GLENCROFT TOWERS I 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

1993

Legal Domicile

Principal Officer

JOHN THORHAUER CEO

Phone

6238473005

Tax Period

2023-01-01 to 2023-12-31

GLENCROFT TOWERS I INC, founded in 1993, is a community nonprofit in the Housing & Shelter sector that reported $4.4M in total revenue in fiscal year 2023. Revenue surged 24% from the prior year, signaling strong growth momentum.

Mission

THE MISSION OF GLENCROFT TOWERS I IS TO PROVIDE A BROAD CONTINUUM HIGH QUALITY HUD SUBSIDIZED HOUSING TO SENIORS IN A MANNER THAT DEMONSTRATES LOVE AND COMPASSION.

Program Service Accomplishments

Program 1

Expenses: $4,548,627 Revenue: $3,970,195

INDEPENDENT LIVING SERVICES -THE ORGANIZATION OWNS AND OPERATES A 103-UNIT AFFORDABLE HOUSING APARTMENT COMPLEX IN GLENDALE, ARIZONA OPERATING UNDER THE NAME GLENCROFT TOWERS. GLENCROFT TOWERS...

INDEPENDENT LIVING SERVICES -THE ORGANIZATION OWNS AND OPERATES A 103-UNIT AFFORDABLE HOUSING APARTMENT COMPLEX IN GLENDALE, ARIZONA OPERATING UNDER THE NAME GLENCROFT TOWERS. GLENCROFT TOWERS PROVIDES INDEPENDENT LIVING TO PERSONS WHO ARE 62 YEARS OF AGE AND MEET THE VERY LOW INCOME STANDARDS SET BY THE HOUSING AND URBAN DEVELOPMENT DEPARTMENT. THE APARTMENTS HAVE BEEN REMODELED TO PROVIDE ASSISTED LIVING SERVICES AND ENSURE THAT EACH APARTMENT CAN BE CONSIDERED PART OF A "GREEN" FACILITY. THE ORGANIZATION HAS MADE GREAT EFFORTS TO ENSURE THAT THEIR FACILITIES ARE CONSIDERED ENVIRONMENTALLY FRIENDLY.ASSISTED LIVING SERVICES -THE ORGANIZATION PROVIDES ASSISTED LIVING SERVICES FOR SENIORS WHO NEEDADDITIONAL ASSISTANCE FOR ACTIVITIES OF DAILY LIVING. THESE SERVICESALLOW RESIDENTS TO MAINTAIN THEIR INDEPENDENCE FOR AS LONG AS POSSIBLE.SERVICES CAN INCLUDE PERSONAL CARE AND/OR SUPERVISORY CARE, INCLUDINGMEDICATION ADMINISTRATION.FOOD SERVICES -THE ORGANIZATION PROVIDES FOOD SERVICE TO OVER 500 SENIORS LIVING ATGLENCROFT, ENSURING RESIDENTS RECEIVE HEALTHY AND NUTRLTIOUS MEALS ANDTHE CHANCE TO SOCIALIZE WITH OTHER RESIDENTS.

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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 $410,651

Program Service Revenue $3,970,195

Investment Income $13,890

Other Revenue $0

TOTAL REVENUE $4,394,736

Expense Breakdown

Grants Paid $0

Salaries & Benefits $227,094

Fundraising Expenses $0

Program Expenses $4,548,627

Other Expenses $4,353,895

TOTAL EXPENSES $4,580,989

Year-over-Year Comparison

	2023	2022	Change
Revenue	$4,394,736	$3,541,684	+0.2%
Expenses	$4,580,989	$3,625,879	+0.3%
Net Income	$-186,253	$-84,195	+1.2%

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

N/A

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

$518,688

Total Directors

Key Employees

Highest Compensated

reported

Name	Title	Hours/Week	Role	Reportable Comp	Other Comp	Total
CATHY ECKSTEIN	CHAIR	5.00	Officer Director	$0	$0	$0
STEVE KOCH	SECRETARY	5.00	Officer Director	$0	$0	$0
BRIAN HOLLRAH	TREASURER	5.00	Officer Director	$0	$0	$0
NINA SHAH MD	DIRECTOR	2.00	Director	$0	$0	$0
DR PETE PATTERSON	DIRECTOR	2.00	Director	$0	$0	$0
DR JACQUELYN SMITH	VICE CHAIR	5.00	Officer Director	$0	$0	$0
LISA MONTMAN CPA	DIRECTOR	2.00	Director	$0	$0	$0
FLOYD WHITTAKER	DIRECTOR	2.00	Director	$0	$0	$0
ASHLEY IVERSON	DIRECTOR	2.00	Director	$0	$0	$0
DYAN BYMARK	DIRECTOR	2.00	Director	$0	$0	$0
JOHN THORHAUER	CEO	20.00	Officer	$0	$4,839	$354,040
DON MAY	CFO	8.00	Officer	$0	$3,228	$164,648

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	$4,394,736	$4,580,989	$4,803,199	$-186,253
2022	$3,541,684	$3,625,879	$5,079,631	$-84,195
2021	$2,977,278	$3,337,346	$5,153,034	$-360,068
2020	$2,583,359	$3,219,175	$5,269,133	$-635,816
2019	$2,539,475	$3,188,996	$5,418,449	$-649,521
2018	$2,580,844	$3,067,610	$5,901,866	$-486,766