Harbor Tower

Nonprofit profile at a glance

EIN
953072221
IRS 990 coverage
2009–2024
Forms available
Form 990 2024
Location
Long Beach, CA, USA
Phone
5622575100
Rating
73
Verdict
SUPPORTED
Rating confidence
Moderate
Sector
Low-Income & Subsidized Rental Housing

Reported finances

Revenue
$1,105,785
Expenses
$2,289,011
Assets
$22,093,492
Liabilities
$20,050

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

Leadership & pay

31 people listed

Executive titles in this filing

  • HARTMAN STUART J (PRESIDENT/CEO)
  • STEVENSON ADAM (VICE PRESIDENT)

Highest reported compensation

  • HARTMAN STUART J (PRESIDENT/CEO): $770,133 total reported compensation
  • AMBERG ROBERT R (EXECUTIVE VP GEN COUNSEL): $530,647 total reported compensation
  • ROSSELLO FRANK JR (CFO AND VP OF FINANCE): $488,122 total reported compensation

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

Overview

Mission

To provide affordable housing assistance and services to low-income elderly persons and financing to affordable housing facilities to create an environment that enhances the quality of life as it relates to their physical, mental and spiritual well-being.

Operating model

Revenue model
Earned-program. 87% of the money available for current operations came from fees and other program revenue.
Distribution model
Grant intermediary. The nonprofit sent 100% of its reported program spending out as grants.

The verdict

SUPPORTED - A large share of available resources goes toward mission work and the filed numbers largely add up. Few specific pay-setting methods are documented in the filing; unanswered boxes are not proof of absence and a relatively small share of voting board members are independent.

Rating breakdown

  • Financial Efficiency: 89
  • Transparency & Controls: 68
  • Accountability: 51
  • Sustainability: 38
  • Growth: 100

Detailed rating inputs

Financial Efficiency

  • Mission deployment rate: 100%; rating input score 100
  • Program expense ratio: 99.7%; rating input score 100
  • Fundraising efficiency: Limited

Transparency & Controls

  • Consistency checks: 100%; rating input score 100; 63rd percentile among comparable filings
  • Pay-setting controls: 0 of 6 controls in place; rating input score 0
    • Compensation committee: Missing
    • Independent consultant: Missing
    • Other Form 990s reviewed: Missing
    • Written employment contract: Missing
    • Compensation survey or study: Missing
    • Board or committee approval: Missing
  • Foreign activity oversight: Limited
  • Grant itemization coverage: 100%; rating input score 100; 76th percentile among comparable filings
  • Major donor itemization: Limited
  • Related-party transparency: Limited

Accountability

  • Independent voting board: 40%; rating input score 40; 10th percentile among comparable filings
  • Governance controls: 6 of 9 controls in place; rating input score 67
    • 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: Fail
    • Board meeting minutes documented: Pass
    • Audit committee oversight: Missing
    • Independent financial-statement audit: Fail

Sustainability

  • Operating margin: -107%; rating input score 1; 1st percentile among comparable filings
  • Total-asset coverage ratio: 9.65; rating input score 92; 92nd percentile among comparable filings
  • Liabilities to assets ratio: 0; rating input score 80; 80th percentile among comparable filings
  • Officer compensation ratio: 33.3%; rating input score 5; 5th percentile among comparable filings

Growth

  • Program expense growth: 10.3% per year; rating input score 100; 64th percentile among comparable filings
  • Revenue growth: 2.3% per year; rating input score 100; 27th percentile among comparable filings
  • Asset growth: 1.9% per year; rating input score 100; 25th percentile among comparable filings

Details

  • Where the money goes: 100% of revenue deployed · 99.7% of spending went to programs
  • Governance: 2 of 5 board members independent · 6 of 9 filing controls reported
  • Programs: 1 filed program accomplishment · $2.3M in reported program spending
  • Leadership: top reported pay $770K · 31 people listed · 0 of 6 pay-setting controls reported
  • Consistency: 14 of 14 current checks pass
  • Schedules: 6 filed schedules · includes grants and executive pay
  • Filing history: 16 filing years from 2009 to 2024
  • Contacts: How to reach this organization
  • Money network: 1 filed money-flow record
  • Related organizations: 237 filed related-organization links
  • 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 — Transparency & Controls: Pay-setting controls scored 0/100.
  • Moderate — Accountability: Independent voting board scored 40/100.
  • High — Sustainability: Operating margin scored 1/100.
  • Review — Accountability: Governance controls: 2 of 8 not reported.
  • High — Sustainability: Officer compensation ratio scored 5/100.