Grace Tower Inc

Analysis

Grace Tower Inc is a registered charity in United States, based in San Diego, CA. It received its IRS tax-exemption ruling in May 1985, 41 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, Grace Tower Inc reported income of $5.1m and spending of $2.2m, leaving 56% of income unspent that year. Across the 5 years on record, from December 2019 to December 2023, income grew from $2.6m to $5.1m (+97%), an average of +18% a year. The sharpest change came in the year to December 2021, when income rose by 27%. Over the whole period it spent 56% of the income it received.

Among 15,864 United States charities whose main cause is housing and shelter and that reported income, Grace Tower Inc sits at the 91st percentile: it is larger than about 91% of them. Against every charity in United States with reported income it ranks in the 92nd percentile, and in the 93rd percentile within CA. Charities of a similar size with the same main cause include New Community Development Corporation ($5.1m), Nazareth Inc ($5.1m) and Providence Place Inc ($5.1m).

On its Form 990 for the period ending December 2023, revenue came from program service revenue 83% of the total. Other salaries and wages came to $362k. At year end it held assets of $36.6m against liabilities of $13.6m, net assets of $23.0m. It reported 6 employees.