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Nonprofiteer
← PATHSTONE CORPORATION

Form 990 for tax year 2022

Filed by PATHSTONE CORPORATION.

Totals

Total revenue
$2,925,160
Total expenses
$1,773,423
Contributions and grants received
$286,550
Grants paid
$0
Program service revenue
$2,165,700
Investment income
$262,643
Other revenue
$210,267
Total assets, end of year
$31,206,464
Total liabilities, end of year
$4,499,474
Net assets or fund balances, end of year
$26,706,990
Program services expenses (Part IX)
$1,189,052
Management and general expenses
$584,371
Fundraising expenses
$0
Program service expenses (Part III)
$1,189,052

Program services were 67.0% 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)

    $136,550

  • 1f · All other contributions, gifts and grants

    $150,000

  • 2a · Program service revenue: Real Estate Developmen

    total $2,040,019 · related or exempt $2,040,019

  • 2b · Program service revenue: Rental Property Portfo

    total $125,681 · related or exempt $125,681

  • 3 · Investment income

    total $262,643 · excluded $262,643

  • 6a · Gross rents

    real property $9,670

  • 6b · Less rental expenses

    real property $0

  • 6c · Rental income or loss

    real property $9,670

  • 6d · Net rental income or loss

    total $9,670 · excluded $9,670

  • 11a · Other revenue: Forgiveness of Debt

    total $143,333 · related or exempt $143,333

  • 11b · Other revenue: Other Income

    total $57,264 · related or exempt $57,264

  • 11e · Other revenue, total

    $200,597

Functional expenses

Part IX, the statement of functional expenses.

  • 5 · Compensation of officers, directors and key employees

    total $51,570 · program services $20,628 · management and general $30,942

  • 10 · Payroll taxes

    total $3,945 · program services $1,578 · management and general $2,367

  • 11a · Fees: management

    total $175,091 · program services $10,948 · management and general $164,143

  • 11b · Fees: legal

    total $7,091 · program services $5,250 · management and general $1,841

  • 11c · Fees: accounting

    total $36,065 · management and general $36,065

  • 11g · Fees: other

    total $896,788 · program services $709,530 · management and general $187,258

  • 12 · Advertising and promotion

    total $1,690 · program services $1,690

  • 13 · Office expenses

    total $30,748 · program services $30,748

  • 16 · Occupancy

    total $153,529 · program services $153,529

  • 17 · Travel

    total $13,255 · program services $13,255

  • 19 · Conferences, conventions and meetings

    total $4,475 · program services $4,475

  • 20 · Interest

    total $39,897 · program services $39,897

  • 22 · Depreciation, depletion and amortization

    total $24,951 · program services $24,951

  • 23 · Insurance

    total $27,748 · program services $27,748

  • 24a · Other expenses: Admin Costs Charged by

    total $161,755 · management and general $161,755

  • 24b · Other expenses: Predevelopment Write-Of

    total $100,500 · program services $100,500

  • 24e · All other expenses

    total $44,325 · program services $44,325

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $428,528 · end of year $466,694

  • 2 · Savings and temporary cash investments

    beginning of year $1,296,269 · end of year $1,188,294

  • 4 · Accounts receivable

    beginning of year $79,534 · end of year $96,391

  • 7 · Other notes and loans receivable

    beginning of year $2,744,650 · end of year $2,717,700

  • 9 · Prepaid expenses and deferred charges

    beginning of year $9,117 · end of year $8,833

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

    $2,419,422

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

    $1,348,607

  • 10c · Land, buildings and equipment, net

    beginning of year $1,480,291 · end of year $1,070,815

  • 13 · Investments: program-related

    beginning of year $6,708,550 · end of year $6,346,440

  • 15 · Other assets

    beginning of year $17,878,407 · end of year $19,311,297

  • 17 · Accounts payable and accrued expenses

    beginning of year $575,098 · end of year $1,219,274

  • 19 · Deferred revenue

    beginning of year $408 · end of year $5,462

  • 21 · Escrow or custodial account liability

    beginning of year $10,711 · end of year $13,067

  • 23 · Secured mortgages and notes payable

    beginning of year $1,530,201 · end of year $1,386,867

  • 25 · Other liabilities

    beginning of year $2,643,231 · end of year $1,874,804

  • 27 · Net assets without donor restrictions

    beginning of year $25,865,697 · end of year $26,706,990

Mission and programs · 2022

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.

