Hot Bread Kitchen Ltd

Nonprofit profile at a glance

EIN
263332972
IRS 990 coverage
2014–2024
Forms available
Form 990 2024, Form 990-T 2024
Location
New York, NY, USA
Phone
2125409070
Rating
82
Verdict
STRONG
Rating confidence
Moderate
Sector
Personal Social Services

Official website

Reported finances

Revenue
$8,449,424
Expenses
$8,228,846
Assets
$13,131,415
Liabilities
$262,435

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

Leadership & pay

23 people listed

Executive titles in this filing

  • LESLIE ABBEY (CHIEF EXECUTIVE OFFICER)

Highest reported compensation

  • LESLIE ABBEY (CHIEF EXECUTIVE OFFICER): $252,637 total reported compensation
  • KRISTINE BOROK (CHIEF OPERATING OFFICER): $184,789 total reported compensation
  • CATHERINE KIM (CHIEF PROGRAM OFFICER): $165,915 total reported compensation

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

Overview

Mission

Hot bread kitchen creates economic opportunity through culinary job skills training and placement, food entrepreneurship, and an ecosystem of support for individuals who face barriers to meaningful careers.

What it reported doing in 2024

Culinary workforce developmenthot bread kitchen's culinary workforce development programs provide members with job skills training and customized job placement, opening pathways to careers in the food industry. In 2024, we enrolled 543 breadwinners in our workforce development programs, including our entry level training programs, culinary fundamentals and culinary career pathways for new new yorkers, and in our upskilling programs, first course nyc and front of house training.our signature program, culinary fundamentals, provides members with 100 hours of technical culinary training provided by expert chef instructors, supplemented by daily professional readiness lessons, english for speakers of other languages classes, customized case management, food handlers certification, and wraparound support. Launched in 2024, culinary career pathways for new new yorkers adapts the culinary fundamentals curriculum to provide urgently-needed pathways to employment for asylum seekers and recently-arrived migrants. To serve this particular population, our new new yorkers program provides: 1) program staff who are bilingual in english and spanish; 2) enhanced esol classes, offered for three hours daily prior to culinary training; and 3) targeted and increased wraparound services.our upskilling programs enable incumbent and experienced food workers to access higher wages and promotions. First course nyc, our inaugural upskilling offering launched in 2023, is an advanced restaurant cook apprenticeship program. Led in partnership with the New York city department of small business services, this course includes eight weeks of culinary training, a six-week on-the-job apprenticeship, and placement into advanced culinary roles in fine dining restaurants. In 2024, hot bread kitchen launched our second upskilling program: front of house training. This five-week course offers instruction in the skills and knowledge required to excel in customer-facing roles in the food industry, which garner higher wages and are more likely to lead to advancement into managerial positions. The program covers customer service skills, communication and conflict resolution, menu description and upselling, point-of-sale systems, and professional readiness.

Operating model

Revenue model
Donor-supported. 77% of the money available for current operations came from contributions and gifts.
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.
  • Includes noncash contributions: Reported contributions include donated property or goods.

The verdict

STRONG - A large share of available resources goes toward mission work and the filed numbers largely add up. Fundraising costs are high for each dollar raised and expenses are high relative to revenue.

Rating breakdown

  • Financial Efficiency: 72
  • Transparency & Controls: 87
  • Accountability: 100
  • Sustainability: 49
  • Growth: 100

Detailed rating inputs

Financial Efficiency

  • Mission deployment rate: 77.3%; rating input score 77
  • Program expense ratio: 77.3%; rating input score 77
  • Fundraising efficiency: $8.87 raised per $1 spent on fundraising; rating input score 34; 34th percentile among comparable filings

Transparency & Controls

  • Consistency checks: 100%; rating input score 100; 63rd percentile among comparable filings
  • Pay-setting controls: 4 of 6 controls in place; rating input score 67
    • Compensation committee: Pass
    • Independent consultant: Missing
    • Other Form 990s reviewed: Pass
    • Written employment contract: Missing
    • Compensation survey or study: Pass
    • Board or committee approval: Pass
  • Foreign activity oversight: Limited
  • Grant itemization coverage: 100%; rating input score 100; 43rd percentile among comparable filings
  • Major donor itemization: Yes; rating input score 100
  • Related-party transparency: Limited

Accountability

  • Independent voting board: 100%; rating input score 100; 63rd percentile among comparable filings
  • Governance controls: 9 of 9 controls in place; rating input score 100
    • Conflict-of-interest policy: Pass
    • Whistleblower policy: Pass
    • Document-retention policy: Pass
    • CEO compensation review process: Pass
    • Other executive compensation review process: Pass
    • Form 990 shared with the board: Pass
    • Board meeting minutes documented: Pass
    • Audit committee oversight: Pass
    • Independent financial-statement audit: Pass

Sustainability

  • Operating margin: 2.6%; rating input score 43; 43rd percentile among comparable filings
  • Total-asset coverage ratio: 1.6; rating input score 54; 54th percentile among comparable filings
  • Liabilities to assets ratio: 0.02; rating input score 80; 80th percentile among comparable filings
  • Officer compensation ratio: 11.5%; rating input score 26; 26th percentile among comparable filings

Growth

  • Program expense growth: 7.5% per year; rating input score 100; 53rd percentile among comparable filings
  • Revenue growth: 8.6% per year; rating input score 100; 63rd percentile among comparable filings
  • Asset growth: 21.6% per year; rating input score 100; 86th percentile among comparable filings

Details

  • Where the money goes: 77.3% of revenue deployed · 77.3% of spending went to programs
  • Governance: 17 of 17 board members independent · 9 of 9 filing controls reported
  • Programs: 3 filed program accomplishments · $6.4M in reported program spending
  • Leadership: top reported pay $253K · 23 people listed · 4 of 6 pay-setting controls reported
  • Highest-paid contractors: 2 contractors listed · $208K reported
  • Consistency: 38 of 38 current checks pass
  • Schedules: 7 filed schedules · includes major donors, grants, and executive pay
  • Filing history: 10 filing years from 2014 to 2024
  • Contacts: How to reach this organization
  • Money network: 6 filed money-flow records
  • Related organizations: Filed and resolved organization relationships.
  • 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.
  • Staff and benefit plans: Retirement and health plans the organization files with the Department of Labor, and the people in them.

Key Signals

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

  • Moderate — Financial Efficiency: Fundraising efficiency scored 34/100.
  • Moderate — Sustainability: Operating margin scored 43/100.
  • Review — Sustainability: Total-asset coverage ratio scored 54/100.
  • High — Sustainability: Officer compensation ratio scored 26/100.