Verdugo Tower Inc

Analysis

Verdugo Tower Inc is a registered charity in United States, based in Pasadena, CA. It received its IRS tax-exemption ruling in October 1997, 29 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 March 2023, Verdugo Tower Inc reported income of $1.5m and spending of $1.2m, spending 83% of its income. Across the 5 years on record, from March 2019 to March 2023, income grew from $892k to $1.5m (+63%), an average of +13% a year. The sharpest change came in the year to March 2023, when income rose by 46%. Over the whole period it spent 114% of the income it received.

Among 15,864 United States charities whose main cause is housing and shelter and that reported income, Verdugo Tower Inc sits at the 78th percentile: it is larger than about 78% of them. Against every charity in United States with reported income it ranks in the 83rd percentile, and in the 84th percentile within CA. Charities of a similar size with the same main cause include Fairfax Renaissance Development Corporation ($1.5m), Four States Christian Missons Inc ($1.5m) and Sherman Way Senior Citizen Housing Corporation ($1.5m).

On its Form 990 for the period ending March 2023, revenue came from contributions and grants 68% and program service revenue 32% of the total. Other salaries and wages came to $228k. At year end it held assets of $5.2m against liabilities of $94k, net assets of $5.1m. It reported 9 employees.