Pathstone Corporation

Nonprofit profile at a glance

EIN
161183242
IRS 990 coverage
2009–2024
Forms available
Form 990 2024
Location
Rochester, NY, USA
Phone
5855467180
Rating
79
Verdict
SUPPORTED
Rating confidence
Moderate
Sector
Low-Income & Subsidized Rental Housing

Official website

Reported finances

Revenue
$22,720,847
Expenses
$23,476,752
Assets
$130,921,220
Liabilities
$34,395,103

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

Leadership & pay

20 people listed

Executive titles in this filing

  • Alexander Castro (Senior Vice President)
  • Jason Sackett (President)
  • Maria Rodriguez-Collazo (Vice President)

Highest reported compensation

  • Alexander Castro (Senior Vice President): $301,259 total reported compensation
  • Ruperto Montero (VP of Finance, Treasurer): $260,218 total reported compensation
  • Leslie W Kernan Jr (Secretary): $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 Housing Action Corporation creates and provides opportunities for farmworkers and other disenfranchised people to confront and overcome barriers that prevent them from gaining access to economic, educational, social and political resources.The organization provides housing development; housing services; services to seniors and emergency and supportive services.

What it reported doing in 2024

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. 47 affordable housing units have been developed, $27,000,000 has been invested in affordable housing developments. Continued on Schedule OServices 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 $1,683,098.

Operating model

Revenue model
Grant-funded. 72% of the money available for current operations came from government grants.
Distribution model
Hybrid. The nonprofit split its reported program spending across 47% for direct work, and 53% for grants.

The verdict

SUPPORTED - A large share of available resources goes toward mission work and the filed numbers largely add up. Few specific pay-setting methods are documented in the filing; unanswered boxes are not proof of absence and expenses are high relative to revenue.

Rating breakdown

  • Financial Efficiency: 79
  • Transparency & Controls: 72
  • Accountability: 91
  • Sustainability: 51
  • Growth: 100

Detailed rating inputs

Financial Efficiency

  • Mission deployment rate: 90.1%; rating input score 90
  • Program expense ratio: 87.4%; rating input score 87
  • Fundraising efficiency: Limited

Transparency & Controls

  • Consistency checks: 92.9%; rating input score 93; 10th percentile among comparable filings
  • Pay-setting controls: 0 of 6 controls in place; rating input score 0
    • Compensation committee: Missing
    • Independent consultant: Missing
    • Other Form 990s reviewed: Missing
    • Written employment contract: Missing
    • Compensation survey or study: Missing
    • Board or committee approval: Missing
  • Foreign activity oversight: Limited
  • Grant itemization coverage: 100%; rating input score 100; 72nd 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; 66th percentile among comparable filings
  • Governance controls: 7 of 9 controls in place; rating input score 78
    • Conflict-of-interest policy: Pass
    • Whistleblower policy: Pass
    • 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: Pass
    • Independent financial-statement audit: Pass

Sustainability

  • Operating margin: -3.3%; rating input score 20; 20th percentile among comparable filings
  • Total-asset coverage ratio: 5.58; rating input score 86; 86th percentile among comparable filings
  • Liabilities to assets ratio: 0.26; rating input score 50; 50th percentile among comparable filings
  • Officer compensation ratio: 0.5%; rating input score 90; 90th percentile among comparable filings

Growth

  • Program expense growth: 5.4% per year; rating input score 100; 45th percentile among comparable filings
  • Revenue growth: 3.1% per year; rating input score 100; 26th percentile among comparable filings
  • Asset growth: 5.6% per year; rating input score 100; 39th percentile among comparable filings

Details

  • Where the money goes: 90.1% of revenue deployed · 87.4% of spending went to programs
  • Governance: 11 of 11 board members independent · 7 of 9 filing controls reported
  • Programs: 7 filed program accomplishments · $20.5M in reported program spending
  • Leadership: top reported pay $301K · 20 people listed · 0 of 6 pay-setting controls reported
  • Consistency: 28 of 29 current checks pass · 1 finding to review
  • Schedules: 8 filed schedules · includes major donors, grants, and executive pay
  • Filing history: 8 filing years from 2009 to 2024
  • Contacts: How to reach this organization
  • Related organizations: 98 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.

  • High — Transparency & Controls: Pay-setting controls scored 0/100.
  • High — Sustainability: Operating margin scored 20/100.
  • Review — Accountability: Governance controls: 2 of 9 not reported.
  • Review — Transparency & Controls: Schedule R controlled transactions itemized did not reconcile in the filed values.
  • Review — Sustainability: Liabilities to assets ratio scored 50/100.