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Nonprofiteer
← WISCONSIN HOUSING PRESERVATION CORP

Form 990 for tax year 2023

Filed by WISCONSIN HOUSING PRESERVATION CORP.

Totals

Total revenue
$73,393,453
Total expenses
$68,931,038
Contributions and grants received
$8,541,467
Grants paid
$0
Program service revenue
$63,787,219
Investment income
$1,064,767
Other revenue
$0
Total assets, end of year
$469,736,666
Total liabilities, end of year
$315,220,093
Net assets or fund balances, end of year
$154,516,573
Program services expenses (Part IX)
$61,303,764
Management and general expenses
$7,627,274
Fundraising expenses
$0
Program service expenses (Part III)
$61,303,764

Program services were 88.9% of total expenses calculated — Part IX's program-services column over total expenses, both as filed.

Line items

Every line the filer filed in Parts VIII, IX and X, as filed and in filed order. Blank columns are left out, and the lines are not forced to add up to the totals above.

Revenue

Part VIII, the statement of revenue.

  • 1e · Government grants (contributions)

    $8,541,467

  • 2a · Program service revenue: TENANT RENT

    total $59,759,012 · related or exempt $59,759,012

  • 2b · Program service revenue: DEVELOPMENT FEES

    total $2,926,921 · related or exempt $2,926,921

  • 2c · Program service revenue: OTHER TENANT SERVICES

    total $1,101,286 · related or exempt $1,101,286

  • 3 · Investment income

    total $3,087,250 · excluded $3,087,250

  • 7a · Gross sales of assets other than inventory

    securities $10,982,689 · other assets $524,124

  • 7b · Less cost or other basis and sales expenses

    securities $10,983,146 · other assets $2,546,150

  • 7c · Gain or loss

    securities -$457 · other assets -$2,022,026

  • 7d · Net gain or loss

    total -$2,022,483 · excluded -$2,022,483

Functional expenses

Part IX, the statement of functional expenses.

  • 5 · Compensation of officers, directors and key employees

    total $1,605,890 · management and general $1,605,890

  • 7 · Other salaries and wages

    total $2,776,915 · management and general $2,776,915

  • 8 · Pension plan contributions

    total $230,043 · management and general $230,043

  • 9 · Other employee benefits

    total $453,617 · management and general $453,617

  • 10 · Payroll taxes

    total $333,745 · management and general $333,745

  • 11b · Fees: legal

    total $549,300 · program services $305,566 · management and general $243,734

  • 11c · Fees: accounting

    total $1,160,182 · program services $826,700 · management and general $333,482

  • 11d · Fees: lobbying

    total $48,000 · management and general $48,000

  • 11f · Fees: investment management

    total $44,613 · program services $44,613

  • 11g · Fees: other

    total $325,876 · management and general $325,876

  • 12 · Advertising and promotion

    total $311,697 · program services $282,845 · management and general $28,852

  • 13 · Office expenses

    total $1,180,844 · program services $1,029,632 · management and general $151,212

  • 16 · Occupancy

    total $34,922,951 · program services $34,922,951

  • 17 · Travel

    total $100,143 · management and general $100,143

  • 19 · Conferences, conventions and meetings

    total $209,907 · program services $209,907

  • 20 · Interest

    total $3,767,904 · program services $3,767,904

  • 22 · Depreciation, depletion and amortization

    total $9,631,560 · program services $9,631,560

  • 24a · Other expenses: GENERAL & ADMINISTRATIV

    total $5,503,048 · program services $4,771,407 · management and general $731,641

  • 24b · Other expenses: PROPERTY MANAGEMENT FEE

    total $3,449,236 · program services $3,449,236

  • 24c · Other expenses: TAXES & INSURANCE

    total $1,841,097 · program services $1,841,097

  • 24d · Other expenses: OPERATING LEASE EXPENSE

    total $410,149 · program services $146,025 · management and general $264,124

  • 24e · All other expenses

    total $74,321 · program services $74,321

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $29,707,531 · end of year $32,986,845

