PLATINUM2024

Way Finders

Family. Neighborhood. Community.

aka Way Finders   |   Springfield, MA   |  https://www.wayfinders.org
GuideStar Charity Check

Way Finders

EIN: 04-2518368


Mission

Way Finders builds and advocates for a thriving and equitable region by improving the stability and economic mobility of families and individuals, together with developing and managing a wide range of housing to support strong communities.

Notes from the nonprofit

Way Finders' Annual Report is now digital and FY21 can be found here: https://wayfindersannualreport.org/

Ruling year info

1994

President and CEO

Mr. Keith Fairey

Main address

1780 Main Street

Springfield, MA 01103 USA

Show more contact info

EIN

04-2518368

Subject area info

Community improvement

Housing development

Rent and mortgage assistance

Population served info

Seniors

Families

Low-income people

People with disabilities

NTEE code info

Housing Development, Construction, Management (L20)

Community, Neighborhood Development, Improvement (S20)

Housing Expense Reduction Support, Rent Assistance (L82)

What we aim to solve

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Our programs

SOURCE: Self-reported by organization

What are the organization's current programs, how do they measure success, and who do the programs serve?

Rental Assistance

Way Finders is the regional administrator for the Section 8 Housing Choice Voucher and Massachusetts Rental Voucher programs which assist low income families rent decent, safe apartments on the private rental market.  Way Finders Family Self-Sufficiency Program helps rental assistance program participants set goals and work towards economic independence and financial self-sufficiency.

Population(s) Served
Families

Way Finders provides first-time homebuyer workshops, financial education, post-purchase counseling, foreclosure prevention counseling, and rental property management education as well as access to affordable mortgage financing and programs that help finance home modifications for those with disabilities.

Population(s) Served
Economically disadvantaged people
Ethnic and racial groups

Way Finders is the largest nonprofit developer of affordable housing based in western Massachusetts.  Projects include affordable rental housing, special needs housing, and homes for first-time homebuyers.  Many development projects are part of comprehensive neighborhood revitalization efforts.  Way Finders manages over 800 affordable rental units throughout the region.

Population(s) Served

Way Finders operates a congregate shelter and leases scattered site apartments as emergency shelter for homeless families with children; Way Finders also operates transitional housing programs for survivors of domestic violence and pregnant and parenting teens.

Population(s) Served

Way Finders Housing Consumer Education Center provides answers to all types of housing questions to renters, landlords, homebuyers, and homeowners.  It also administers a variety of programs aimed at preventing families with children from becoming homeless including emergency financial housing assistance programs.  Those programs provide both counseling and direct financial assistance.  Way Finders also administers a regional fair housing education and outreach program.

Population(s) Served

Since 2011, Way Finders’ Community Building & Engagement team has been meeting residents where they’re at, with an eye toward addressing systems and issues that benefit everyone in the community. We provide the training, tools, and resources to help residents grow into skilled, capable leaders. And we partner with organizations at the national and local levels who share our belief that healthy communities are best built at the community level.  

Population(s) Served

Where we work

External assessments

Evaluated via the Impact Genome Project (2019)

Affiliations & memberships

NeighborWorks America - Member 2008

Our results

SOURCE: Self-reported by organization

How does this organization measure their results? It's a hard question but an important one.

Average number of service recipients per month

This metric is no longer tracked.
Totals By Year
Type of Metric

Other - describing something else

Direction of Success

Increasing

Context Notes

In FY23, Way Finders impacted the lives of 58,752 individuals.

Our Sustainable Development Goals

SOURCE: Self-reported by organization

Learn more about Sustainable Development Goals.

Goals & Strategy

SOURCE: Self-reported by organization

Learn about the organization's key goals, strategies, capabilities, and progress.

Charting impact

Four powerful questions that require reflection about what really matters - results.

Way Finders’ mission is to “build and advocate for a thriving and equitable region by improving the stability and economic mobility of families and individuals, together with developing and managing a wide range of housing to support strong communities.” Since 1972, Way Finders has committed our resources to eliminating family homelessness, increasing the supply of affordable housing, and bringing comprehensive community initiatives to build and support neighborhoods where all people can live with dignity.

