Civic Intelligence

Hot Bread Kitchen Ltd.

990 • Fiscal year 2022 • EIN 26-3332972

Jan 01, 2022 to Dec 31, 2022 • Filed on Nov 13, 2023

Chelsea Market 75 Ninth Avenue 06New York, NY 10011

(212) 540-9070

Siviq Scores

Precomputed percentiles for this filing year versus similar nonprofits in the same peer cohort.

Liabilities / Assets

17th percentile

0.02x

Higher debt load relative to assets than 17% of similar nonprofits.

2022 filings • NTEE P • $5M-$10M nonprofits • Source year 2022

Liabilities / Revenue

28th percentile

0.07x

Higher debt load relative to revenue than 28% of similar nonprofits.

2022 filings • NTEE P • $5M-$10M nonprofits • Source year 2022

Net Margin

6th percentile

-47%

Higher net margin than 6% of similar nonprofits.

2022 filings • NTEE P • $5M-$10M nonprofits • Source year 2022

Top Officer Pay

75th percentile

$216,883

Higher top officer pay than 75% of similar nonprofits.

Top officer pay equals 7.9% of source-year revenue.

2022 filings • NTEE P • $5M-$10M nonprofits • Source year 2022

Asset Growth

45th percentile

1.5%

Faster asset growth than 45% of similar nonprofits.

2022 filings • NTEE P • $5M-$10M nonprofits • Annualized from 2021 to 2022

Revenue Growth

5th percentile

-47%

Faster revenue growth than 5% of similar nonprofits.

2022 filings • NTEE P • $5M-$10M nonprofits • Annualized from 2021 to 2022

Assets

Up

$9,001,470

Up $137,051 (+1.5%) from 2021

Net Assets

Up

$8,806,582

Up $122,021 (+1.4%) from 2021

Liabilities

Up

$194,888

Up $15,030 (+8.4%) from 2021

Revenue

Down

$2,740,788

Down $2,409,242 (-47%) from 2021

Expenses

Up

$4,036,962

Up $352,168 (+9.6%) from 2021

Net Income

Down

-$1,296,174

Down $2,761,410 (-188%) from 2021

Historical Trend

Balance Sheet Trend

The highlighted filing sits inside the broader history for assets, liabilities, and net assets.

$15M$10M$5.0M$0Assets 2014: $1,228,783Liabilities 2014: $319,005Net Assets 2014: $909,7782014Assets 2015: $2,310,483Liabilities 2015: $592,414Net Assets 2015: $1,718,0692015Assets 2016: $2,380,359Liabilities 2016: $572,887Net Assets 2016: $1,807,4722016Assets 2017: $3,186,365Liabilities 2017: $509,792Net Assets 2017: $2,676,5732017Assets 2018: $3,377,963Liabilities 2018: $542,301Net Assets 2018: $2,835,6622018Assets 2019: $2,944,645Liabilities 2019: $414,296Net Assets 2019: $2,530,3492019Assets 2020: $6,477,369Liabilities 2020: $994,629Net Assets 2020: $5,482,7402020Assets 2021: $8,864,419Liabilities 2021: $179,858Net Assets 2021: $8,684,5612021Assets 2022: $9,001,470Liabilities 2022: $194,888Net Assets 2022: $8,806,5822022Assets 2023: $13,018,041Liabilities 2023: $317,314Net Assets 2023: $12,700,7272023Assets 2024: $13,131,415Liabilities 2024: $262,435Net Assets 2024: $12,868,9802024

Highlighted filing

2022

Assets$9,001,470
Liabilities$194,888
Net Assets$8,806,582

Operations Trend

Revenue, expenses, and net income across loaded years, with this filing highlighted.

