Cathedral Towers Inc
- Assets
- $7.5m
- Revenue
- $3.8m
- Investments
- $0.0
- Employees
- 14
- Location
- Atlanta, GA
- Founding
- 08/1977
- Data as of
- 12/2022
- EIN
- 58-1296836
Organization Overview
Cathedral Towers Inc is located in Atlanta, GA. The organization was established in 1977. 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 12/2022, Cathedral Towers Inc employed 14 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Cathedral 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 12/2022, Cathedral Towers Inc generated $3.8m in total revenue. This represents relatively stable growth, over the past 8 years the organization has increased revenue by an average of 5.1% each year. All expenses for the organization totaled $3.2m during the year ending 12/2022. While expenses have increased by 3.3% 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
2022
Describe the Organization's Mission:
Part 3 - Line 1
PROVIDE LOW INCOME HOUSING TO THE ELDERLY
Describe the Organization's Program Activity:
Part 3 - Line 4a
PROVIDE LOW INCOME HOUSING TO THE ELDERLY (TOTAL OF 195 UNITS)
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Rev George M Maxwell Jr Dean's Representative | Trustee | 0.3 | $0 |
Very Rev Sam Candler Director | Trustee | 0.3 | $0 |
Reverend Spurgeon Hays Director | Trustee | 0.3 | $0 |
Kate Brewer Treasurer | OfficerTrustee | 2 | $0 |
Ray Hill President | OfficerTrustee | 0.3 | $0 |
Bryan Kibler Director | Trustee | 0.3 | $0 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Sam Williams Contracting Turnkey Contractor | 12/30/17 | $218,191 |
Engineered Restorations Inc Stucco Repair | 12/30/17 | $115,670 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $2,737,439 |
| All other contributions, gifts, grants, and similar amounts not included above | $1,000 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $2,738,439 |
| Total Program Service Revenue | $969,465 |
| Investment income | $68,515 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | -$22,620 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $3,753,799 |
| 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. | $111,789 |
| Compensation of current officers, directors, key employees. | $33,537 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $679,597 |
| Pension plan accruals and contributions | $66,136 |
| Other employee benefits | $260,670 |
| Payroll taxes | $78,096 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $21,779 |
| Fees for services: Accounting | $93,548 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $0 |
| Advertising and promotion | $16,578 |
| Office expenses | $266,193 |
| Information technology | $42,420 |
| Royalties | $0 |
| Occupancy | $301,244 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $98,138 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $293,694 |
| Insurance | $173,452 |
| All other expenses | $584 |
| Total functional expenses | $3,190,776 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $12,451 |
| Savings and temporary cash investments | $0 |
| 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 | $6,983 |
| Net Land, buildings, and equipment | $3,939,801 |
| Investments—publicly traded securities | $2,957,719 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $535,762 |
| Total assets | $7,452,716 |
| Accounts payable and accrued expenses | $210,801 |
| 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 | $3,710,805 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $75,121 |
| Total liabilities | $3,996,727 |
| Net assets without donor restrictions | $3,352,025 |
| Net assets with donor restrictions | $103,964 |
| 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 | $7,452,716 |