Shalom Towers Inc
- Assets
- $3.9m
- Revenue
- $2.5m
- Investments
- $0.0
- Employees
- 11
- Location
- Ventnor, NJ
- Founding
- 10/1981
- Data as of
- 06/2022
- EIN
- 22-2260993
Organization Overview
Shalom Towers Inc is located in Ventnor, NJ. The organization was established in 1981. According to its NTEE Classification (L20) the organization is classified as: Housing Development, Construction & Management, under the broad grouping of Housing & Shelter and related organizations. As of 06/2022, Shalom Towers Inc employed 11 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Shalom Towers Inc is a 501(c)(3) and as such, is described as a "Charitable or Religous organization or a private foundation" by the IRS.
For the year ending 06/2022, Shalom Towers Inc generated $2.5m in total revenue. This represents relatively stable growth, over the past 7 years the organization has increased revenue by an average of 2.5% each year. All expenses for the organization totaled $2.5m during the year ending 06/2022. You can explore the organizations financials more deeply in the financial statements section below.
Form
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2022
Describe the Organization's Mission:
Part 3 - Line 1
TO PROVIDE DECENT, AFFORDABLE HOUSING FOR LOW-INCOME ELDERLY AND DISABLED ON A NON-PROFIT BASIS.
Describe the Organization's Program Activity:
Part 3 - Line 4a
TO PROVIDE DECENT, AFFORDABLE HOUSING FOR LOW-INCOME ELDERLY OR DISABLED ON A NON-PROFIT BASIS.
TO PROVIDE SOCIAL SERVICES AND OTHER ANCILLARY SERVICES TO RESIDENTS.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Elliott Kraus Secretary | OfficerTrustee | 2 | $0 |
Yale Steingard President | OfficerTrustee | 2 | $0 |
Mckinsey Alston Trustee | Trustee | 1 | $0 |
Shane Conesky Trustee | Trustee | 1 | $0 |
Faye Thompson Trustee | Trustee | 1 | $0 |
Richard Prince Trustee | Trustee | 1 | $0 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Us Security Associates Inc Security Services | 6/29/18 | $101,922 |
Anco Commercial Services General Contractor | 6/29/18 | $108,760 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $45,000 |
| Government grants | $0 |
| All other contributions, gifts, grants, and similar amounts not included above | $0 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $45,000 |
| Total Program Service Revenue | $2,492,988 |
| Investment income | $135 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $0 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $2,547,271 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $0 |
| Grants and other assistance to domestic individuals. | $0 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $482,718 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $104,544 |
| Payroll taxes | $44,173 |
| Fees for services: Management | $99,222 |
| Fees for services: Legal | $2,412 |
| Fees for services: Accounting | $16,312 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $0 |
| Advertising and promotion | $394 |
| Office expenses | $55,279 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $565,953 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $1,420 |
| Interest | $320,845 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $294,314 |
| Insurance | $138,556 |
| All other expenses | $44,902 |
| Total functional expenses | $2,522,868 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $181,593 |
| Savings and temporary cash investments | $1,369,844 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $5,377 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $173,750 |
| Net Land, buildings, and equipment | $2,176,168 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $3,906,732 |
| Accounts payable and accrued expenses | $120,575 |
| Grants payable | $0 |
| Deferred revenue | $9,537 |
| Tax-exempt bond liabilities | $0 |
| Escrow or custodial account liability | $0 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
| Secured mortgages and notes payable | $6,438,507 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $58,100 |
| Total liabilities | $6,626,719 |
| Net assets without donor restrictions | -$2,719,987 |
| Net assets with donor restrictions | $0 |
| Capital stock or trust principal, or current funds | $0 |
| Paid-in or capital surplus, or land, building, or equipment fund | $0 |
| Retained earnings, endowment, accumulated income, or other funds | $0 |
| Total liabilities and net assets/fund balances | $3,906,732 |
Grants Recieved
Over the last fiscal year, we have identified 2 grants that Shalom Towers Inc has recieved totaling $162,343.
| Awarding Organization | Amount |
|---|---|
Shalom Housing Development Inc Pleasantville, NJ PURPOSE: TO FUND REPAIRS, MAINTAIN THE BUILDING, AND TO PROVIDE IMPROVEMENTS. | $87,343 |
Shalom Housing Development Inc Pleasantville, NJ PURPOSE: TO FUND PURCHASE OF MINI-BUS TO ASSIST ELDERLY RESIDENTS WITH THEIR FOOD SHOPPING, DR. APPTS. AND RECREATION NEEDS. | $75,000 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Shared Support South Inc Warrington, PA | $9,549,705 | $20,704,692 |
Viecare Butler Llc Cranberry Township, PA | $15,820,808 | $20,591,438 |
Valley View Haven Inc Belleville, PA | $35,512,325 | $21,268,828 |
The Arc Morris County Chapter Nj Inc Morris Plains, NJ | $23,360,035 | $22,219,596 |
Pathways To Housing Pa Philadelphia, PA | $7,362,789 | $17,371,070 |
Reach Riverside Development Corporation Wilmington, DE | $31,775,413 | $42,220,664 |
Jewish Federation Housing Development Fund Company Buffalo, NY | $0 | $1,951,149 |
Alfa Development Inc Newfoundland, NJ | $12,469,438 | $16,200,874 |
Grand Central District Management Association Inc New York, NY | $3,484,616 | $12,729,561 |
Westbeth Corp Housing Development Fund Company Inc New York, NY | $62,389,155 | $10,191,211 |
Community Action Agency Of Delaware County Inc Boothwyn, PA | $15,976,339 | $8,682,122 |
Brighton Beach Housing Development Fund Company Inc New York, NY | $22,060,771 | $3,270,016 |