Activities or mission (Part I)

Developing housing that will be affordable over the long-term for low and moderate income families.

  • 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. 205 affordable housing units have been developed, $43,911,530 has been invested in affordable housing developments and 1,003 manufactured homes have been preserved through resident ownership since the program's inception. (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 325 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. Two homes are under contract in Indiana for redevelopment. In Puerto Rico, the Carolinas redevelopment will provide 168 unites 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.

    Expenses $878,381 · Revenue $2,239,107

  • 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 75 affordable housing communities which comprised 3,716 units that provided high-quality, affordable homes for 6,704 residents. The portfolio has rental properties in Indiana, New York, Ohio, Pennsylvania, and Puerto Rico.

    Expenses $310,671 · Revenue $127,190

As filed on the 2022 return. The filer continues this part on Schedule O, which is not shown here.

Listed in Part VII

  • Kathleen Greeley

    Board Treasurer

    Total calculated
    $0
    Hours/week
    0.4 + 0.4 related

  • Jean A Lowe

    Board Chair

    Total calculated
    $0
    Hours/week
    0.4 + 0.4 related

  • Joel Frater

    Member

    Total calculated
    $0
    Hours/week
    0.4 + 0.2 related

  • Patrick Tobin

    Member

    Total calculated
    $0
    Hours/week
    0.4 + 1.4 related

  • Dirk Schneider

    Board Vice Chair

    Total calculated
    $0
    Hours/week
    0.4 + 0.2 related

  • Wilma Alejandro Ramirez

    Member

    Total calculated
    $0
    Hours/week
    0.4 + 1 related

  • Yvonne Thompson

    Member

    Total calculated
    $0
    Hours/week
    0.4 + 1 related

  • Miriam Zinter

    Member

    Total calculated
    $0
    Hours/week
    0.4 + 0.2 related

  • Serena Compitello

    Board Secretary (Start March 2023)

    Total calculated
    $0
    Hours/week
    0.4 + 0.2 related

  • Phillip Borrelli Esq

    Member

    Total calculated
    $0
    Hours/week
    0.4 + 0.2 related

  • Lindsay Mohr

    Member

    Total calculated
    $0
    Hours/week
    0.4 + 0.2 related

  • Joshua Gewolb

    Board Secretary (Through Feb 2023)

    Total calculated
    $0
    Hours/week
    0.4 + 0.2 related

  • Ruperto Montero

    Vice President for Finance

    Total calculated
    $221,951
    From this org
    $0
    From related orgs
    $209,888
    Other
    $12,063
    Hours/week
    1 + 40 related

    Schedule J breakdown matched by us

    Base
    $0 + $209,888 related
    Bonus
    $0
    Other
    $0
    Deferred
    $0 + $6,297 related
    Nontaxable benefits
    $0 + $5,766 related
    Filer's total
    $0 + $221,951 related

  • Alexander D Castro

    Senior Vice President

    Total calculated
    $256,796
    From this org
    $0
    From related orgs
    $243,302
    Other
    $13,494
    Hours/week
    0.4 + 40 related

    Schedule J breakdown matched by us

    Base
    $0 + $243,302 related
    Bonus
    $0
    Other
    $0
    Deferred
    $0 + $7,299 related
    Nontaxable benefits
    $0 + $6,195 related
    Filer's total
    $0 + $256,796 related

  • Leslie W Kernan Jr

    Assistant Secretary

    Total calculated
    $197,190
    From this org
    $0
    From related orgs
    $191,447
    Other
    $5,743
    Hours/week
    0.4 + 40 related

    Schedule J breakdown matched by us

    Base
    $0 + $191,447 related
    Bonus
    $0
    Other
    $0
    Deferred
    $0 + $5,743 related
    Nontaxable benefits
    $0
    Filer's total
    $0 + $197,190 related

  • Jason Sackett

    President

    Total calculated
    $122,933
    From this org
    $45,679
    From related orgs
    $74,970
    Other
    $2,284
    Hours/week
    0.4 + 40 related

  • Christina Brooks

    VP of Property Management

    Total calculated
    $131,262
    From this org
    $0
    From related orgs
    $120,417
    Other
    $10,845
    Hours/week
    0.4 + 40 related

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

None.