$15M$10M$5.0M$0-$5.0MRevenue 2014: $3,081,024Expenses 2014: $2,906,229Net Income 2014: $174,7952014Revenue 2015: $4,577,883Expenses 2015: $3,769,592Net Income 2015: $808,2912015Revenue 2016: $4,253,712Expenses 2016: $4,164,309Net Income 2016: $89,4032016Revenue 2017: $5,250,509Expenses 2017: $4,381,408Net Income 2017: $869,1012017Revenue 2018: $5,505,161Expenses 2018: $5,346,072Net Income 2018: $159,0892018Revenue 2019: $4,314,120Expenses 2019: $4,619,433Net Income 2019: -$305,3132019Revenue 2020: $7,305,391Expenses 2020: $4,353,000Net Income 2020: $2,952,3912020Revenue 2021: $5,150,030Expenses 2021: $3,684,794Net Income 2021: $1,465,2362021Revenue 2022: $2,740,788Expenses 2022: $4,036,962Net Income 2022: -$1,296,1742022Revenue 2023: $11,268,897Expenses 2023: $7,417,565Net Income 2023: $3,851,3322023Revenue 2024: $8,449,424Expenses 2024: $8,228,846Net Income 2024: $220,5782024

Highlighted filing

2022

Revenue$2,740,788
Expenses$4,036,962
Net Income-$1,296,174
Jump To
Filing Snapshot
Filing Period
Jan 1, 2022 to Dec 31, 2022
Signed
Nov 13, 2023
Return Version
2022v5.0
Gross Receipts
$2,805,342
Mission and Program Overview

Mission

Hot bread kitchen creates economic opportunities for immigrant women and women of color through food entrepreneurship, job skills training and an ecosystem of support in nyc.

See schedule ohot bread kitchen creates economic opportunity for women and gender-expansive people, immigrants, and people of color through job skills training, high-quality job placement, food entrepreneurship programs, and an ecosystem of support in new york city.

Balance Sheet Detail
LineBeginningEndChange
Assets
Pledges and Grants Receivable$4,327,325$4,099,656▼ $227,669
Savings and Temporary Cash Investments$4,065,637$3,426,612▼ $639,025
Cash and Non-Interest-Bearing Accounts$224,108$774,203▲ $550,095
Land, Buildings, and Equipment, Net$26,192$417,734▲ $391,542
Investments in Publicly Traded Securities$161,669$200,256▲ $38,587
Prepaid Expenses and Deferred Charges$41,167$62,301▲ $21,134
Accounts Receivable$3,000$9,430▲ $6,430
Total Assets$8,864,419$9,001,470▲ $137,051
Other Assets Total$15,321$11,278▼ $4,043
Liabilities
Accounts Payable and Accrued Expenses$86,951$182,482▲ $95,531
Unsecured Notes Loans Payable$81,958$0▼ $81,958
Deferred Revenue-$7,000-
Other Liabilities$10,949$5,406▼ $5,543
Total Liabilities$179,858$194,888▲ $15,030
Net Assets / Fund Balance
Net Assets With Donor Restrictions$5,085,405$4,644,232▼ $441,173
Net Assets Without Donor Restrictions$3,599,156$4,162,350▲ $563,194
Total Net Assets Fund Balance$8,684,561$8,806,582▲ $122,021
Total Liabilities and Net Assets / Fund Balance$8,864,419$9,001,470▲ $137,051

Asset Categories

AssetBook ValueDepreciationBasis
Leasehold Improvements$259,344$21,612$280,956
Equipment$137,364$54,677$192,041
Other Land Buildings$21,026$122,497$143,523
Compensation and Service Providers

Employees

NameTitleFull / Part TimeBaseOtherTotal
Leslie AbbeyChief Excutive OfficerFT$196,808$20,075$196,808
Kristine BorokChief Operating OfficerFT$154,577$15,000$169,577
Cedric JarrettChief Finance OfficerFT$142,980$2,756$145,736
Catherine KimChief Program OfficerFT$142,980$1,408$144,388
Katherine PeabodyVice President of ProgramsFT$103,831$10,176$114,007

Board Members and Trustees

Revenue and Support

Revenue Composition

Contributions and Grants
$2,697,831
Program Service Revenue
$0
Investment Income
$7,157
Other Revenue
$35,800
All Other Contributions
$2,240,805
Change in Net Assets
$-1,296,174

Audited Revenue Reconciliation

Revenue per Audited Statements
$2,739,596
Revenue Not Reported on Financial Statements
$1,192
Revenue Not Reported on Form 990
$2,637,876
Total Revenue per Audited Statements
$5,377,472
Total Revenue per Form 990
$2,740,788
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Salaries, Compensation, and Employee Benefits$2,908,567
Other Expenses$1,092,394
Total Fundraising Expense$548,699
Professional Fundraising Fees$35,000
Grants and Similar Amounts Paid$1,001

