Lake Worth Towers Inc
- Assets
- $1.1m
- Revenue
- $505.3k
- Investments
- $0.0
- Employees
- 4
- Location
- Lake Worth, FL
- Founding
- 12/1966
- Data as of
- 12/2021
- EIN
- 59-1149040
Organization Overview
Lake Worth Towers Inc is located in Lake Worth, FL. The organization was established in 1966. 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 12/2021, Lake Worth Towers Inc employed 4 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Lake Worth 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 12/2021, Lake Worth Towers Inc generated $505.3k in total revenue. This represents relatively stable growth, over the past 7 years the organization has increased revenue by an average of 2.4% each year. All expenses for the organization totaled $510.8k during the year ending 12/2021. While expenses have increased by 4.1% 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
2021
Describe the Organization's Mission:
Part 3 - Line 1
THE ORGANIZATION OPERATES AN APARTMENT BUILDING THAT PROVIDES LOW INCOME HOUSING FOR THE ELDERLY
Describe the Organization's Program Activity:
Part 3 - Line 4a
TO PROVIDE LOW INCOME HOUSING TO THE ELDERLY
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Robert Spear Administrator | 50 | $108,090 | |
Dennis Moore President | OfficerTrustee | 1 | $0 |
Robert C Sorgini Secretary | OfficerTrustee | 1 | $0 |
Alton D Lin Vice President | OfficerTrustee | 1 | $0 |
Dr Laura Chin-Lenn Director | Trustee | 1 | $0 |
Marcel Piz Director | Trustee | 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 | $15,000 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $15,000 |
| Total Program Service Revenue | $0 |
| Investment income | $63 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $484,529 |
| 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 | $505,309 |
| 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. | $108,090 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $50,650 |
| Pension plan accruals and contributions | $39,722 |
| Other employee benefits | $107,905 |
| Payroll taxes | $23,490 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $7,618 |
| Fees for services: Accounting | $19,683 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $3,966 |
| Advertising and promotion | $0 |
| Office expenses | $4,160 |
| 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 | $2,423 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $0 |
| Insurance | $4,238 |
| All other expenses | $4,391 |
| Total functional expenses | $510,792 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $0 |
| Savings and temporary cash investments | $568,429 |
| 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 | $41,019 |
| Net Land, buildings, and equipment | $447,843 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $1,057,291 |
| Accounts payable and accrued expenses | $76,802 |
| 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 | $633,912 |
| Unsecured mortgages and notes payable | $22,156 |
| Other liabilities | $102,104 |
| Total liabilities | $834,974 |
| Net assets without donor restrictions | $222,317 |
| 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 | $1,057,291 |
Grants Recieved
Over the last fiscal year, we have identified 1 grants that Lake Worth Towers Inc has recieved totaling $100,000.
| Awarding Organization | Amount |
|---|---|
Lost Tree Village Charitable Foundation Inc North Palm Beach, FL PURPOSE: For much needed elevator renovations at the Towers, which provides affordable housing for seniors. | $100,000 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
St James Residence Of The Palm Beaches Inc West Palm Beach, FL | $94,288 | $38,104,096 |
Orlando Lutheran Towers Inc Orlando, FL | $80,032,894 | $34,936,633 |
Bonita Springs Retirement Village Inc Gainesville, FL | $109,847,615 | $18,938,390 |
Federation Gulfstream Housing Inc Boca Raton, FL | $0 | $28,667,255 |
Redstone Military Retirement Residence Association Huntsville, AL | $75,839,783 | $19,548,176 |
Concordia Of Florida Inc Tampa, FL | $31,059,059 | $25,497,159 |
St Andrews Residence Of The Diocese Of Southeast Florida Inc West Palm Beach, FL | $295,539 | $24,065,641 |
Lavender Mountain Senior Living Inc Mount Berry, GA | $141,195,331 | $5,176,789 |
Westminster Pines Inc Orlando, FL | $103,132,021 | $15,458,662 |
Skidaway Health And Living Services Inc Savannah, GA | $89,340,251 | $17,567,308 |
Palm Shores Retirement Community Inc Orlando, FL | $37,421,751 | $16,521,390 |
St George Village-Catholic Community Retirement Center Roswell, GA | $71,436,640 | $13,654,810 |