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Nonprofiteer
← WISCONSIN HOUSING PRESERVATION CORP

Form 990 for tax year 2025

Filed by WISCONSIN HOUSING PRESERVATION CORP.

Totals

Total revenue
$85,253,285
Total expenses
$78,220,988
Contributions and grants received
$2,146,575
Grants paid
$0
Program service revenue
$78,500,663
Investment income
$4,606,047
Other revenue
$0
Total assets, end of year
$516,226,988
Total liabilities, end of year
$351,023,858
Net assets or fund balances, end of year
$165,203,130
Program services expenses (Part IX)
$69,964,797
Management and general expenses
$8,256,191
Fundraising expenses
$0
Program service expenses (Part III)
$69,964,797

Program services were 89.4% 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)

    $2,146,575

  • 2a · Program service revenue: TENANT RENT

    total $71,826,265 · related or exempt $71,826,265

  • 2b · Program service revenue: DEVELOPMENT FEES

    total $4,286,351 · related or exempt $4,286,351

  • 2c · Program service revenue: OTHER TENANT SERVICES

    total $2,388,047 · related or exempt $2,388,047

  • 3 · Investment income

    total $4,258,343 · excluded $4,258,343

  • 7a · Gross sales of assets other than inventory

    securities $21,280,893 · other assets $504,159

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

    securities $21,191,769 · other assets $245,579

  • 7c · Gain or loss

    securities $89,124 · other assets $258,580

  • 7d · Net gain or loss

    total $347,704 · excluded $347,704

Functional expenses

Part IX, the statement of functional expenses.

  • 5 · Compensation of officers, directors and key employees

    total $1,351,842 · management and general $1,351,842

  • 7 · Other salaries and wages

    total $3,770,210 · management and general $3,770,210

  • 8 · Pension plan contributions

    total $279,650 · management and general $279,650

  • 9 · Other employee benefits

    total $619,381 · management and general $619,381

  • 10 · Payroll taxes

    total $397,541 · management and general $397,541

  • 11b · Fees: legal

    total $581,443 · program services $331,101 · management and general $250,342

  • 11c · Fees: accounting

    total $647,271 · program services $574,326 · management and general $72,945

  • 11d · Fees: lobbying

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

  • 11f · Fees: investment management

    total $36,133 · program services $36,133

  • 11g · Fees: other

    total $249,563 · management and general $249,563

  • 12 · Advertising and promotion

    total $353,275 · program services $310,361 · management and general $42,914

  • 13 · Office expenses

    total $1,162,232 · program services $1,037,278 · management and general $124,954

  • 16 · Occupancy

    total $38,749,848 · program services $38,749,848

  • 17 · Travel

    total $84,416 · management and general $84,416

  • 19 · Conferences, conventions and meetings

    total $175,976 · program services $175,976

  • 20 · Interest

    total $5,379,955 · program services $5,379,955

  • 22 · Depreciation, depletion and amortization

    total $11,088,461 · program services $11,088,461

  • 24a · Other expenses: GENERAL & ADMINISTRATIV

    total $6,815,931 · program services $6,115,622 · management and general $700,309

  • 24b · Other expenses: PROPERTY MANAGEMENT FEE

    total $4,140,030 · program services $4,140,030

  • 24c · Other expenses: TAXES & INSURANCE

    total $1,814,312 · program services $1,814,312

  • 24d · Other expenses: OPERATING LEASE EXPENSE

    total $433,948 · program services $169,824 · management and general $264,124

  • 24e · All other expenses

    total $41,570 · program services $41,570

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $34,898,954 · end of year $35,559,692

