CANTERBURY TOWER 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

1976

Legal Domicile

Principal Officer

CARIDAD VINAS

Phone

8138371083

Tax Period

2023-01-01 to 2023-12-31

CANTERBURY TOWER INC, founded in 1976, is a mid-sized nonprofit that reported $10.0M in total revenue in fiscal year 2023. Revenue grew 13% year-over-year, indicating healthy expansion. Expenses of $11.8M exceeded revenue, resulting in a 18% operating deficit.

Mission

THE ORGANIZATION'S MISSION IS TO PROVIDE HOUSING, HEALTH CARE, AND OTHER PERSONAL SERVICES TO ELDERLY RESIDENTS THROUGH THE OPERATION OF A CONTINUING CARE RETIREMENT COMMUNITY IN TAMPA, FLORIDA.

Program Service Accomplishments

Program 1

Expenses: $9,892,715 Revenue: $9,235,175

THE ORGANIZATION PROVIDES HOUSING, HEALTH CARE, AND OTHER PERSONAL SERVICES FOR THE ELDERLY THROUGH THE OPERATION OF A LICENSED CONTINUING CARE RETIREMENT COMMUNITY IN TAMPA, FLORIDA. AS OF DECEMBER 31, 2023, THE COMMUNITY IS COMPRISED OF 125 INDEPENDENT LIVING APARTMENTS AND 60 SKILLED NURSING BEDS. THE TOWER OPERATES UNDER THE CONTINUING CARE CONCEPT WHEREBY RESIDENTS ENTER INTO AN ENDOWMENT AGREEMENT WHICH REQUIRES PAYMENT OF A ONE-TIME ENDOWMENT FEE AND MONTHLY MAINTENANCE FEES. GENERALLY, PAYMENT OF THESE FEES ENTITLES RESIDENTS TO THE USE AND PRIVILEGES OF THE TOWER FOR LIFE.

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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 (2023)

Revenue Breakdown

Contributions & Grants $6,913

Program Service Revenue $9,235,175

Investment Income $768,111

Other Revenue $0

TOTAL REVENUE $10,010,199

Expense Breakdown

Grants Paid $0

Salaries & Benefits $5,765,016

Fundraising Expenses $0

Program Expenses $9,892,715

Other Expenses $6,054,503

TOTAL EXPENSES $11,819,519

Year-over-Year Comparison

	2023	2022	Change
Revenue	$10,010,199	$8,839,397	+0.1%
Expenses	$11,819,519	$10,322,767	+0.1%
Net Income	$-1,809,320	$-1,483,370	+0.2%

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

124

Volunteers

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

$542,695

Total Directors

$404,576

Key Employees

$223,368

Highest Compensated

reported

Name	Title	Hours/Week	Role	Reportable Comp	Other Comp	Total
CARIDAD VINAS NHA	PRESIDENT/CEO	60.00	Officer Director	$368,225	$36,351	$404,576
DOUGLAS B CONNOR	EXECUTIVE CHAIRMAN	1.00	Officer Director	$0	$0	$0
ALTON C WARD	VICE PRESIDENT	1.00	Officer Director	$0	$0	$0
FOREST BOUSHALL	TREASURER	1.00	Officer Director	$0	$0	$0
DR JOEL SILVERFIELD	TRUSTEE	1.00	Director	$0	$0	$0
CARIDAD GIL	CONTROLLER	40.00	Officer	$106,040	$32,079	$138,119
SUSAN P CONLEY	NURSING HOME ADMINISTRATOR	40.00	Key Emp	$203,666	$19,702	$223,368
SANDRA ROSS	MARKETING DIRECTOR	40.00	Highest	$128,745	$13,526	$142,271
AARON BROWN	NURSING HOME ADMINISTRATOR	40.00	Highest	$102,481	$40,752	$143,233

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
2024	No data	No data	No data	No data
2023	$10,010,199	$11,819,519	$24,968,069	$-1,809,320
2022	$8,839,397	$10,322,767	$23,426,665	$-1,483,370
2021	$9,784,634	$10,242,183	$26,732,225	$-457,549
2020	$9,944,745	$9,865,486	$27,176,025	$79,259
2019	$10,429,280	$10,010,126	$26,627,610	$419,154
2018	$10,894,740	$10,180,693	$25,401,561	$714,047