Way Finders

Legal name: Way Finders Inc

Nonprofit profile at a glance

EIN
042518368
IRS 990 coverage
2009–2024
Official website data refreshed
Sep 2026
Forms available
Form 990 2024
Location
Springfield, MA, USA
Phone
413-233-1700
Rating
90
Verdict
STRONG
Rating confidence
Standard
Sector
Low-Income & Subsidized Rental Housing

Official website

Reported finances

Revenue
$160,465,214
Expenses
$158,349,776
Assets
$77,939,713
Liabilities
$57,636,261

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

Leadership & pay

27 people listed

Executive titles in this filing

  • KEITH FAIREY (PRESIDENT AND CEO)

Highest reported compensation

  • KEITH FAIREY (PRESIDENT AND CEO): $261,751 total reported compensation
  • DEREK J MORRIS (CHIEF FINANCIAL OFFICER): $190,594 total reported compensation
  • LAUREEN BORGATTI (CHIEF OPERATING OFFICER): $186,292 total reported compensation

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

Overview

Mission

Way Finders is an affordable housing organization dedicated to bringing home stability to people across Western Massachusetts since 1972. Imagine a team dedicated to steering communities toward opportunity and prosperity. That’s us, the Way Finders Board Members. With a relentless commitment to building and advocating for thriving, equitable regions, we’re the driving force behind stability and economic mobility for families and individuals. Our mission is clear: to develop and manage housing options that support strong, cohesive communities. Officers Erica True MassMutual Chairperson.

What it reported doing in 2024

Real estate development services include both new construction and purchase and rehabilitation to provide affordable individual, single family and multi-family rental housing and affordable owner occupied housing. These activities are financed by accessing federal and state programs and private lenders. Rental management services are provided to various affordable housing projects. Way finders and its subsidiaries own a direct or indirect interest in most of the projects developed by way finders. These efforts are aimed at ensuring that the properties meet the needs of their low to moderate income residents as well as maintaining the financial viability of these properties in the future.

Operating model

Revenue model
Grant-funded. 94% of the money available for current operations came from government grants.
Distribution model
Grant intermediary. The nonprofit sent 74% of its reported program spending out as grants.

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: 98
  • Transparency & Controls: 83
  • Accountability: 95
  • Sustainability: 35
  • Growth: 100

Detailed rating inputs

Financial Efficiency

  • Mission deployment rate: 99.8%; rating input score 100
  • Program expense ratio: 97%; rating input score 97
  • Fundraising efficiency: $213.3 raised per $1 spent on fundraising; rating input score 90; 90th percentile among comparable filings

Transparency & Controls

  • Consistency checks: 100%; rating input score 100; 68th percentile among comparable filings
  • Pay-setting controls: 2 of 6 controls in place; rating input score 33
    • Compensation committee: Pass
    • Independent consultant: Missing
    • Other Form 990s reviewed: Missing
    • Written employment contract: Missing
    • Compensation survey or study: Missing
    • 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: 8 of 9 controls in place; rating input score 89
    • Conflict-of-interest policy: Pass
    • Whistleblower policy: Pass
    • Document-retention policy: Pass
    • CEO compensation review process: Pass
    • 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: 1.3%; rating input score 39; 39th percentile among comparable filings
  • Total-asset coverage ratio: 0.49; rating input score 18; 18th percentile among comparable filings
  • Liabilities to assets ratio: 0.74; rating input score 20; 20th percentile among comparable filings
  • Officer compensation ratio: 0.9%; rating input score 76; 76th percentile among comparable filings

Growth

  • Program expense growth: 9.2% per year; rating input score 100; 71st percentile among comparable filings
  • Revenue growth: 8% per year; rating input score 100; 67th percentile among comparable filings
  • Asset growth: 9.8% per year; rating input score 100; 69th percentile among comparable filings

Details

  • What they do: 3 programs and campaigns described on the official site · 1 operating location identified
  • Where the money goes: 99.8% of revenue deployed · 97% of spending went to programs
  • Governance: 18 of 18 board members independent · 8 of 9 filing controls reported
  • Programs: 5 filed program accomplishments · $153.6M in reported program spending
  • Leadership: top reported pay $262K · 27 people listed · 2 of 6 pay-setting controls reported
  • Highest-paid contractors: 5 contractors listed · $2.2M reported
  • Consistency: 36 of 36 current checks pass
  • Schedules: 9 filed schedules · includes major donors, grants, and executive pay
  • Filing history: 15 filing years from 2009 to 2024
  • Contacts: How to reach this organization
  • Money network: 12 filed money-flow records
  • Related organizations: 48 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 — Sustainability: Operating margin scored 39/100.
  • High — Sustainability: Total-asset coverage ratio scored 18/100.
  • Review — Accountability: Governance controls: Other executive compensation review process not reported.
  • High — Sustainability: Liabilities to assets ratio scored 20/100.