WESTBETH CORP HOUSING DEVELOPMENT … - Form 990 Financial Data

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Financial Vulnerability Assessment (Tuckman-Chang)

4 risk indicators measuring financial stability and operational resilience

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Financial Trends

Organization Details

Formation Year

1967

Legal Domicile

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 A HOME FOR THE ARTS AND PROVIDES HOUSING AND RELATED SUPPORT SERVICES FOR ARTISTS. WESTBETH COMPRISES 384 UNITS OF AFFORDABLE HOUSING FOR LOW-INCOME ARTISTS AND THEIR FAMILIES. IN ADDITION, IT CONTAINS ARTISTS' PRODUCTION AND PRESENTATION SPACES -- PAINTING STUDIOS, REHEARSAL STUDIOS, EXHIBITION, THEATER AND PERFORMANCE SPACES -- FOR BOTH RESIDENTS AND NON-RESIDENTS. IT ALSO OFFERS SOCIAL SERVICE SUPPORT FOR AN INCREASINGLY ELDERLY POPULATION, MANY OF WHOM HAVE LIVED IN THE BUILDING SINCE IT OPENED IN 1970.

Program Service Accomplishments

Program 1

Expenses: $10,960,647 Revenue: $10,204,733

HOUSING AND RELATED SUPPORT SERVICES FOR ARTISTS. WESTBETH COMPRISES 384 UNITS OF AFFORDABLE HOUSING FOR LOW-INCOME ARTISTS AND THEIR FAMILIES. IN ADDITION, IT CONTAINS ARTISTS' WORK SPACES --...

HOUSING AND RELATED SUPPORT SERVICES FOR ARTISTS. WESTBETH COMPRISES 384 UNITS OF AFFORDABLE HOUSING FOR LOW-INCOME ARTISTS AND THEIR FAMILIES. IN ADDITION, IT CONTAINS ARTISTS' WORK SPACES -- PAINTING STUDIOS, REHEARSAL STUDIOS, EXHIBITION AND THEATRE SPACES -- AND PROVIDES SOCIAL SERVICE SUPPORT FOR AN INCREASINGLY ELDERLY POPULATION, MANY OF WHOM HAVE LIVED IN THE BUILDING SINCE THE 1970'S.

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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%)

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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Financial Health Indicators

Comprehensive financial analysis: Altman Z-Score, liquidity, solvency, sustainability, efficiency, and growth metrics

Financial Distress Indicator

Liquidity & Cash Position

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Altman Z-Score • Liquidity Ratios • Solvency Analysis • Growth Indicators • Efficiency Metrics

Governance

Voting Members

Independent Members

Employees

Volunteers

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

$193,705

Total Directors

$57,750

Key Employees

Highest Compensated

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

WESTBETH CORP HOUSING DEVELOPMENT FUND COMPANY INC