Towers of Excellence

Analysis

Towers of Excellence is a registered charity in United States, based in Chicago, IL. It received its IRS tax-exemption ruling in October 2015, 11 years ago. Its declared purposes cover human services, which this site groups under poverty relief. The IRS classifies it as a publicly supported organisation (donations from the general public) under section 501(c)(3), and contributions to it are listed as tax-deductible.

In the financial year ending December 2023, Towers of Excellence reported income of $185k and spending of $187k, spending 101% of its income. Across the 3 years on record, from December 2021 to December 2023, income fell from $194k to $185k (-4.3%), an average of -2.2% a year. The sharpest change came in the year to December 2022, when income dropped by 15%. Over the whole period it spent 104% of the income it received.

Among 62,758 United States charities whose main cause is poverty relief and that reported income, Towers of Excellence sits at the 47th percentile: it is larger than about 46% of them. Against every charity in United States with reported income it ranks in the 52nd percentile, and in the 52nd percentile within IL. Charities of a similar size with the same main cause include Garden 58 ($185k), Citizens Project ($185k) and Ebby Halliday Foundation ($185k).

On its Form 990 for the period ending December 2023, revenue came from contributions and grants 100% of the total. Compensation of current officers, directors and key employees was $37k (20% of expenses). Other salaries and wages came to $37k. At year end it held assets of $5,474 against liabilities of $0, net assets of $5,474. It reported 8 employees.

Data notes from the register: Spending has exceeded income in each of the last three reported years, so the charity has been drawing on reserves or other funds.