2024-11-15T10:59:31-06:00 2023-12-31 991856619 GRANT THORNTON ADVISORS LLC 757 THIRD AVENUE 3RD FLOOR NEW YORK NY 100172013 990 2023-01-01 222917994 BROADWAY HOUSING DEVELOPMENT FUND CO INC BROA 2125682030 583 RIVERSIDE DRIVE NEW YORK NY 10031 DAVID NATHANSON CHIEF FINANCIAL OFFICER 2125682030 2024-11-15 1 0 SCOTT THOMPSETT P00741490 2125990100 2023 2024-10-15 13:58:12Z CHARLENE MELVILLE 583 RIVERSIDE DRIVE NEW YORK NY 10031 828752 0 X BROADWAYHOUSING.ORG X 1998 NY TO DEVELOP, OPERATE & MANAGE HOUSING IN NYC FOR HOMELESS & LOW INCOME INDIVIDUALS & FAMILIES. 2 1 0 0 0 0 0 0 427844 406254 419689 421518 586 980 848119 828752 0 975000 0 0 0 0 0 0 0 913515 968507 913515 1943507 -65396 -1114755 32880239 32077275 1990631 2247013 30889608 29830262 TO DEVELOP, OPERATE AND MANAGE HOUSING IN NEW YORK CITY FOR HOMELESS AND LOW INCOME INDIVIDUALS AND FAMILIES. 0 0 1861982 975000 406254 THE ORGANIZATION DEVELOPS, OWNS AND THROUGH ITS NOT FOR PROFIT AFFILIATE, BROADWAY HOUSING COMMUNITIES INC. ("BHC"), MANAGES PERMANENT HOUSING FOR LOW INCOME AND PREVIOUSLY HOMELESS INDIVIDUALS, INCLUDING THOSE WITH SPECIAL NEEDS. BHDFC OWNS AND OPERATES 2 SUPPORTIVE HOUSING PROJECTS: THE EDGECOMBE, LOCATED AT 345 EDGECOMBE AVENUE, NEW YORK PROVIDING 21 SINGLE ROOM OCCUPANCY UNITS IN A LANDMARKED BUILDING; AND THE DELTA LOCATED AT 475 WEST 145TH STREET COMPRISED OF 32 STUDIO AND ONE BEDROOM APARTMENTS. 1861982 1 0 0 0 0 0 0 0 0 0 1 0 0 1 1 1 0 1 0 0 0 0 0 0 0 0 0 1 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 1 0 0 0 1 3 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 X 2 1 0 0 0 0 1 1 1 1 1 0 0 1 1 1 1 1 1 0 0 0 NY X DAVID NATHANSON CFO 2125682030 583 RIVERSIDE DRIVE NEW YORK NY 10031 ELLEN BAXTER PRESIDENT (THRU 04/23) 5.00 35.00 X X 0 149629 36008 ALAN WEIL VICE PRESIDENT 2.00 12.00 X X 0 0 0 CHARLENE MELVILLE PRESIDENT/CHAIR (AS OF 04/23) 5.00 35.00 X X 0 251162 30648 DAVID NATHANSON TREASURER/SECRETARY 5.00 35.00 X 0 207312 37192 TAYLOR MORLEY CHIEF OPERATING OFFICER (THRU 10/23) 5.00 35.00 X 0 150723 20872 0 758826 124720 0 0 1 0 0 RENTAL INCOME - RESID. 531110 406254 406254 406254 421518 421518 MISCELLANEOUS REVENUE 900099 980 980 980 828752 406254 0 422498 975000 975000 36930 36930 9026 9026 29000 29000 6569 6569 2755 2755 171974 171974 115203 115203 121415 121415 107751 107751 REPAIRS AND MAINTENANCE 165307 165307 EQUIPMENT/FURNITURE 23301 23301 179276 179276 1943507 1861982 81525 0 547005 32254 18111426 18111426 27876 27877 5169832 2469907 2400781 2699925 2312451 1325185 9480700 9880608 32880239 32077275 580065 695400 1410566 1551613 1990631 2247013 X 30889608 29830262 30889608 29830262 32880239 32077275 -1114755 55409 0 X X 0 1 X 1 1 1 X 900000 900000 911634 486048 477306 427844 406254 2709086 911634 486048 1377306 427844 406254 3609086 0 0 0 3609086 377460 377338 385099 419689 421518 1981104 377460 377338 385099 419689 421518 1981104 344933 80051 77238 586 980 503788 1634027 943437 1839643 848119 828752 6093978 0.59220 0.63840 0.32510 0.23990 X SCHEDULE A, PART III, LINE 12, EXPLANATION OF OTHER INCOME: FORGIVENESS ON A LOAN - 2019 AMOUNT: $ 340,463. 