Wisconsin Housing Preservation Corp
- Assets
- $469.7m
- Revenue
- $73.4m
- Investments
- $650.0k
- Employees
- 0
- Location
- Madison, WI
- Founding
- 04/2002
- Data as of
- 12/2023
- EIN
- 30-0002040
Organization Overview
Wisconsin Housing Preservation Corp is located in Madison, WI. The organization was established in 2002. According to its NTEE Classification (L21) the organization is classified as: Low-Income & Subsidized Rental Housing, under the broad grouping of Housing & Shelter and related organizations. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Wisconsin Housing Preservation Corp 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 12/2023, Wisconsin Housing Preservation Corp generated $73.4m in total revenue. This represents relatively stable growth, over the past 9 years the organization has increased revenue by an average of 7.1% each year. All expenses for the organization totaled $68.9m during the year ending 12/2023. While expenses have increased by 7.6% per year over the past 9 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.
Form
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2023
Describe the Organization's Mission:
Part 3 - Line 1
TO PRESERVE, PROVIDE, AND PROTECT AFFORDABLE HOUSING FOR THE LOW AND MODERATE INCOME INDIVIDUALS AND FAMILIES LIVING IN THE STATE OF WISCONSIN.
Describe the Organization's Program Activity:
Part 3 - Line 4a
WHPC ACQUIRED 272 ADDITIONAL HOUSING UNITS IN 2023. THE TOTAL OF LEASABLE UNITS IN THE WHPC PORTFOLIO IS 8,993 AT DECEMBER 31, 2023, AND THE TOTAL NUMBER OF PROJECTS IS 153, IN WHICH WHPC HAD FULL OWNERSHIP OR A LIMITED INTEREST IN. AT DECEMBER 31, 2023, THERE ARE 5,640 UNITS, OR 95 PROJECTS, THAT ARE 100% OWNED BY WHPC. THIS FORM 990 SUBMISSION INCLUDES THE OPERATING ACTIVITY OF 95 PROJECTS. FOUR OTHER PROJECTS WITH 64 UNITS OWNED BY 3 INDIVIDUAL ENTITIES FILE SEPARATE FORMS 990. WHPC HAS AN OWNERSHIP INTEREST AND IS THE MANAGING MEMBER OF ANOTHER 3,289 UNITS, OR 54 PROJECTS, WHICH ARE REPORTED ON SEPARATE TAX RETURNS. 72% OF THE PROPERTIES INCLUDED IN THIS SUBMISSION OPERATE WITH SUBSIDIES RECEIVED FROM THE US DEPARTMENT OF HOUSING & URBAN DEVELOPMENT (HUD) OR THE USDA RURAL DEVELOPMENT (RD), AND 74% OF THE PROPERTIES ARE INCOME AND RENT RESTRICTED. 16% OF THE PROPERTIES ALSO RECEIVED HUD SERVICE COORDINATOR GRANT FUNDS, WHICH ENABLE THE ELDERLY AND DISABLED PROPERTIES TO HIRE SPECIALIZED STAFF FOR CASE MANAGEMENT AND REFERRAL SERVICES, LINKING THEM TO COMMUNITY AGENCIES, EDUCATING THEM ON AVAILABLE SERVICES AND TENANCY ISSUES, AND OTHER FUNCTIONS TO FACILITATE INDEPENDENT LIVING. THE DECEMBER 31, 2023 AVERAGE OCCUPANCY RATE FOR THE 91 PROJECTS REPORTED IS 93%.WHPC'S PORTFOLIO OF HUD SECTION 8 PROJECT-BASED SUBSIDIZED PROPERTIES IS CONSISTENT WITH HUD WISCONSIN'S CHARACTERISTICS, HAVING AVERAGE HOUSEHOLD INCOMES OF ABOUT $19,950 AND AVERAGE TENANT-PAID RENTS BEING ABOUT $296 PER MONTH. WHPC'S AVERAGE AGE OF ITS ELDERLY POPULATION IS ABOUT 50 FOR DISABLED ADULTS.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Regina Dunkin Director | Trustee | 2 | $7,500 |
Natalie Erdman Director | Trustee | 2 | $8,500 |
Wendy Baumann Director | Trustee | 2 | $3,000 |
James P Carter Director | Trustee | 2 | $10,000 |
Mary Wright President | OfficerTrustee | 40 | $379,069 |
Richard A Hansen Vice Chairperson | OfficerTrustee | 1 | $11,000 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Friede & Associates Construction Services | 12/30/23 | $6,492,672 |
Acc Management Group Inc Property Management | 12/30/23 | $2,672,656 |
Giertsen Company Of Wisconsin Building Improvements | 12/30/23 | $2,559,622 |
Meridian Group Property Management | 12/30/23 | $1,800,526 |
Iconica Inc Construction Services | 12/30/23 | $1,792,887 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $8,541,467 |
| 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 | $8,541,467 |
| Total Program Service Revenue | $63,787,219 |
| Investment income | $3,087,250 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | -$2,022,483 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $73,393,453 |
| 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. | $1,605,890 |
| Compensation of current officers, directors, key employees. | $1,605,890 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $2,776,915 |
| Pension plan accruals and contributions | $230,043 |
| Other employee benefits | $453,617 |
| Payroll taxes | $333,745 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $549,300 |
| Fees for services: Accounting | $1,160,182 |
| Fees for services: Lobbying | $48,000 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $44,613 |
| Fees for services: Other | $325,876 |
| Advertising and promotion | $311,697 |
| Office expenses | $1,180,844 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $34,922,951 |
| Travel | $100,143 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $209,907 |
| Interest | $3,767,904 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $9,631,560 |
| Insurance | $0 |
| All other expenses | $74,321 |
| Total functional expenses | $68,931,038 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $32,986,845 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $11,689,600 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $50,397,046 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $1,404,891 |
| Net Land, buildings, and equipment | $316,997,654 |
| Investments—publicly traded securities | $14,888,098 |
| Investments—other securities | $649,986 |
| Investments—program-related | $0 |
| Intangible assets | $2,502,247 |
| Other assets | $38,220,299 |
| Total assets | $469,736,666 |
| Accounts payable and accrued expenses | $7,622,345 |
| Grants payable | $0 |
| Deferred revenue | $1,090,295 |
| Tax-exempt bond liabilities | $0 |
| Escrow or custodial account liability | $0 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
| Secured mortgages and notes payable | $301,892,362 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $4,615,091 |
| Total liabilities | $315,220,093 |
| Net assets without donor restrictions | $144,762,905 |
| Net assets with donor restrictions | $9,753,668 |
| 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 | $469,736,666 |