Overview
What is Pathstone Development Corporation?
Pathstone Development Corporation is a nonprofit organization dedicated to providing affordable housing solutions. Based in Rochester, New York, they collaborate with various partners to create housing that seamlessly integrates into the community. Their services include the development and acquisition of affordable rental housing for diverse populations, such as families, seniors, and individuals with special needs. They also offer affordable single-family homes for sale. Since their inception, they have developed 73 affordable housing units, invested $17.9 million in affordable housing developments, and preserved 1,003 manufactured homes through resident ownership. Pathstone's operations extend to Indiana, New York, Pennsylvania, and Puerto Rico. Their current pipeline includes transformative community developments, such as an adaptive reuse of a vacant store and the historical preservation of a significant Main Street property. Their mission is to develop high-quality, affordable housing, manage it professionally, encourage resident participation, and create communities that benefit both residents and the larger community.
Official website here: www.pathstone.org
What are the reviews and ratings of this charity?
Charity Navigator rating: 72%, Two-Star out of Four Star rating.
Pathstone Development Corporation has received a Two-Star rating from Charity Navigator, indicating a moderate level of performance. The score primarily reflects strong accountability and finance practices, with the organization earning a full score in several areas, such as having a majority independent board and no material diversion of assets. These aspects highlight a commitment to governance and transparency.
However, the overall score is also significantly impacted by its low program expense ratio of 50.68%, which suggests that less than half of its spending is directed towards its programs. This raises concerns about the effectiveness of the organization in utilizing its resources to fulfill its mission and achieve its goals.
While Pathstone Development Corporation demonstrates solid practices in governance and financial oversight, potential donors may want to consider its program spending in relation to its mission impact before making contributions. The organization has notable strengths in board independence and transparency but faces challenges in demonstrating a more substantial investment in its programs.
This AI summary has been generated from information found on Charity Navigator.
Is Pathstone Development Corporation legitimate?
Pathstone Development Corporation is a legitimate nonprofit organization registered as a 501(c)(3) entity. Pathstone Development Corporation submitted a form 990, which is a tax form used by tax-exempt organizations in the U.S., indicating its operational transparency and adherence to regulatory requirements. Donations to this organization are tax deductible.
Heare are some key statistics you may want to consider:
Executive Compensation: $0
Professional Fundraising Fees: $0
Other Salaries and Wages: $42,818
For more financial information, click here
Official website here: www.pathstone.org
What is the mission statement of Pathstone Development Corporation?
Pathstone Development Corporation's mission is centered around the development of high-quality, long-term affordable housing for low and moderate-income families. The organization is committed to professionally managing these residential properties. Furthermore, Pathstone encourages resident participation to ensure a satisfactory living environment. The corporation strives to create communities that serve as assets to both the residents and the broader community, upholding its own values and mission.
Official website here: www.pathstone.org
Who is the CEO of Pathstone Development Corporation?
Ruperto Montero is the Board Treasurer of Pathstone Development Corporation.
Official website here: www.pathstone.org
What is the revenue of Pathstone Development Corporation?
Pathstone Development Corporation's revenue in 2022 was $7,977,639.
Official website here: www.pathstone.org
Who are the executives of Pathstone Development Corporation and what are their salaries?
The average compensation at Pathstone Development Corporation during 2022 was $10,704. There are 4 employees and 15 volunteers at Pathstone Development Corporation.
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- Related: $183,961
- Other: $5,442
Official website here: www.pathstone.org
Where can I find the form 990 for Pathstone Development Corporation?
Pathstone Development Corporation's most recent form 990 was submitted in 2022 and can be accessed here.
Official website here: www.pathstone.org
Learn more at the official website: www.pathstone.org
Mission Statement of Pathstone Development Corporation
Pathstone Development Corporation, a nonprofit organization, is dedicated to a mission that encompasses four key areas. Its primary goal is to develop high-quality, long-term affordable housing for low and moderate-income families. Beyond construction, the corporation also focuses on professionally managing these housing units to ensure they meet the necessary standards.
In addition to housing development and management, Pathstone Development Corporation encourages resident participation to foster a satisfying living environment. This community-building approach ensures that the developments not only meet the needs of the residents but also contribute positively to the larger community. By creating such communities, the corporation aims to be an asset to its residents and the community at large.
In summary, Pathstone Development Corporation's mission is multifaceted. It involves developing affordable housing, managing these properties professionally, encouraging resident participation, and contributing to the overall betterment of the community. The corporation's commitment to these areas aims to improve the living conditions and quality of life for low and moderate-income families.
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Impact
October, 2024
Pathstone Development Corporation plays a vital role in transforming communities by developing and preserving affordable housing options for low and moderate-income families. Through strategic partnerships with community organizations, nonprofit entities, private developers, and government officials, Pathstone works to create housing that is not only affordable but also accessible and integrated into the neighborhoods it serves.
With a track record of 73 affordable housing units developed and an investment of nearly $18 million in housing initiatives, Pathstone's impact is substantial. The preservation of 1,003 manufactured homes through resident ownership highlights its commitment to empowering families and ensuring long-term housing stability. Pathstone's current projects—including the adaptive reuse of vacant stores and the historical preservation of significant properties—demonstrate a dedication to revitalizing communities while also promoting sustainable building practices.
Operating across Indiana, New York, Pennsylvania, and Puerto Rico, Pathstone's initiatives are responsive to the diverse needs of various populations, including families, farmworkers, seniors, and individuals with special needs. By fostering resident participation and maintaining high-quality management of its properties, Pathstone enhances the living environment and cultivates communities that serve as valuable assets to both residents and the broader community.
This information is meant to be a general summary of Pathstone Development Corporation. Please take the time to review official sources before making any decisions based upon the content provided here.
Financials
This financial information is from Propublica.
Other financial information:
This information is from the most recently submitted tax form from this organization, which was in 2022.
- Investment Income: $504,617
- Program Service Revenue: $7,298,481
- Gross Receipts: $7,977,639
Assets and Liabilities:
- Total Assets: $30,625,346
- Total Liabilities: $4,759,649
- Net Assets: $25,865,697
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Programs
Programs are reported by nonprofits in their tax forms and are normally their tax-exempt activities.
Real Estate Developmen
Revenue
$7,180,048
Rental Property Portfo
Revenue
$118,433
Organization Details
Founding Year
1984
Phone
(585) 546-6340Principal Officer
Ruperto Montero
Main Address
400 East Avenue, Rochester, NY, 14607
Website
www.pathstone.orgNTEE Category
Code: L200 - Housing
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