Webster Towers Inc
- Assets
- $1.7m
- Revenue
- $779.3k
- Investments
- $0.0
- Employees
- 4
- Location
- Scranton, PA
- Founding
- 02/1994
- Data as of
- 05/2022
- EIN
- 23-2742809
Organization Overview
Webster Towers Inc is located in Scranton, PA. The organization was established in 1994. According to its NTEE Classification (L99) the organization is classified as: Housing & Shelter N.E.C., under the broad grouping of Housing & Shelter and related organizations. As of 05/2022, Webster Towers Inc employed 4 individuals. Webster 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 05/2022, Webster Towers Inc generated $779.3k 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 $680.6k during the year ending 05/2022. While expenses have increased by 0.8% 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
WEBSTER'S MISSION AS A NOT-FOR-PROFIT ENTITY IS TO PROVIDE AFFORDABLE HOUSING FOR ELDERLY RESIDENTS OF THE GREATER SCRANTON AREA OF PENNSYLVANIA, THAT IS COMFORTABLE, CLEAN, MODERN, AND SAFE. THE ORGANIZATION FULFILLS ITS MISSION BY CONTINUALLY REINVESTING IN THE AESTHETIC AND PHYSICAL QUALITY OF ITS 85 RESIDENTIAL UNITS, WHILE CHARGING RENTS THAT ARE CONSISTENTLY LOWER THAN PREVAILING MARKET RENT RATES IN THE REGION, THUS MAKING THE UNITS AFFORDABLE FOR CURRENT AND POTENTIAL TENANTS WITH LOWER INCOMES.
Describe the Organization's Program Activity:
Part 3 - Line 4a
WEBSTER TOWERS PROVIDED 85 UNITS OF AFFORDABLE, COMFORTABLE, CLEAN, MODERN, AND SAFE HOUSING TO ELDERLY RESIDENTS OF THE CITY OF SCRANTON. THE ORGANIZATION MADE THE UNITS AFFORDABLE TO ITS ELDERLY TENANTS BY CHARGING MONTHLY RENTS IN COMPLIANCE WITH U.S. HUD GUIDELINES, WHICH WERE CONTINUALLY LOWER THAN PREVAILING MARKET RENTAL RATES. THE ORGANIZATION MADE ITS AFFORDABLE HOUSING COMFORTABLE, CLEAN, AND MODERN BY INVESTING 1,233,000 IN PROPERTY AND EQUIPMENT ADDITIONS AND RENOVATIONS DURING THE LAST 5 YEARS. AS A RESULT OF THESE ADDITIONS AND RENOVATIONS, THE ORGANIZATION'S HOUSING FACILITY IS A SOURCE OF PRIDE AND BEAUTY FOR ITS RESIDENTS AND THE COMMUNITY AT LARGE, WHILE STILL PROVIDING ELDERLY CITIZENS WITH LOWER INCOMES THE ABILITY TO RESIDE HERE.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Richard G Fine Esquire Vice Preside | OfficerTrustee | 5 | $0 |
Michael Greenstein President | OfficerTrustee | 10 | $0 |
Rabbi Samuel Sandhaus Secretary Tr | OfficerTrustee | 8 | $0 |
Sheila Nudelman Abdo Director | Trustee | 3 | $0 |
James L Alperin Director | Trustee | 3 | $0 |
Harold Baillie Director | Trustee | 3 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $29,821 |
| 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 | $29,821 |
| Total Program Service Revenue | $743,282 |
| Investment income | $659 |
| 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 | $779,273 |
| 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 | $144,078 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $39,284 |
| Payroll taxes | $11,520 |
| Fees for services: Management | $55,330 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $8,640 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $0 |
| Advertising and promotion | $2,918 |
| Office expenses | $12,740 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $198,532 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $525 |
| Interest | $18,720 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $147,928 |
| Insurance | $36,562 |
| All other expenses | $3,825 |
| Total functional expenses | $680,602 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $1,436 |
| Savings and temporary cash investments | $425,294 |
| Pledges and grants receivable | $13,449 |
| Accounts receivable, net | $1,300 |
| 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 | $12,671 |
| Net Land, buildings, and equipment | $1,258,162 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $1,712,312 |
| Accounts payable and accrued expenses | $15,223 |
| Grants payable | $0 |
| Deferred revenue | $0 |
| Tax-exempt bond liabilities | $0 |
| Escrow or custodial account liability | $44,063 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
| Secured mortgages and notes payable | $368,094 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $0 |
| Total liabilities | $427,380 |
| Net assets without donor restrictions | $1,284,932 |
| 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 | $1,712,312 |
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|---|---|---|
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Community Housing Innovations Inc White Plains, NY | $68,684,135 | $30,486,174 |
The Mcgregor Foundation East Cleveland, OH | $138,199,971 | $25,774,017 |
Educational Housing Services Inc New York, NY | $147,607,496 | $20,918,839 |
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Oxford House Inc Silver Spring, MD | $6,662,269 | $22,312,565 |
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