First Congregational Memorial Tower

Nonprofit profile at a glance

EIN
237384453
IRS 990 coverage
2014–2024
Forms available
Form 990 2024
Location
San Diego, CA, USA
Phone
3232583512
Rating
74
Verdict
SUPPORTED
Rating confidence
Moderate
Sector
Low-Income & Subsidized Rental Housing

Reported finances

Revenue
$3,399,170
Expenses
$1,964,801
Assets
$9,862,841
Liabilities
$5,820,553

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

Leadership & pay

8 people listed

Executive titles in this filing

  • GLENN DUNHAM (Vice President)
  • BOB MURPHY (President)

People named in this filing

  • GLENN DUNHAM (Vice President)
  • DION AKERS (Director)
  • ANDREW BOWEN (Director)

Selected names, not a complete roster or a statement of current roles. Open leadership details for the complete filed list.

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

Overview

Mission

To operate a 100 unit senior citizen housing complex which serves the low-income, elderly and handicapped.

What it reported doing in 2024

Calhfa project no.75-081-s provides 100 units of rental housing to low-income, elderly and handicapped tenants.

Operating model

Revenue model
Earned-program. 94% of the money available for current operations came from fees and other program 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 - The filed numbers largely add up and most voting board members are independent. A relatively small share of available resources goes toward mission work and some filing-based governance responses are negative or unanswered.

Rating breakdown

  • Financial Efficiency: 50
  • Transparency & Controls: 90
  • Accountability: 88
  • Sustainability: 79
  • Growth: 100

Detailed rating inputs

Financial Efficiency

  • Mission deployment rate: 42.5%; rating input score 43
  • Program expense ratio: 78.2%; rating input score 78
  • Fundraising efficiency: Limited

Transparency & Controls

  • Consistency checks: 100%; rating input score 100; 63rd percentile among comparable filings
  • Pay-setting controls: Limited
  • Foreign activity oversight: Limited
  • Grant itemization coverage: Limited
  • Major donor itemization: Limited
  • Related-party transparency: Limited

Accountability

  • Independent voting board: 100%; rating input score 100; 63rd percentile among comparable filings
  • Governance controls: 5 of 7 controls in place; rating input score 71
    • Conflict-of-interest policy: Fail
    • Whistleblower policy: Fail
    • Document-retention policy: Pass
    • CEO compensation review process: NotApplicable
    • Other executive compensation review process: NotApplicable
    • Form 990 shared with the board: Pass
    • Board meeting minutes documented: Pass
    • Audit committee oversight: Pass
    • Independent financial-statement audit: Pass

Sustainability

  • Operating margin: 42.2%; rating input score 90; 90th percentile among comparable filings
  • Total-asset coverage ratio: 5.02; rating input score 83; 83rd percentile among comparable filings
  • Liabilities to assets ratio: 0.59; rating input score 17; 17th percentile among comparable filings
  • Officer compensation ratio: 0%; rating input score 91; 91st percentile among comparable filings

Growth

  • Program expense growth: 5.2% per year; rating input score 100; 41st percentile among comparable filings
  • Revenue growth: 12.2% per year; rating input score 100; 75th percentile among comparable filings
  • Asset growth: 12.8% per year; rating input score 100; 68th percentile among comparable filings

Details

  • Where the money goes: 42.5% of revenue deployed · 78.2% of spending went to programs
  • Governance: 8 of 8 board members independent · 5 of 7 filing controls reported
  • Programs: 1 filed program accomplishment · $1.5M in reported program spending
  • Leadership: top reported pay $0 · 8 people listed
  • Consistency: 26 of 26 current checks pass
  • Schedules: 3 filed schedules
  • Filing history: 10 filing years from 2014 to 2024
  • Contacts: How to reach this organization
  • 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.

  • Moderate — Financial Efficiency: Mission deployment rate scored 43/100.
  • Review — Accountability: Governance controls: 2 of 7 not reported.
  • High — Sustainability: Liabilities to assets ratio scored 17/100.