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Pathstone Development Corporation

Tax-deductible

Rochester, NY501(c)(3)Since 1984Housing EIN 16-1265765Revenue $1.7M in FY2025

On file with the IRSpathstone.org400 East Ave, 14607-1910 · Rochester, NYTax-exempt since Sep 1982Publicly supported charity — 170(b)(1)(A)(vi)

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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.

501(c)(3) charity; gifts are tax-deductible.
60¢ of each $1 spent went to programs.
Run by 11 volunteers and 1 employee.
Mission: Form 990 Part I, line 1 · Status: IRS Pub. 78 · Programs: Part IX · People: Part I, lines 5–6

Before you give

FY2025 · Form 990Independent: from IRS data, not the org
Download 990
IRS status
501(c)(3)
not on the IRS revocation list
Looks good: listed by the IRS and not on the revocation list.
IRS BMF · Auto-Revocation List
Tax-deductible gifts
Yes
Donations are tax-deductible
Looks good: the IRS lists gifts to it as deductible.
IRS Pub. 78 · IRS BMF
Latest return
FY2025
latest Form 990
Looks good: the latest return is for FY2025, 1 tax year back; within 2 tax years.
IRS e-file · Filing history
Surplus or deficit
4 of 6
filings with a surplus
Average surplus $1.1M a year · 37% of revenue · last 6 filings
Fine: a surplus in 4 of the last 6 filings.
Pt I · Ln 19 · 6 filings
Spent on programs
60%
of spending
Worth a look: 60% of spending went to programs; under 65%.
Pt IX · Ln 25 · col B
Pay to officers and key staff
$53K
to officers and key staff · 2% of spending
Top officer’s pay lower than 93% of similar orgs
Looks good: pay to officers and key staff is 2% of spending; 15% or less.
Pt VII · Sec A
Cash reserves
9 mo
of spending, in cash
Plus $6.6M in investments, Pt X · Ln 11–13
Looks good: 8.6 months of spending in cash; 3 or more.
Pt X · Ln 1–2 · Pt I · Ln 18
Liabilities
$4.5M
15% of total assets
Looks good: liabilities are 15% of assets; 50% or less.
Pt X · Ln 26
Independent board members
12
of 12 voting members
Looks good: 12 of 12 voting members are independent, a majority.
Pt VI · Ln 1a–1b
Looks goodFineWorth a lookConcernNo data yetTap a box for the reason.
Revenue
$1.7M
-2% vs prior year
Spent
$2.6M
To programs
60%
Net assets
$25.7M
By yearFY2020–FY2025
Revenue
$1.7M
FY2025▼ -2%
Tap a bar for its year
Revenue by fiscal year
FY2020$2.5M
FY2021$1.7M
FY2022$8.0M
FY2023$2.9M
FY2024$1.8M
FY2025$1.7M
Expenses
$2.6M
FY2025▲ +38%
Tap a bar for its year
Expenses by fiscal year
FY2020$2.3M
FY2021$1.6M
FY2022$1.5M
FY2023$1.8M
FY2024$1.9M
FY2025$2.6M
Net assets
$25.7M
FY2025▼ -3%
Tap a bar for its year
Net assets by fiscal year
FY2020$18.5M
FY2021$18.9M
FY2022$25.9M
FY2023$26.7M
FY2024$26.5M
FY2025$25.7M

From the FY2025 Form 990 (year ending September 2025) · figures checked against the IRS filing · see the original

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Is it real?

Yes. Never revoked by the IRS. Latest filing on record: FY2025. IRS ruling in Sep 1982.

IRS Pub. 78 · IRS Auto-Revocation List · IRS Business Master File

Where the money goes

60 cents of each dollar spent went to programs.

Program services 60% · $1.6M Management & general 40% · $1.0M

Form 990 Part IX, line 25, columns B–D. Every line is in By the numbers.

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Who runs it and what they're paid

16 people listed on the 990; $53K paid to officers and key staff.

Part VII, Section A · reportable compensation · most recent filed roster (FY2024); the FY2025 filing did not itemize Part VII
Jason Sackett
President
$52,838Pt VII · Sec A
$0Pt VII · Sec A
Dirk Schneider
Board Vice Chair
$0Pt VII · Sec A
$0Pt VII · Sec A
$0Pt VII · Sec A
$0Pt VII · Sec A
Serena Compitello
Board Secretary
$0Pt VII · Sec A
$0Pt VII · Sec A

Jason Sackett’s $53K as President is at the 7th percentile of top reported officer pay among 2036 $1–10M housing nonprofits. Peer set: organizations in the same NTEE major field of work and revenue-size band, compared on each org’s own highest-paid officer/key-employee, from Form 990 Part VII / 990-PF Part VIII. Descriptive placement, not a verdict on whether the pay is appropriate.

