Wisconsin Housing Preservation Corp.

What it reported doing in 2025

Whpc acquired 98 additional housing units in 2025. The total of leasable units in the whpc portfolio is 9,448 at december 31, 2025, and the total number of projects is 158, in which whpc had full ownership or a limited interest in. At december 31, 2025, there are 5,914 units, or 98 projects, that are 100% owned by whpc. This form 990 submission includes the operating activity of 98 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 3,534 units, or 56 projects, which are reported on separate tax returns. Of the properties included in this submission, 98 projects operate with subsidies received from us department of housing and urban development (hud) and 18 projects with subsidies received from usda rural development (rd), all of which are majority rent and income restricted. In addition to rental subsidies, whpc receives funds from 28 annual grants, supporting 35 hud projects (62 locations) in the multifamily service coordinator (mfsc) program. This enables projects 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.as of december 31, 2025, the average occupancy rate for hud-based projects was 95.0%, for rd-based projects was 93.2%, and whpc's total stabilized portfolio overall occupancy rate was 94.5%.whpc's portfolio of hud section 8 project-based subsidized properties is consistent with hud Wisconsin's characteristics, having average household incomes of about $16,317 and average tenant-paid rents being about $382 per month. Whpc's average age of its elderly population is about 50 for disabled adults.

Financial Efficiency

• Mission deployment rate: 78.3%; rating input score 78
• Program expense ratio: 89.4%; rating input score 89
• Fundraising efficiency: Limited

Transparency & Controls

• Consistency checks: 100%; rating input score 100; 66th percentile among comparable filings
• Pay-setting controls: 3 of 6 controls in place; rating input score 50
  • Compensation committee: Missing
  • Independent consultant: Pass
  • Other Form 990s reviewed: Missing
  • Written employment contract: Missing
  • Compensation survey or study: Pass
  • Board or committee approval: Pass
• Foreign activity oversight: Limited
• Grant itemization coverage: Limited
• Major donor itemization: Yes; rating input score 100
• Related-party transparency: Limited

Accountability

• Independent voting board: 100%; rating input score 100; 65th 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: 8.2%; rating input score 65; 65th percentile among comparable filings
• Total-asset coverage ratio: 6.6; rating input score 82; 82nd percentile among comparable filings
• Liabilities to assets ratio: 0.68; rating input score 23; 23rd percentile among comparable filings
• Officer compensation ratio: 3%; rating input score 44; 44th percentile among comparable filings

Growth

• Program expense growth: 5.7% per year; rating input score 100; 47th percentile among comparable filings
• Revenue growth: 4.3% per year; rating input score 100; 36th percentile among comparable filings
• Asset growth: 5.3% per year; rating input score 100; 37th percentile among comparable filings