Wisconsin Housing Preservation Corp. (WHPC) is organized as a tax-exempt organization under Internal Revenue Code Section 501c(3) that acquires, develops and preserves affordable housing across Wisconsin. The organization is one of the largest nonprofit developers in the nation of affordable rental housing with over 8200 units located in 57 counties.
“We have a long-standing and valuable relationship with SVA”, says Mary Wright, President of WHPC. Recently, the organization’s board of directors requested a stress test on the financial results using specific economic scenarios as political and economic threats can have a significant impact on the business model. They enlisted SVA to perform testing over defined scenarios including interest rate fluctuations and federal subsidy changes. The stress test results helped WHPC plan for the future and gave the board of directors a clearer understanding of the financial outlook. “Understanding potential scenarios will help us plan more effectively and position our organization for future growth”, says Wright.
“We acquire assets and utilize grants, tax credits and investor funding to bring the projects to life. SVA audits our projects which exceed 100 properties and consolidates the annual financial activities in one concise audit to present to our board of directors. “They help us with special project financial metrics and train us on the new accounting standards recently issued for nonprofit organizations”, says Wright.
SVA is a business partner that WHPC relies on to help them with their mission to provide affordable housing to seniors, special needs residents, and families.