Pathstone Corporation

Organization Overview

Pathstone Corporation is located in Rochester, NY. The organization was established in 1982. According to its NTEE Classification (L20) the organization is classified as: Housing Development, Construction & Management, under the broad grouping of Housing & Shelter and related organizations. This organization is a subordinate organization within an affiliated group for tax-exemption purposes. Pathstone Corporation is a 501(c)(3) and as such, is described as a "Charitable or Religous organization or a private foundation" by the IRS.

For the year ending 09/2023, Pathstone Corporation generated $2.9m in total revenue. This represents relatively stable growth, over the past 8 years the organization has increased revenue by an average of 5.3% each year. All expenses for the organization totaled $1.8m during the year ending 09/2023. While expenses have increased by 10.7% per year over the past 8 years. They've been increasing with an increasing level of total revenue. You can explore the organizations financials more deeply in the financial statements section below.

Mission & Program ActivityExcerpts From the 990 Filing

TAX YEAR

2023

Describe the Organization's Mission:

Part 3 - Line 1

DEVELOPING HOUSING THAT WILL BE AFFORDABLE OVER THE LONG-TERM FOR LOW AND MODERATE INCOME FAMILIES.

Describe the Organization's Program Activity:

Part 3 - Line 4a

REAL ESTATE DEVELOPMENT:PATHSTONE AND ITS AFFILIATES WORK WITH COMMUNITY PARTNERS, NON-PROFITS, PRIVATE DEVELOPERS AND GOVERNMENT OFFICIALS TO DESIGN AND BUILD HOUSING THAT IS AFFORDABLE, ACCESSIBLE AND SEAMLESSLY INTEGRATED INTO THE COMMUNITY IN WHICH IT IS BUILT. THE SERVICES OFFERED ARE: DEVELOPMENT AND ACQUISITION OF AFFORDABLE RENTAL HOUSING FOR FAMILIES, FARMWORKERS, SENIORS, AND SPECIAL NEEDS POPULATIONS WHILE ALSO OFFERING AFFORDABLE SINGLE-FAMILY FOR SALE HOME CONSTRUCTION. 205 AFFORDABLE HOUSING UNITS HAVE BEEN DEVELOPED, $43,911,530 HAS BEEN INVESTED IN AFFORDABLE HOUSING DEVELOPMENTS AND 1,003 MANUFACTURED HOMES HAVE BEEN PRESERVED THROUGH RESIDENT OWNERSHIP SINCE THE PROGRAM'S INCEPTION. (CONTINUED ON SCHEDULE O)SERVICES ARE PROVIDED BY PATHSTONE AND ITS AFFILIATES AND ARE AVAILABLE IN: INDIANA, NEW YORK, PENNSYLVANIA, AND PUERTO RICO. FUTURE PROJECTS INCLUDE THE PRESERVATION OF OVER 325 UNITS OF OUR EXISTING PORTFOLIO IN NEW YORK, THE ADAPTIVE RE-USE OF A HISTORIC BUILDING, AND A MIXED-USE NEW CONSTRUCTION DEVELOPMENT ASSOCIATED WITH THE CITY OF ROCHESTER'S INNER LOOP EAST TRANSFORMATION. SINGLE FAMILY FOR SALE REDEVELOPMENT CONTINUES IN INDIANA WITH THREE HOMES COMPLETED. OUR PRESNT DEVELOPMENTS INCLUDE THE NEW CONSTRUCTION OF A SENIOR DEVELOPMENT WHICH WILL BE PATHSTONE'S FIRST PASSIVE HOUSE AND NET-ZERO DEVELOPMENT, AS WELL AS A WORKFORCE HOUSEING LEED GOLD AND ZERO DEVELOPMENT LOCATED ADJACENT TO THE AMAZON ROC 1 FULFULLMENT CENTER. TWO HOMES ARE UNDER CONTRACT IN INDIANA FOR REDEVELOPMENT. IN PUERTO RICO, THE CAROLINAS REDEVELOPMENT WILL PROVIDE 168 UNITES OF MIXED INCOME HOUSING IN COLLABORATION WITH THE LOCAL PUBLIC HOUSING AUTHORITY AND DEPARTMENT OF HOUSING. WE ARE COMMITTED TO PROVIDE HOUSING TO MEET THE NEEDS OF THE COMMUNITIES WE WORK IN.


RENTAL PROPERTY PORTFOLIO:CONSISTS OF THE CORPORATE LEGAL ENTITIES REQUIRED TO OWN AND OPERATE AFFORDABLE RESIDENTIAL RENTAL COMMUNITIES AND THE COMMERCIAL PROPERTIES OWNED BY PATHSTONE CORPORATION AND ITS AFFILIATE ENTITIES. LIMITED PARTNERSHIPS, LIMITED LIABILITY COMPANIES AND EQUITY HOLDING CORPORATIONS ARE ESTABLISHED TO MAINTAIN THE LONG-TERM OWNERSHIP AND ORGANIZATIONAL STRUCTURE REQUIRED BY THE PATHSTONE CORPORATION BOARD OF DIRECTORS AND GOVERNMENTAL AND PRIVATE LENDERS. THE PORTFOLIO PROVIDES HOUSING FOR QUALIFYING FAMILIES, INDIVIDUALS, FARMWORKERS, SENIORS, AND SPECIAL NEEDS POPULATION. (CONTINUED ON SCHEDULE O)THE PORTFOLIO CONSISTS OF 75 AFFORDABLE HOUSING COMMUNITIES WHICH COMPRISED 3,716 UNITS THAT PROVIDED HIGH-QUALITY, AFFORDABLE HOMES FOR 6,704 RESIDENTS. THE PORTFOLIO HAS RENTAL PROPERTIES IN INDIANA, NEW YORK, OHIO, PENNSYLVANIA, AND PUERTO RICO.


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Board, Officers & Key Employees

Name (title)Compensation
Kathleen Greeley
Board Treasurer
$0
Jean A Lowe
Board Chair
$0
Joel Frater
Member
$0
Patrick Tobin
Member
$0
Dirk Schneider
Board Vice Chair
$0
Wilma Alejandro Ramirez
Member
$0

Financial Statements

Statement of Revenue
Federated campaigns$0
Membership dues$0
Fundraising events$0
Related organizations$0
Government grants $136,550
All other contributions, gifts, grants, and similar amounts not included above$150,000
Noncash contributions included in lines 1a–1f $0
Total Revenue from Contributions, Gifts, Grants & Similar$286,550
Total Program Service Revenue$2,165,700
Investment income $262,643
Tax Exempt Bond Proceeds $0
Royalties $0
Net Rental Income $9,670
Net Gain/Loss on Asset Sales $0
Net Income from Fundraising Events $0
Net Income from Gaming Activities $0
Net Income from Sales of Inventory $0
Miscellaneous Revenue$0
Total Revenue $2,925,160

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