WESTBETH CORP HOUSING DEVELOPMENT FUND COMPANY INC

EIN: 132614139 501(c)(3) Housing & Shelter

NEW YORK, NY

Total Revenue
$10,611,091
Total Expenses
$12,521,891
Total Assets
$57,758,161
Net Assets
$5,401,533
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Financial Vulnerability Assessment (Tuckman-Chang)

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Financial Trends

Organization Details

Formation Year
1967
Legal Domicile
NY
Principal Officer
JOSEPH P VERSACE
Phone
2126911500
Tax Period
2023-01-01 to 2023-12-31

WESTBETH CORP HOUSING DEVELOPMENT FUND COMPANY INC, founded in 1967, is a mid-sized nonprofit in the Housing & Shelter sector that reported $10.6M in total revenue in fiscal year 2023. Expenses of $12.5M exceeded revenue, resulting in a 18% operating deficit.

Mission

WESTBETH IS A HOME FOR THE ARTS AND PROVIDES AFFORDABLE LIVE/WORK SPACES TO LOW-INCOME ARTISTS IN ALL DISCIPLINES.

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Trantor Score

Financial Health Score (300–850) · Liquidity · Solvency · Sustainability · Efficiency

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Liquidity (40%) • Solvency (30%) • Sustainability (20%) • Efficiency (10%)

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Financial Overview (2023)

Revenue Breakdown

Contributions & Grants $215,497
Program Service Revenue $10,204,733
Investment Income $-164,415
Other Revenue $355,276
TOTAL REVENUE $10,611,091

Expense Breakdown

Grants Paid $0
Salaries & Benefits $3,104,585
Fundraising Expenses $82,238
Program Expenses $10,960,647
Other Expenses $9,417,306
TOTAL EXPENSES $12,521,891

Year-over-Year Comparison

2023 2022 Change
Revenue $10,611,091 $10,181,093 +0.0%
Expenses $12,521,891 $12,182,916 +0.0%
Net Income $-1,910,800 $-2,001,823 0.0%
Key Indicators
✗ Grants to Organizations ✗ Grants to Individuals ✗ Lobbying ✗ Political Activity ✗ Foreign Activities ✗ Donor Advised Fund ✓ Schedule B Required
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Liquidity & Cash Position

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Governance

Voting Members
9
Independent Members
8
Employees
35
Volunteers
8

Governance Policies

✓ Conflict of Interest Policy
✓ Whistleblower Policy
✓ Document Retention Policy

Special Practices & Reported Activities

✗ Operated a School
✗ Operated a Hospital
✗ Provided First Class Travel
✗ Reported Conflict of Interest
✗ Reported Asset Diversion
✗ Excess Benefit Transaction
✗ Made Political Expenditures
✗ Engaged in Lobbying
✗ Operated Donor Advised Fund
✗ Maintained Art Collections
✗ Filed Form 720

Compensation of Officers, Directors & Key Employees

Total Officers
6
$193,705
Total Directors
9
$57,750
Key Employees
0
$0
Highest Compensated
3
reported
Name Title Hours/Week Role Reportable Comp Other Comp Total
JOE VERSACE CHAIR 3.00
Officer Director
$0 $0 $0
JUDD LEVY VICE CHAIR 2.00
Officer Director
$0 $0 $0
ALINA LUNDRY TREASURER 3.00
Officer Director
$0 $0 $0
CHRISTINA MAILE SECRETARY 2.00
Officer Director
$0 $0 $0
SAMANTHA VINCENT DIRECTOR 2.00
Director
$0 $0 $0
ADAM DAVIDSON DIRECTOR 2.00
Director
$0 $0 $0
ELSIE MCCABE THOMPSON DIRECTOR 2.00
Director
$0 $0 $0
ERIN QUINN PURCELL DIRECTOR 2.00
Director
$0 $0 $0
GEORGE COMINSKIE DIRECTOR/INTERIM ED. 40.00
Officer Director
$57,750 $0 $57,750
PETER MADDEN EXECUTIVE DIRECTOR 40.00
Officer
$135,955 $0 $135,955
MIRIAM TASH COMMUNITY MANAGER 40.00
Highest
$108,634 $0 $108,634
SHELLY STAINE MANAGER 40.00
Highest
$107,117 $0 $107,117
NORRIS GORDON RESIDENT MANAGER 40.00
Highest
$108,582 $34,070 $142,652
Note: Compensation data is self-reported by the organization on their Form 990. "Reportable Comp" includes salary, bonuses, and other reportable compensation from the organization and related organizations. "Other Comp" includes benefits, deferred compensation, and non-taxable benefits.

Historical Data

Year Revenue Expenses Assets Net Income
2024 No data No data No data No data
2023 $10,611,091 $12,521,891 $57,758,161 $-1,910,800
2022 $10,181,093 $12,182,916 $59,130,582 $-2,001,823
2021 $10,191,211 $12,091,585 $62,389,155 $-1,900,374
2020 $9,957,564 $8,983,840 $61,136,915 $973,724
2019 $9,984,759 $9,533,852 $55,437,810 $450,907
2018 $9,605,483 $8,670,521 $42,300,719 $934,962
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