Increasing the supply of affordable housing.
Increasing economic mobility for residents in our region through employment support programs, entrepreneurship, and homeownership.
Moving families from homelessness to stable housing through multiple initiatives that include public and private partnerships and support.
Providing resident leadership and advocacy training to empower residents to undertake initiatives to bring desired change to their neighborhoods.
Undertaking comprehensive community development initiatives that recognize the root causes for inequities across all sectors of society.
Creating and sustaining strong partnerships with state, local, and private agencies and organizations, grassroots community groups, businesses, and others who share our values and commitment to working for positive change in our region's cities and towns.


How we listen

SOURCE: Self-reported by organization

Seeking feedback from people served makes programs more responsive and effective. Here’s how this organization is listening.

done We shared information about our current feedback practices.
  • How is your organization using feedback from the people you serve?

    To identify and remedy poor client service experiences, To identify bright spots and enhance positive service experiences, To make fundamental changes to our programs and/or operations, To inform the development of new programs/projects, To identify where we are less inclusive or equitable across demographic groups, To strengthen relationships with the people we serve, To understand people's needs and how we can help them achieve their goals

  • Which of the following feedback practices does your organization routinely carry out?

    We collect feedback from the people we serve at least annually, We take steps to get feedback from marginalized or under-represented people, We aim to collect feedback from as many people we serve as possible, We take steps to ensure people feel comfortable being honest with us, We engage the people who provide feedback in looking for ways we can improve in response, We act on the feedback we receive, We tell the people who gave us feedback how we acted on their feedback

  • What challenges does the organization face when collecting feedback?

    It is difficult to get the people we serve to respond to requests for feedback, Technology barriers for clients

Financials

Way Finders
Fiscal year: Jul 01 - Jun 30

Revenue vs. expenses:  breakdown

SOURCE: IRS Form 990 info
NET GAIN/LOSS:    in 
Note: When component data are not available, the graph displays the total Revenue and/or Expense values.

Liquidity in 2022 info

SOURCE: IRS Form 990

0.54

Average of 0.67 over 10 years

Months of cash in 2022 info

SOURCE: IRS Form 990

1.2

Average of 1.9 over 10 years

Fringe rate in 2022 info

SOURCE: IRS Form 990

20%

Average of 23% over 10 years

Funding sources info

Source: IRS Form 990

Assets & liabilities info

Source: IRS Form 990

Financial data

SOURCE: IRS Form 990

Way Finders

Revenue & expenses

Fiscal Year: Jul 01 - Jun 30

SOURCE: IRS Form 990 info

Fiscal year ending: cloud_download Download Data

Way Finders

Balance sheet

Fiscal Year: Jul 01 - Jun 30

SOURCE: IRS Form 990 info

The balance sheet gives a snapshot of the financial health of an organization at a particular point in time. An organization's total assets should generally exceed its total liabilities, or it cannot survive long, but the types of assets and liabilities must also be considered. For instance, an organization's current assets (cash, receivables, securities, etc.) should be sufficient to cover its current liabilities (payables, deferred revenue, current year loan, and note payments). Otherwise, the organization may face solvency problems. On the other hand, an organization whose cash and equivalents greatly exceed its current liabilities might not be putting its money to best use.

Fiscal year ending: cloud_download Download Data

Way Finders

Financial trends analysis Glossary & formula definitions

Fiscal Year: Jul 01 - Jun 30

SOURCE: IRS Form 990 info

This snapshot of Way Finders’s financial trends applies Nonprofit Finance Fund® analysis to data hosted by GuideStar. While it highlights the data that matter most, remember that context is key – numbers only tell part of any story.

