2024-11-06T13:07:35-06:00 2023-12-31 991856619 GRANT THORNTON ADVISORS LLC 757 THIRD AVENUE 3RD FLOOR NEW YORK NY 100172013 990 2023-01-01 831511962 90 SANDS HOUSING DEVELOPMENT FUND CORPORATION 90SA 2123899300 505 EIGHTH AVENUE 5TH FLOOR NEW YORK NY 10018 KEVIN MORAN CFO 2123899300 2024-11-06 1 0 SCOTT THOMPSETT P00741490 2125990100 2023 2024-10-15 13:58:12Z BRENDA ROSEN 505 EIGHTH AVE 5TH FL NEW YORK NY 10018 6486277 0 X WWW.BREAKINGGROUND.ORG X 2018 NY OPERATION OF HOUSING PROJECT FOR THE BENEFIT OF FORMERLY HOMELESS YOUNG ADULTS. 4 1 0 0 0 0 0 0 1094025 6289776 0 0 0 196501 1094025 6486277 0 0 0 0 647155 1269225 0 0 0 6701344 12411050 7348499 13680275 -6254474 -7193998 245808774 249528437 272423229 283336889 -26614455 -33808452 90 SANDS OPERATES A HOUSING PROJECT THAT PROVIDES HOUSING, ACCESS TO JOBS TRAINING AND EMPLOYMENT SERVICES TO ELIGIBLE YOUNG ADULTS, FORMERLY HOMELESS & LOW INCOME SINGLE ADULTS. 0 0 13680275 0 6289776 90 SANDS STREET IS A 29-STORY BUILDING WITH 305 STUDIO UNITS OF SUPPORTIVE HOUSING FOR FORMERLY HOMELESS ADULTS WITH CHRONIC MENTAL ILLNESS AND 202 UNITS FOR LOW- AND MODERATE-INCOME HOUSEHOLDS WITH INCOMES RANGING FROM 30 PERCENT TO 100 PERCENT OF THE AREA MEDIAN INCOME (AMI). ON-SITE SOCIAL SERVICES INCLUDE INDIVIDUALIZED CASE MANAGEMENT, PRIMARY MEDICAL CARE, MENTAL HEALTH SERVICES, VOCATIONAL GUIDANCE, AND BENEFITS COUNSELING. A PORTION OF THE GROUND FLOOR AND CELLAR SPACES WOULD SUPPORT THE COMMUNITY FACILITY AND MANUFACTURING TENANTS. 13680275 1 0 0 0 0 0 0 0 0 0 1 0 0 0 1 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 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 5.26 29.74 X X 0 629604 13827 DAVID BEER CHAIRMAN & VP 8.16 26.84 X X 0 336867 47221 JUDITH ROSENFELD SECRETARY 8.45 26.55 X X 0 136282 17273 BEN STACKS TREASURER 0.08 0.47 X X 0 0 0 KEVIN MORAN CHIEF FINANCIAL OFFICER 5.26 29.74 X 0 353041 47221 0 1455794 125542 0 0 1 0 0 LOW INCOME HOUSING RENTAL INCOME 900099 5926450 5926450 TENANT HOUSING (GOV'T CONTRACTS) 900099 363326 363326 6289776 REIMBURSED CLEANING/UTILITY COSTS 900099 149798 149798 OTHER REIMBURSEMENTS 900099 17929 17929 28774 28774 196501 6486277 6289776 0 196501 1071056 1071056 2908 2908 143624 143624 51637 51637 474995 474995 62217 62217 14500 14500 60750 60750 83399 83399 22590 22590 896862 896862 89 89 8492 8492 6740993 6740993 2107604 2107604 658969 658969 REPAIRS AND MAINTENANCE 663626 663626 SECURITY EXPENSE 483037 483037 BAD DEBT 103611 103611 29316 29316 13680275 13680275 0 0 1661209 3549205 843690 887108 71601795 19263 247013553 2107604 171617291 244905949 84789 166912 245808774 249528437 22136729 27097559 242505220 248619558 7781280 7619772 272423229 283336889 X -26614455 -33808452 -26614455 -33808452 245808774 249528437 -7193998 0 X X 0 1 X 1 1 1 X 1094025 6289776 7383801 1094025 6289776 7383801 0 0 0 7383801 645 292 196501 197438 645 292 1094025 6486277 7581239 0.97400 0.99140 0.00000 0.00000 X SCHEDULE A, PART III, LINE 12, EXPLANATION OF OTHER INCOME: MISCELLANEOUS REVENUE - 2019 AMOUNT: $ 645. 2020 AMOUNT: $ 292. 2021 AMOUNT: $ 0. 2022 AMOUNT: $ 0. 2023 AMOUNT: $ 28,774. REIMBURSED CLEANING/UTILITY COSTS - 2019 AMOUNT: $ 0. 2020 AMOUNT: $ 0. 2021 AMOUNT: $ 0. 2022 AMOUNT: $ 0. 2023 AMOUNT: $ 149,798. OTHER REIMBURSEMENTS - 2019 AMOUNT: $ 0. 2020 AMOUNT: $ 0. 2021 AMOUNT: $ 0. 2022 AMOUNT: $ 0. 2023 AMOUNT: $ 17,929. 245240103 2036854 243203249 691457 32927 658530 1081993 37823 1044170 244905949 DEVELOPMENT FEE PAYABLE 3500000 ADVANCES DUE TO AFFILIATES 2964316 CONSTRUCTION PAYABLE 1010213 SECURITY DEPOSIT PAYABLE 145243 7619772 X PART X, LINE 2: FIN 48 FOOTNOTE 90 SANDS 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 IRC. 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 WAS 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 0 0 BRENDA ROSEN PRESIDENT & CEO 0 529604 0 100000 0 0 0 13200 0 627 0 643431 0 0 KEVIN MORAN CHIEF FINANCIAL OFFICER 0 353041 0 0 0 0 0 13200 0 34021 0 400262 0 0 DAVID BEER CHAIRMAN & VP 0 316867 0 20000 0 0 0 13200 0 34021 0 384088 0 0 JUDITH ROSENFELD SECRETARY 0 136282 0 0 0 0 0 5591 0 11682 0 153555 0 0 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 90 SANDS HOUSING DEVELOPMENT FUND CORPORATION'S OTHER EMPLOYEES, AND/OR VENDORS THAT CONDUCT BUSINESS WITH 90 SANDS HOUSING DEVELOPMENT FUND CORPORATION. 90 SANDS 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: 90 SANDS 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 90 SANDS 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 XII: 90 SANDS HOUSING DEVELOPMENT FUND CORPORATION IS INCLUDED WITHIN THE AUDITED FINANCIAL STATEMENTS OF ITS AFFILIATED ENTITY, BREAKING GROUND HOUSING DEVELOPMENT FUND CORPORATION. 90 SANDS DID NOT RECEIVE ANY FEDERAL AWARDS, NEVERTHELESS, ITS AFFILIATED ENTITY DID AND THUS THE OPERATIONS OF 90 SANDS WERE INCLUDED WITHIN THE OMB CIRCULAR A-133 AUDIT RECEIVED BY BREAKING GROUND HOUSING DEVELOPMENT FUND CORPORATION. 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