Overview
What is Grace Tower Inc?
Grace Tower Inc is a nonprofit organization situated in Pasadena, California, specifically at PO Box 7070. Their primary mission is to provide affordable housing to low-income elderly tenants. They manage an apartment complex consisting of 168 units, funded under HUD Project #129-SH060. This organization plays a significant role in ensuring elderly individuals have a secure and comfortable living space, contributing to the community's well-being. With a workforce of six dedicated employees, Grace Tower Inc continues to uphold its commitment to this cause.
What are the reviews and ratings of this charity?
Charity Navigator Rating: 86% (Three-Star out of Four Stars)
Grace Tower Inc has received an overall rating of 86%, reflecting a solid performance in both accountability and financial management. The organization boasts 100% independent board members, indicating a strong governance structure, and has effectively managed its finances with a low liabilities to assets ratio of 40.68%. This high score is further supported by their commitment to transparency, evidenced by the presence of audited financial statements and comprehensive documentation of board meetings.
The nonprofit allocates a significant portion of its expenses towards its programs, with a program expense ratio of 78.67%. This suggests that the majority of funds raised are directed towards fulfilling its mission, which is a positive indicator for potential donors and stakeholders. Furthermore, Grace Tower Inc has demonstrated effective oversight with no material diversion of assets reported, enhancing trust in the organization's financial integrity.
While the charity has strong financial practices and governance, the three-star rating suggests there is room for improvement. It may benefit from focusing on further enhancing its program outcomes and demonstrating impact, which could elevate its rating in the future. Overall, Grace Tower Inc presents itself as a responsible organization committed to its mission and transparent in its operations.
This AI summary has been generated from information found on Charity Navigator.
Is Grace Tower Inc legitimate?
Grace Tower Inc is a legitimate nonprofit organization registered as a 501(c)(3) entity. Grace Tower Inc submitted a form 990, which is a tax form used by tax-exempt organizations in the U.S., indicating its operational transparency and adherence to regulatory requirements. Donations to this organization are tax deductible.
Heare are some key statistics you may want to consider:
Executive Compensation: $0
Professional Fundraising Fees: $0
Other Salaries and Wages: $383,476
For more financial information, click here
What is the mission statement of Grace Tower Inc?
Grace Tower Inc's mission is centered around providing affordable housing for the elderly with low income. Specifically, they operate an apartment complex consisting of 168 units, serving as a home for this demographic. This initiative is funded through HUD Project #129-SH060. The organization's primary objective is to make housing accessible for this group, ensuring they can live comfortably and securely.
Who is the CEO of Grace Tower Inc?
Emil J Wohl is the President of Grace Tower Inc.
What is the revenue of Grace Tower Inc?
Grace Tower Inc's revenue in 2022 was $4,208,003.
Who are the executives of Grace Tower Inc and what are their salaries?
The average compensation at Grace Tower Inc during 2022 was $63,913. There are 6 employees and 6 volunteers at Grace Tower Inc.
Here are 6 key members and their salaries:
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- Other: $0
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Where can I find the form 990 for Grace Tower Inc?
Grace Tower Inc's most recent form 990 was submitted in 2022 and can be accessed here.
Mission Statement of Grace Tower Inc
Grace Tower Inc, a notable organization, is dedicated to providing low-income housing for elderly tenants. Their mission is carried out through the operation of an apartment complex, comprising 168 units. This complex serves as a sanctuary for elderly individuals who may not otherwise have access to affordable housing. HUD Project #129-SH060 supports this endeavor, ensuring the availability of these units. By offering this service, Grace Tower Inc contributes significantly to the well-being and security of its elderly tenants, providing them with a stable and comfortable living environment.
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Impact
July, 2024
Grace Tower Inc's impact is significant in providing low-income housing for elderly tenants in Pasadena, CA. Its operation of an apartment complex with 168 units specifically designated for this demographic helps meet the critical need for affordable housing among the elderly population. By participating in the H.U.D. Project #129-SH060, Grace Tower Inc contributes to enhancing the quality of life for low-income elderly individuals by offering them a safe and comfortable place to call home. This organization's focus on housing aligns with its mission to address the housing challenges faced by elderly residents, making a positive impact on the community.
This information is meant to be a general summary of Grace Tower Inc. Please take the time to review official sources before making any decisions based upon the content provided here.
Financials
This financial information is from Propublica.
Other financial information:
This information is from the most recently submitted tax form from this organization, which was in 2022.
- Investment Income: $119,114
- Program Service Revenue: $4,088,889
- Gross Receipts: $4,208,003
Assets and Liabilities:
- Total Assets: $33,970,858
- Total Liabilities: $13,822,024
- Net Assets: $20,148,834
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Programs
Programs are reported by nonprofits in their tax forms and are normally their tax-exempt activities.
LAUNDRY & VENDING REVENUE
Revenue
$3,454
MISC INCOME
Revenue
$3,054
RENTAL INCOME
Revenue
$4,082,381
Organization Details
Founding Year
1967
Phone
(323) 258-3512Principal Officer
Emil J Wohl
Main Address
PO BOX 7070, PASADENA, CA, 91109
NTEE Category
Code: L220 - Housing
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