2023-11-06T11:05:53-06:00 2022-12-31 366055558 GRANT THORNTON LLP 757 THIRD AVENUE 3RD FLOOR NEW YORK NY 100172013 990 2022-01-01 474986806 ONE RIVERSIDE PARK HOUSING DEVELOPMENT FUND CORPORATION ONER 2123899300 505 EIGHTH AVENUE 5TH FLOOR NEW YORK NY 10018 KEVIN MORAN CFO 2123899300 2023-10-27 1 KEVIN MORAN XXX-XX-XXXX 0 SCOTT THOMPSETT P00741490 2125990100 2023-10-26 2 AAL1 IAL1 2022 2023-04-26 12:10:37Z BRENDA ROSEN 505 EIGHTH AVE 5TH FL NEW YORK NY 10018 681746 0 X WWW.BREAKINGGROUND.ORG X 2015 NY OPERATION OF A HOUSING PROJECT TO ELIGIBLE HOMELESS AND LOW INCOME SINGLE ADULTS (SEE SCHEDULE O). 4 1 0 0 0 0 0 0 672637 681613 5 133 0 0 672642 681746 0 0 0 0 140616 150708 0 0 0 675927 526108 816543 676816 -143901 4930 470324 519910 306748 351404 163576 168506 X SEE SCHEDULE O 0 0 666816 0 681613 ONE RIVERSIDE PARK HOUSING DEVELOPMENT FUND CORPORATION ("ONE RIVERSIDE") WAS FORMED FOR THE CHARITABLE PURPOSE OF OWNING, REHABILITATING AND OPERATING A SUPPORTIVE HOUSING PROJECT AT 40RIVERSIDE BOULEVARD, NEW YORK CITY. ONE RIVERSIDE OWNS AND MANAGES THE BUILDING'S 55 PERMANENTLY AFFORDABLE APARTMENTS, LOCATED IN A RAPIDLY TRANSFORMING NEIGHBORHOOD. WITH A MIX OF STUDIO, ONE- AND TWO-BEDROOM APARTMENTS, 40 RIVERSIDE IS HOME TO LOW-INCOME INDIVIDUALS AND FAMILIES WITH CHILDREN (AT OR BELOW 60% OF THE AREA MEDIAN INCOME). 666816 0 0 0 0 0 0 0 0 0 0 0 0 1 0 1 0 1 0 0 0 0 0 0 0 0 0 0 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 1 0 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 X 4 1 0 0 0 0 1 1 0 1 1 0 0 1 1 1 1 1 1 0 0 0 NY X KEVIN MORAN 2123899300 505 EIGHTH AVENUE NEW YORK NY 10018 BRENDA ROSEN PRESIDENT & CEO 5.60 29.40 X X 0 587598 12774 DAVID BEER VICE PRESIDENT 8.62 26.38 X X 0 306168 43943 TOBY SHERMAN SECRETARY 8.89 26.11 X X 0 256279 19123 BENJAMIN STACKS TREASURER/DIRECTOR 0.09 0.47 X X 0 0 0 KEVIN MORAN CHIEF FINANCIAL OFFICER 5.60 29.40 X 0 338301 43787 0 1488346 119627 0 0 1 0 0 LOW-INCOME HOUSING RENTAL INCOME 900099 680044 680044 ANCILLARY TENANT SERVICES 900099 1569 1569 681613 133 133 681746 681613 0 133 X 122096 122096 22565 22565 6047 6047 65406 65406 11085 11085 10000 10000 4127 4127 4619 4619 288633 288633 721 721 45892 45892 BUILDING MAINTENANCE 77608 77608 TAXES AND LICENSES 14198 14198 BAD DEBT 1324 1324 2495 2495 676816 666816 10000 0 312210 329137 35750 72055 32613 30040 89751 88678 470324 519910 306748 351404 306748 351404 X 163576 168506 163576 168506 470324 519910 4930 0 X X 0 1 X 1 1 1 0 DUE FROM AFFILIATES 88678 88678 X PART X, LINE 2: ONE RIVERSIDE PARK HOUSING DEVELOPMENT FUND CORPORATION IS INCLUDED WITHIN THE CONSOLIDATED FINANCIAL STATEMENTS OF ITS AFFILIATE, BREAKING GROUND HOUSING DEVELOPMENT FUND CORPORATION. THE BELOW FIN-48 FOOTNOTE IS REPRODUCED FROM THE CONSOLIDATED FINANCIAL STATEMENTS. BREAKING GROUND FOLLOWS GUIDANCE THAT CLARIFIES THE ACCOUNTING FOR UNCERTAINTY IN TAX POSITIONS TAKEN OR EXPECTED TO BE TAKEN IN A TAX RETURN, INCLUDING ISSUES RELATING TO FINANCIAL STATEMENT RECOGNITION AND MEASUREMENT. THIS