Breaking Ground III Housing Development Fund Corporation

“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.”

“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 breaking ground iii hdfc's other employees, and/or vendors that conduct business with breaking ground iii hdfc. Breaking ground iii 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, lines 13 & 14: breaking ground iii housing development fund corporation operates under the whistleblower and document retention policy of its affiliate organization, breaking ground housing development fund corporation.”

“Breaking ground iii 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.”

“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.”

“In early 2020, an outbreak of a novel strain of coronavirus, ("covid-19"), emerged globally. As a result, events have occurred, including mandates from federal, state and local authorities leading to an overall decline in economic activity which could result in a loss of lease revenue and other material adverse effects to breaking ground's consolidated financial position, results of operations, and cash flows. As of december 31, 2020, the pandemic is still ongoing. Breaking ground continues to monitor the results of operations to evaluate the financial impact of the pandemic.”

“Breaking ground iii housing development fund corporation does not have its own employees or its own payroll. All employees providing services to breaking ground iii housing development fund corporation 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 breaking ground iii housing development fund corporation based on services rendered to the organization.”

“Breaking ground iii hdfc is included within the audited financial statements of its affiliated entity, breaking ground housing development fund corporation. Breaking ground iii hdfc did not receive any federal awards, nevertheless, its affiliated entity did and thus the operations of breaking ground iii hdfc were included within the omb circular a-133 audit received by breaking ground housing development fund corporation.”