Desoto Towers Inc

Analysis

Desoto Towers Inc is a registered charity in United States, based in Bradenton, FL. It received its IRS tax-exemption ruling in July 1972, 54 years ago. The IRS classifies it as a publicly supported organisation (gross receipts test) under section 501(c)(3), and contributions to it are listed as tax-deductible.

In the financial year ending September 2023, Desoto Towers Inc reported income of $1.4m and spending of $1.6m, spending 115% of what it took in. Across the 5 years on record, from September 2019 to September 2023, income grew from $1.4m to $1.4m (+1.7%), an average of +0.4% a year. Over the whole period it spent 102% of the income it received.

Among 72,936 United States charities whose main cause is other charitable purposes and that reported income, Desoto Towers Inc sits at the 81st percentile: it is larger than about 81% of them. Against every charity in United States with reported income it ranks in the 83rd percentile, and in the 84th percentile within FL. Charities of a similar size with the same main cause include Chuckanut Health Foundation ($1.4m), Boy Scouts of America ($1.4m) and Richland One Middle College at Midlands Technical College ($1.4m).

On its Form 990 for the period ending September 2023, revenue came from program service revenue 99% of the total. Compensation of current officers, directors and key employees was $63k (4.0% of expenses). Other salaries and wages came to $252k. At year end it held assets of $5.6m against liabilities of $7.0m, net assets of -$1.3m. It reported 19 employees.