Desoto Towers Inc
- Assets
- $5.9m
- Revenue
- $1.3m
- Investments
- $56.0k
- Employees
- 18
- Location
- Bradenton, FL
- Founding
- 07/1972
- Data as of
- 09/2022
- EIN
- 59-1295857
Organization Overview
Desoto Towers Inc is located in Bradenton, FL. The organization was established in 1972. 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 09/2022, Desoto Towers Inc employed 18 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Desoto 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 09/2022, Desoto Towers Inc generated $1.3m in total revenue. The organization has seen a slow decline revenue. Over the past 7 years, revenues have fallen by an average of (0.3%) each year. All expenses for the organization totaled $1.4m during the year ending 09/2022. 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
THE ORGANIZATION PROVIDES LOW INCOME HOUSING TO SENIOR CITIZENS.
Describe the Organization's Program Activity:
Part 3 - Line 4a
THE ENTITY PROVIDES 72 ONE BEDROOM AND 132 EFFICIENCY LOW INCOME HOUSING UNITS TO SENIOR CITIZENS ACCORDING TO GUIDELINES PROVIDED BY THE U.S. DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Josephine Rivera Manager | Officer | 40 | $48,414 |
Dawn Walker Secretary | OfficerTrustee | 5 | $0 |
Donald Evans Vice President | OfficerTrustee | 5 | $0 |
Patricia Barber President | OfficerTrustee | 10 | $0 |
Peggy Wolfe Director | Trustee | 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 | $1,302,041 |
| Investment income | $3,710 |
| 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 | $1,312,048 |
| 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. | $61,280 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $237,865 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $45,654 |
| Payroll taxes | $22,886 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $23,722 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $0 |
| Advertising and promotion | $3,444 |
| Office expenses | $64,172 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $477,594 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $155 |
| Interest | $101,893 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $250,071 |
| Insurance | $130,204 |
| All other expenses | $0 |
| Total functional expenses | $1,422,792 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $174,072 |
| Savings and temporary cash investments | $898,701 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $2,847 |
| 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 | $67,105 |
| Net Land, buildings, and equipment | $4,718,051 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $55,988 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $5,916,764 |
| Accounts payable and accrued expenses | $96,889 |
| 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 | $6,825,743 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $118,000 |
| Total liabilities | $7,040,632 |
| Net assets without donor restrictions | -$1,123,868 |
| 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 | $5,916,764 |
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|---|---|---|
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Jewish Home Life Communities Inc Atlanta, GA | $30,539,364 | $15,353,434 |
Presbyterian Retirement Homes Of Birmingham Inc Birmingham, AL | $21,717,222 | $12,145,816 |
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University Plaza Rehabilitation And Nursing Center Inc N Miami Beach, FL | $4,092,400 | $13,157,641 |