Philips Tower Decatur Inc
- Assets
- $2.8m
- Revenue
- $2.9m
- Investments
- $0.0
- Employees
- 9
- Location
- Quitman, GA
- Founding
- 05/1976
- Data as of
- 12/2020
- EIN
- 58-1112549
Organization Overview
Philips Tower Decatur Inc is located in Quitman, GA. The organization was established in 1976. According to its NTEE Classification (P75) the organization is classified as: Supportive Housing for Older Adults, under the broad grouping of Human Services and related organizations. As of 12/2020, Philips Tower Decatur Inc employed 9 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Philips Tower Decatur 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 12/2020, Philips Tower Decatur Inc generated $2.9m in total revenue. This represents relatively stable growth, over the past 6 years the organization has increased revenue by an average of 4.8% each year. All expenses for the organization totaled $2.5m during the year ending 12/2020. 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
2020
Describe the Organization's Mission:
Part 3 - Line 1
PHILIPS TOWER PROVIDES AFFORDABLE RESIDENTIAL HOUSING TO LOW INCOME SENIOR ADULTS.
Describe the Organization's Program Activity:
Part 3 - Line 4a
ALL EXPENSES INCURRED ARE FOR PROVIDING HOUSING FOR THE ELDERLY. THE CORPORATION OPERATES AND OWNS PHILIPS TOWER, A H.U.D. APARTMENT BUILDING IN DECATUR THAT PROVIDES LOW INCOME AFFORDABLE RESIDENTIAL HOUSING FOR SENIORS.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Stacy Bannworth Administrator | Officer | 40 | $70,485 |
Frank H Mcelroy Jr President/ceo | OfficerTrustee | 1 | $0 |
Rev W Glenn Doak Jr 1st Vice Chair | OfficerTrustee | 1 | $0 |
Rev Tony Sundermeier Chair | OfficerTrustee | 1 | $0 |
Alex Patterson President/ceo | OfficerTrustee | 1 | $0 |
G Richard Pope 2nd Vice Chair | OfficerTrustee | 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 | $4,306 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $4,306 |
| Total Program Service Revenue | $2,558,524 |
| Investment income | $1,189 |
| 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 | $2,908,194 |
| 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. | $82,603 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $533,156 |
| Pension plan accruals and contributions | $34,116 |
| Other employee benefits | $30,623 |
| Payroll taxes | $39,524 |
| Fees for services: Management | $203,050 |
| Fees for services: Legal | $4,680 |
| Fees for services: Accounting | $7,500 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $70,994 |
| Advertising and promotion | $3,816 |
| Office expenses | $338,073 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $22,452 |
| Travel | $15 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $1,681 |
| Interest | $52,199 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $214,346 |
| Insurance | $55,220 |
| All other expenses | $42,447 |
| Total functional expenses | $2,459,916 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $0 |
| Savings and temporary cash investments | $910,758 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $10,255 |
| 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 | $20,968 |
| Net Land, buildings, and equipment | $1,799,591 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $45,200 |
| Total assets | $2,786,772 |
| Accounts payable and accrued expenses | $75,179 |
| 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 | $1,268,362 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $402,331 |
| Total liabilities | $1,745,872 |
| Net assets without donor restrictions | $1,040,900 |
| 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 | $2,786,772 |
Grants Recieved
Over the last fiscal year, we have identified 1 grants that Philips Tower Decatur Inc has recieved totaling $17,275.
| Awarding Organization | Amount |
|---|---|
Atlanta Community Food Bank Inc Atlanta, GA PURPOSE: SEE PART IV | $17,275 |
Endowment Analysis
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Lakeshore Estate Inc Nashville, TN | $27,064,642 | $18,022,154 |
Sarasota Manatee Jewish Housing Council Inc Sarasota, FL | $25,733,958 | $18,693,648 |
Carpenters Home Estates Inc Lakeland, FL | $64,229,461 | $19,045,367 |
Menorah Manor Inc St Petersburg, FL | $10,980,323 | $18,960,308 |
Samaritan Housing Foundation Inc Cary, NC | $309,375,809 | $14,744,618 |
Penick Village Inc Southern Pines, NC | $72,235,809 | $19,517,376 |
Ave Maria Home Memphis, TN | $24,665,366 | $18,165,699 |
Central Georgia Senior Health Inc Macon, GA | $135,213,897 | $22,356,882 |
Blakeford At Green Hills Corporation Nashville, TN | $102,878,006 | $17,185,961 |
Penney Retirement Community Inc Penney Farms, FL | $61,971,655 | $17,793,426 |
Masonic And Eastern Star Home Greensboro, NC | $138,321,577 | $15,654,772 |
Lutheran Home-Hickory Inc Salisbury, NC | $8,958,824 | $16,014,095 |