Glencroft Towers 1 Inc
- Assets
- $4.8m
- Revenue
- $4.4m
- Investments
- $0.0
- Employees
- 0
- Location
- Glendale, AZ
- Founding
- 01/2008
- Data as of
- 12/2023
- EIN
- 86-0861606
Organization Overview
Glencroft Towers 1 Inc is located in Glendale, AZ. The organization was established in 2008. 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. Glencroft Towers 1 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 12/2023, Glencroft Towers 1 Inc generated $4.4m in total revenue. This represents relatively stable growth, over the past 9 years the organization has increased revenue by an average of 2.4% each year. All expenses for the organization totaled $4.6m during the year ending 12/2023. While expenses have increased by 2.6% per year over the past 9 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
2023
Describe the Organization's Mission:
Part 3 - Line 1
THE MISSION OF GLENCROFT TOWERS I IS TO PROVIDE A BROAD CONTINUUM HIGH QUALITY HUD SUBSIDIZED HOUSING TO SENIORS IN A MANNER THAT DEMONSTRATES LOVE AND COMPASSION.
Describe the Organization's Program Activity:
Part 3 - Line 4a
INDEPENDENT LIVING SERVICES -THE ORGANIZATION OWNS AND OPERATES A 103-UNIT AFFORDABLE HOUSING APARTMENT COMPLEX IN GLENDALE, ARIZONA OPERATING UNDER THE NAME GLENCROFT TOWERS. GLENCROFT TOWERS PROVIDES INDEPENDENT LIVING TO PERSONS WHO ARE 62 YEARS OF AGE AND MEET THE VERY LOW INCOME STANDARDS SET BY THE HOUSING AND URBAN DEVELOPMENT DEPARTMENT. THE APARTMENTS HAVE BEEN REMODELED TO PROVIDE ASSISTED LIVING SERVICES AND ENSURE THAT EACH APARTMENT CAN BE CONSIDERED PART OF A "GREEN" FACILITY. THE ORGANIZATION HAS MADE GREAT EFFORTS TO ENSURE THAT THEIR FACILITIES ARE CONSIDERED ENVIRONMENTALLY FRIENDLY.ASSISTED LIVING SERVICES -THE ORGANIZATION PROVIDES ASSISTED LIVING SERVICES FOR SENIORS WHO NEEDADDITIONAL ASSISTANCE FOR ACTIVITIES OF DAILY LIVING. THESE SERVICESALLOW RESIDENTS TO MAINTAIN THEIR INDEPENDENCE FOR AS LONG AS POSSIBLE.SERVICES CAN INCLUDE PERSONAL CARE AND/OR SUPERVISORY CARE, INCLUDINGMEDICATION ADMINISTRATION.FOOD SERVICES -THE ORGANIZATION PROVIDES FOOD SERVICE TO OVER 500 SENIORS LIVING ATGLENCROFT, ENSURING RESIDENTS RECEIVE HEALTHY AND NUTRLTIOUS MEALS ANDTHE CHANCE TO SOCIALIZE WITH OTHER RESIDENTS.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Cathy Eckstein Chair | OfficerTrustee | 5 | $0 |
Steve Koch Secretary | OfficerTrustee | 5 | $0 |
Brian Hollrah Treasurer | OfficerTrustee | 5 | $0 |
Nina Shah MD Director | Trustee | 2 | $0 |
Dr Pete Patterson Director | Trustee | 2 | $0 |
Dr Jacquelyn Smith Vice Chair | OfficerTrustee | 5 | $0 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Mtv General Contractors Inc Construction | 12/30/16 | $501,605 |
Us Foods Food Service | 12/30/16 | $145,688 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $282,711 |
| All other contributions, gifts, grants, and similar amounts not included above | $127,940 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $410,651 |
| Total Program Service Revenue | $3,970,195 |
| Investment income | $13,890 |
| 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 | $4,394,736 |
| 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 | $165,912 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $16,879 |
| Payroll taxes | $44,303 |
| Fees for services: Management | $59,328 |
| Fees for services: Legal | $144 |
| Fees for services: Accounting | $32,362 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $0 |
| Advertising and promotion | $0 |
| Office expenses | $11,922 |
| 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 | $834 |
| Interest | $163,176 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $339,339 |
| Insurance | $86,094 |
| All other expenses | $0 |
| Total functional expenses | $4,580,989 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $553,232 |
| Savings and temporary cash investments | $724,800 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $181,477 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $22,421 |
| Prepaid expenses and deferred charges | $24,466 |
| Net Land, buildings, and equipment | $3,296,593 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $210 |
| Total assets | $4,803,199 |
| Accounts payable and accrued expenses | $80,315 |
| Grants payable | $0 |
| Deferred revenue | $0 |
| Tax-exempt bond liabilities | $3,023,499 |
| Escrow or custodial account liability | $23,976 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
| Secured mortgages and notes payable | $0 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $2,428,131 |
| Total liabilities | $5,555,921 |
| Net assets without donor restrictions | -$752,722 |
| 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 | $4,803,199 |