Verdugo Tower Inc
- Assets
- $4.9m
- Revenue
- $993.9k
- Investments
- $0.0
- Employees
- 9
- Location
- Pasadena, CA
- Founding
- 10/1997
- Data as of
- 03/2022
- EIN
- 95-4401836
Organization Overview
Verdugo Tower Inc is located in Pasadena, CA. The organization was established in 1997. 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 03/2022, Verdugo Tower Inc employed 9 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Verdugo Tower 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 03/2022, Verdugo Tower Inc generated $993.9k in total revenue. This represents relatively stable growth, over the past 7 years the organization has increased revenue by an average of 2.5% each year. All expenses for the organization totaled $1.2m during the year ending 03/2022. While expenses have increased by 2.6% 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
2022
Describe the Organization's Mission:
Part 3 - Line 1
TO PROVIDE LOW INCOME HOUSING TO ELDERLY AND HANDICAPPED PERSONS.
Describe the Organization's Program Activity:
Part 3 - Line 4a
THE ORGANIZATION IS A NON-PROFIT APARTMENT COMPLEX RENTING TO LOW INCOME, HANDICAPPED OR ELDERLY PERSONS. THE OPERATIONS ARE REGULATED AND CONTROLLED BY U.S. DEPT. OF HUD. A COIN OPERATED LAUNDRY FACILITY IS PROVIDED.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Elvan Moen President | OfficerTrustee | 1 | $0 |
Revis Call Vice President | OfficerTrustee | 1 | $0 |
Jane Casey Treasurer | OfficerTrustee | 1 | $0 |
Lisa Fike Secretary | OfficerTrustee | 1 | $0 |
Brian Casey Director | Trustee | 1 | $0 |
Robert Anderson 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 | $551,923 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $551,923 |
| Total Program Service Revenue | $441,467 |
| Investment income | $554 |
| 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 | $993,944 |
| 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 | $221,605 |
| Pension plan accruals and contributions | $8,369 |
| Other employee benefits | $12,821 |
| Payroll taxes | $15,018 |
| Fees for services: Management | $118,288 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $0 |
| 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 | $0 |
| 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 | $0 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $279,980 |
| Insurance | $57,672 |
| All other expenses | $105,989 |
| Total functional expenses | $1,234,352 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $0 |
| Savings and temporary cash investments | $53,347 |
| 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 | $18,492 |
| Net Land, buildings, and equipment | $4,407,272 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $447,544 |
| Total assets | $4,926,655 |
| Accounts payable and accrued expenses | $65,310 |
| 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 | $34,152 |
| Total liabilities | $99,462 |
| Net assets without donor restrictions | $4,827,193 |
| 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 | $4,926,655 |
Grants Recieved
Over the last fiscal year, we have identified 1 grants that Verdugo Tower Inc has recieved totaling $5,244.
| Awarding Organization | Amount |
|---|---|
Wesley Homes Inc Burbank, CA PURPOSE: TO SUPPORT LOW INCOME HOUSING FOR THE ELDERLY | $5,244 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Northwest Housing Alternatives Inc Milwaukie, OR | $66,415,282 | $18,428,543 |
Burbank Housing Development Corporation Santa Rosa, CA | $103,460,619 | $16,261,747 |
Coachella Valley Housing Coalition Indio, CA | $146,778,624 | $17,127,596 |
Community Corporation Of Santa Monica Santa Monica, CA | $197,338,615 | $17,598,823 |
La Cooperativa Campesina De California Sacramento, CA | $2,765,549 | $15,334,359 |
Peoples Self-Help Housing Corporation San Luis Obispo, CA | $133,211,546 | $24,033,272 |
Eden Housing Management Inc Hayward, CA | $4,182,332 | $13,392,435 |
Hale Mahaolu Kahului, HI | $62,797,850 | $14,655,033 |
Southern California Housing Development Corporation Of Rancho Cucamonga, CA | $47,199,427 | $11,969,013 |
Equality Community Housing Corporation Glendale, AZ | $43,109,186 | $12,960,879 |
Mission Housing Development Corp San Francisco, CA | $63,790,844 | $19,251,297 |
Santa Barbara Affordable Housing Group Santa Barbara, CA | $111,093,068 | $10,555,389 |