  • 4 · Accounts receivable

    beginning of year $6,722,901 · end of year $11,689,600

  • 7 · Other notes and loans receivable

    beginning of year $43,964,839 · end of year $50,397,046

  • 9 · Prepaid expenses and deferred charges

    beginning of year $1,294,287 · end of year $1,404,891

  • 10a · Land, buildings and equipment: cost or other basis

    $406,593,736

  • 10b · Land, buildings and equipment: accumulated depreciation

    $89,596,082

  • 10c · Land, buildings and equipment, net

    beginning of year $267,017,077 · end of year $316,997,654

  • 11 · Investments: publicly traded securities

    beginning of year $14,583,966 · end of year $14,888,098

  • 12 · Investments: other securities

    beginning of year $655,100 · end of year $649,986

  • 14 · Intangible assets

    beginning of year $3,086,876 · end of year $2,502,247

  • 15 · Other assets

    beginning of year $39,657,228 · end of year $38,220,299

  • 17 · Accounts payable and accrued expenses

    beginning of year $7,878,743 · end of year $7,622,345

  • 19 · Deferred revenue

    beginning of year $775,079 · end of year $1,090,295

  • 23 · Secured mortgages and notes payable

    beginning of year $242,632,873 · end of year $301,892,362

  • 25 · Other liabilities

    beginning of year $4,656,770 · end of year $4,615,091

  • 27 · Net assets without donor restrictions

    beginning of year $143,758,216 · end of year $144,762,905

  • 28 · Net assets with donor restrictions

    beginning of year $6,988,124 · end of year $9,753,668

Mission and programs · 2023

Mission

WHPC ACQUIRES, PRESERVES AND DEVELOPS LOW-INCOME AND AFFORDABLE HOUSING IN WISCONSIN. THE MAJORITY OF THE HOUSING IS SUBSIDIZED THROUGH THE U.S. DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT, U.S.D.A. RURAL DEVELOPMENT, FEDERAL AND STATE GRANTS, AND OTHER HOUSING PROGRAMS.

Activities or mission (Part I)

TO PRESERVE, PROVIDE, AND PROTECT AFFORDABLE HOUSING FOR THE LOW AND MODERATE INCOME INDIVIDUALS AND FAMILIES LIVING IN THE STATE OF WISCONSIN.

  • WHPC ACQUIRED 272 ADDITIONAL HOUSING UNITS IN 2023. THE TOTAL OF LEASABLE UNITS IN THE WHPC PORTFOLIO IS 8,993 AT DECEMBER 31, 2023, AND THE TOTAL NUMBER OF PROJECTS IS 153, IN WHICH WHPC HAD FULL OWNERSHIP OR A LIMITED INTEREST IN. AT DECEMBER 31, 2023, THERE ARE 5,640 UNITS, OR 95 PROJECTS, THAT ARE 100% OWNED BY WHPC. THIS FORM 990 SUBMISSION INCLUDES THE OPERATING ACTIVITY OF 95 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 3,289 UNITS, OR 54 PROJECTS, WHICH ARE REPORTED ON SEPARATE TAX RETURNS. 72% OF THE PROPERTIES INCLUDED IN THIS SUBMISSION OPERATE WITH SUBSIDIES RECEIVED FROM THE US DEPARTMENT OF HOUSING & URBAN DEVELOPMENT (HUD) OR THE USDA RURAL DEVELOPMENT (RD), AND 74% OF THE PROPERTIES ARE INCOME AND RENT RESTRICTED. 16% OF THE PROPERTIES ALSO RECEIVED HUD SERVICE COORDINATOR GRANT FUNDS, WHICH ENABLE THE ELDERLY AND DISABLED PROPERTIES 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. THE DECEMBER 31, 2023 AVERAGE OCCUPANCY RATE FOR THE 91 PROJECTS REPORTED IS 93%.WHPC'S PORTFOLIO OF HUD SECTION 8 PROJECT-BASED SUBSIDIZED PROPERTIES IS CONSISTENT WITH HUD WISCONSIN'S CHARACTERISTICS, HAVING AVERAGE HOUSEHOLD INCOMES OF ABOUT $19,950 AND AVERAGE TENANT-PAID RENTS BEING ABOUT $296 PER MONTH. WHPC'S AVERAGE AGE OF ITS ELDERLY POPULATION IS ABOUT 50 FOR DISABLED ADULTS.

    Expenses $61,303,764 · Revenue $63,787,219

As filed on the 2023 return. The filer continues this part on Schedule O, which is not shown here.

