Future Wisconsin Housing Fund Inc

Nonprofit profile at a glance

EIN
391897032
IRS 990 coverage
2020–2025
Forms available
Form 990 2025
Location
Middleton, WI, USA
Phone
6088361152
Rating
80
Verdict
STRONG
Rating confidence
Moderate
Sector
Housing Rehabilitation

Reported finances

Revenue
$30,866,972
Expenses
$28,416,470
Assets
$130,241,416
Liabilities
$74,220,331

Source: IRS Form 990. Selected filing: tax year 2025. Amounts in USD.

Leadership & pay

10 people listed

Executive titles in this filing

  • ANN WENZEL (DIRECTOR/VICE PRESIDENT)
  • RODNEY TAPP (PRESIDENT)

Highest reported compensation

  • WILLIAM GREER (DIRECTOR/CHAIRMAN): $4,000 total reported compensation
  • DAVE BECK-ENGEL (DIRECTOR): $3,000 total reported compensation
  • DOUG NELSON (DIRECTOR): $3,000 total reported compensation

Source: IRS Form 990. Selected filing: tax year 2025. Names and roles reflect this filing, not necessarily current officeholders.

Overview

Mission

Create, preserve and enhance affordable housing to benefit residents, neighborhoods and communities affordable housing; the provision of services and facilities for the residents of affordable housing.

What it reported doing in 2025

Operate and maintain affordable multifamily housing units in Wisconsin.

Operating model

Revenue model
Earned-program. 98% of the money available for current operations came from fees and other program revenue.
Distribution model
Direct operator. The filing allocates 100% of reported program-service expenses outside its grant, affiliate-payment, and member-benefit lines. This expense classification does not rule out separately announced grant awards.

The verdict

STRONG - A large share of available resources goes toward mission work and the filed numbers largely add up. Some filing-based governance responses are negative or unanswered and expenses are high relative to revenue.

Rating breakdown

  • Financial Efficiency: 77
  • Transparency & Controls: 90
  • Accountability: 72
  • Sustainability: 61
  • Growth: 100

Detailed rating inputs

Financial Efficiency

  • Mission deployment rate: 83.9%; rating input score 84
  • Program expense ratio: 92.1%; rating input score 92
  • Fundraising efficiency: Limited

Transparency & Controls

  • Consistency checks: 100%; rating input score 100; 64th percentile among comparable filings
  • Pay-setting controls: Limited
  • Foreign activity oversight: Limited
  • Grant itemization coverage: Limited
  • Major donor itemization: Limited
  • Related-party transparency: Limited

Accountability

  • Independent voting board: 100%; rating input score 100; 64th percentile among comparable filings
  • Governance controls: 3 of 9 controls in place; rating input score 33
    • Conflict-of-interest policy: Fail
    • Whistleblower policy: Fail
    • Document-retention policy: Pass
    • CEO compensation review process: Fail
    • Other executive compensation review process: Fail
    • Form 990 shared with the board: Pass
    • Board meeting minutes documented: Pass
    • Audit committee oversight: Missing
    • Independent financial-statement audit: Fail

Sustainability

  • Operating margin: 7.9%; rating input score 53; 53rd percentile among comparable filings
  • Total-asset coverage ratio: 4.58; rating input score 76; 76th percentile among comparable filings
  • Liabilities to assets ratio: 0.57; rating input score 21; 21st percentile among comparable filings
  • Officer compensation ratio: 0.1%; rating input score 92; 92nd percentile among comparable filings

Growth

  • Program expense growth: 5.2% per year; rating input score 100; 40th percentile among comparable filings
  • Revenue growth: 5.5% per year; rating input score 100; 45th percentile among comparable filings
  • Asset growth: 4.8% per year; rating input score 100; 32nd percentile among comparable filings

Details

  • Where the money goes: 83.9% of revenue deployed · 92.1% of spending went to programs
  • Governance: 8 of 8 board members independent · 3 of 9 filing controls reported
  • Programs: 1 filed program accomplishment · $26.2M in reported program spending
  • Leadership: top reported pay $4K · 10 people listed
  • Highest-paid contractors: 5 contractors listed · $8.7M reported
  • Consistency: 26 of 26 current checks pass
  • Schedules: 5 filed schedules
  • Filing history: 6 filing years from 2020 to 2025
  • Contacts: How to reach this organization
  • Money network: 8 filed money-flow records
  • Related organizations: 33 filed related-organization links
  • Grant readiness: Federal tax and exclusion status, award history, and grant-maker relationships.
  • People: Everyone the filings name, and which of them the filings identify by more than a name.

Key Signals

Signals prioritize questions for review. They are not findings of misconduct.

  • Moderate — Accountability: Governance controls: 5 of 8 not reported.
  • Review — Sustainability: Operating margin scored 53/100.
  • High — Sustainability: Liabilities to assets ratio scored 21/100.