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Nonprofiteer
← BROADWAY TOWERS INC

Form 990 for tax year 2024

Filed by BROADWAY TOWERS INC.

Totals

Total revenue
$2,641,712
Total expenses
$1,821,027
Contributions and grants received
$0
Grants paid
$272,000
Program service revenue
$1,693,608
Investment income
$939,276
Other revenue
$8,828
Total assets, end of year
$26,963,007
Total liabilities, end of year
$3,727,025
Net assets or fund balances, end of year
$23,235,982
Program services expenses (Part IX)
$1,708,345
Management and general expenses
$112,682
Fundraising expenses
$0
Program service expenses (Part III)
$1,708,345

Program services were 93.8% of total expenses calculated — Part IX's program-services column over total expenses, both as filed.

Line items

Every line the filer filed in Parts VIII, IX and X, as filed and in filed order. Blank columns are left out, and the lines are not forced to add up to the totals above.

Revenue

Part VIII, the statement of revenue.

  • 2a · Program service revenue: RENT INCOME APARTMENTS

    total $1,693,608 · related or exempt $1,693,608

  • 3 · Investment income

    total $941,143 · excluded $941,143

  • 7b · Less cost or other basis and sales expenses

    other assets $1,867

  • 7c · Gain or loss

    other assets -$1,867

  • 7d · Net gain or loss

    total -$1,867 · excluded -$1,867

  • 11a · Other revenue: LAUNDRY, VENDING, ETC

    total $8,828 · excluded $8,828

  • 11e · Other revenue, total

    $8,828

Functional expenses

Part IX, the statement of functional expenses.

  • 1 · Grants to domestic organizations and governments

    total $272,000 · program services $272,000

  • 7 · Other salaries and wages

    total $251,726 · program services $251,726

  • 9 · Other employee benefits

    total $54,051 · program services $54,051

  • 10 · Payroll taxes

    total $18,268 · program services $18,268

  • 11a · Fees: management

    total $73,542 · management and general $73,542

  • 11b · Fees: legal

    total $1,559 · management and general $1,559

  • 11c · Fees: accounting

    total $37,568 · management and general $37,568

  • 12 · Advertising and promotion

    total $2,323 · program services $2,323

  • 13 · Office expenses

    total $59,357 · program services $59,357

  • 16 · Occupancy

    total $553,184 · program services $553,184

  • 17 · Travel

    total $494 · program services $494

  • 19 · Conferences, conventions and meetings

    total $3,146 · program services $3,146

  • 20 · Interest

    total $188,625 · program services $188,625

  • 22 · Depreciation, depletion and amortization

    total $163,056 · program services $163,056

  • 23 · Insurance

    total $137,657 · program services $137,657

  • 24a · Other expenses: DUES & SUBSCRIPTIONS

    total $1,510 · program services $1,510

  • 24b · Other expenses: BAD DEBTS

    total $1,374 · program services $1,374

  • 24c · Other expenses: MISC TAXES, LICENSES, A

    total $1,027 · program services $1,014 · management and general $13

  • 24d · Other expenses: OTHER RENTING EXPENSE

    total $560 · program services $560

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $692,431 · end of year $578,778

  • 2 · Savings and temporary cash investments

    beginning of year $385,850 · end of year $456,070

  • 4 · Accounts receivable

    beginning of year $968,008 · end of year $1,836,519

  • 9 · Prepaid expenses and deferred charges

    beginning of year $123,873 · end of year $100,405

  • 10a · Land, buildings and equipment: cost or other basis

    $5,767,756

  • 10b · Land, buildings and equipment: accumulated depreciation

    $2,574,651

  • 10c · Land, buildings and equipment, net

    beginning of year $3,299,622 · end of year $3,193,105

  • 13 · Investments: program-related

    beginning of year $20,749,987 · end of year $20,749,987

  • 15 · Other assets

    beginning of year $50,353 · end of year $48,143

  • 17 · Accounts payable and accrued expenses

    beginning of year $114,587 · end of year $181,020

  • 19 · Deferred revenue

    beginning of year $4,233 · end of year $6,264

  • 23 · Secured mortgages and notes payable

    beginning of year $3,694,395 · end of year $3,495,180

  • 25 · Other liabilities

    beginning of year $41,612 · end of year $44,561

  • 27 · Net assets without donor restrictions

    beginning of year $22,415,297 · end of year $23,235,982

Mission and programs · 2024

Mission

MANAGEMENT OF 3 APARTMENT COMPLEXES FOR THE BENEFIT OF ELDERLY AND HANDICAPPED RESIDENTS.

