Civic Intelligence

Grace Tower Inc

EIN 95-2461674 • 501(c)3 • San Diego, CA

Profile

To operate an apartment complex of 168 units to provide low-income housing for elderly tenants.

17150 Via Del Campo 307San Diego, CA 92127

n/A

Siviq Scores

Precomputed percentiles relative to similar nonprofits. These scores are descriptive rather than judgmental.

Liabilities / Assets

62nd percentile

0.34x

Higher debt load relative to assets than 62% of similar nonprofits.

501(c)3 • $25M-$50M nonprofits • Source year 2024

Liabilities / Revenue

89th percentile

2.42x

Higher debt load relative to revenue than 89% of similar nonprofits.

501(c)3 • $25M-$50M nonprofits • Source year 2024

Net Margin

92nd percentile

58%

Higher net margin than 92% of similar nonprofits.

501(c)3 • $25M-$50M nonprofits • Source year 2024

Top Officer Pay

Score unavailable

No value available

No filing with officer rows is available for this organization yet.

Asset Growth

59th percentile

8.2%

Faster asset growth than 59% of similar nonprofits.

501(c)3 • $25M-$50M nonprofits • Annualized from 2023 to 2024

Revenue Growth

52nd percentile

7.9%

Faster revenue growth than 52% of similar nonprofits.

501(c)3 • $25M-$50M nonprofits • Annualized from 2023 to 2024

Assets

Up

$39,627,989

Up $2,997,566 (+8.2%) from 2023

Liabilities

Down

$13,434,379

Down $170,644 (-1.3%) from 2023

Net Assets

Up

$26,193,610

Up $3,168,210 (+14%) from 2023

Revenue

Up

$5,544,291

Up $405,246 (+7.9%) from 2023

Expenses

Up

$2,324,826

Up $82,874 (+3.7%) from 2023

Net Income

Up

$3,219,465

Up $322,372 (+11%) from 2023

Trend Graphs

Balance Sheet Trend

Grouped bars show assets, liabilities, and net assets across loaded filings.

$40M$30M$20M$10M$0Assets 2011: $12,570,277Liabilities 2011: $520,456Net Assets 2011: $12,049,8212011Assets 2012: $12,473,349Liabilities 2012: $425,244Net Assets 2012: $12,048,1052012Assets 2013: $12,474,596Liabilities 2013: $365,342Net Assets 2013: $12,109,2542013Assets 2014: $12,423,061Liabilities 2014: $290,361Net Assets 2014: $12,132,7002014Assets 2015: $14,855,455Liabilities 2015: $2,193,974Net Assets 2015: $12,661,4812015Assets 2016: $27,028,088Liabilities 2016: $13,410,733Net Assets 2016: $13,617,3552016Assets 2017: $25,932,969Liabilities 2017: $11,789,582Net Assets 2017: $14,143,3872017Assets 2018: $29,169,542Liabilities 2018: $14,589,335Net Assets 2018: $14,580,2072018Assets 2019: $29,425,011Liabilities 2019: $14,420,324Net Assets 2019: $15,004,6872019Assets 2020: $30,366,955Liabilities 2020: $14,269,079Net Assets 2020: $16,097,8762020Assets 2021: $32,129,114Liabilities 2021: $14,045,332Net Assets 2021: $18,083,7822021Assets 2022: $33,970,858Liabilities 2022: $13,822,024Net Assets 2022: $20,148,8342022Assets 2023: $36,630,423Liabilities 2023: $13,605,023Net Assets 2023: $23,025,4002023Assets 2024: $39,627,989Liabilities 2024: $13,434,379Net Assets 2024: $26,193,6102024

Highlighted filing

2024

Assets$39,627,989
Liabilities$13,434,379
Net Assets$26,193,610

Operations Trend

Revenue, expenses, and net income by year, with the latest filing highlighted.

$6.0M$4.0M$2.0M$0-$2.0MRevenue 2011: $1,020,682Expenses 2011: $899,333Net Income 2011: $121,3492011Revenue 2012: $1,018,180Expenses 2012: $1,019,896Net Income 2012: -$1,7162012Revenue 2013: $1,030,903Expenses 2013: $969,754Net Income 2013: $61,1492013Revenue 2014: $1,063,615Expenses 2014: $1,040,169Net Income 2014: $23,4462014Revenue 2015: $1,533,032Expenses 2015: $1,004,251Net Income 2015: $528,7812015Revenue 2016: $2,153,444Expenses 2016: $1,197,570Net Income 2016: $955,8742016Revenue 2017: $2,339,428Expenses 2017: $1,813,396Net Income 2017: $526,0322017Revenue 2018: $2,389,807Expenses 2018: $1,952,987Net Income 2018: $436,8202018Revenue 2019: $2,603,106Expenses 2019: $2,178,626Net Income 2019: $424,4802019Revenue 2020: $3,203,808Expenses 2020: $2,110,619Net Income 2020: $1,093,1892020Revenue 2021: $4,060,490Expenses 2021: $2,074,584Net Income 2021: $1,985,9062021Revenue 2022: $4,208,003Expenses 2022: $2,142,951Net Income 2022: $2,065,0522022Revenue 2023: $5,139,045Expenses 2023: $2,241,952Net Income 2023: $2,897,0932023Revenue 2024: $5,544,291Expenses 2024: $2,324,826Net Income 2024: $3,219,4652024