2020 AMOUNT: $ 0. 2021 AMOUNT: $ 0. 2022 AMOUNT: $ 0. 2023 AMOUNT: $ 0. MISCELLANEOUS - 2019 AMOUNT: $ 4,470. 2020 AMOUNT: $ 4,266. 2021 AMOUNT: $ 1,007. 2022 AMOUNT: $ 586. 2023 AMOUNT: $ 980. INSURANCE PROCEEDS - 2019 AMOUNT: $ 0. 2020 AMOUNT: $ 75,785. 2021 AMOUNT: $ 76,231. 2022 AMOUNT: $ 0. 2023 AMOUNT: $ 0. 481315 481315 4630767 2463157 2167610 57750 6750 51000 2699925 MORTGAGE INTEREST RECEIVABLE 6040547 DEVELOPER FEE RECEIVABLE 3710278 OTHER RECEIVABLES 129783 9880608 REFUNDABLE ADVANCES 1338000 DUE TO RELATED PARTY 177791 SECURITY DEPOSITS PAYABLE 35822 1551613 X PART X, LINE 2: ASC 740 FOOTNOTE BHDF CO. DOES NOT RECEIVE ITS OWN STANDALONE AUDITED FINANCIAL STATEMENTS; ITS OPERATIONS ARE INCLUDED WITHIN THE FINANCIAL STATEMENTS OF ITS PARENT ORGANIZATION: BROADWAY HOUSING COMMUNITIES INC. THE FIN-48 FOOTNOTE REPRODUCED BELOW IS FROM THE CONSOLIDATED AUDITED FINANCIAL STATEMENTS. BHC (AND ITS CONSOLIDATED SUBSIDIARIES) 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. BHC (AND EACH OF ITS SUBSIDIARIES) HAVE BEEN GRANTED EXEMPTION FROM FEDERAL INCOME TAX PURSUANT TO SECTION 501 (C)(3) AND 501 (C)(4) OF THE INTERNAL REVENUE CODE. BHC HAS PROCESSES PRESENTLY IN PLACE TO ENSURE THE MAINTENANCE OF EACH ENTITY'S TAX-EXEMPT STATUS; TO IDENTIFY AND REPORT UNRELATED BUSINESS INCOME; TO DETERMINE FILING AND TAX OBLIGATIONS IN JURISDICTIONS FOR WHICH THEY HAVE NEXUS; AND TO IDENTIFY AND EVALUATE OTHER MATTERS THAT MAY BE CONSIDERED TAX POSITIONS. BHC HAS DETERMINED THAT THERE ARE NO MATERIAL UNCERTAIN TAX POSITIONS THAT REQUIRE RECOGNITION OR DISCLOSURE IN THE FINANCIAL STATEMENTS. IN ADDITION, BHC HAS NOT RECORDED A PROVISION FOR INCOME TAXES AS IT HAS NO MATERIAL TAX LIABILITY FROM UNRELATED BUSINESS INCOME ACTIVITIES. 1 BROADWAY HOUSING COMMUNITIES INC 583 RIVERSIDE DRIVE NEW YORK NY 10031 133212867 501(C)(3) 975000 0 GENERAL SUPPORT 1 0 PART I, LINE 2: THE ORGANIZATION'S PRIMARY EXEMPT PURPOSE IS TO SUPPORT THE OPERATIONS OF BROADWAY HOUSING COMMUNITIES AND ITS TAX-EXEMPT RELATED AFFILIATED ENTITIES. PERIODICALLY, THE ORGANIZATION MAKES GRANTS BACK TO AFFILIATED ORGANIZATIONS TO SUPPORT THE CHARITABLE INITIATIVES OF THE ENTIRE NETWORK OF HOUSING ENTITIES. NO FURTHER MONITORING OF THE GRANTS IS REQUIRED AS THE SAME INDIVIDUALS AUTHORIZING THE GRANTS OVERSEE THE DISBURSEMENT OF THOSE FUNDS BY THE GRANTEE. 