Canterbury Tower Inc

Nonprofit profile at a glance

EIN
591782481
IRS 990 coverage
2010–2024
Forms available
Form 990 2024
Location
Tampa, FL, USA
Phone
8138371083
Rating
78
Verdict
SUPPORTED
Rating confidence
Moderate

Official website

Reported finances

Revenue
$11,463,881
Expenses
$11,975,145
Assets
$27,001,137
Liabilities
$19,176,178

Source: IRS Form 990. Selected filing: tax year 2024. Amounts in USD.

Leadership & pay

10 people listed

Executive titles in this filing

  • ALTON C WARD (VICE PRESIDENT)
  • CARIDAD VINAS NHA (PRESIDENT)
  • SUSAN P CONLEY (CEO)

Highest reported compensation

  • CARIDAD VINAS NHA (PRESIDENT): $414,843 total reported compensation
  • SUSAN P CONLEY (CEO): $225,408 total reported compensation
  • SANDRA ROSS (MARKETING DIRECTOR): $222,114 total reported compensation

Source: IRS Form 990. Selected filing: tax year 2024. Names and roles reflect this filing, not necessarily current officeholders.

Overview

Mission

The organization's mission is to provide housing, health care, and other personal services to elderly residents through the operation of a continuing care retirement community in tampa, Florida.

What it reported doing in 2024

The organization provides housing, health care, and other personal services for the elderly through the operation of a licensed continuing care retirement community in tampa, Florida. As of december 31, 2024, the community is comprised of 124 independent living apartments, 60 skilled nursing beds and 17 assisted living beds. The tower operates under the continuing care concept whereby residents enter into an endowment agreement which requires payment of a one-time endowment fee and monthly maintenance fees. Generally, payment of these fees entitles residents to the use and privileges of the tower for life.

Operating model

Revenue model
Other-operating. 93% of the money available for current operations came from other operating revenue.
Distribution model
Direct operator. The filing allocates 100% of reported program-service expenses outside its grant, affiliate-payment, and member-benefit lines. This expense classification does not rule out separately announced grant awards.

The verdict

SUPPORTED - A large share of available resources goes toward mission work and the filed numbers largely add up. Expenses are high relative to revenue and liabilities are high compared with assets.

Rating breakdown

  • Financial Efficiency: 76
  • Transparency & Controls: 82
  • Accountability: 81
  • Sustainability: 32
  • Growth: 100

Detailed rating inputs

Financial Efficiency

  • Mission deployment rate: 87%; rating input score 87
  • Program expense ratio: 82.3%; rating input score 82
  • Fundraising efficiency: Limited

Transparency & Controls

  • Consistency checks: 100%; rating input score 100; 62nd percentile among comparable filings
  • Pay-setting controls: 3 of 6 controls in place; rating input score 50
    • Compensation committee: Pass
    • Independent consultant: Missing
    • Other Form 990s reviewed: Missing
    • Written employment contract: Missing
    • Compensation survey or study: Pass
    • Board or committee approval: Pass
  • Foreign activity oversight: Limited
  • Grant itemization coverage: Limited
  • Major donor itemization: Limited
  • Related-party transparency: Limited

Accountability

  • Independent voting board: 66.7%; rating input score 67; 11th percentile among comparable filings
  • Governance controls: 9 of 9 controls in place; rating input score 100
    • Conflict-of-interest policy: Pass
    • Whistleblower policy: Pass
    • Document-retention policy: Pass
    • CEO compensation review process: Pass
    • Other executive compensation review process: Pass
    • Form 990 shared with the board: Pass
    • Board meeting minutes documented: Pass
    • Audit committee oversight: Pass
    • Independent financial-statement audit: Pass

Sustainability

  • Operating margin: -4.5%; rating input score 18; 18th percentile among comparable filings
  • Total-asset coverage ratio: 2.25; rating input score 66; 66th percentile among comparable filings
  • Liabilities to assets ratio: 0.71; rating input score 17; 17th percentile among comparable filings
  • Officer compensation ratio: 11.1%; rating input score 16; 16th percentile among comparable filings

Growth

  • Program expense growth: 4.5% per year; rating input score 100; 38th percentile among comparable filings
  • Revenue growth: 2.1% per year; rating input score 100; 19th percentile among comparable filings
  • Asset growth: 3% per year; rating input score 100; 23rd percentile among comparable filings

Details

  • Where the money goes: 87% of revenue deployed · 82.3% of spending went to programs
  • Governance: 4 of 6 board members independent · 9 of 9 filing controls reported
  • Programs: 1 filed program accomplishment · $9.9M in reported program spending
  • Leadership: top reported pay $415K · 10 people listed · 3 of 6 pay-setting controls reported
  • Highest-paid contractors: 5 contractors listed · $3M reported
  • Consistency: 34 of 34 current checks pass
  • Schedules: 4 filed schedules · includes executive pay
  • Filing history: 15 filing years from 2010 to 2024
  • Contacts: How to reach this organization
  • Money network: 6 filed money-flow records
  • Related organizations: Filed and resolved organization relationships.
  • Grant readiness: Federal tax and exclusion status, award history, and grant-maker relationships.
  • People: Everyone the filings name, and which of them the filings identify by more than a name.

Key Signals

Signals prioritize questions for review. They are not findings of misconduct.

  • High — Sustainability: Operating margin scored 18/100.
  • High — Sustainability: Liabilities to assets ratio scored 17/100.
  • High — Sustainability: Officer compensation ratio scored 16/100.