Philips Tower Decatur Inc
- Assets
- $4.3m
- Revenue
- $3.4m
- Investments
- $0.0
- Employees
- 12
- Location
- Quitman, GA
- Founding
- 05/1976
- Data as of
- 12/2022
- 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 12/2022, Philips Tower Decatur Inc employed 12 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 12/2022, Philips Tower Decatur Inc generated $3.4m in total revenue. This represents relatively stable growth, over the past 8 years the organization has increased revenue by an average of 5.7% each year. All expenses for the organization totaled $2.5m during the year ending 12/2022. 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
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 PHILIP 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 |
|---|---|---|---|
Alex Patterson President/ceo | OfficerTrustee | 1 | $0 |
Rev Tony Sundermeier Chair | OfficerTrustee | 1 | $0 |
Jack Benedict Treasurer | OfficerTrustee | 1 | $0 |
Samuel W Eskew Secretary | OfficerTrustee | 1 | $0 |
Lativia Alston Board Member | Trustee | 1 | $0 |
C Duncan Beard Board Member | Trustee | 1 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $112,941 |
| All other contributions, gifts, grants, and similar amounts not included above | $1,376 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $114,317 |
| Total Program Service Revenue | $3,158,057 |
| Investment income | $4,076 |
| 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 | $3,425,775 |
| 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. | $81,231 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $541,159 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $57,877 |
| Payroll taxes | $40,281 |
| Fees for services: Management | $249,336 |
| Fees for services: Legal | $1,349 |
| Fees for services: Accounting | $8,300 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $265,582 |
| Advertising and promotion | $8,303 |
| Office expenses | $87,448 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $298,334 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $1,644 |
| Interest | $51,606 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $218,343 |
| Insurance | $115,911 |
| All other expenses | $31,951 |
| Total functional expenses | $2,472,884 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $0 |
| Savings and temporary cash investments | $2,649,858 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $39,981 |
| 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 | $32,555 |
| Net Land, buildings, and equipment | $1,531,555 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $91,298 |
| Total assets | $4,345,247 |
| Accounts payable and accrued expenses | $84,992 |
| 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 | $1,149,464 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $168,101 |
| Total liabilities | $1,402,557 |
| Net assets without donor restrictions | $2,942,690 |
| 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 | $4,345,247 |