  • 2 · Savings and temporary cash investments

    beginning of year $18,728,114 · end of year $7,129,497

  • 4 · Accounts receivable

    beginning of year $13,610,093 · end of year $18,894,060

  • 7 · Other notes and loans receivable

    beginning of year $52,356,967 · end of year $55,190,400

  • 9 · Prepaid expenses and deferred charges

    beginning of year $1,599,484 · end of year $1,633,028

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

    $455,681,981

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

    $106,962,875

  • 10c · Land, buildings and equipment, net

    beginning of year $343,585,482 · end of year $348,719,106

  • 11 · Investments: publicly traded securities

    beginning of year $17,462,332 · end of year $0

  • 12 · Investments: other securities

    beginning of year $639,875 · end of year $635,315

  • 14 · Intangible assets

    beginning of year $4,246,373 · end of year $3,792,889

  • 15 · Other assets

    beginning of year $34,465,298 · end of year $44,673,001

  • 17 · Accounts payable and accrued expenses

    beginning of year $8,381,604 · end of year $9,950,758

  • 19 · Deferred revenue

    beginning of year $1,236,091 · end of year $1,100,668

  • 20 · Tax-exempt bond liabilities

    beginning of year $51,765,000 · end of year $51,430,000

  • 23 · Secured mortgages and notes payable

    beginning of year $296,214,735 · end of year $284,233,724

  • 25 · Other liabilities

    beginning of year $4,514,017 · end of year $4,308,708

  • 27 · Net assets without donor restrictions

    beginning of year $151,965,038 · end of year $159,265,755

  • 28 · Net assets with donor restrictions

    beginning of year $7,516,487 · end of year $5,937,375

Mission and programs · 2025

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 98 ADDITIONAL HOUSING UNITS IN 2025. THE TOTAL OF LEASABLE UNITS IN THE WHPC PORTFOLIO IS 9,448 AT DECEMBER 31, 2025, AND THE TOTAL NUMBER OF PROJECTS IS 158, IN WHICH WHPC HAD FULL OWNERSHIP OR A LIMITED INTEREST IN. AT DECEMBER 31, 2025, THERE ARE 5,914 UNITS, OR 98 PROJECTS, THAT ARE 100% OWNED BY WHPC. THIS FORM 990 SUBMISSION INCLUDES THE OPERATING ACTIVITY OF 98 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 3,534 UNITS, OR 56 PROJECTS, WHICH ARE REPORTED ON SEPARATE TAX RETURNS. OF THE PROPERTIES INCLUDED IN THIS SUBMISSION, 98 PROJECTS OPERATE WITH SUBSIDIES RECEIVED FROM US DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT (HUD) AND 18 PROJECTS WITH SUBSIDIES RECEIVED FROM USDA RURAL DEVELOPMENT (RD), ALL OF WHICH ARE MAJORITY RENT AND INCOME RESTRICTED. IN ADDITION TO RENTAL SUBSIDIES, WHPC RECEIVES FUNDS FROM 28 ANNUAL GRANTS, SUPPORTING 35 HUD PROJECTS (62 LOCATIONS) IN THE MULTIFAMILY SERVICE COORDINATOR (MFSC) PROGRAM. THIS ENABLES PROJECTS 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.AS OF DECEMBER 31, 2025, THE AVERAGE OCCUPANCY RATE FOR HUD-BASED PROJECTS WAS 95.0%, FOR RD-BASED PROJECTS WAS 93.2%, AND WHPC'S TOTAL STABILIZED PORTFOLIO OVERALL OCCUPANCY RATE WAS 94.5%.WHPC'S PORTFOLIO OF HUD SECTION 8 PROJECT-BASED SUBSIDIZED PROPERTIES IS CONSISTENT WITH HUD WISCONSIN'S CHARACTERISTICS, HAVING AVERAGE HOUSEHOLD INCOMES OF ABOUT $16,317 AND AVERAGE TENANT-PAID RENTS BEING ABOUT $382 PER MONTH. WHPC'S AVERAGE AGE OF ITS ELDERLY POPULATION IS ABOUT 50 FOR DISABLED ADULTS.

    Expenses $69,964,797 · Revenue $78,500,663

As filed on the 2025 return. The filer continues this part on Schedule O, which is not shown here.

Listed in Part VII

  • REGINA DUNKIN

    DIRECTOR

    Total calculated
    $17,300
    From this org
    $17,300
    From related orgs
    $0
    Other
    $0
    Hours/week
    2 + 0.2 related

  • NATALIE ERDMAN

    DIRECTOR/CHAIRPERSON (START MAY 2025)

    Total calculated
    $24,450
    From this org
    $24,450
    From related orgs
    $0
    Other
    $0
    Hours/week
    8 + 0.2 related

  • JAMES P CARTER

    DIRECTOR

    Total calculated
    $3,300
    From this org
    $3,300
    From related orgs
    $0
    Other
    $0
    Hours/week
    2 + 0.2 related

  • MARY WRIGHT

    PRESIDENT (THRU MAR 2025)/DIRECTOR

    Total calculated
    $154,470
    From this org
    $142,264
    From related orgs
    $0
    Other
    $12,206
    Hours/week
    40 + 0.3 related

    Schedule J breakdown matched by us

    Base
    $117,264
    Bonus
    $25,000
    Other
    $0
    Deferred
    $6,747
    Nontaxable benefits
    $5,459
    Filer's total
    $154,470

  • DAVID STRELITZ

    SECRETARY

    Total calculated
    $11,000
    From this org
    $11,000
    From related orgs
    $0
    Other
    $0
    Hours/week
    2 + 0.2 related

  • BRETT GERBER

    TREASURER

    Total calculated
    $18,337
    From this org
    $18,337
    From related orgs
    $0
    Other
    $0
    Hours/week
    2 + 0.3 related

  • DAN KROETZ

    DIRECTOR

    Total calculated
    $11,000
    From this org
    $11,000
    From related orgs
    $0
    Other
    $0
    Hours/week
    2 + 0.2 related