0 0 0 0 0 0 0 0 0 CHARLENE MELVILLE PRESIDENT/CHAIR (AS OF 04/23) 0 251162 0 0 0 0 0 11534 0 19114 0 281810 0 0 DAVID NATHANSON TREASURER/SECRETARY 0 207312 0 0 0 0 0 3885 0 33307 0 244504 0 0 ELLEN BAXTER PRESIDENT (THRU 04/23) 0 149629 0 0 0 0 0 6835 0 29173 0 185637 0 0 TAYLOR MORLEY CHIEF OPERATING OFFICER (THRU 10/23) 0 150723 0 0 0 0 0 7142 0 13730 0 171595 0 0 FORM 990, PART VI, SECTION A, LINE 6 PURSUANT TO THE ORGANIZATION'S BYLAWS, ITS SOLE CORPORATE MEMBER IS ITS PARENT, BROADWAY HOUSING COMMUNITIES, INC. FORM 990, PART VI, SECTION A, LINE 7A THE ORGANIZATION'S BYLAWS RESERVE THE POWER OF APPOINTING (AND/OR REMOVING) THE ORGANIZATION'S BOARD MEMBERS TO THE SOLE CORPORATE MEMBER, BROADWAY HOUSING COMMUNITIES, INC. FORM 990, PART VI, SECTION A, LINE 7B THE ORGANIZATION'S BYLAWS RESERVE CERTAIN POWERS TO THE MEMBER, SUCH AS THE EXCLUSIVE POWER TO AMEND AND REPEAL THE BYLAWS AND THE CERTIFICATE OF INCORPORATION AS WELL AS TO ESTABLISH THE SIZE OF THE BOARD AND THE COMPOSITION OF ITS OFFICER CLASS. FORM 990, PART VI, SECTION B, LINE 11B THE FORM 990 WAS PREPARED BY AN INDEPENDENT ACCOUNTING FIRM IN CONJUNCTION WITH THE ORGANIZATION'S FINANCIAL DEPARTMENT. A COPY OF THE DRAFT FORM 990 WAS CIRCULATED TO THE FULL BOARD OF TRUSTEES IN EITHER PAPER OR ELECTRONIC FORM FOR DISCUSSION AND COMMENT. EACH BOARD MEMBER WAS PROVIDED AMPLE OPPORTUNITY TO COMMENT ON THE INFORMATION CONTAINED IN THE 990 PRIOR TO ITS FILING WITH THE INTERNAL REVENUE SERVICE. FORM 990, PART VI, SECTION B, LINE 12C THE ORGANIZATION OPERATES UNDER THE CONFLICT OF INTEREST POLICY OF ITS PARENT ORGANIZATION, BROADWAY HOUSING COMMUNITIES, INC. EACH OFFICER, DIRECTOR, TRUSTEE AND KEY EMPLOYEE OF THE ORGANIZATION IS REQUIRED TO ANNUALLY DISCLOSE ANY CONFLICTS OF INTEREST THAT ARISE BY VIRTUE OF THEIR EMPLOYMENT, BOARD SERVICE, OR POSITION WITH THE ORGANIZATION. THE ORGANIZATION MONITORS COMPLIANCE WITH ITS CONFLICT OF INTEREST POLICY THROUGH AN ANNUAL QUESTIONNAIRE/DISCLOSURE STATEMENT THAT IS DISTRIBUTED TO THESE INDIVIDUALS. POTENTIAL CONFLICTS ARE INVESTIGATED IMMEDIATELY. SECTION B, POLICIES, LINES 13 AND 14: BHDF CO. OPERATES UNDER THE WHISTLEBLOWER AND DOCUMENT RETENTION POLICY OF ITS PARENT ORGANIZATION, BROADWAY HOUSING COMMUNITIES INC. FORM 990, PART VI, SECTION B, LINE 15 THE ORGANIZATION DOES NOT COMPENSATE ANY OF THE INDIVIDUALS REPORTED ON THE FORM 990, PART VII; ALL COMPENSATION IS PAID BY A RELATED ORGANIZATION, BROADWAY HOUSING COMMUNITIES, INC. THE PROCEDURES EMPLOYED TO DETERMINE THE COMPENSATION OF THESE INDIVIDUALS ARE DISCLOSED ON THAT ORGANIZATION'S FORM 990. FORM 990, PART VI, SECTION C, LINE 19 BHDF CO. MAKES ITS FORM 990 AVAILABLE TO THE PUBLIC BY RETAINING A COPY AT ITS PLACE OF BUSINESS; IT IS, LIKEWISE, PUBLISHED ON THE