First Congregational Memorial Tower
- Assets
- $7.5m
- Revenue
- $2.8m
- Investments
- $0.0
- Employees
- 4
- Location
- Pasadena, CA
- Founding
- 07/1985
- Data as of
- 06/2023
- EIN
- 23-7384453
Organization Overview
First Congregational Memorial Tower is located in Pasadena, CA. The organization was established in 1985. According to its NTEE Classification (L21) the organization is classified as: Low-Income & Subsidized Rental Housing, under the broad grouping of Housing & Shelter and related organizations. As of 06/2023, First Congregational Memorial Tower employed 4 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. First Congregational Memorial Tower 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 06/2023, First Congregational Memorial Tower generated $2.8m in total revenue. This organization has experienced exceptional growth, as over the past 8 years, it has increased revenue by an average of 10.5% each year . All expenses for the organization totaled $1.7m during the year ending 06/2023. While expenses have increased by 6.3% 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
2023
Describe the Organization's Mission:
Part 3 - Line 1
TO OPERATE A 100 UNIT SENIOR CITIZEN HOUSING COMPLEX WHICH SERVES THE LOW-INCOME, ELDERLY AND HANDICAPPED.
Describe the Organization's Program Activity:
Part 3 - Line 4a
CALHFA PROJECT NO.75-081-S PROVIDES 100 UNITS OF RENTAL HOUSING TO LOW-INCOME, ELDERLY AND HANDICAPPED TENANTS.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Glenn Dunham Vice President | OfficerTrustee | 0.5 | $0 |
Jane Welsh Director | Trustee | 0.5 | $0 |
Marla Mcbride Director | Trustee | 0.5 | $0 |
Bob Murphy President | OfficerTrustee | 0.5 | $0 |
Antonio Martinez Director | Trustee | 0.5 | $0 |
Appaswamy Pajanor Director | Trustee | 0.5 | $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 | $2,762,325 |
| Investment income | $65,575 |
| 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 | $2,827,900 |
| 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 | $265,086 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $47,343 |
| Payroll taxes | $22,229 |
| Fees for services: Management | $98,766 |
| 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 | $60,327 |
| Advertising and promotion | $2,905 |
| Office expenses | $25,851 |
| 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 | $204,279 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $237,439 |
| Insurance | $94,072 |
| All other expenses | $5,882 |
| Total functional expenses | $1,743,492 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $1,392,316 |
| Savings and temporary cash investments | $2,692,226 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $0 |
| 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 | $97,595 |
| Net Land, buildings, and equipment | $2,523,502 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $196,002 |
| Other assets | $628,351 |
| Total assets | $7,529,992 |
| Accounts payable and accrued expenses | $128,810 |
| Grants payable | $0 |
| Deferred revenue | $761 |
| 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 | $5,971,514 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $32,684 |
| Total liabilities | $6,133,769 |
| Net assets without donor restrictions | $1,396,223 |
| 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 | $7,529,992 |