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Business model indicators

Profitability info 2018 2019 2020 2021 2022
Unrestricted surplus (deficit) before depreciation $1,353,471 $2,560,287 $1,165,184 $4,078,136 $1,689,457
As % of expenses 1.9% 3.3% 1.5% 3.9% 1.0%
Unrestricted surplus (deficit) after depreciation $976,187 $2,230,663 $862,278 $3,774,602 $1,296,890
As % of expenses 1.4% 2.9% 1.1% 3.6% 0.8%
Revenue composition info
Total revenue (unrestricted & restricted) $71,634,248 $81,397,275 $78,199,932 $108,391,886 $168,594,430
Total revenue, % change over prior year 3.2% 13.6% -3.9% 38.6% 55.5%
Program services revenue 94.5% 85.8% 3.5% 1.8% 1.3%
Membership dues 0.0% 0.0% 0.0% 0.0% 0.0%
Investment income 0.1% 0.3% 0.4% 0.3% 0.2%
Government grants 0.0% 2.5% 88.7% 92.3% 97.5%
All other grants and contributions 5.4% 6.7% 3.6% 5.5% 1.0%
Other revenue 0.0% 4.8% 3.9% 0.0% 0.0%
Expense composition info
Total expenses before depreciation $70,441,368 $77,565,838 $77,374,552 $104,805,721 $167,992,790
Total expenses, % change over prior year 1.3% 10.1% -0.2% 35.5% 60.3%
Personnel 17.0% 15.5% 17.3% 14.9% 11.3%
Professional fees 0.9% 1.1% 0.7% 0.9% 1.0%
Occupancy 1.2% 1.1% 1.2% 1.1% 0.6%
Interest 0.3% 0.6% 0.8% 0.6% 0.4%
Pass-through 69.6% 66.3% 68.3% 72.7% 83.2%
All other expenses 11.0% 15.4% 11.8% 9.9% 3.4%
Full cost components (estimated) info 2018 2019 2020 2021 2022
Total expenses (after depreciation) $70,818,652 $77,895,462 $77,677,458 $105,109,255 $168,385,357
One month of savings $5,870,114 $6,463,820 $6,447,879 $8,733,810 $13,999,399
Debt principal payment $0 $0 $0 $3,362,625 $0
Fixed asset additions $0 $0 $333,685 $1,122,980 $1,041,149
Total full costs (estimated) $76,688,766 $84,359,282 $84,459,022 $118,328,670 $183,425,905

Capital structure indicators

Liquidity info 2018 2019 2020 2021 2022
Months of cash 2.0 1.9 2.3 3.2 1.2
Months of cash and investments 2.0 1.9 2.3 3.2 1.2
Months of estimated liquid unrestricted net assets 1.0 1.2 1.4 1.4 1.0
Balance sheet composition info 2018 2019 2020 2021 2022
Cash $11,721,344 $12,235,101 $14,811,303 $27,668,374 $16,246,128
Investments $141,510 $141,510 $142,530 $142,530 $142,530
Receivables $13,188,336 $24,762,761 $26,211,096 $24,771,547 $25,547,419
Gross land, buildings, equipment (LBE) $7,915,581 $7,992,867 $8,326,554 $9,423,016 $10,450,964
Accumulated depreciation (as a % of LBE) 41.5% 44.1% 46.0% 43.6% 42.9%
Liabilities (as a % of assets) 71.3% 72.1% 72.6% 73.6% 69.2%
Unrestricted net assets $5,777,025 $8,007,688 $8,869,966 $12,644,568 $13,941,458
Temporarily restricted net assets $2,853,866 $4,125,016 N/A N/A N/A
Permanently restricted net assets $1,152,245 $1,152,245 N/A N/A N/A
Total restricted net assets $4,006,111 $5,277,261 $4,937,457 $4,445,486 $3,357,669
Total net assets $9,783,136 $13,284,949 $13,807,423 $17,090,054 $17,299,127

Key data checks

Key data checks info 2018 2019 2020 2021 2022
Material data errors No No No No No

Operations

The people, governance practices, and partners that make the organization tick.

Documents
Form 1023/1024 is not available for this organization

President and CEO

Mr. Keith Fairey

Keith Fairey began his tenure as president and chief executive officer of Way Finders in July of 2020. Way Finders is a regional housing organization focused on pursuing housing stability and economic mobility outcomes for its clients and communities in Western Massachusetts. The organization annually touches the lives of over 50,000 people through a diverse set of initiatives including: homelessness prevention, rental assistance, financial education, homeownership and foreclosure prevention counseling, real estate development, property management, community engagement, and small business lending through its subsidiary, Common Capital. Prior to joining Way Finders, Keith was a senior vice president for Enterprise Community Partners, Inc. In that role he led the management, oversight and strategic guidance of Enterprise’s 11 regional market offices across the United States. Keith’s extensive experience in community development and real estate finance, organizational development and str

