Westminister Towers Inc
- Assets
- $5.9m
- Revenue
- $3.1m
- Investments
- $0.0
- Employees
- 7
- Location
- Pasadena, CA
- Founding
- 10/1966
- Data as of
- 06/2022
- EIN
- 95-2407563
Organization Overview
Westminister Towers Inc is located in Pasadena, CA. The organization was established in 1966. According to its NTEE Classification (L21) the organization is classified as: Low-Income & Subsidized Rental Housing, under the broad grouping of Housing & Shelter and related organizations. As of 06/2022, Westminister Towers Inc employed 7 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Westminister 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 06/2022, Westminister Towers Inc generated $3.1m in total revenue. This represents relatively stable growth, over the past 7 years the organization has increased revenue by an average of 1.8% each year. All expenses for the organization totaled $2.3m during the year ending 06/2022. 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
TO PROVIDE AFFORDABLE HOUSING FOR THOSE 62 YEARS OF AGE OR OLDER.
Describe the Organization's Program Activity:
Part 3 - Line 4a
WESTMINSTER TOWERS, INCORPORATED (CORPORATION) IS A CALIFORNIA NON-PROFIT CORPORATION FORMED IN OCTOBER 1965 TO MANAGE, UNDER GUIDELINES ESTABLISHED BY THE DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT (HUD) UNDER SECTION 202 OF THE NATIONAL HOUSING ACT, THE OPERATION OF FEDERALLY SUBSIDIZED APARTMENT RENTAL HOUSING FOR LOW-INCOME ELDERLY PERSONS IN SANTA MONICA, CALIFORNIA. WESTMINSTER TOWERS HUD PROJECT NO.122-SH067 (THE PROJECT), A SEVENTEEN-STORY, 285-UNIT BUILDING COMPLETED IN MAY 1969. IN JUNE 1979, THE CORPORATION COMPLETED A SECOND BUILDING, GENEVA PLAZA HUD PROJECT NO. 122-EH001, AN EIGHT-STORY, 100-UNIT BUILDING IN SANTA MONICA, CALIFORNIA. THE CORPORATION FORMED GENEVA PLAZA, INC. ON FEBRUARY 12, 2019, AND DEEDED OVER THE BUILDING TO GENEVA PLAZA, INC. ON JULY 12, 2019.FALKENBERG/GILLIAM & ASSOCIATES, INC. IS THE PROJECTS' MANAGING AGENT, AND APARTMENT RENTAL RATES REQUIRE HUD APPROVAL.THE PROJECTS' MAJOR PROGRAM IS ITS SECTION 8 HOUSING ASSISTANCE PAYMENT PROGRAM PROVIDED UNDER AN AGREEMENT WITH HUD.
COUNSELING AND SOCIAL SERVICES ARE PROVIDED TO RESIDENT SENIORS.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Eric Larson President | OfficerTrustee | 1 | $0 |
James Daniel Williams Vice President | OfficerTrustee | 1 | $0 |
Stacey Wilkins Director | Trustee | 1 | $0 |
Joseph E Deering Director | Trustee | 1 | $0 |
Karen Carrey Secretary | OfficerTrustee | 1 | $0 |
Wendell Hahm Director | Trustee | 1 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $1,956,624 |
| 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 | $1,956,624 |
| Total Program Service Revenue | $1,110,705 |
| Investment income | $1,374 |
| 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 | $3,075,255 |
| 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 | $302,159 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $52,109 |
| Payroll taxes | $23,039 |
| Fees for services: Management | $267,680 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $53,087 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $64,138 |
| Advertising and promotion | $1,942 |
| Office expenses | $19,914 |
| 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 | $7,697 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $165,786 |
| Insurance | $108,473 |
| All other expenses | $2,465 |
| Total functional expenses | $2,301,842 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $2,388,290 |
| Savings and temporary cash investments | $24,228 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $68,146 |
| 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 | $126,560 |
| Net Land, buildings, and equipment | $2,009,786 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $1,206,620 |
| Intangible assets | $0 |
| Other assets | $105,356 |
| Total assets | $5,928,986 |
| Accounts payable and accrued expenses | $135,980 |
| 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 | $0 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $105,356 |
| Total liabilities | $241,336 |
| Net assets without donor restrictions | $5,687,650 |
| 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 | $5,928,986 |