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

The filer's explanations (Part III)

Part I, Line 3
PathStone Development Corporation does not have an Executive Director, however, the wages and benefits of all top management employees of the parent corporation are determined by the personnel committee of the parent company, PathStone Corporation, as part of its ongoing wage comparative studies and benefit budgeting process. The process includes independent review, comparability data, and deliberation by a compensation committee.

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.

Related partnerships

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

  • Ada Ridge Partners II LLC

    N/A · Affordable Housing · NY

  • Ada Ridge Partners LP

    N/A · Affordable Housing · NY

  • Albion Senior Living LLC

    N/A · Affordable Housing · NY

  • Alturas de Castaner LP

    N/A · Affordable Housing · NY

  • Andrews Terrace LLC

    N/A · Affordable Housing · NY

  • Anthony Square LP

    N/A · Affordable Housing · NY

  • April Meadows LP

    Related · Affordable Housing · NY

  • Beechwood Apartments LLC

    N/A · Affordable Housing · NY

  • Bradmar Village LLC

    N/A · Affordable Housing · NY

  • Breckenridge on Seneca LLC

    N/A · Affordable Housing · NY

  • Briarwood Place LP

    N/A · Affordable Housing · NY

  • Brower Road LLC

    N/A · Affordable Housing · NY

  • Canal Place LP

    N/A · Affordable Housing · NY

  • Canal View Senior Housing LLC

    N/A · Affordable Housing · NY

  • Castle Street Associates LP

    N/A · Affordable Housing · NY

  • Cedar Creek Housing LLC

    N/A · Affordable Housing · NY

  • Central Place LP

    N/A · Affordable Housing · NY

  • Clarkson-Seldon Square Partners LP

    N/A · Affordable Housing · NY

  • Clayton Heights LP

    N/A · Affordable Housing · NY

  • Clifton Commons Associates LP

    N/A · Affordable Housing · NY

  • Creekside Clearing LP

    N/A · Affordable Housing · NY

  • Crerand Commons LLC

    N/A · Affordable Housing · NY

  • Destiny at WCP LP

    N/A · General Housing · NY

  • Eastman Reserve LLC

    N/A · Affordable Housing · NY

  • Elliott's Landing LP

    N/A · Affordable Housing · NY

  • Elmgrove Place LP

    N/A · Affordable Housing · NY

  • Fullerton Lofts LP

    N/A · Affordable Housing · NY

  • Gettysburg Scattered Sites Associates

    N/A · Affordable Housing · NY

  • Hale Court LP

    N/A · Affordable Housing · NY

  • Heritage Meadows Partners LP

    N/A · Affordable Housing · NY

  • Highland Meadows Partners LLC

    N/A · Affordable Housing · NY

  • Lander Street Partners II LP

    N/A · Affordable Housing · NY

  • Lander Street Partners III LLC

    N/A · Affordable Housing · NY

  • Lander Street Partners LP

    N/A · Affordable Housing · NY

  • Lehigh Managing Member LLC

    N/A · Affordable Housing · NY

  • LivMoor Portfolio LLC

    N/A · Affordable Housing · NY

  • Long Pond Senior Apartments LLC

    N/A · Affordable Housing · NY

  • Macartovin Apartments LLC

    N/A · Affordable Housing · NY

  • Marketview Housing LP

    N/A · Affordable Housing · NY

  • Marketview Phase II LP

    N/A · Affordable Housing · NY

  • MJ Estates II LLC

    N/A · Affordable Housing · NY

  • MJ Estates LP

    N/A · Affordable Housing · NY

  • Monica Homes LLC

    N/A · Affordable Housing · NY

  • Niagara Place LP

    N/A · Affordable Housing · NY

  • Ontario Place LP

    N/A · Affordable Housing · NY

  • Oxford Crossing Apartments LP

    N/A · Affordable Housing · NY

  • PABH Development LLC

    N/A · Affordable Housing · NY

  • PathStone Wedgepoint LLC

    N/A · Affordable Housing · NY

  • Pinnacle Apartments LLC

    N/A · Affordable Housing · NY

  • Portal De San German LLC

    N/A · Affordable Housing · NY

  • Rexford Place LP

    N/A · Affordable Housing · NY

  • Sandy Creek Associates LP