Number of employees

Source: IRS Form 990

Way Finders

Officers, directors, trustees, and key employees

SOURCE: IRS Form 990

Compensation
Other
Related
Show data for fiscal year
Compensation data
Download up to 5 most recent years of officer and director compensation data for this organization

Way Finders

Highest paid employees

SOURCE: IRS Form 990

Compensation
Other
Related
Show data for fiscal year
Compensation data
Download up to 5 most recent years of highest paid employee data for this organization

Way Finders

Board of directors
as of 04/24/2024
SOURCE: Self-reported by organization
Board of directors data
Download the most recent year of board of directors data for this organization
Board chair

Ms. Jasmine Naylor

Massachusetts League of Community Health Centers

Term: 2023 -

James Sherbo

PeoplesBank

Lidya Rivera-Early

Springfield Technical Community College

George D. Rosa

Citizens Bank

Rosemary Morin

Berkshire Bank

Jim Hickson

Berkshire Bank

Erica True

MassMutual

Marta Alvarez

Karon Tyler

Community Resident

Denise Cogman

Springfield School Volunteers

Rondey Allen

Crosspoint Clinical

Harry Montalvo

bankESB

Adlyn Colon

Holyoke Community College

Leonard Underwood

local business owner

Jim Broderick

TD Bank (Retired)

Andrew Morehouse

The Food Bank of Western MA

Melissa Prohaska

M&T Bank

Alicia Raymond

TD Bank

Janna Tetreault

Community Action Pioneer Valley

Board leadership practices

SOURCE: Self-reported by organization

GuideStar worked with BoardSource, the national leader in nonprofit board leadership and governance, to create this section.

  • Board orientation and education
    Does the board conduct a formal orientation for new board members and require all board members to sign a written agreement regarding their roles, responsibilities, and expectations? Yes
  • CEO oversight
    Has the board conducted a formal, written assessment of the chief executive within the past year ? Yes
  • Ethics and transparency
    Have the board and senior staff reviewed the conflict-of-interest policy and completed and signed disclosure statements in the past year? Yes
  • Board composition
    Does the board ensure an inclusive board member recruitment process that results in diversity of thought and leadership? Yes
  • Board performance
    Has the board conducted a formal, written self-assessment of its performance within the past three years? Yes

Organizational demographics

SOURCE: Self-reported; last updated 8/19/2022

Who works and leads organizations that serve our diverse communities? Candid partnered with CHANGE Philanthropy on this demographic section.

Leadership

The organization's leader identifies as:

Race & ethnicity
Black/African American
Gender identity
Male, Not transgender

Race & ethnicity

Gender identity

Transgender Identity

Sexual orientation

No data

Disability

No data

Equity strategies

Last updated: 08/19/2022

GuideStar partnered with Equity in the Center - an organization that works to shift mindsets, practices, and systems to increase racial equity - to create this section. Learn more

Data
  • We review compensation data across the organization (and by staff levels) to identify disparities by race.
  • We ask team members to identify racial disparities in their programs and / or portfolios.
  • We analyze disaggregated data and root causes of race disparities that impact the organization's programs, portfolios, and the populations served.
  • We disaggregate data to adjust programming goals to keep pace with changing needs of the communities we support.
  • We employ non-traditional ways of gathering feedback on programs and trainings, which may include interviews, roundtables, and external reviews with/by community stakeholders.
  • We have long-term strategic plans and measurable goals for creating a culture such that one’s race identity has no influence on how they fare within the organization.
Policies and processes
  • We seek individuals from various race backgrounds for board and executive director/CEO positions within our organization.
  • We have community representation at the board level, either on the board itself or through a community advisory board.
  • We help senior leadership understand how to be inclusive leaders with learning approaches that emphasize reflection, iteration, and adaptability.
  • We engage everyone, from the board to staff levels of the organization, in race equity work and ensure that individuals understand their roles in creating culture such that one’s race identity has no influence on how they fare within the organization.

Contractors

Fiscal year ending

Professional fundraisers

Fiscal year ending

SOURCE: IRS Form 990 Schedule G

Solicitation activities
Gross receipts from fundraising
Retained by organization
Paid to fundraiser