Listed in Part VII

  • REGINA DUNKIN

    DIRECTOR

    Total calculated
    $7,500
    From this org
    $7,500
    From related orgs
    $0
    Other
    $0
    Hours/week
    2 + 0.2 related

  • NATALIE ERDMAN

    DIRECTOR

    Total calculated
    $8,500
    From this org
    $8,500
    From related orgs
    $0
    Other
    $0
    Hours/week
    2 + 0.2 related

  • WENDY BAUMANN

    DIRECTOR

    Total calculated
    $3,000
    From this org
    $3,000
    From related orgs
    $0
    Other
    $0
    Hours/week
    2

  • JAMES P CARTER

    DIRECTOR

    Total calculated
    $10,000
    From this org
    $10,000
    From related orgs
    $0
    Other
    $0
    Hours/week
    2 + 0.2 related

  • MARY WRIGHT

    PRESIDENT

    Total calculated
    $411,950
    From this org
    $379,069
    From related orgs
    $0
    Other
    $32,881
    Hours/week
    40 + 0.3 related

    Schedule J breakdown matched by us

    Base
    $309,069
    Bonus
    $70,000
    Other
    $0
    Deferred
    $18,623
    Nontaxable benefits
    $14,258
    Filer's total
    $411,950

  • RICHARD A HANSEN

    VICE CHAIRPERSON

    Total calculated
    $11,000
    From this org
    $11,000
    From related orgs
    $0
    Other
    $0
    Hours/week
    1 + 0.3 related

  • DAVID STRELITZ

    SECRETARY

    Total calculated
    $13,000
    From this org
    $13,000
    From related orgs
    $0
    Other
    $0
    Hours/week
    2 + 0.2 related

  • BRETT GERBER

    TREASURER

    Total calculated
    $15,956
    From this org
    $15,956
    From related orgs
    $0
    Other
    $0
    Hours/week
    2 + 0.3 related

  • DAN KROETZ

    DIRECTOR

    Total calculated
    $9,500
    From this org
    $9,500
    From related orgs
    $0
    Other
    $0
    Hours/week
    2 + 0.2 related

  • ERBERT JOHNSON

    CHAIRMAN

    Total calculated
    $27,861
    From this org
    $27,861
    From related orgs
    $0
    Other
    $0
    Hours/week
    8 + 0.3 related

  • JOSEPH CARPENTER

    CHIEF FINANCIAL OFFICER

    Total calculated
    $293,091
    From this org
    $258,710
    From related orgs
    $0
    Other
    $34,381
    Hours/week
    40 + 0.1 related

    Schedule J breakdown matched by us

    Base
    $203,710
    Bonus
    $55,000
    Other
    $0
    Deferred
    $12,164
    Nontaxable benefits
    $22,217
    Filer's total
    $293,091

  • LEE FERDERER

    VICE PRESIDENT - GENERAL C

    Total calculated
    $251,861
    From this org
    $239,352
    From related orgs
    $0
    Other
    $12,509
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $189,352
    Bonus
    $50,000
    Other
    $0
    Deferred
    $9,889
    Nontaxable benefits
    $2,620
    Filer's total
    $251,861

  • DAVID GINGER

    VICE PRESIDENT

    Total calculated
    $247,890
    From this org
    $215,526
    From related orgs
    $0
    Other
    $32,364
    Hours/week
    40 + 0.1 related

    Schedule J breakdown matched by us

    Base
    $165,526
    Bonus
    $50,000
    Other
    $0
    Deferred
    $10,173
    Nontaxable benefits
    $22,191
    Filer's total
    $247,890

  • MICHAEL SLAVISH

    CHIEF OPERATING OFFICER

    Total calculated
    $313,469
    From this org
    $285,478
    From related orgs
    $0
    Other
    $27,991
    Hours/week
    40 + 0.1 related

    Schedule J breakdown matched by us

    Base
    $227,478
    Bonus
    $58,000
    Other
    $0
    Deferred
    $13,688
    Nontaxable benefits
    $14,303
    Filer's total
    $313,469

  • MARK VAN DE BROEKE

    CONSTRUCTION PROJECT MANAGER

    Total calculated
    $149,442
    From this org
    $134,001
    From related orgs
    $0
    Other
    $15,441
    Hours/week
    40

  • ROBERT DICKE

    ASSISTANT VICE PRESIDENT O

    Total calculated
    $178,758
    From this org
    $148,053
    From related orgs
    $0
    Other
    $30,705
    Hours/week
    40 + 0.1 related