    N/A · Affordable Housing · NY

  • Seldon Square II LLC

    N/A · Affordable Housing · NY

  • Sisson Reserve II LLC

    N/A · Affordable Housing · NY

  • Sisson Reserve LLC

    N/A · Affordable Housing · NY

  • SLM Apartments LLC

    N/A · Affordable Housing · NY

  • Stone Quarry Apartments LLC

    N/A · Affordable Housing · NY

  • Stonewood Village LLC

    N/A · Affordable Housing · NY

  • Susan B Anthony LP

    N/A · Affordable Housing · NY

  • Thompson Building Associates LP

    N/A · Affordable Housing · NY

  • Towpath III LP

    N/A · Affordable Housing · NY

  • Washington Park Associates LP

    N/A · Affordable Housing · NY

  • Westminister Place LP

    N/A · Affordable Housing · NY

  • Woodward LP

    N/A · Affordable Housing · NY

  • Baird Road Development LLC

    N/A · Affordable Housing · NY

Related corporations and trusts

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

  • Alliance Homes II Corp

    C · General Partner in L.P. Transactions · OH

  • Crerand Commons MM Corporation

    C · General Partner in L.P. Transactions · NY · 100% owned · controlled entity

    Directly controlled by PathStone Development Corporation

  • Destiny at Wilson Commencement Park Corporation

    C · General Partner in L.P. Transactions · NY

  • Eastman Reserve MM Corporation

    C · General Partner in L.P. Transactions · NY

  • Jamestown Managing Member LLC

    C · General Partner in L.P. Transactions · NY

  • Marketview Housing Inc

    C · General Partner in L.P. Transactions · NY · 100% owned · controlled entity

    Directly controlled by PathStone Development Corporation

  • PathStone Breckenridge Inc

    C · General Partner in L.P. Transactions · NY · 100% owned · controlled entity

    Directly controlled by PathStone Development Corporation

  • PathStone Long Pond Inc

    C · General Partner in L.P. Transactions · NY · 100% owned · controlled entity

    Directly controlled by PathStone Development Corporation

  • PathStone Stone Quarry Inc

    C · General Partner in L.P. Transactions · NY · 100% owned · controlled entity

    Directly controlled by PathStone Development Corporation

  • PathStone Wedgepoint MM Corporation

    C · General Partner in L.P. Transactions · NY · 100% owned · controlled entity

    Directly controlled by PathStone Development Corporation

  • PathStone Whitehall Acres LLC

    C · General Partner in L.P. Transactions · NY

  • PDC Towpath Corporation

    C · General Partner in L.P. Transactions · NY · 100% owned · controlled entity

    Directly controlled by PathStone Development Corporation

  • PHEDCO Investments Inc

    C · General Partner in L.P. Transactions · NY

  • Pinnacle Managing Member LLC

    C · General Partner in L.P. Transactions · NY · 100% owned · controlled entity

    Directly controlled by PathStone Development Corporation

  • RHAC Development Corporation

    C · General Partner in L.P. Transactions · NY

  • RHOC Crossman Inc

    C · General Partner in L.P. Transactions · NY

  • Rural Housing Opportunities Development Corp

    C · General Partner in L.P. Transactions · NY

  • Salem Senior Housing Corp

    C · General Partner in L.P. Transactions · OH

  • Sisson Reserve MM II LLC

    C · General Partner in L.P. Transactions · NY

  • Sisson Reserve MM LLC

    C · General Partner in L.P. Transactions · NY

  • Sisson Sewage Works Corporation

    C · General Partner in L.P. Transactions · NY

  • Slater Neighborhood Inc

    C · General Partner in L.P. Transactions · NY · 100% owned · controlled entity

    Directly controlled by PathStone Development Corporation

  • Baird Road MM LLC

    C · General Partner in L.P. Transactions · NY

Provenance

Return type
form_990
Tax year
2022
Filed
1 August 2024
IRS schema version
2022v5.0
Source object
202422189349300732

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