Grace Tower Inc
- Assets
- $32.1m
- Revenue
- $4.1m
- Investments
- $0.0
- Employees
- 7
- Location
- Pasadena, CA
- Founding
- 05/1985
- Data as of
- 12/2021
- EIN
- 95-2461674
Organization Overview
Grace Tower Inc is located in Pasadena, CA. The organization was established in 1985. According to its NTEE Classification (L22) the organization is classified as: Senior Citizens Housing & Retirement Communities, under the broad grouping of Housing & Shelter and related organizations. As of 12/2021, Grace Tower Inc employed 7 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Grace Tower 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 12/2021, Grace Tower Inc generated $4.1m in total revenue. This organization has experienced exceptional growth, as over the past 7 years, it has increased revenue by an average of 14.9% each year . All expenses for the organization totaled $2.1m during the year ending 12/2021. While expenses have increased by 10.9% per year over the past 7 years. They've been increasing with an increasing level of total revenue. 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
2021
Describe the Organization's Mission:
Part 3 - Line 1
TO OPERATE AN APARTMENT COMPLEX OF 168 UNITS TO PROVIDE LOW-INCOME HOUSING FOR ELDERLY TENANTS.
Describe the Organization's Program Activity:
Part 3 - Line 4a
H.U.D. PROJECT #129-SH060 PROVIDES 168 UNITS OF RENTAL HOUSING TO LOW-INCOME ELDERLY TENANTS.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Emil J Wohl President | OfficerTrustee | 1 | $0 |
Robert L Rentto Secretary/cfo | OfficerTrustee | 1 | $0 |
Al Deberardinis Director | Trustee | 1 | $0 |
Michael Gibson Director | Trustee | 1 | $0 |
James A Chatfield Director | Trustee | 1 | $0 |
Drew Hubbell Director | Trustee | 1 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| 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 | $0 |
| Total Program Service Revenue | $3,989,882 |
| Investment income | $70,608 |
| 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 | $4,060,490 |
| 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 | $331,188 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $57,624 |
| Payroll taxes | $25,774 |
| Fees for services: Management | $183,776 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $0 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $40,107 |
| Advertising and promotion | $888 |
| Office expenses | $19,678 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $0 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $467,123 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $389,356 |
| Insurance | $116,304 |
| All other expenses | $0 |
| Total functional expenses | $2,074,584 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $235,212 |
| Savings and temporary cash investments | $8,007,938 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $591 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $8,342,930 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $74,523 |
| Net Land, buildings, and equipment | $12,426,649 |
| Investments—publicly traded securities | $924,283 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $461,388 |
| Other assets | $1,655,600 |
| Total assets | $32,129,114 |
| Accounts payable and accrued expenses | $121,597 |
| Grants payable | $0 |
| Deferred revenue | $0 |
| 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 | $13,848,008 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $75,727 |
| Total liabilities | $14,045,332 |
| Net assets without donor restrictions | $18,083,782 |
| 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 | $32,129,114 |
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