  • ERBERT JOHNSON

    CHAIRMAN (THRU MAY 2025)/DIRECTOR

    Total calculated
    $26,400
    From this org
    $26,400
    From related orgs
    $0
    Other
    $0
    Hours/week
    2 + 0.3 related

  • NATHAN WAUTIER

    DIRECTOR

    Total calculated
    $3,850
    From this org
    $3,850
    From related orgs
    $0
    Other
    $0
    Hours/week
    2

  • TERESE CARO

    DIRECTOR

    Total calculated
    $3,850
    From this org
    $3,850
    From related orgs
    $0
    Other
    $0
    Hours/week
    2

  • JOSEPH CARPENTER

    CHIEF FINANCIAL & INFORMATION OFFICER

    Total calculated
    $342,373
    From this org
    $308,083
    From related orgs
    $0
    Other
    $34,290
    Hours/week
    40 + 0.1 related

    Schedule J breakdown matched by us

    Base
    $245,583
    Bonus
    $62,500
    Other
    $0
    Deferred
    $14,663
    Nontaxable benefits
    $19,627
    Filer's total
    $342,373

  • LEE FERDERER

    SENIOR VP & GENERAL COUNSEL

    Total calculated
    $327,327
    From this org
    $308,356
    From related orgs
    $0
    Other
    $18,971
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $245,856
    Bonus
    $62,500
    Other
    $0
    Deferred
    $14,632
    Nontaxable benefits
    $4,339
    Filer's total
    $327,327

  • MICHAEL SLAVISH

    COO/PRESIDENT (START APR 2025)

    Total calculated
    $408,187
    From this org
    $372,928
    From related orgs
    $0
    Other
    $35,259
    Hours/week
    40 + 0.1 related

    Schedule J breakdown matched by us

    Base
    $302,928
    Bonus
    $70,000
    Other
    $0
    Deferred
    $18,211
    Nontaxable benefits
    $17,048
    Filer's total
    $408,187

  • MARK VAN DEN BROEKE

    VP OF CONSTRUCTION

    Total calculated
    $188,287
    From this org
    $163,076
    From related orgs
    $0
    Other
    $25,211
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $146,576
    Bonus
    $16,500
    Other
    $0
    Deferred
    $8,787
    Nontaxable benefits
    $16,424
    Filer's total
    $188,287

  • MATTHEW CHILDRESS

    VP OF REAL ESTATE FINANCE

    Total calculated
    $219,404
    From this org
    $183,352
    From related orgs
    $0
    Other
    $36,052
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $156,352
    Bonus
    $27,000
    Other
    $0
    Deferred
    $11,325
    Nontaxable benefits
    $24,727
    Filer's total
    $219,404

  • MEGAN WALELA

    VP OF DEVELOPMENT

    Total calculated
    $195,976
    From this org
    $169,356
    From related orgs
    $0
    Other
    $26,620
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $144,606
    Bonus
    $24,750
    Other
    $0
    Deferred
    $10,342
    Nontaxable benefits
    $16,278
    Filer's total
    $195,976

  • NICOLE PERRY-BESLEY

    SENIOR VP OF ASSET MANAGEMENT

    Total calculated
    $220,169
    From this org
    $198,162
    From related orgs
    $0
    Other
    $22,007
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $156,912
    Bonus
    $41,250
    Other
    $0
    Deferred
    $11,903
    Nontaxable benefits
    $10,104
    Filer's total
    $220,169

  • BRIAN CODA

    DIRECTOR OF ACCOUNTING

    Total calculated
    $188,595
    From this org
    $154,241
    From related orgs
    $0
    Other
    $34,354
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $133,241
    Bonus
    $21,000
    Other
    $0
    Deferred
    $9,535
    Nontaxable benefits
    $24,819
    Filer's total
    $188,595

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 $1 · share of assets $19,914,141 · general or managing partner

    Directly controlled by FILING ORG

  • WHPC-SBP I MM LLC

    RELATED · LOW-INCOME HSG · WI · 79% owned · share of income -$47 · share of assets $1,977 · 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 $112,917 · share of assets -$4,777 · controlled entity

    Directly controlled by FILING ORG

  • WHPC-SCOVILLE CENTER LLC

    C · LOW-INCOME HSG · WI · 100% owned · share of income $206,335 · share of assets $189,094 · controlled entity

    Directly controlled by FILING ORG

  • WHPC-CITYPLACE I MM LLC

    C · LOW-INCOME HSG · WI · 100% owned · share of income $10,001 · share of assets $58,703 · controlled entity

    Directly controlled by FILING ORG

  • WHPC-NORTHWESTERN BOND POOL MM LLC

    C · LOW-INCOME HSG · WI · 100% owned · share of income $2 · share of assets -$208 · controlled entity

    Directly controlled by FILING ORG

Provenance

Return type
form_990
Tax year
2025
IRS schema version
2025v4.2
Source object
202622379349301347

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