Gorman Towers Inc
- Assets
- $3.6m
- Revenue
- $2.1m
- Investments
- $0.0
- Employees
- 0
- Location
- Fort Smith, AR
- Founding
- 08/1978
- Data as of
- 08/2022
- EIN
- 71-0508225
Organization Overview
Gorman Towers Inc is located in Fort Smith, AR. The organization was established in 1978. 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. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Gorman 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 08/2022, Gorman Towers Inc generated $2.1m in total revenue. This represents relatively stable growth, over the past 6 years the organization has increased revenue by an average of 0.7% each year. All expenses for the organization totaled $1.7m during the year ending 08/2022. While expenses have increased by 0.7% per year over the past 6 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
NON-PROFIT HOUSING FOR THE ELDERLY & HANDICAPPED.
Describe the Organization's Program Activity:
Part 3 - Line 4a
GORMAN TOWERS, INC. OPERATES ON A NON-PROFIT BASIS AND PROVIDES HOUSING FOR THE ELDERLY AND HANDICAPPED. GORMAN TOWERS, INC CONSISTS OF 150 UNITS (APARTMENTS) AND IS REGULATED BY THE US DEPT OF HOUSING & URBAN DEVELOPMENT.
GORMAN TOWERS, INC. OPERATES ON A NON-PROFIT BASIS AND PROVIDES HOUSING FOR THE ELDERLY AND HANDICAPPED. GORMAN TOWERS, INC CONSISTS OF 150 UNITS (APARTMENTS) AND IS REGULATED BY THE US DEPT OF HOUSING & URBAN DEVELOPMENT.
GORMAN TOWERS, INC. OPERATES ON A NON-PROFIT BASIS AND PROVIDES HOUSING FOR THE ELDERLY AND HANDICAPPED. GORMAN TOWERS, INC CONSISTS OF 150 UNITS (APARTMENTS) AND IS REGULATED BY THE US DEPT OF HOUSING & URBAN DEVELOPMENT.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Audra Bailey Board Member | Trustee | $0 | |
Jeff Fenwick Board Member | Trustee | $0 | |
Dr William Hutchinson Board Presid | OfficerTrustee | $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 | $2,069,459 |
| Investment income | $50 |
| 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 | $2,069,509 |
| 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. | $0 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $497,599 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $0 |
| Payroll taxes | $38,737 |
| Fees for services: Management | $114,551 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $35,981 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $0 |
| Advertising and promotion | $3,240 |
| Office expenses | $43,067 |
| 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 | $245 |
| Interest | $137,640 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $158,418 |
| Insurance | $116,807 |
| All other expenses | $0 |
| Total functional expenses | $1,729,277 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $100,321 |
| Savings and temporary cash investments | $6,357 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $4,889 |
| 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 | $30,100 |
| Net Land, buildings, and equipment | $2,770,527 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $177,665 |
| Other assets | $531,048 |
| Total assets | $3,620,907 |
| Accounts payable and accrued expenses | $113,162 |
| Grants payable | $0 |
| Deferred revenue | $8,552 |
| 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 | $4,024,416 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $46,728 |
| Total liabilities | $4,192,858 |
| Net assets without donor restrictions | -$612,763 |
| Net assets with donor restrictions | $40,812 |
| 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 | $3,620,907 |