PathStone

Legal name: Pathstone Corporation

Nonprofit profile at a glance

EIN
160984913
IRS 990 coverage
2009–2024
Official website data refreshed
Sep 2026
Forms available
Form 990 2024
Location
Rochester, NY, US
Phone
(585) 340-3300
Rating
86
Verdict
STRONG
Rating confidence
Moderate
Sector
Rural Economic Development

Official website

Reported finances

Revenue
$50,960,569
Expenses
$53,122,971
Assets
$62,300,977
Liabilities
$15,332,869

Source: IRS Form 990. Selected filing: tax year 2024. Amounts in USD.

Leadership & pay

24 people listed

Executive titles in this filing

  • Alexander D Castro (President and CEO)

Highest reported compensation

  • Alexander D Castro (President and CEO): $301,259 total reported compensation
  • Ruperto Montero (Treasurer/Chief Financial): $260,218 total reported compensation
  • Leslie W Kernan Jr (General Counsel & Chief Le): $228,403 total reported compensation

Source: IRS Form 990. Selected filing: tax year 2024. Names and roles reflect this filing, not necessarily current officeholders.

Overview

Mission

PathStone empowers individuals, families, and rural and urban communities through collaboration and excellence in all we do. We are champions for those we serve, providing innovative, lasting opportunities that create stability and promote self-sufficiency and help people escape from poverty.

What it reported doing in 2024

REAL ESTATE DEVELOPMENT: PathStone and its affiliates work with community partners, nonprofits, 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. 47 affordable housing units have been developed and $27,000,000 has been invested in affordable housing developments. Services are provided by PathStone and its affiliates and are available in: Indiana, New York, Pennsylvania, and Puerto Rico.Future projects include a pipeline of over 1,000 units of preservation, new construction, and adaptive re-use opportunities. Single family for sale redevelopment continues in Indiana with three of four sites completed. Our present developments include the new construction of workforce housing LEED Gold and Zero development located adjacent to the Amazon Roc 1 fulfillment center. We also received two awards including the redevelopment of Creekside Clearing which will include the preservation of 32 units and the new construction of 15 units and a 65 unit mixed-use family new construction project including a childcare center. Two homes are under construction and another 36 are in predevelopment in Indiana. In Puerto Rico, the Carolinas redevelopment and the La Merced Elderly Center will provide 319 units 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 communities representing 2,512 units and 4,570 residents. Services are currently provided in: New York and Indiana.This program is supported by government grants and contributions of $859,867.

Operating model

Revenue model
Grant-funded. 91% of the money available for current operations came from government grants.
Distribution model
Direct operator. The filing allocates 81% 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.
  • Includes noncash contributions: Reported contributions include donated property or goods.

The verdict

STRONG - A large share of available resources goes toward mission work and the filed numbers largely add up. Expenses are high relative to revenue and total assets are small relative to annual expenses; liquid coverage is unknown.

Rating breakdown

  • Financial Efficiency: 80
  • Transparency & Controls: 91
  • Accountability: 100
  • Sustainability: 32
  • Growth: 100

Detailed rating inputs

Financial Efficiency

  • Mission deployment rate: 79.7%; rating input score 80
  • Program expense ratio: 76.1%; rating input score 76
  • Fundraising efficiency: $931.5 raised per $1 spent on fundraising; rating input score 96; 96th percentile among comparable filings

Transparency & Controls

  • Consistency checks: 100%; rating input score 100; 68th percentile among comparable filings
  • Pay-setting controls: 5 of 6 controls in place; rating input score 83
    • Compensation committee: Pass
    • Independent consultant: Pass
    • Other Form 990s reviewed: Pass
    • Written employment contract: Missing
    • Compensation survey or study: Pass
    • Board or committee approval: Pass
  • Foreign activity oversight: Limited
  • Grant itemization coverage: 100%; rating input score 100; 77th percentile among comparable filings
  • Major donor itemization: Yes; rating input score 100
  • Related-party transparency: Limited

Accountability

  • Independent voting board: 100%; rating input score 100; 77th percentile among comparable filings
  • Governance controls: 9 of 9 controls in place; rating input score 100
    • Conflict-of-interest policy: Pass
    • Whistleblower policy: Pass
    • Document-retention policy: Pass
    • CEO compensation review process: Pass
    • Other executive compensation review process: Pass
    • Form 990 shared with the board: Pass
    • Board meeting minutes documented: Pass
    • Audit committee oversight: Pass
    • Independent financial-statement audit: Pass

Sustainability

  • Operating margin: -4.2%; rating input score 14; 14th percentile among comparable filings
  • Total-asset coverage ratio: 1.17; rating input score 45; 45th percentile among comparable filings
  • Liabilities to assets ratio: 0.25; rating input score 62; 62nd percentile among comparable filings
  • Officer compensation ratio: 3%; rating input score 39; 39th percentile among comparable filings

Growth

  • Program expense growth: 4.6% per year; rating input score 100; 36th percentile among comparable filings
  • Revenue growth: 3.1% per year; rating input score 100; 23rd percentile among comparable filings
  • Asset growth: 5.4% per year; rating input score 100; 39th percentile among comparable filings

Details

  • What they do: 4 programs and campaigns described on the official site · 10 operating locations identified
  • Where the money goes: 79.7% of revenue deployed · 76.1% of spending went to programs
  • Governance: 16 of 16 board members independent · 9 of 9 filing controls reported
  • Programs: 9 filed program accomplishments · $40.4M in reported program spending
  • Leadership: top reported pay $301K · 24 people listed · 5 of 6 pay-setting controls reported
  • Highest-paid contractors: 5 contractors listed · $1.7M reported
  • Consistency: 36 of 36 current checks pass
  • Schedules: 9 filed schedules · includes major donors, grants, and executive pay
  • Filing history: 16 filing years from 2009 to 2024
  • Contacts: How to reach this organization
  • Money network: 7 filed money-flow records
  • Related organizations: 87 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.
  • Staff and benefit plans: Retirement and health plans the organization files with the Department of Labor, and the people in them.

Key Signals

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

  • High — Sustainability: Operating margin scored 14/100.
  • Moderate — Sustainability: Total-asset coverage ratio scored 45/100.
  • Moderate — Sustainability: Officer compensation ratio scored 39/100.