Compensation history total reportable pay by year · 1 named individual · Part VII

NameFY2025FY2024FY2023
Jason Sackett$52,838$52,270$45,679

Total reportable compensation (Form 990 Part VII column D / Schedule J column E) by filing year, matched by name within this organization. The Schedule J base / bonus / deferred breakdown is not parsed into this dataset.

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Questions the 990 asks

The form asks each of these directly. These are the filed answers.

  • Family or business ties among officersPt VI · Ln 2No
  • Top official's pay set by an independent reviewPt VI · Ln 15aYes

Programs and updates

Develops and manages affordable rental housing communities for low- and moderate-income families, farmworkers, seniors, and individuals with special needs.

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Provided by the organization

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2 programs · $1.6M · in their own filed words · FY2024
01

Real Estate Development

PathStone and its affiliates work with community partners, nonprofits, 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.

$938Kprogram expense
02

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.

$651Kprogram expense

Funders

Who pays for it.

From grant filings on record. Receipts are incomplete: individual donors are never listed.

By the numbers

The FY2025 990, line by line.

Download 990
from philanthropy.org
1The main four
Money inPt VIII
$1.7M
Ln 12
Fees for servicesLn 2g$710K
Other incomeLn 4–11$403K
Gifts and grantsLn 1h$310K
Money outPt IX
$2.6M
Ln 25
Programscol B$1.6M
Managementcol C$1.0M
Owns and owesPt X
$25.7M
net assets · Ln 32
Cash and savingsLn 1–2$1.9M
Total assetsLn 16$30.2M
LiabilitiesLn 26$4.5M
PeoplePt VI, VII
16
listed · VII A
PaidVII A1
Voting boardVI 1a12
IndependentVI 1b12
2In more detail
Revenue in detailPt VIII
Gifts and grantsLn 1h$310K
Fees for servicesLn 2g$710K
Investment incomeLn 3$296K
Other incomeLn 4–11$403K
Total revenueLn 12$1.7M
Assets in detailPt X, end of year
CashLn 1$549K
SavingsLn 2$1.3M
Cash and savings togetherLn 1–2$1.9M
InvestmentsLn 11–13$6.6M
Land, buildings, equipmentLn 10c$1.4M
Other assetsLn 15$17.5M
Total assetsLn 16$30.2M
LiabilitiesLn 26$4.5M
Net assetsLn 32$25.7M
OperationsPt I, VI
EmployeesI 51
VolunteersI 611
Fiscal year endsHeaderSeptember
Conflict-of-interest policyVI 12aYes
Whistleblower policyVI 13Yes
Records policyVI 14Yes
3Year over year
Balance sheet, start vs end of yearPt X · col A, B
LineStart FY25End FY25
Cash and savingsLn 1–2$806K$1.9M
InvestmentsLn 11–13$6.5M$6.6M
Land, buildings, equipmentLn 10c$1.6M$1.4M
Total assetsLn 16$31.7M$30.2M
LiabilitiesLn 26$5.2M$4.5M
Net assetsLn 32$26.5M$25.7M
4Every line
Statement of functional expensesPt IX · every line
LineTotalProgramsManagementFundraising
Pay of current officers, directors and key staffLn 5$62K$25K$37K
Payroll taxesLn 10$5K$2K$3K
Management feesLn 11a$13K$13K
Legal feesLn 11b$5K$4K$1K
Accounting feesLn 11c$40K$40K
Other fees for servicesLn 11g$930K$704K$226K
Advertising and promotionLn 12$5K$5K
Office expensesLn 13$34K$34K
OccupancyLn 16$287K$287K
TravelLn 17$19K$19K
Conferences, conventions and meetingsLn 19$11K$11K
InterestLn 20$11K$11K
Depreciation, depletion and amortizationLn 22$25K$25K
InsuranceLn 23$38K$38K
Other expenses (24a–d)Ln 24$1.1M$409K$739K
All other expensesLn 24e$3K$3K
Total functional expensesLn 25$2.6M$1.6M$1.0M$0

Filing history

YearMoney inMoney outIn minus outNet assetsDownload
FY2025 Latest Viewing $1.7M$2.6M−$915K$25.7M 990 PDF
FY2024 $1.8M$1.9M−$161K$26.5M 990 PDF
FY2023 $2.9M$1.8M$1.2M$26.7M 990 PDF
FY2022 $8.0M$1.5M$6.5M$25.9M 990 PDF
FY2021 $1.7M$1.6M$67K$18.9M 990 PDF
FY2020 $2.5M$2.3M$257K$18.5M 990 PDF