    Schedule J breakdown matched by us

    Base
    $123,053
    Bonus
    $25,000
    Other
    $0
    Deferred
    $9,173
    Nontaxable benefits
    $21,532
    Filer's total
    $178,758

  • ELIZABETH MCKEON

    BUSINESS SYSTEMS MANAGER

    Total calculated
    $144,540
    From this org
    $114,408
    From related orgs
    $0
    Other
    $30,132
    Hours/week
    40

  • MATTHEW CHILDRESS

    DEBT & EQUITY ANALYST

    Total calculated
    $165,858
    From this org
    $135,945
    From related orgs
    $0
    Other
    $29,913
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $115,945
    Bonus
    $20,000
    Other
    $0
    Deferred
    $8,448
    Nontaxable benefits
    $21,465
    Filer's total
    $165,858

  • MEGAN WALELA

    DEVELOPMENT PROJECT MANAGER

    Total calculated
    $140,899
    From this org
    $119,977
    From related orgs
    $0
    Other
    $20,922
    Hours/week
    40

Compensation is as filed in Part VII: reportable pay from this organization and from related organizations, other compensation, and hours per week. The total, marked calculated, is our sum of the three dollar columns, with a blank column counted as $0; the form itself has no total. On a Form 990-EZ the columns are Part IV's instead, and on a Form 990-PF Part VIII's — compensation, contributions to benefit plans, and expense account — and the total sums those. A Schedule J breakdown is as filed: base pay, bonus, other, deferred compensation and nontaxable benefits from this organization, with any from related organizations beside each, and the filer's own total. It is shown with the Part VII listing of the same name on the same return. The form gives no key between the two, so that pairing is ours, and is marked matched by us.

Schedule J

Answered yes

  • 3 · Independent compensation consultant
  • 3 · Compensation survey or study
  • 3 · Approval by the board or compensation committee

Answered no

  • 4a · Severance or change-of-control payment
  • 4b · Supplemental nonqualified retirement plan
  • 4c · Equity-based compensation arrangement
  • 5a · Pay contingent on this organization's revenues
  • 5b · Pay contingent on a related organization's revenues
  • 6a · Pay contingent on this organization's net earnings
  • 6b · Pay contingent on a related organization's net earnings
  • 7 · Other non-fixed payments
  • 8 · Paid under the initial-contract exception

Part I's answers as filed. A line not listed was left unanswered; on lines 1a and 3 that means the box was not checked.

Grants on this return

No itemized grants to organizations on this return.

Related organizations on this return

Schedule R Part II: tax-exempt organizations related to the filer by control. It does not record shared board members or money.

Taxable family on this return

Schedule R Parts I, III and IV, as filed. These record ownership and control, not shared board members or money moved.

Disregarded entities

Part I: entities that legally are the filer and file no return of their own.

Related partnerships

Part III: related organizations taxable as a partnership, with the filer's share.

  • WHPC-NIBP PORTFOLIO MM LLC

    RELATED · LOW-INCOME HSG · WI · 79% owned · share of income -$84 · share of assets $20,331,673 · general or managing partner

    Directly controlled by FILING ORG

  • WHPC-SBP I MM LLC

    RELATED · LOW-INCOME HSG · WI · 79% owned · share of income -$134 · share of assets $2,054 · general or managing partner

    Directly controlled by FILING ORG

Related corporations and trusts

Part IV: related organizations taxable as a corporation or trust.

  • WHPC-HAMPTON REGENCY MM LLC

    C · LOW-INCOME HSG · WI · 100% owned · share of income $122,292 · share of assets $79,269 · controlled entity

    Directly controlled by FILING ORG

  • WHPC-SCOVILLE CENTER LLC

    C · LOW-INCOME HSG · WI · 100% owned · share of income $130,988 · share of assets $118,768 · controlled entity

    Directly controlled by FILING ORG

  • WHPC-CITYPLACE I MM LLC

    C · LOW-INCOME HSG · WI · 100% owned · share of income $10,000 · share of assets $46,607 · controlled entity

    Directly controlled by FILING ORG

  • WHPC-NORTHWESTERN BOND POOL MM LLC

    C · LOW-INCOME HSG · WI · 100% owned · share of income $3 · share of assets -$93 · controlled entity

    Directly controlled by FILING ORG

Provenance

Return type
form_990
Tax year
2023
Filed
19 June 2024
IRS schema version
2023v5.1
Source object
202412149349300826

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