Highlighted filing

2024

Revenue$5,544,291
Expenses$2,324,826
Net Income$3,219,465

Filings

Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2024Facts available. Structured filing facts are available, but richer extracted sections are limited.$39.6$13.4$26.2$5.54$2.32$3.22
2023Detailed filing. Detailed filing data is available for this year.$36.6$13.6$23.0$5.14$2.24$2.90
2022Detailed filing. Detailed filing data is available for this year.$34.0$13.8$20.1$4.21$2.14$2.07
2021Detailed filing. Detailed filing data is available for this year.$32.1$14.0$18.1$4.06$2.07$1.99
2020Detailed filing. Detailed filing data is available for this year.$30.4$14.3$16.1$3.20$2.11$1.09
2019Detailed filing. Detailed filing data is available for this year.$29.4$14.4$15.0$2.60$2.18$0.42
2018Detailed filing. Detailed filing data is available for this year.$29.2$14.6$14.6$2.39$1.95$0.44
2017Detailed filing. Detailed filing data is available for this year.$25.9$11.8$14.1$2.34$1.81$0.53
2016Detailed filing. Detailed filing data is available for this year.$27.0$13.4$13.6$2.15$1.20$0.96
2015Detailed filing. Detailed filing data is available for this year.$14.9$2.19$12.7$1.53$1.00$0.53
2014Detailed filing. Detailed filing data is available for this year.$12.4$0.29$12.1$1.06$1.04$0.02
2013Detailed filing. Detailed filing data is available for this year.$12.5$0.37$12.1$1.03$0.97$0.06
2012Summary only. Only limited summary data is available for this year.$12.5$0.43$12.0$1.02$1.02$0.00
2011Summary only. Only limited summary data is available for this year.$12.6$0.52$12.0$1.02$0.90$0.12
Latest Filing Detail
Jump To
Filing Snapshot
Filing Period
Jan 1, 2024 to Dec 31, 2024
Signed
Sep 29, 2025
Return Version
2024v5.2
Gross Receipts
$5,544,291
Mission and Program Overview

Mission

To operate an apartment complex of 168 units to provide low-income housing for elderly tenants.

Balance Sheet Detail
LineBeginningEndChange
Assets
Investments in Publicly Traded Securities$11,008,241$14,363,895▲ $3,355,654
Land, Buildings, and Equipment, Net$11,675,337$12,030,663▲ $355,326
Other Notes and Loans Receivable, Net$8,342,930$8,342,930→ $0
Savings and Temporary Cash Investments$2,097,926$2,169,462▲ $71,536
Cash and Non-Interest-Bearing Accounts$997,423$925,314▼ $72,109
Intangible Assets$434,988$421,788▼ $13,200
Prepaid Expenses and Deferred Charges$174,991$170,337▼ $4,654
Accounts Receivable$1,176$5,332▲ $4,156
Pledges and Grants Receivable-$0-
Receivable From Disqualified Prsn-$0-
Receivables From Officers Etc-$0-
Investments Other Securities-$0-
Investments Program Related-$0-
Inventories for Sale or Use-$0-
Total Assets$36,630,423$39,627,989▲ $2,997,566
Other Assets Total$1,897,411$1,198,268▼ $699,143
Liabilities
Mortgage Notes Payable Secured by Investment Property$13,410,269$13,180,169▼ $230,100
Accounts Payable and Accrued Expenses$121,516$182,168▲ $60,652
Other Liabilities$73,238$72,042▼ $1,196
Total Liabilities$13,605,023$13,434,379▼ $170,644
Net Assets / Fund Balance
Net Assets Without Donor Restrictions$23,025,400$26,193,610▲ $3,168,210
Total Net Assets Fund Balance$23,025,400$26,193,610▲ $3,168,210
Total Liabilities and Net Assets / Fund Balance$36,630,423$39,627,989▲ $2,997,566

Asset Categories

AssetBook ValueDepreciationBasis
Buildings$11,048,493$5,224,752$16,273,245
Other Land Buildings$738,863$190,140$929,003
Land$243,307-$243,307
Compensation and Service Providers

Board Members and Trustees

NameTitle
Emil J WohlPresident
Al DeberardinisDirector
Drew HubbellDirector
James a ChatfieldDirector
Michael GibsonDirector
Robert L RenttoSecretary/CFO

Highest Paid Contractors

ContractorServicesLocationCompensation
Falkenberggilliam & AssocManagement1560 COLORADO BLVD, Pasadena, CA 91105$133,177
Revenue and Support

Revenue Composition

Contributions and Grants
$0
Program Service Revenue
$4,503,323
Investment Income
$1,040,968
Other Revenue
$0
Change in Net Assets
$3,219,465

