Glencroft Towers 1 Inc

Analysis

Glencroft Towers 1 Inc is a registered charity in United States, based in Glendale, AZ. It received its IRS tax-exemption ruling in January 2008, 18 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 December 2023, Glencroft Towers 1 Inc reported income of $4.4m and spending of $4.6m, spending 104% of its income. Across the 5 years on record, from December 2019 to December 2023, income grew from $2.5m to $4.4m (+73%), an average of +15% a year. The sharpest change came in the year to December 2023, when income rose by 24%. Over the whole period it spent 112% of the income it received.

Among 15,864 United States charities whose main cause is housing and shelter and that reported income, Glencroft Towers 1 Inc sits at the 90th percentile: it is larger than about 90% of them. Against every charity in United States with reported income it ranks in the 91st percentile, and in the 89th percentile within AZ. Charities of a similar size with the same main cause include National Breast Cancer Coalition Fund ($4.4m), Neighborhood Housing Services of New Haven Inc ($4.4m) and Worthington Christian Village Congregate Care Inc ($4.4m).

On its Form 990 for the period ending December 2023, revenue came from contributions and grants 9.3% and program service revenue 90% of the total. Other salaries and wages came to $166k. At year end it held assets of $4.8m against liabilities of $5.6m, net assets of -$753k.

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.