GUIDANCE PROVIDES THAT THE TAX EFFECTS FROM AN UNCERTAIN TAX POSITION CAN ONLY BE RECOGNIZED IN THE CONSOLIDATED FINANCIAL STATEMENTS IF THE POSITION IS "MORE-LIKELY-THAN-NOT" TO BE SUSTAINED IF THE POSITION WERE TO BE CHALLENGED BY A TAXING AUTHORITY. THE ASSESSMENT OF THE TAX POSITION IS BASED SOLELY ON THE TECHNICAL MERITS OF THE POSITION, WITHOUT REGARD TO THE LIKELIHOOD THAT THE TAX POSITION MAY BE CHALLENGED. BREAKING GROUND IS EXEMPT FROM FEDERAL INCOME TAX UNDER IRC SECTION 501(C)(3), THOUGH IT IS SUBJECT TO TAX ON INCOME UNRELATED TO ITS EXEMPT PURPOSE, UNLESS THAT INCOME IS OTHERWISE EXCLUDED BY THE CODE. BREAKING GROUND HAS PROCESSES PRESENTLY IN PLACE TO ENSURE THE MAINTENANCE OF ITS TAX-EXEMPT STATUS; TO IDENTIFY AND REPORT UNRELATED INCOME; TO DETERMINE ITS FILING AND TAX OBLIGATIONS IN JURISDICTIONS FOR WHICH IT HAS NEXUS; AND TO IDENTIFY AND EVALUATE OTHER MATTERS THAT MAY BE CONSIDERED TAX POSITIONS. BREAKING GROUND HAS DETERMINED THAT THERE ARE NO MATERIAL UNCERTAIN TAX POSITIONS THAT REQUIRE RECOGNITION OR DISCLOSURE IN THE CONSOLIDATED FINANCIAL STATEMENTS. IN ADDITION, BREAKING GROUND HAS NOT RECORDED A PROVISION FOR INCOME TAXES AS IT HAS NO MATERIAL TAX LIABILITY FROM UNRELATED BUSINESS INCOME ACTIVITIES. 0 0 0 0 0 0 0 1 0 BRENDA ROSEN PRESIDENT & CEO 0 487598 0 100000 0 0 0 12200 0 574 0 600372 0 0 KEVIN MORAN CHIEF FINANCIAL OFFICER 0 338301 0 0 0 0 0 12200 0 31587 0 382088 0 0 DAVID BEER VICE PRESIDENT 0 286168 0 20000 0 0 0 12200 0 31743 0 350111 0 0 TOBY SHERMAN SECRETARY 0 256279 0 0 0 0 0 9165 0 9958 0 275402 0 0 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. FORM 990, PART III, LINE 1, DESCRIPTION OF ORGANIZATION MISSION: ONE RIVERSIDE PARK HOUSING DEVELOPMENT FUND CORPORATION ("ONE RIVERSIDE") WAS ORGANIZED ON JULY 27, 2015 UNDER SECTION 402 OF THE NOT-FOR-PROFIT CORPORATION LAW OF THE STATE OF NY. ONE RIVERSIDE IS A NOT-FOR-PROFIT CHARITABLE ORGANIZATION EXEMPT FROM INCOME AND EXCISE TAXES UNDER SECTION 501(C)(4) OF THE INTERNAL REVENUE CODE. ONE RIVERSIDE WAS FORMED FOR THE CHARITABLE PURPOSE OF OPERATING A HOUSING PROJECT AT 40 RIVERSIDE BOULEVARD, NEW YORK CITY, WHICH PROVIDES HOUSING TO LOW-INCOME SINGLE ADULTS. FORM 990, PART VI, SECTION A, LINE 6 THE ORGANIZATION'S SOLE CORPORATE MEMBER, AS IDENTIFIED IN ITS BYLAWS, IS BREAKING GROUND II HOUSING DEVELOPMENT FUND CORPORATION. FORM 990, PART VI, SECTION A, LINE 7A THE ORGANIZATION'S BYLAWS RESERVE THE POWER TO APPOINT OR REMOVE BOARD MEMBERS TO THE BOARD OF DIRECTORS OF ITS SOLE CORPORATE MEMBER, BREAKING GROUND II HOUSING DEVELOPMENT FUND CORPORATION. FORM 990, PART VI, SECTION B, LINE 11B ORGANIZATION'S PROCESS USED TO REVIEW FORM 990 THE FORM 990 WAS PREPARED BY AN INDEPENDENT ACCOUNTING FIRM IN CONJUNCTION WITH THE ORGANIZATION'S FINANCE DEPARTMENT. THE FORM HAS BEEN REVIEWED FOR COMPLETENESS AND ACCURACY REGARDING MISSION, PROGRAM ACTIVITIES, FINANCIALS AND GOVERNANCE BY MEMBERS OF THE CORPORATION'S MANAGEMENT. IT HAS ALSO BEEN DISCUSSED AND