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Other Salaries and Wages$1,530,839$173,181$213,557$1,917,577
Current Officers, Directors, Trustees, and Key Employees$322,055$169,424$69,782$561,261
Payroll Taxes$184,346$33,643$27,785$245,774
Fees for Services Other$23,000$75,833$127,990$226,823
Other Employee Benefits$127,593$20,198$15,449$163,240
Occupancy$136,193$2,838$2,838$141,869
Information Technology$93,325$17,032$14,066$124,423
Office Expenses$64,577$11,785$9,733$86,095
Insurance$33,655$6,142$5,072$44,869
Depreciation Depletion$28,676$5,233$4,322$38,231
Fees for Services Professional Fundraising--$35,000$35,000
Fees for Services Accounting-$26,500-$26,500
Pension Plan Contributions$16,778$1,697$2,240$20,715
Advertising$3,056-$15,541$18,597
Travel$5,530$11,156-$16,686
Other Expenses$11,148$2,034$1,680$14,862
Conferences and Meetings$8,310-$923$9,233
Fees for Services Legal$370$1,480-$1,850
Fees for Services Management-$1,192-$1,192
Grants to Domestic Individuals$1,001--$1,001
Interest$636$116$96$848
Total Functional Expenses$2,925,601$562,662$548,699$4,036,962

Audited Expense Reconciliation

Line ItemAmount
Total Expenses per Audited Statements$5,255,451
Total Expenses per Form 990$4,036,962
Expenses per Audited Statements$4,035,770
Expenses Not Reported on Form 990$1,219,681
Expenses Not Reported on Financial Statements$1,192
Fundraising, Events, and Gaming
Fundraising activities
Yes
Gaming activities
No
Professional fundraiser used
Yes

Fundraising and Gaming Totals

Line ItemAmount
Fundraising Direct Expenses$37,460
Fundraising Gross Income$37,460
Professional Fundraising Fees$35,000

Fundraising Events

EventGross ReceiptsGross RevenueDirect ExpensesNet Income
Proof Benefit Event$296,327$37,460-$37,460
Total Events$296,327$37,460$37,460$0
Political and Lobbying Activity
Political campaign activity
No
Lobbying activity
No
Subject to proxy tax
No
Debt and Bond Financing

Other Reported Liabilities

LiabilityAmount
Operating Lease Right-of-use Liability$5,406
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
No
Annual disclosure for covered persons
Yes
Audit committee
Yes
Business relationship with 35% controlled entity
No
Business relationship with family members
No
Business relationship with organization members
No
Material changes to governing documents
No
Compensation from other sources disclosed
No
CEO compensation reviewed
Yes
Other officer compensation reviewed
Yes
Conflict-of-interest policy
Yes
Audited financial statements prepared
No
Key decisions subject to board approval
No
Management duties delegated
No

Governance Explanations

Form 990, Part VI, Section B, Line 11B

A draft of the 990 is reviewed by the chief executive officer, executive director, treasurer, audit and finance committee of the board, and finance director. Following that review, it is then submitted to the board for review. If the board members have comments, they are incorporated into the final revision before submission to the irs.

Form 990, Part VI, Section B, Line 12C

The conflict of interest policy is contained in article 6 of the organization's by-laws. All directors are required to sign disclosure statements annually to affirm they have received a copy of the policy and agree to comply with the policy. No director may vote on any matter in which he or she has a conflict of interest. Directors who disclose a conflict of interest will not participate in discussions on related transactions. The board has the right to use comparability data on decisions where interested parties are affected.

Form 990, Part VI, Section B, Line 15

The committee reviews compensation in january of each year, and considers information from comparable organizations in making compensation decisions.

Form 990, Part VI, Section C, Line 19

The organization did not make these documents publicly available during 2022.

