Gorman Towers Inc

Analysis

Gorman Towers Inc is a registered charity in United States, based in Fort Smith, AR. It received its IRS tax-exemption ruling in August 1978, 48 years ago. Its declared purposes cover housing and shelter, which this site groups under housing and shelter. 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 August 2023, Gorman Towers Inc reported income of $2.1m and spending of $1.9m, spending 89% of its income. Across the 5 years on record, from August 2019 to August 2023, income grew from $2.0m to $2.1m (+4.5%), an average of +1.1% a year. Over the whole period it spent 85% of the income it received.

Among 15,864 United States charities whose main cause is housing and shelter and that reported income, Gorman Towers Inc sits at the 82nd percentile: it is larger than about 82% of them. Against every charity in United States with reported income it ranks in the 86th percentile, and in the 87th percentile within AR. Charities of a similar size with the same main cause include Annie Schaffer Senior Center of Schenectady County Inc ($2.1m), Bright Community Trust Inc ($2.1m) and Pro Viviendas I Inc ($2.1m).

On its Form 990 for the period ending August 2023, revenue came from program service revenue 100% of the total. Other salaries and wages came to $450k. At year end it held assets of $3.6m against liabilities of $3.9m, net assets of -$347k.