REVIEWED WITH THE BGI AUDIT CHAIR. THE FINAL VERSIONS WERE MADE AVAILABLE TO EACH MEMBER OF THE BOARD OF DIRECTORS PRIOR TO FILING WITH THE INTERNAL REVENUE SERVICE. DISCUSSION OF FORM 990 REQUIREMENTS, CONTENTS AND BOARD RESPONSIBILITIES OCCUR AT AN ANNUAL BOARD MEETING. FORM 990, PART VI, SECTION B, LINE 12C ENFORCEMENT OF CONFLICT OF INTEREST POLICY THE POLICY AND ANNUAL DISCLOSURE FORMS ARE DISTRIBUTED TO ALL BOARD MEMBERS, OFFICERS AND MANAGEMENT STAFF. EACH INDIVIDUAL IS REQUIRED TO SIGN AND REVIEW THE DISCLOSURE FORM AND PROVIDE INFORMATION ABOUT ANY RELATIONSHIPS THEY MAY HAVE WITH ONE RIVERSIDE PARK HOUSING DEVELOPMENT FUND CORPORATION'S OTHER EMPLOYEES, AND/OR VENDORS THAT CONDUCT BUSINESS WITH ONE RIVERSIDE PARK HOUSING DEVELOPMENT FUND CORPORATION. ONE RIVERSIDE PARK HOUSING DEVELOPMENT FUND CORPORATION OPERATES UNDER THE POLICY OF ITS AFFILIATE ORGANIZATION, BREAKING GROUND HOUSING DEVELOPMENT FUND CORPORATION. ALL SUBMISSIONS ARE REVIEWED BY HUMAN RESOURCES TO DETERMINE IF A CONFLICT EXISTS; WHEN A CONFLICT ARISES, THE INDIVIDUALS AFFECTED ARE PROHIBITED FROM PARTICIPATING IN THE DECISION-MAKING PROCESS RELATED TO ANY TRANSACTION OCCURRING WITH THE CONFLICTED ORGANIZATION. FORM 990, PART VI, SECTION B, LINE 13 & 14: ONE RIVERSIDE PARK HOUSING DEVELOPMENT FUND CORPORATION OPERATES UNDER THE WHISTLEBLOWER AND DOCUMENT RETENTION POLICY OF ITS AFFILIATE ORGANIZATION, BREAKING GROUND HOUSING DEVELOPMENT FUND CORPORATION. FORM 990, PART VI, SECTION C, LINE 19 ONE RIVERSIDE PARK HOUSING DEVELOPMENT FUND CORPORATION MAKES ITS FORM 990 AVAILABLE TO THE PUBLIC BY RETAINING A COPY AT ITS PLACE OF BUSINESS. THE FORM 990 IS LIKEWISE PUBLISHED ON THE INTERNET AT WWW.GUIDESTAR.ORG. THE ORGANIZATION'S FINANCIAL STATEMENTS, GOVERNING DOCUMENTS AND CONFLICT OF INTEREST POLICY ARE NOT ORDINARILY MADE AVAILABLE TO THE PUBLIC, BUT, IF REQUESTED, WILL BE PROVIDED AT MANAGEMENT'S DISCRETION. FORM 990, PART IX: ONE RIVERSIDE PARK HOUSING DEVELOPMENT FUND CORPORATION DOES NOT HAVE ITS OWN EMPLOYEES OR ITS OWN PAYROLL. ALL EMPLOYEES PROVIDING SERVICES TO ONE RIVERSIDE PARK HDFC RECEIVE THEIR W-2S FROM A RELATED ORGANIZATION, COMMON GROUND MANAGEMENT CORPORATION. EXPENDITURES REPORTED ON PART IX, LINES 7, 8, 9 AND 10 REPRESENT THE PORTION OF SALARY AND BENEFITS EXPENDITURES ALLOCATED TO ONE RIVERSIDE PARK HOUSING DEVELOPMENT FUND CORPORATION BASED ON SERVICES RENDERED TO THE ORGANIZATION. FORM 990, PART XII: ONE RIVERSIDE PARK HOUSING DEVELOPMENT FUND CORPORATION IS INCLUDED WITHIN THE AUDITED FINANCIAL STATEMENTS OF ITS AFFILIATED ENTITY, BREAKING GROUND HOUSING DEVELOPMENT FUND CORPORATION. ONE RIVERSIDE PARK HOUSING DEVELOPMENT FUND CORPORATION DID NOT RECEIVE ANY FEDERAL AWARDS, NEVERTHELESS, ITS AFFILIATED ENTITY DID AND THUS THE OPERATIONS OF ONE RIVERSIDE PARK HOUSING DEVELOPMENT FUND CORPORATION WERE INCLUDED WITHIN THE OMB CIRCULAR A-133 AUDIT RECEIVED BY BREAKING GROUND HOUSING DEVELOPMENT FUND CORPORATION. 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