Filing and Contact Details

Filer

Filer Name
Hot Bread Kitchen Ltd
EIN
26-3332972
Phone
2125409070
Address
CHELSEA MARKET 75 NINTH AVENUE 06, NEW YORK, NY 10011

Signing Officer

Name
Cedric Jarrett
Title
Chief Financial Officer
Phone
3476378374
Signed
2023-11-13
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Leslie Abbey
Formed
2008
Legal Domicile
Ny
Voting Board Members
20
Independent Board Members
20
Employees
54
Volunteers
200

Preparer

Firm
Lutz and Carr Cpas Llp
Address
551 FIFTH AVENUE SUITE 400, NEW YORK, NY 10176
Preparer
Jennifer Coates
Phone
2126972299
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IRS990/ActivityOrMissionDesc0SEE SCHEDULE OHOT BREAD KITCHEN CREATES ECONOMIC OPPORTUNITY FOR WOMEN AND GENDER-EXPANSIVE PEOPLE, IMMIGRANTS, AND PEOPLE OF COLOR THROUGH JOB SKILLS TRAINING, HIGH-QUALITY JOB PLACEMENT, FOOD ENTREPRENEURSHIP PROGRAMS, AND AN ECOSYSTEM OF SUPPORT IN NEW YORK CITY.
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IRS990/Desc0CULINARY WORKFORCE DEVELOPMENTIN 2022, HOT BREAD KITCHEN RETURNED TO IN-PERSON PROGRAMMING FOR THE FIRST TIME SINCE THE COVID-19 PANDEMIC. WE SEVERED A TOTAL OF 316 INDIVIDUALS, WHO WE CALL OUR "MEMBERS", ACROSS ALL OF OUR PROGRAMS, MARKING A 68% INCREASE FROM OUR PREVIOUS HIGHEST YEAR IN 2019. OUT OF THE 316 MEMBERS SERVED, 146 WERE ENROLLED IN OUR CULINARY FUNDAMENTALS JOB TRAINING PROGRAM- OUR SIGNATURE CULINARY TRAINING COURSE THAT PREPARES MEMBERS FOR PLACEMENT IN HIGH-QUALITY, ENTRY-LEVEL ROLES WITHIN OUR NETWORK OF 200+ CAREFULLY SELECTED EMPLOYER PARTNERS, THAT PRIORITIZE HEALTH AND RETIREMENT BENEFITS, PAID TIME OFF,HIGHER-THAN-AVERAGE WAGES, AND OPPORTUNITIES FOR CAREER ADVACEMENT. WE ALSO ENROLLED 122 MEMBERS IN OUR BRIDGE PROGRAMS IN 2022, WHICH INCLUDED ENGLISH FOR SPEAKERS OF OTHER LANGUAGES AND DIGITAL SKILLS COURSES, TO ENSURE THAT OUR MEMBERS HAVE THE FOUNDATIONAL SKILLS THEY NEED TO SUCCEED IN OUR PROGRAMS AND IN THE WORKPLACE. FINALLY, WE ENROLLED 99 MEMBERS IN OUR FOOD PROTECTION COURSE, WHICH PREPARES THEM TO TAKE THE FOOD HANDLERS CERTIFICATION EXAM DELIVERED BY NEW YORK CITY DEPARTMENT OF HEALTH, A KEY CREDENTIAL TO SUPPORT MEMBERS' CAREER ADVANCEMENT IN THE NEW YORK CITY FOOD INDUSTRY. ALL OF HOT BREAD KITCHEN'S PROGRAMS ARE ANCHORED BY AN ECOSYSTEM OF SUPPORT PROVIDED BY OUR COMMUNITY AND MEMBER ENGAGEMENT TEAM, WHO PROVIDES ONE-ON-ONE CASE MANAGEMENT, AND WARM REFERRALS TO A NETWORK OF 300+ COMMUNITY PARTNERS THAT PROVIDE HOUSING AND PUBLIC BENEFITS ASSISTANCE, LEGAL SERVIES, MENTAL HEALTH AND INTIMATE PARTNER VIOLENCE COUNSELING, AFFORABLE CHILDCARE, AND MORE.
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IRS990/Form990PartVIISectionAGrp/TitleTxt20DIRECTOR
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IRS990/Form990PartVIISectionAGrp/TitleTxt24CHIEF PROGRAM OFFICER
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IRS990/MissionDesc0HOT BREAD KITCHEN CREATES ECONOMIC OPPORTUNITY FOR WOMEN AND GENDER-EXPANSIVE PEOPLE, IMMIGRANTS, AND PEOPLE OF COLOR THROUGH JOB SKILLS TRAINING, HIGH-QUALITY JOB PLACEMENT, FOOD ENTREPRENEURSHIP PROGRAMS, AND AN ECOSYSTEM OF SUPPORT IN NEW YORK CITY.
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