The Towers Foundation Inc
- Assets
- $2.2m
- Revenue
- $1.1m
- Investments
- $364.2k
- Employees
- 5
- Location
- New Haven, CT
- Founding
- 01/1993
- Data as of
- 06/2022
- 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 06/2022, Towers Foundation Inc employed 5 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 06/2022, Towers Foundation Inc generated $1.1m in total revenue. This organization has experienced exceptional growth, as over the past 7 years, it has increased revenue by an average of 20.4% each year . All expenses for the organization totaled $761.1k during the year ending 06/2022. While expenses have increased by 13.1% 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
2022
Describe the Organization's Mission:
Part 3 - Line 1
TO PROVIDE SERVICES SUCH AS HEALTH, HOUSING, NUTRITION AND RECREATION TO RESIDENTS OF THE TOWERS IN NEW HAVEN, CT.
Describe the Organization's Program Activity:
Part 3 - Line 4a
TO PROVIDE SERVICES SUCH AS HEALTH, HOUSING, NUTRITION AND RECREATION TO RESIDENTS OF THE TOWERS IN NEW HAVEN, CT.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Lori Brochin Treasurer | OfficerTrustee | 1 | $0 |
Cindy Leffell Chair | OfficerTrustee | 1 | $0 |
Linda Randell Secretary | OfficerTrustee | 1 | $0 |
Jamie Zuboff Vice Chair | OfficerTrustee | 1 | $0 |
Gustave Keach-Longo President & CEO | Officer | 5 | $0 |
John Heyder CFO | Officer | 5 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $60,000 |
| All other contributions, gifts, grants, and similar amounts not included above | $781,046 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $841,046 |
| Total Program Service Revenue | $219,387 |
| Investment income | $0 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $78,997 |
| Net Gain/Loss on Asset Sales | -$278 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $1,139,386 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $15,495 |
| 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 | $214,212 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $24,162 |
| Payroll taxes | $19,136 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $19,340 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $11,464 |
| Advertising and promotion | $15,159 |
| Office expenses | $91,536 |
| 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 | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $16,827 |
| Insurance | $0 |
| All other expenses | $0 |
| Total functional expenses | $761,140 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $626,229 |
| Savings and temporary cash investments | $269,417 |
| Pledges and grants receivable | $319,850 |
| Accounts receivable, net | $9,750 |
| 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 | $600,173 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $364,193 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $2,189,612 |
| Accounts payable and accrued expenses | $38,327 |
| 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 | $38,327 |
| Net assets without donor restrictions | $1,263,447 |
| Net assets with donor restrictions | $887,838 |
| 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 | $2,189,612 |
Grants Recieved
Over the last fiscal year, we have identified 5 grants that The Towers Foundation Inc has recieved totaling $72,514.
| Awarding Organization | Amount |
|---|---|
Jewish Foundation Of Greater New Haven Inc Woodbridge, CT PURPOSE: CHARITABLE DISTRIBUTION FROM DONOR ADVISED FUND | $29,414 |
David And Sharon Bender Family Foundation Inc Westbrook, CT PURPOSE: SENIOR QUALITY OF LIFE PROGRAMS | $18,000 |
Raymond James Charitable Endowment Fund St Petersberg, FL PURPOSE: GENERAL SUPPORT | $15,000 |
William Caspar Graustein Memorial Fund Hamden, CT PURPOSE: MEAL SUBSIDY FOR LOW INCOME MINORITY SENIORS | $10,000 |
Louis & Dora T Mohill Foundation Inc North Haven, CT PURPOSE: OPERATIONAL SUPPORT | $100 |
Endowment Analysis
| Beg. Balance | $369,224 |
| Earnings | -$1,475 |
| Net Contributions | $5,938 |
| Other Expense | $9,494 |
| Ending Balance | $364,193 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Brooksby Village Inc Peabody, MA | $455,308,698 | $77,450,637 |
Linden Ponds Inc Hingham, MA | $366,102,829 | $68,847,923 |
New York Foundation For Senior Citizens Home Attendant Services I New York, NY | $24,976,445 | $43,263,283 |
Active Retirement Community Inc South Setauket, NY | $204,676,750 | $34,139,621 |
Mclean Affiliates Inc Simsbury, CT | $119,028,138 | $28,380,962 |
Israel Senior Citizens Housing Development Fund Corp New York, NY | $56,551,856 | $8,736,330 |
Woodland Pond Inc New Paltz, NY | $75,307,773 | $23,806,053 |
Lasell Village Inc Auburndale, MA | $102,869,314 | $21,782,150 |
Colgate Palmolive Post Retirement Veba Tr New York, NY | $1,964,886 | $6,599,849 |
Orchard Park Ccrc Inc Orchard Park, NY | $79,217,375 | $18,334,727 |
Christopher House Inc Worcester, MA | $11,659,464 | $17,133,392 |
Firemens Association Of The State Of New York Albany, NY | $46,544,668 | $18,019,275 |