The Towers Foundation Inc
- Assets
- $2.9m
- Revenue
- $1.1m
- Investments
- $380.8k
- Employees
- 6
- Location
- New Haven, CT
- Founding
- 01/1993
- Data as of
- 06/2024
- EIN
- 06-1331831
Organization Overview
The Towers Foundation Inc is located in New Haven, CT. The organization was established in 1993. 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 06/2024, Towers Foundation Inc employed 6 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Towers Foundation 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 06/2024, Towers Foundation Inc generated $1.1m in total revenue. This organization has experienced exceptional growth, as over the past 8 years, it has increased revenue by an average of 17.6% each year . All expenses for the organization totaled $1.4m during the year ending 06/2024. While expenses have increased by 20.7% per year over the past 8 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
2024
Describe the Organization's Mission:
Part 3 - Line 1
THE PURPOSES OF THE CORPORATION ARE TO PROVIDE RESOURCES TO THE NEW HAVEN JEWISH COMMUNITY COUNCIL HOUSING CORPORATION (DBA THE TOWERS AT TOWER LANE AND REFERRED TO IN THESE BYLAWS AS "THE TOWERS") IN SUPPORT OF THE TOWERS' MISSION AS SET FORTH IN ARTICLE 2 OF ITS CERTIFICATE OF INCORPORATION ON FILE IN THE OFFICE OF THE SECRETARY OF THE STATE OF CONNECTICUT. IN CARRYING OUT ITS PURPOSES, THE CORPORATION SHALL ACT EXCLUSIVELY AS A SUPPORTING ORGANIZATION, AS DESCRIBED IN SECTION 509(A)(3) OF THE INTERNAL REVENUE CODE (THE "CODE"), BY OPERATING FOR THE BENEFIT OF, PERFORMING FUNCTIONS OF, OR CARRYING OUT PURPOSES OF THE TOWERS.) FURTHER PROVIDED, IN THE EVENT OF ANY CONFLICT BETWEEN THE PURPOSES SET FORTH IN THESE BYLAWS AND THOSE SET FORTH IN ITS CERTIFICATE OF INCORPORATION, THE PROVISIONS OF THE CERTIFICATE OF INCORPORATION SHALL PREVAIL.
Describe the Organization's Program Activity:
Part 3 - Line 4a
THE PURPOSES OF THE CORPORATION ARE TO PROVIDE RESOURCES TO THE NEW HAVEN JEWISH COMMUNITY COUNCIL HOUSING CORPORATION (DBA THE TOWERS AT TOWER LANE AND REFERRED TO IN THESE BYLAWS AS "THE TOWERS") IN SUPPORT OF THE TOWERS' MISSION AS SET FORTH IN ARTICLE 2 OF ITS CERTIFICATE OF INCORPORATION ON FILE IN THE OFFICE OF THE SECRETARY OF THE STATE OF CONNECTICUT. IN CARRYING OUT ITS PURPOSES, THE CORPORATION SHALL ACT EXCLUSIVELY AS A SUPPORTING ORGANIZATION, AS DESCRIBED IN SECTION 509(A)(3) OF THE INTERNAL REVENUE CODE (THE "CODE"), BY OPERATING FOR THE BENEFIT OF, PERFORMING FUNCTIONS OF, OR CARRYING OUT PURPOSES OF THE TOWERS.) FURTHER PROVIDED, IN THE EVENT OF ANY CONFLICT BETWEEN THE PURPOSES SET FORTH IN THESE BYLAWS AND THOSE SET FORTH IN ITS CERTIFICATE OF INCORPORATION, THE PROVISIONS OF THE CERTIFICATE OF INCORPORATION SHALL PREVAIL.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Cindy Leffell Outgoing Immediate Past Chair | OfficerTrustee | 1 | $0 |
Donna Fedus Director | Trustee | 1 | $0 |
Dr Stephanie Jacobson Director | Trustee | 1 | $0 |
Ellen Iead Director | Trustee | 1 | $0 |
Erik Johnson Outgoing Director | Trustee | 1 | $0 |
Gayle Slossberg Outgoing 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 | $470,283 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $470,283 |
| Total Program Service Revenue | $447,505 |
| Investment income | $32,812 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $175,675 |
| 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 | $1,133,381 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $144,543 |
| 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 | $267,742 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $22,316 |
| Payroll taxes | $21,369 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $11,684 |
| Fees for services: Accounting | $26,934 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $13,650 |
| Advertising and promotion | $26,156 |
| Office expenses | $34,491 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $52,268 |
| Travel | $393 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $43,111 |
| Insurance | $0 |
| All other expenses | $89,972 |
| Total functional expenses | $1,449,754 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $1,045,333 |
| Savings and temporary cash investments | $217,410 |
| Pledges and grants receivable | $543,601 |
| Accounts receivable, net | $15,079 |
| 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 | $0 |
| Net Land, buildings, and equipment | $676,008 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $380,779 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $2,132 |
| Total assets | $2,880,342 |
| Accounts payable and accrued expenses | $158,072 |
| 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 | $0 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $0 |
| Total liabilities | $158,072 |
| Net assets without donor restrictions | $1,579,418 |
| Net assets with donor restrictions | $1,142,852 |
| 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 | $2,880,342 |