Pathstone Corporation
- Assets
- $23.5m
- Revenue
- $1.7m
- Investments
- $0.0
- Employees
- 2
- Location
- Rochester, NY
- Founding
- 09/1982
- Data as of
- 09/2021
- EIN
- 16-1265765
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. As of 09/2021, Pathstone Corporation employed 2 individuals. 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 09/2021, Pathstone Corporation generated $1.7m in total revenue. The organization has seen a slow decline revenue. Over the past 6 years, revenues have fallen by an average of (2.6%) each year. All expenses for the organization totaled $1.6m during the year ending 09/2021. You can explore the organizations financials more deeply in the financial statements section below.
Form
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2021
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. 150 AFFORDABLE HOUSING UNITS HAVE BEEN DEVELOPED, $41,430,564 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. THE CURRENT PIPELINE INCLUDES A NUMBER OF DEVELOPMENTS THAT ARE TRANSFORMATIVE TO THE COMMUNITIES THEY ARE LOCATED WITHIN. OUR PRESENT DEVELOPMENTS INCLUDE AN ADAPTIVE REUSE OF A VACANT STORE; HISTORICAL PRESERVATION OF A SIGNIFICANT MAIN ST PROPERTY; DEVELOPING A GREEN PRODUCT THAT CAN BE REPLICATED. 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 82 AFFORDABLE HOUSING COMMUNITIES WHICH COMPRISED 3,717 UNITS THAT PROVIDED HIGH-QUALITY, AFFORDABLE HOMES FOR 8,617 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) | Role | Hours | Compensation |
|---|---|---|---|
Kathleen Greeley Board Treasurer | OfficerTrustee | 0.4 | $0 |
Rebecca Caico ESQ Board Vice Chair (through 12/2020) | OfficerTrustee | 0.4 | $0 |
Joshua Gewolb Board Secretary | OfficerTrustee | 0.4 | $0 |
Jean A Lowe Board Chair | OfficerTrustee | 0.4 | $0 |
Dirk Schneider Board Vice Chair (beginning 1/2021) | OfficerTrustee | 0.4 | $0 |
Ruperto Montero VP For Finance | Officer | 1 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $0 |
| All other contributions, gifts, grants, and similar amounts not included above | $0 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $0 |
| Total Program Service Revenue | $1,028,395 |
| Investment income | $206,063 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $20,730 |
| 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 | $1,653,451 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $0 |
| Grants and other assistance to domestic individuals. | $0 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $18,763 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $0 |
| Payroll taxes | $3,551 |
| Fees for services: Management | $84,590 |
| Fees for services: Legal | $3,500 |
| Fees for services: Accounting | $31,370 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $755,253 |
| Advertising and promotion | $7,255 |
| Office expenses | $27,411 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $154,077 |
| Travel | $4,174 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $2,864 |
| Interest | $12,239 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $45,862 |
| Insurance | $14,332 |
| All other expenses | $13,681 |
| Total functional expenses | $1,586,200 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $225,171 |
| Savings and temporary cash investments | $1,504,462 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $88,156 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $2,905,500 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $9,068 |
| Net Land, buildings, and equipment | $2,046,769 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $6,258,872 |
| Intangible assets | $0 |
| Other assets | $10,465,298 |
| Total assets | $23,503,296 |
| Accounts payable and accrued expenses | $1,015,827 |
| Grants payable | $0 |
| Deferred revenue | $1,495 |
| Tax-exempt bond liabilities | $0 |
| Escrow or custodial account liability | $8,026 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
| Secured mortgages and notes payable | $1,718,064 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $1,874,802 |
| Total liabilities | $4,618,214 |
| Net assets without donor restrictions | $18,885,082 |
| Net assets with donor restrictions | $0 |
| Capital stock or trust principal, or current funds | $0 |
| Paid-in or capital surplus, or land, building, or equipment fund | $0 |
| Retained earnings, endowment, accumulated income, or other funds | $0 |
| Total liabilities and net assets/fund balances | $23,503,296 |
Grants Recieved
Over the last fiscal year, we have identified 1 grants that Pathstone Corporation has recieved totaling $290,500.
| Awarding Organization | Amount |
|---|---|
Neighborhood Reinvestment Corp Washington, DC PURPOSE: EXPENDABLE GRANTS | $290,500 |
Endowment Analysis
| Beg. Balance | $2,019,404 |
| Earnings | -$69,395 |
| Net Contributions | $1,621 |
| Other Expense | $97,000 |
| Ending Balance | $1,854,630 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Champlain Housing Tr Burlington, VT | $156,492,954 | $31,041,858 |
Shared Support South Inc Warrington, PA | $9,549,705 | $20,704,692 |
Viecare Butler Llc Cranberry Township, PA | $15,820,808 | $20,591,438 |
Valley View Haven Inc Belleville, PA | $35,512,325 | $21,268,828 |
The Arc Morris County Chapter Nj Inc Morris Plains, NJ | $23,360,035 | $22,219,596 |
Pathways To Housing Pa Philadelphia, PA | $7,362,789 | $17,371,070 |
Neville Communities Home Inc Cambridge, MA | $11,055,368 | $17,412,264 |
Affordable Housing And Services Collaborative Inc Braintree, MA | $170,389,416 | $17,704,653 |
Fairhaven Healthcare Center Inc Lowell, MA | $23,711,383 | $11,897,110 |
Jewish Federation Housing Development Fund Company Buffalo, NY | $0 | $1,951,149 |
National Affordable Housing Foundation Schenectady Inc Waltham, MA | $11,290,760 | $3,782,521 |
Alfa Development Inc Newfoundland, NJ | $12,469,438 | $16,200,874 |