Westminster Towers Incorporated

Nonprofit profile at a glance

EIN
952407563
IRS 990 coverage
2013–2024
Forms available
Form 990 2024
Location
Pasadena, CA, USA
Phone
3232583512
Rating
75
Verdict
SUPPORTED
Rating confidence
Moderate
Sector
Low-Income & Subsidized Rental Housing

Reported finances

Revenue
$3,995,142
Expenses
$2,172,944
Assets
$16,736,837
Liabilities
$7,786,244

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

Leadership & pay

5 people listed

Executive titles in this filing

  • JAMES DANIEL WILLIAMS (VICE PRESIDENT)
  • ERIC LARSON (PRESIDENT)

People named in this filing

  • JAMES DANIEL WILLIAMS (VICE PRESIDENT)
  • ERIC LARSON (PRESIDENT)
  • KAREN CARREY (SECRETARY)

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

Westminster towers, incorporated, operates an affordable apartment community located in santa monica, California.

What it reported doing in 2024

Westminster towers, incorporated (corporation) is a California non-profit corporation formed in october 1965 to manage, under guidelines established by the department of housing and urban development (hud) under section 202 of the national housing act, the operation of federally subsidized apartment rental housing for low-income elderly persons in santa monica, California. Westminster towers hud project no.122-sh067 (the project), a seventeen-story, 285-unit building completed in may 1969. In june 1979, the corporation completed a second building, geneva plaza hud project no. 122-eh001, an eight-story, 100-unit building in santa monica, California. The corporation formed geneva plaza, inc. On february 12, 2019, and deeded over the building to geneva plaza, inc. On july 12, 2019.falkenberg/gilliam & associates, inc. Is the projects' managing agent, and apartment rental rates require hud approval.the projects' major program is its section 8 housing assistance payment program provided under an agreement with hud.

Operating model

Revenue model
Grant-funded. 61% of the money available for current operations came from government grants.
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: 53
  • Transparency & Controls: 100
  • Accountability: 82
  • Sustainability: 82
  • Growth: 60

Detailed rating inputs

Financial Efficiency

  • Mission deployment rate: 47.5%; rating input score 47
  • Program expense ratio: 82.1%; rating input score 82
  • 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: Yes; rating input score 100
  • Related-party transparency: Yes; rating input score 100

Accountability

  • Independent voting board: 100%; rating input score 100; 63rd percentile among comparable filings
  • Governance controls: 4 of 7 controls in place; rating input score 57
    • 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: Fail
    • Independent financial-statement audit: Pass

Sustainability

  • Operating margin: 45.6%; rating input score 91; 91st percentile among comparable filings
  • Total-asset coverage ratio: 7.7; rating input score 88; 88th percentile among comparable filings
  • Liabilities to assets ratio: 0.47; rating input score 23; 23rd percentile among comparable filings
  • Officer compensation ratio: 0%; rating input score 91; 91st percentile among comparable filings

Growth

  • Program expense growth: -1.9% per year; rating input score 0; 9th percentile among comparable filings
  • Revenue growth: 2.9% per year; rating input score 100; 26th percentile among comparable filings
  • Asset growth: 4.3% per year; rating input score 100; 31st percentile among comparable filings

Details

  • Where the money goes: 47.5% of revenue deployed · 82.1% of spending went to programs
  • Governance: 5 of 5 board members independent · 4 of 7 filing controls reported
  • Programs: 1 filed program accomplishment · $1.8M in reported program spending
  • Leadership: top reported pay $0 · 5 people listed
  • Highest-paid contractors: 1 contractor listed · $242K reported
  • Consistency: 31 of 31 current checks pass
  • Schedules: 5 filed schedules · includes major donors
  • Filing history: 12 filing years from 2013 to 2024
  • Contacts: How to reach this organization
  • Related organizations: 1 filed related-organization link
  • 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 47/100.
  • Review — Accountability: Governance controls: 3 of 7 not reported.
  • High — Growth: Program expense growth scored 0/100.
  • High — Sustainability: Liabilities to assets ratio scored 23/100.