INTERNET AT WWW.GUIDESTAR.ORG. THE FINANCIAL STATEMENTS, GOVERNING DOCUMENTS AND CONFLICT OF INTEREST POLICY ARE AVAILABLE TO THE PUBLIC AT MANAGEMENT'S DISCRETION. FORM 990, PART XII: THE ORGANIZATION DID NOT RECEIVE A FEDERAL AWARD REQUIRING IT TO UNDERGO A FEDERAL AUDIT; HOWEVER, THE ORGANIZATION'S ACTIVITIES ARE CONSOLIDATED WITHIN THE OMB CIRCULAR A-133 RECEIVED BY ITS PARENT ORGANIZATION, BROADWAY HOUSING COMMUNITIES, INC. BROADWAY HOUSING COMMUNITIES INC 583 RIVERSIDE DRIVE NEW YORK NY 10031 133212867 HOUSING NY 501(C)(3) LINE 7 N/A 0 BROADWAY HOUSING COMMUNITIES FOUNDATION 583 RIVERSIDE DRIVE NEW YORK NY 10031 460730038 SUPPORT ORGANIZATION NY 501(C)(3) LINE 12A, I BHC 0 BROADWAY RIO HOUSING DEVELOPMENT FUND CO 583 RIVERSIDE DRIVE NEW YORK NY 10031 452155957 LOW INCOME HOUSING NY 501(C)(4) BHC 0 BROADWAY SUGAR HILL HOUSING DEV FUND CO 583 RIVERSIDE DRIVE NEW YORK NY 10031 451336601 DEVELOPMENT NY 501(C)(4) BHC 0 SUGAR HILL NEW MARKET TAX CREDIT INC 583 RIVERSIDE DRIVE NEW YORK NY 10031 275111306 DEVELOPMENT NY 501(C)(4) BHC 0 BROADWAY HOUSING SUGAR HILL LESSEE INC 583 RIVERSIDE DRIVE NEW YORK NY 10031 275111161 DEVELOPMENT NY 501(C)(2) BHC 0 SUGAR HILL CHILDREN'S MUSEUM OF ART & ST 583 RIVERSIDE DRIVE NEW YORK NY 10031 465412811 MUSEUM NY 501(C)(3) LINE 7 BHC 0 DOROTHY DAY HOUSING DEVELOPMENT FUND COMPANY INC 583 RIVERSIDE DRIVE NEW YORK NY 10031 852402420 LOW INCOME HOUSING NY 501(C)(4) BHC 0 BROADWAY SUGAR HILL HOUSING LP 583 RIVERSIDE DRIVE NEW YORK NY 10031 275111590 LOW INC HOUSING NY N/A N/A 0 0 583 RIVERSIDE DRIVE LP 583 RIVERSIDE DRIVE NEW YORK NY 10031 522325077 LOW INC HOUSING NY N/A N/A 0 0 0.00010 583 RIVERSIDE DEVELOPMENT INC 10 FT WASHINGTON AVENUE NEW YORK NY 10032 522325076 RENTAL HOUSING NY BHDFC C 3 1.00000 1 SUGAR HILL HOUSING INC 583 RIVERSIDE DRIVE NEW YORK NY 10031 275111474 REAL ESTATE NY N/A C 0 WEST 77TH STREET INC 129 FULTON STREET NEW YORK NY 10038 134186692 LOW INCOME HOUSING NY N/A C 0 0 1 0 0 0 0 0 0 0 0 0 0 1 1 1 1 0 0 0 BROADWAY HOUSING COMMUNITIES INC B 975000 FMV BROADWAY HOUSING COMMUNITIES INC M 36930 FMV BROADWAY HOUSING COMMUNITIES INC O 177790 FMV BROADWAY HOUSING COMMUNITIES INC P 36745 FMV PART IV: BROADWAY HOUSING DEVELOPMENT FUND CO INC OWNS 100% OF 583 RIVERSIDE DEVELOPMENT, INC. 583 RIVERSIDE DEVELOPMENT INC. IS THE GENERAL PARTNER (AND .01% OWNER) IN 583 RIVERSIDE DRIVE LP. THIS LIMITED PARTNERSHIP WAS FORMED TO ACQUIRE, REHABILITATE AND OPERATE A 70-UNIT LOW INCOME RENTAL APARTMENT BUILDING TO MEET THE DEMAND FOR AFFORDABLE HOUSING IN NEW YORK CITY. EFFECTIVE DECEMBER 22, 2023, 583 RIVERSIDE DRIVE LP WAS OFFICIALLY DISSOLVED AND ALL REMAINING ASSETS AND LIABILITIES WERE DISTRIBUTED TO THE TAX-EXEMPT PARTNER, BROADWAY HOUSING COMMUNITIES INC.