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Schedules filed Part IV

III · Programs R · Related orgs G · Fundraising L · Interested persons I · Grants A · Public support O · Explanations
See the full FY2025 990 (6 parts)
Part I · Summary $1,719,916 revenue, 12 lines filed
I-8 Contributions and grantsPrior year $150,000$310,000
I-9 Program service revenuePrior year $1,154,376$710,246
I-10 Investment incomePrior year $275,932$296,225
I-11 Other revenuePrior year $171,279$403,445
I-12 Total revenuePrior year $1,751,587$1,719,916
I-13 Grants and similar amounts paidPrior year $0$0
I-14 Benefits paid to membersPrior year $0$0
I-15 Salaries and benefitsPrior year $56,088$67,044
I-16a Professional fundraising feesPrior year $0$0
I-17 Other expensesPrior year $1,856,781$2,567,589
I-18 Total expensesPrior year $1,912,869$2,634,633
I-19 Revenue less expensesPrior year −$161,282−$914,717
Part VI · Governance 12 of 12 board members independent, no flags
VI-1a Voting members of the governing body12
VI-1b Independent voting members12
VI-2 Family or business relationship among officers or directorsNo
VI-12a Written conflict of interest policyYes
VI-13 Written whistleblower policyYes
VI-14 Document retention and destruction policyYes
VI-15a Process for setting top official's payYes
Part VIII · Statement of revenue $1,719,916 across 7 lines filed
VIII-1f All other contributions, gifts and grants$310,000
VIII-1h Total contributions, gifts and grants$310,000
VIII-2a-f Program service revenue, itemized rows (sum of 2a–2f as filed)Related to mission $710,246$710,246
VIII-3 Investment incomeExcluded from tax $296,225$296,225
VIII-6 Net rental income or lossExcluded from tax $3,223$3,223
VIII-11a-d Other revenue, itemized rows (sum of 11a–11d as filed)Related to mission $400,222$400,222
VIII-12 Total revenueRelated to mission $1,110,468 · Unrelated business $0 · Excluded from tax $299,448$1,719,916
Part IX · Statement of functional expenses $2,634,633 across 16 lines filed
IX-5 Pay of current officers, directors and key staffPrograms $24,812 · Management $37,218$62,030
IX-10 Payroll taxesPrograms $2,006 · Management $3,008$5,014
IX-11a Management feesPrograms $12,964$12,964
IX-11b Legal feesPrograms $3,600 · Management $1,345$4,945
IX-11c Accounting feesManagement $39,980$39,980
IX-11g Other fees for servicesPrograms $704,079 · Management $225,752$929,831
IX-12 Advertising and promotionPrograms $5,390$5,390
IX-13 Office expensesPrograms $33,588$33,588
IX-16 OccupancyPrograms $286,611$286,611
IX-17 TravelPrograms $18,986$18,986
IX-19 Conferences, conventions and meetingsPrograms $10,753$10,753
IX-20 InterestPrograms $11,026$11,026
IX-22 Depreciation, depletion and amortizationPrograms $25,265$25,265
IX-23 InsurancePrograms $38,127$38,127
IX-24 Other expenses (24a–d)Programs $408,504 · Management $738,521$1,147,025
IX-24e All other expensesPrograms $3,098$3,098
IX-25 Total functional expensesPrograms $1,588,809 · Management $1,045,824 · Fundraising $0$2,634,633
Part X · Balance sheet $30,220,358 assets, 15 lines filed
Asset lines not itemized here account for $2,717,700; see the IRS return.
X-1 Cash, non-interest-bearingStart of year $447,610$548,652
X-2 Savings and temporary cash investmentsStart of year $358,264$1,347,488
X-4 Accounts receivableStart of year $70,922$72,887
X-9 Prepaid expenses and deferred chargesStart of year $8,506$7,183
X-10c Land, buildings and equipment, netStart of year $1,635,957$1,374,786
X-13 Program-related investmentsStart of year $6,522,892$6,616,642
X-15 Other assetsStart of year $19,891,379$17,535,020
X-16 Total assetsStart of year $31,653,230$30,220,358
X-17 Accounts payable and accrued expensesStart of year $1,230,386$1,148,749
X-19 Deferred revenueStart of year $1,060$2,328
X-25 Other liabilitiesStart of year $2,708,458$2,251,665
X-26 Total liabilitiesStart of year $5,197,107$4,517,943
X-27 Net assets without donor restrictionsStart of year $26,456,123$25,702,415
X-32 Total net assets or fund balancesStart of year $26,456,123$25,702,415
X-33 Total liabilities and net assetsStart of year $31,653,230$30,220,358
Part XI · Reconciliation of net assets $25,702,415 net assets at year end
XI-1 Total revenue$1,719,916
XI-2 Total expenses$2,634,633
XI-3 Revenue less expenses−$914,717
XI-4 Net assets at start of year$26,456,123
XI-5 Net unrealized gains (losses) on investments$93,550
XI-9 Other changes in net assets$67,459
XI-10 Net assets at end of year$25,702,415

Form 990 e-file (XML) FY2025 from the IRS · Classification, formation year and address from the IRS Business Master File

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