

Program 1

Expenses: $313,547 Revenue: $361,336

BREAKING GROUND III HOUSING DEVELOPMENT FUND CORPORATION (BG III) WAS FORMED FOR THE CHARITABLE PURPOSE OF OWNING, REHABILITATING AND OPERATING A SUPPORTIVE HOUSING PROJECT CALLED THE CHRISTOPHER AT 202 WEST 24TH STREET, NEW YORK CITY. THE HOUSING PROJECT PROVIDES HOUSING AND EMPLOYMENT SERVICES TO QUALIFYING YOUNG ADULTS WHO ARE FORMERLY HOMELESS, AND TO LOW INCOME AND SPECIAL NEEDS SINGLE ADULTS. BUILT ORIGINALLY IN 1904, THE CHRISTOPHER IS THE SITE OF THE FORMER ROBERT MCBURNEY YMCA, AND WAS AN IMPORTANT FIXTURE IN MANHATTAN'S VIBRANT CHELSEA NEIGHBORHOOD. REHABILITATED BY BREAKING GROUND IN 2004, THE CHRISTOPHER PROVIDES 166 UNITS OF PERMANENT SUPPORTIVE HOUSING FOR LOW-INCOME OR FORMERLY HOMELESS ADULTS AND PERSONS LIVING WITH HIV/AIDS. THE CHRISTOPHER ALSO HOUSES THE FOYER PROGRAM, A 40 BED HOUSING-BASED CAREER DEVELOPMENT PROGRAM TARGETING YOUNG ADULTS AGES 18-24 WHO ARE "AGING OUT" OF FOSTER CARE OR ALREADY HOMELESS. GOOD SHEPHERD SERVICES PROVIDES EDUCATION, CAREER AND OTHER ASSISTANCE TO RESIDENTS OF THE FOYER PROGRAM WHICH ARE SPECIFICALLY TAILORED TO THE CIRCUMSTANCES OF YOUNG ADULTS PREPARING FOR INDEPENDENCE.

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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 $361,336

Investment Income $0

Other Revenue $0

TOTAL REVENUE $361,336

Expense Breakdown

Grants Paid $0

Salaries & Benefits $129,028

Fundraising Expenses $0

Program Expenses $313,547

Other Expenses $229,811

TOTAL EXPENSES $358,839

Year-over-Year Comparison

	2023	2022	Change
Revenue	$361,336	$315,130	+0.1%
Expenses	$358,839	$328,200	+0.1%
Net Income	$2,497	$-13,070	-1.2%

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

$1,581,336

Total Directors

$1,181,074

Key Employees

Highest Compensated

reported

Name	Title	Hours/Week	Role	Reportable Comp	Other Comp	Total
BRENDA E ROSEN	PRESIDENT & CEO	0.93	Officer Director	$0	$13,827	$643,431
DAVID BEER	SECRETARY	1.44	Officer Director	$0	$47,221	$384,088
JUDITH ROSENFELD	DIRECTOR	1.50	Officer Director	$0	$17,273	$153,555
BENJAMIN STACKS	TREASURER	0.01	Officer Director	$0	$0	$0
NICHOLAS TSANG	CHAIRMAN	0.01	Officer Director	$0	$0	$0
KEVIN MORAN	CFO	0.93	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	$361,336	$358,839	$1,083,679	$2,497
2022	$315,130	$328,200	$95,460	$-13,070
2021	$273,290	$296,189	$155,350	$-22,899
2020	$307,743	$308,432	$91,495	$-689
2019	$287,262	$285,359	$165,606	$1,903
2018	$299,359	$301,459	$151,912	$-2,100