Activities or mission (Part I)

MANAGEMENT OF 3 APARTMENT COMPLEXES FOR THE BENEFIT OF ELDERLY AND HANDICAPPED RESIDENTS AND OTHER PUBLIC BENEFIT AND CHARITABLE PURPOSES.

  • HOUSING FOR THE ELDERLY AND SELF SUFFICIENT HANDICAPPED IN ACCORDANCE WITH THE DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT'S 202 HOUSING PROGRAM AND ANY CHARITABLE, EDUCATIONAL, RELIGIOUS, OR SCIENTIFIC PURPOSES ALLOWED UNDER SECTION 501(C)(3) OF THE IRC OF 1986 AS AMENDED.

    Expenses $1,436,345 · Revenue $1,693,608

  • TO PROVIDE FINANCIAL ASSISTANCE TO OTHER ENTITIES WHOSE PURPOSE IS CHARITABLE, EDUCATIONAL, RELIGIOUS, OR SCIENTIFIC AS ALLOWED UNDER SECTION 501(C)(3).

    Expenses $272,000 · Grants $272,000

As filed on the 2024 return.

Listed in Part VII

  • Gerald Eickhoff

    PRESIDENT

    Total calculated
    $0
    Hours/week
    0.5 + 1 related

  • Joseph F Glenn

    VICE PRESIDENT

    Total calculated
    $0
    Hours/week
    0.5 + 1 related

  • Elizabeth C Glenn

    SECRETARY/TREASURER

    Total calculated
    $0
    Hours/week
    0.5 + 1 related

  • Earleen Abernathy

    ASSISTANT SECRETARY/VICE PRESIDENT

    Total calculated
    $0
    Hours/week
    0.5 + 1 related

  • Robert L Reinhart

    DIRECTOR

    Total calculated
    $0
    Hours/week
    0.5 + 1 related

  • Kim Delacey

    DIRECTOR

    Total calculated
    $0
    Hours/week
    0.5 + 1 related

  • Larry Gay Reagin

    DIRECTOR

    Total calculated
    $0
    Hours/week
    0.5 + 1 related

  • Rebecca Bumm

    DIRECTOR

    Total calculated
    $0
    Hours/week
    0.5 + 1 related

  • Barry Bumm

    DIRECTOR

    Total calculated
    $0
    Hours/week
    0.5 + 1 related

Compensation is as filed in Part VII: reportable pay from this organization and from related organizations, other compensation, and hours per week. The total, marked calculated, is our sum of the three dollar columns, with a blank column counted as $0; the form itself has no total. On a Form 990-EZ the columns are Part IV's instead, and on a Form 990-PF Part VIII's — compensation, contributions to benefit plans, and expense account — and the total sums those.

Grants on this return

Related organizations on this return

Schedule R Part II: tax-exempt organizations related to the filer by control. It does not record shared board members or money.

Taxable family on this return

Schedule R Parts I, III and IV, as filed. These record ownership and control, not shared board members or money moved.

Disregarded entities

Part I: entities that legally are the filer and file no return of their own.

  • HERITAGE TOWERS NONPROFIT LLC

    PROVIDE HOUSING FOR THE ELDERLY AND HANDICAPPED · GA · income $973,428 · assets $3,252,519

    Directly controlled by BROADWAY TOWERS INC

Provenance

Return type
form_990
Tax year
2024
Filed
13 November 2025
IRS schema version
2024v5.2
Source object
202503189349306045

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