PathStone Development Corporation

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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

1984

Legal Domicile

Principal Officer

Ruperto Montero

Phone

5855466340

Tax Period

2023-10-01 to 2024-09-30

PathStone Development Corporation, founded in 1984, is a community nonprofit in the Housing & Shelter sector that reported $1.8M in total revenue in fiscal year 2023. Revenue fell 40% from the prior year — a significant decline worth monitoring. Net assets of $26.5M represent 181 months of operating reserves.

Mission

To develop high quality, affordable housing for low and moderate income families; to professionally manage the housing; to assist and encourage residents' participation to ensure that developments offer a satisfying living environment; and to create communities that are assets to residents, the larger community, and to PathStone Development Corporation.

Program Service Accomplishments

Program 1

Expenses: $901,622 Revenue: $1,186,648

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. 77 affordable housing units have been developed, $27,900,000 has been invested in affordable housing developments.(Continued on Schedule O)Services are provided by PathStone and its affiliates and are available in: Indiana, New York, Pennsylvania, and Puerto Rico. Future projects include the preservation of over 310 units of our existing portfolio in New York, the adaptive re-use of a historic building, and a mixed-use new construction development associated with the City of Rochester's Inner Loop East transformation. Single family for sale redevelopment continues in Indiana with three homes completed. Our presnt developments include the new construction of a senior development which will be PathStone's first Passive House and Net-Zero development, as well as a workforce houseing LEED Gold and Zero development located adjacent to the Amazon Roc 1 fulfullment 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 16 units and a 65 unit mixed-use family new construction project including a childcare center. One home is under construction and another in predevelopment in Indiana. In Puerto Rico, the Carolinas redevelopment will provide 168 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.

Program 2

Expenses: $230,265 Revenue: $129,337

RENTAL PROPERTY PORTFOLIO:Consists of the corporate legal entities required to own and operate affordable residential rental communities and the commercial properties owned by PathStone Corporation and its affiliate entities. Limited partnerships, limited liability companies and equity holding corporations are established to maintain the long-term ownership and organizational structure required by the PathStone Corporation Board of Directors and governmental and private lenders. The portfolio provides housing for qualifying families, individuals, farmworkers, seniors, and special needs population. (Continued on Schedule O)The portfolio consists of 78 affordable housing communities which comprised 3,794 units that provided high-quality, affordable homes for 6,788 residents. The portfolio has rental properties in Indiana, New York, Pennsylvania, and Puerto Rico.

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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 $150,000

Program Service Revenue $1,154,376

Investment Income $275,932

Other Revenue $171,279

TOTAL REVENUE $1,751,587

Expense Breakdown

Grants Paid $0

Salaries & Benefits $56,088

Fundraising Expenses $0

Program Expenses $1,131,887

Other Expenses $1,856,781

TOTAL EXPENSES $1,912,869

Year-over-Year Comparison

	2023	2022	Change
Revenue	$1,751,587	$2,925,160	-0.4%
Expenses	$1,912,869	$1,773,423	+0.1%
Net Income	$-161,282	$1,151,737	-1.1%

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

$1,057,529

Total Directors

Key Employees

Highest Compensated

reported

Name	Title	Hours/Week	Role	Reportable Comp	Other Comp	Total
Kathleen Greeley	Board Treasurer	0.40	Officer Director	$0	$0	$0
Jean A Lowe	Board Chair	0.40	Officer Director	$0	$0	$0
Joel Frater	Member (through May 2024)	0.40	Director	$0	$0	$0
Patrick Tobin	Member	0.40	Director	$0	$0	$0
Dirk Schneider	Board Vice Chair	0.40	Officer Director	$0	$0	$0
Wilma Alejandro Ramirez	Member	0.40	Director	$0	$0	$0
Yvonne Thompson	Member	0.40	Director	$0	$0	$0
Miriam Zinter	Member	0.40	Director	$0	$0	$0
Serena Compitello	Board Secretary	0.40	Officer Director	$0	$0	$0
Phillip Borrelli Esq	Member	0.40	Director	$0	$0	$0
Lindsay Mohr	Member	0.40	Director	$0	$0	$0
Tim Norman	Member	0.40	Director	$0	$0	$0
Ruperto Montero	Vice President for Finance	1.00	Officer	$0	$15,863	$267,679
Alexander D Castro	Senior Vice President	0.40	Officer	$0	$15,762	$272,513
Leslie W Kernan Jr	Assistant Secretary	0.40	Officer	$0	$6,136	$210,654
Jason Sackett	President	0.40	Officer	$52,270	$2,614	$142,008
Christina Brooks	VP of Property Management	0.40	Officer	$0	$26,343	$164,675

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	$1,751,587	$1,912,869	$31,653,230	$-161,282
2023	$2,925,160	$1,773,423	$31,206,464	$1,151,737
2022	$7,977,639	$1,498,220	$30,625,346	$6,479,419
2021	$1,653,451	$1,586,200	$23,503,296	$67,251
2020	$2,549,391	$2,292,077	$22,898,532	$257,314
2019	$3,782,024	$2,276,863	$21,978,168	$1,505,161
2018	$792,077	$1,748,948	$20,280,891	$-956,871