WESTMINSTER TOWERS INCORPORATED

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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

1967

Legal Domicile

Principal Officer

ERIC LARSON

Phone

3232583512

Tax Period

2024-07-01 to 2025-06-30

WESTMINSTER TOWERS INCORPORATED, founded in 1967, is a community nonprofit in the Housing & Shelter sector that reported $4.0M in total revenue in fiscal year 2024. Revenue surged 24% from the prior year, signaling strong growth momentum. The organization ran a surplus of $1.8M, a strong 46% operating margin.

Mission

WESTMINSTER TOWERS, INCORPORATED, OPERATES AN AFFORDABLE APARTMENT COMMUNITY LOCATED IN SANTA MONICA, CALIFORNIA.

Program Service Accomplishments

Program 1

Expenses: $1,784,641 Revenue: $1,362,617

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.

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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 (2024)

Revenue Breakdown

Contributions & Grants $2,424,964

Program Service Revenue $1,362,617

Investment Income $200,967

Other Revenue $6,594

TOTAL REVENUE $3,995,142

Expense Breakdown

Grants Paid $0

Salaries & Benefits $448,206

Fundraising Expenses $0

Program Expenses $1,784,641

Other Expenses $1,724,738

TOTAL EXPENSES $2,172,944

Year-over-Year Comparison

	2024	2023	Change
Revenue	$3,995,142	$3,230,596	+0.2%
Expenses	$2,172,944	$2,483,474	-0.1%
Net Income	$1,822,198	$747,122	+1.4%

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

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

Total Directors

Key Employees

Highest Compensated

reported

Name	Title	Hours/Week	Role	Reportable Comp	Other Comp	Total
JAMES DANIEL WILLIAMS	VICE PRESIDENT	1.00	Officer Director	$0	$0	$0
ERIC LARSON	PRESIDENT	1.00	Officer Director	$0	$0	$0
KAREN CARREY	SECRETARY	1.00	Officer Director	$0	$0	$0
HYOWOOK HUGH CHAING	DIRECTOR	1.00	Director	$0	$0	$0
LAWRENCE RHEE	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	$3,995,142	$2,172,944	$16,736,837	$1,822,198
2024	No data	No data	No data	No data
2023	$3,124,075	$2,430,452	$6,619,681	$693,623
2022	$3,075,255	$2,301,842	$5,928,986	$773,413
2021	$2,740,336	$2,144,372	$5,137,881	$595,964
2020	$2,381,678	$1,793,195	$4,523,575	$588,483
2019	$2,902,609	$2,742,475	$7,296,096	$160,134
2018	$2,811,605	$2,474,083	$7,426,390	$337,522