PILGRIM TOWERS INC

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Financial Vulnerability Assessment (Tuckman-Chang)

4 risk indicators measuring financial stability and operational resilience

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Financial Trends

Organization Details

Formation Year

1962

Legal Domicile

Principal Officer

PAT THATCHER

Phone

2039649055

Tax Period

2025-01-01 to 2025-12-31

PILGRIM TOWERS INC, founded in 1962, is a community nonprofit in the Housing & Shelter sector that reported $1.0M in total revenue in fiscal year 2025. Revenue grew 11% year-over-year, indicating healthy expansion. Expenses of $911K left a modest 12% surplus.

Mission

TO PROVIDE HOUSING FOR THE ELDERLY AND OTHER ELIGIBLE OCCUPANTS UNDER SECTION 202 OF THE NATIONAL HOUSING ACT AND THE REGULATIONS THEREUNDER NOW IN EFFECT. THE AGENCY OPERATES A TEN STORY APRTMENT BUILDING WITH 72 RENTAL UNITS, KNOWN AS PILGRIM TOWERS IN STAMFORD, CT.

Program Service Accomplishments

Program 1

Expenses: $722,770 Revenue: $920,186

TO PROVIDE HOUSING FOR THE ELDERLY AND OTHERS UNDER THE NATIONAL HOUSING ACT.

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Trantor Score

Financial Health Score (300–850) · Liquidity · Solvency · Sustainability · Efficiency

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Liquidity (40%) • Solvency (30%) • Sustainability (20%) • Efficiency (10%)

Financial Overview (2025)

Revenue Breakdown

Contributions & Grants $118,509

Program Service Revenue $918,108

Investment Income $234

Other Revenue $2,078

TOTAL REVENUE $1,038,929

Expense Breakdown

Grants Paid $0

Salaries & Benefits $147,975

Fundraising Expenses $0

Program Expenses $722,770

Other Expenses $762,742

TOTAL EXPENSES $910,717

Year-over-Year Comparison

	2025	2024	Change
Revenue	$1,038,929	$938,485	+0.1%
Expenses	$910,717	$985,724	-0.1%
Net Income	$128,212	$-47,239	-3.7%

Key Indicators

✗ Grants to Organizations ✗ Grants to Individuals ✗ Lobbying ✗ Political Activity ✗ Foreign Activities ✗ Donor Advised Fund ✓ Schedule B Required

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Financial Health Indicators

Comprehensive financial analysis: Altman Z-Score, liquidity, solvency, sustainability, efficiency, and growth metrics

Financial Distress Indicator

Liquidity & Cash Position

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Altman Z-Score • Liquidity Ratios • Solvency Analysis • Growth Indicators • Efficiency Metrics

Governance

Voting Members

Independent Members

Employees

N/A

Volunteers

N/A

Governance Policies

✗ Conflict of Interest Policy

✗ Whistleblower Policy

✗ Document Retention Policy

Special Practices & Reported Activities

✗ Operated a School

✗ Operated a Hospital

✗ Provided First Class Travel

✗ Reported Conflict of Interest

✗ Reported Asset Diversion

✗ Excess Benefit Transaction

✗ Made Political Expenditures

✗ Engaged in Lobbying

✗ Operated Donor Advised Fund

✗ Maintained Art Collections

✗ Filed Form 720

Compensation of Officers, Directors & Key Employees

Total Officers

Total Directors

Key Employees

Highest Compensated

reported

Name	Title	Hours/Week	Role	Reportable Comp	Other Comp	Total
MARILYN OLSSON	PRESIDENT	3.00	Officer Director	$0	$0	$0
KENNETH KOLB	DIRECTOR	1.00	Director	$0	$0	$0
PAT THATCHER	TREASURER	1.00	Officer Director	$0	$0	$0
RAY DAVIS	DIRECTOR	1.00	Director	$0	$0	$0
GLENN IANNACCONE	DIRECTOR	1.00	Director	$0	$0	$0
GENE SALVATORE	DIRECTOR	1.00	Director	$0	$0	$0
TROY JONES	DIRECTOR	1.00	Director	$0	$0	$0

Note: Compensation data is self-reported by the organization on their Form 990. "Reportable Comp" includes salary, bonuses, and other reportable compensation from the organization and related organizations. "Other Comp" includes benefits, deferred compensation, and non-taxable benefits.

Historical Data

Year	Revenue	Expenses	Assets	Net Income
2025	$1,038,929	$910,717	$3,173,598	$128,212
2024	No data	No data	No data	No data
2023	$869,026	$1,013,721	$3,138,727	$-144,695
2022	$766,378	$1,000,575	$3,296,029	$-234,197
2021	$692,566	$745,028	$3,499,033	$-52,462
2020	$702,675	$755,454	$3,555,633	$-52,779
2019	$767,179	$775,706	$3,596,104	$-8,527
2018	$736,457	$752,023	$3,710,294	$-15,566