Canterbury Towers Inc

Analysis

Canterbury Towers Inc is a registered charity in United States, based in Tampa, FL. It received its IRS tax-exemption ruling in February 1980, 46 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 December 2023, Canterbury Towers Inc reported income of $10.0m and spending of $11.8m, spending 118% of what it took in. Across the 5 years on record, from December 2019 to December 2023, income fell from $10.4m to $10.0m (-4.0%), an average of -1.0% a year. Over the whole period it spent 107% of the income it received.

Among 72,936 United States charities whose main cause is other charitable purposes and that reported income, Canterbury Towers Inc sits at the 95th percentile: it is larger than about 95% of them. Against every charity in United States with reported income it ranks in the 95th percentile, and in the 96th percentile within FL. Charities of a similar size with the same main cause include Rochester Riverside Convention Ctr ($10.0m), West Bergen Mental Healthcare Inc ($10.0m) and Hudsonville Christian School ($10.0m).

On its Form 990 for the period ending December 2023, revenue came from contributions and grants 0.1% and program service revenue 92% of the total. Compensation of current officers, directors and key employees was $678k (5.7% of expenses). Other salaries and wages came to $4.2m. At year end it held assets of $25.0m against liabilities of $17.2m, net assets of $7.7m. It reported 124 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.