Breaking Ground Ii Housing Development Fund Corporation

Nonprofit profile at a glance

EIN
133846708
IRS 990 coverage
2010–2024
Forms available
Form 990 2024
Location
New York, NY, USA
Phone
2123899300
Rating
55
Verdict
MIXED
Rating confidence
Moderate
Sector
Housing Development, Construction, Management

Official website

Reported finances

Revenue
$10,287,949
Expenses
$2,067,217
Assets
$125,161,803
Liabilities
$19,082,046

Source: IRS Form 990. Selected filing: tax year 2024. Amounts in USD.

Leadership & pay

6 people listed

Executive titles in this filing

  • BRENDA E ROSEN (PRESIDENT & CEO)
  • DAVID BEER (VICE PRESIDENT)

Highest reported compensation

  • BRENDA E ROSEN (PRESIDENT & CEO): $656,013 total reported compensation
  • KEVIN MORAN (CFO): $415,906 total reported compensation
  • DAVID BEER (VICE PRESIDENT): $384,032 total reported compensation

Source: IRS Form 990. Selected filing: tax year 2024. Names and roles reflect this filing, not necessarily current officeholders.

Overview

Mission

See schedule o

What it reported doing in 2024

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. (see schedule o)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.

Operating model

Revenue model
Earned-program. 94% of the money available for current operations came from fees and other program revenue.
Distribution model
Direct operator. The filing allocates 100% of reported program-service expenses outside its grant, affiliate-payment, and member-benefit lines. This expense classification does not rule out separately announced grant awards.

The verdict

MIXED - Program spending has grown recently and revenue comfortably covers expenses. A relatively small share of available resources goes toward mission work and few specific pay-setting methods are documented in the filing; unanswered boxes are not proof of absence.

Rating breakdown

  • Financial Efficiency: 41
  • Transparency & Controls: 59
  • Accountability: 56
  • Sustainability: 87
  • Growth: 100

Detailed rating inputs

Financial Efficiency

  • Mission deployment rate: 17.3%; rating input score 17
  • Program expense ratio: 95.8%; rating input score 96
  • Fundraising efficiency: Limited

Transparency & Controls

  • Consistency checks: 92.3%; rating input score 92; 8th percentile among comparable filings
  • Pay-setting controls: 0 of 6 controls in place; rating input score 0
    • Compensation committee: Missing
    • Independent consultant: Missing
    • Other Form 990s reviewed: Missing
    • Written employment contract: Missing
    • Compensation survey or study: Missing
    • Board or committee approval: Missing
  • Foreign activity oversight: Limited
  • Grant itemization coverage: Limited
  • Major donor itemization: Limited
  • Related-party transparency: Limited

Accountability

  • Independent voting board: 40%; rating input score 40; 7th percentile among comparable filings
  • Governance controls: 7 of 9 controls in place; rating input score 78
    • Conflict-of-interest policy: Pass
    • Whistleblower policy: Pass
    • Document-retention policy: Pass
    • CEO compensation review process: Fail
    • Other executive compensation review process: Fail
    • Form 990 shared with the board: Pass
    • Board meeting minutes documented: Pass
    • Audit committee oversight: Pass
    • Independent financial-statement audit: Pass

Sustainability

  • Operating margin: 79.9%; rating input score 98; 98th percentile among comparable filings
  • Total-asset coverage ratio: 60.55; rating input score 99; 99th percentile among comparable filings
  • Liabilities to assets ratio: 0.15; rating input score 65; 65th percentile among comparable filings
  • Officer compensation ratio: 6.4%; rating input score 39; 39th percentile among comparable filings

Growth

  • Program expense growth: 1.6% per year; rating input score 100; 17th percentile among comparable filings
  • Revenue growth: 3.6% per year; rating input score 100; 31st percentile among comparable filings
  • Asset growth: 10% per year; rating input score 100; 65th percentile among comparable filings

Details

  • Where the money goes: 17.3% of revenue deployed · 95.8% of spending went to programs
  • Governance: 2 of 5 board members independent · 7 of 9 filing controls reported
  • Programs: 1 filed program accomplishment · $2M in reported program spending
  • Leadership: top reported pay $656K · 6 people listed · 0 of 6 pay-setting controls reported
  • Consistency: 24 of 25 current checks pass · 1 finding to review
  • Schedules: 5 filed schedules · includes executive pay
  • Filing history: 12 filing years from 2010 to 2024
  • Contacts: How to reach this organization
  • Related organizations: 54 filed related-organization links
  • Grant readiness: Federal tax and exclusion status, award history, and grant-maker relationships.
  • People: Everyone the filings name, and which of them the filings identify by more than a name.

Key Signals

Signals prioritize questions for review. They are not findings of misconduct.

  • High — Financial Efficiency: Mission deployment rate scored 17/100.
  • High — Transparency & Controls: Pay-setting controls scored 0/100.
  • Moderate — Accountability: Independent voting board scored 40/100.
  • Review — Accountability: Governance controls: 2 of 9 not reported.
  • Review — Transparency & Controls: Schedule R controlled transactions itemized did not reconcile in the filed values.
  • Moderate — Sustainability: Officer compensation ratio scored 39/100.