The Towers Foundation Inc

Analysis

The Towers Foundation Inc is a registered charity in United States, based in New Haven, CT. It received its IRS tax-exemption ruling in January 1993, 33 years ago. The IRS classifies it as a supporting organisation under section 501(c)(3), and contributions to it are listed as tax-deductible.

In the financial year ending June 2024, The Towers Foundation Inc reported income of $1.1m and spending of $1.4m, spending 128% of what it took in. Across the 6 years on record, from June 2019 to June 2024, income grew from $488k to $1.1m (+132%), an average of +18% a year. The sharpest change came in the year to June 2020, when income rose by 96%. Over the whole period it spent 83% of the income it received.

Among 72,936 United States charities whose main cause is other charitable purposes and that reported income, The Towers Foundation Inc sits at the 79th percentile: it is larger than about 79% of them. Against every charity in United States with reported income it ranks in the 81st percentile, and in the 79th percentile within CT. Charities of a similar size with the same main cause include Big Oak Child Care Center Inc ($1.1m), New York Lathers Apprenticeship Fund ($1.1m) and Agape Ranch ($1.1m).

On its Form 990 for the period ending June 2024, revenue came from contributions and grants 41% and program service revenue 39% of the total. Other salaries and wages came to $268k. At year end it held assets of $2.9m against liabilities of $158k, net assets of $2.7m. It reported 6 employees.