Audited Revenue Reconciliation

Revenue per Audited Statements
$5,443,187
Revenue Not Reported on Financial Statements
$101,104
Other Revenue Adjustments
$49,849
Total Revenue per Audited Statements
$5,443,187
Total Revenue per Form 990
$5,544,291
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$1,859,599
Salaries, Compensation, and Employee Benefits$465,227
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Interest$444,390--$444,390
Other Salaries and Wages$217,272$172,237-$389,509
Depreciation Depletion$389,356--$389,356
Insurance$211,591--$211,591
Fees for Services Management-$133,177-$133,177
Other Employee Benefits$25,649$20,332-$45,981
Fees for Services Other-$37,492-$37,492
Payroll Taxes$16,588$13,149-$29,737
Office Expenses-$25,788-$25,788
Other Expenses$1,604$20,504-$20,504
All Other Expenses-$16,276-$16,276
Advertising-$3,169-$3,169
Total Functional Expenses$1,822,725$502,101$0$2,324,826

Audited Expense Reconciliation

Line ItemAmount
Total Expenses per Form 990$2,324,826
Expenses per Audited Statements$2,324,811
Total Expenses per Audited Statements$2,324,811
Expenses Not Reported on Financial Statements$15
Other Expense Adjustments$15
Fundraising, Events, and Gaming
Fundraising activities
No
Gaming activities
No
Professional fundraiser used
No

Fundraising and Gaming Totals

Line ItemAmount
Professional Fundraising Fees$0
Political and Lobbying Activity
Political campaign activity
No
Lobbying activity
No
Subject to proxy tax
No
Insider Transactions and Loans

Loans and Receivables

Line ItemBeginningEndChange
Receivables from Disqualified Persons-$0-
Receivables from Officers, Directors, Trustees, and Key Employees-$0-
Debt and Bond Financing

Other Reported Liabilities

LiabilityAmount
Tenant Security Deposit Liability$71,037
Prepaid Rents$1,005
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
No
Audit committee
Yes
Backup withholding compliance
No
Business relationship with 35% controlled entity
No
Business relationship with family members
No
Business relationship with organization members
No
Material changes to governing documents
No
Compensation from other sources disclosed
No
CEO compensation reviewed
No
Other officer compensation reviewed
No
Conflict-of-interest policy
No
Audited financial statements prepared
No
Key decisions subject to board approval
No
Management duties delegated
Yes

Governance Explanations

Form 990, Part VI, Section A, Line 2

Emil j. Wohl (president) is the son-in-law of robert l. Rentto (secretary).

Form 990, Part VI, Section A, Line 3

The organization delegated accounting and payroll duties to a management company

Form 990, Part VI, Section B, Line 11B

A copy of the return is sent to the board of directors by email for review prior to obtaining the president's signature and filing.

Form 990, Part VI, Section C, Line 19

Governing documents, policies, and financial statements are made available upon request to the management office as listed on page 1

Filing and Contact Details

Filer

Filer Name
Grace Tower Inc
EIN
95-2461674
Phone
8583128170
Address
17150 VIA DEL CAMPO 307, SAN DIEGO, CA 92127

Signing Officer

Name
Emil J Wohl
Title
President
Signed
2025-09-29
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Emil J Wohl
Formed
1967
Legal Domicile
CA
Voting Board Members
6
Independent Board Members
6
Employees
6
Volunteers
6

Preparer

Firm
Leaf & Cole LLP
Address
2810 Camino Del Rio South Suite 200, San Diego, CA 92108
Preparer
Jenny Kikuno
Phone
6192947200
Supplemental Narrative

Additional Explanations

Part XII Financial Statements and Reporting

The organization is not audited as a whole. The housing project, f.h.a. Project no. 129-35122, is the audited portion of the organization.

Financial Statement Notes

Part X : FIN48 Footnote

The Corporation is a nonprofit organization and is exempt from income taxes under Section 501(c)(3) of the Internal Revenue Code and Section 23701(d) of the California Revenue and Taxation Code. The Corporation believes that it has appropriate support for any tax positions taken, and as such, does not have any uncertain tax positions that are material to the financial statements. The Corporation is not a private foundation.The Corporations Return of Organization Exempt from Income Tax for the years ended December 31, 2024, 2023, 2022, and 2021 are subject to examination by the Internal Revenue Service and State taxing authorities, generally three to four years after the returns were filed.

Part XI, Line 4B: Other revenue amounts included on 990 but not included in F/S

Unaudited interest income $49849

Part XII, Line 4B: Other revenue amounts included on 990 but not included in F/S

Unaudited admin expense $15

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IRS990/MissionDesc0TO OPERATE AN APARTMENT COMPLEX OF 168 UNITS TO PROVIDE LOW-INCOME HOUSING FOR ELDERLY TENANTS.
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IRS990/OtherEmployeeBenefitsGrp/ManagementAndGeneralAmt020332
IRS990/OtherEmployeeBenefitsGrp/ProgramServicesAmt025649
IRS990/OtherEmployeeBenefitsGrp/TotalAmt045981
IRS990/OtherExpensesGrp/Desc0UTILITIES
IRS990/OtherExpensesGrp/Desc1OPERATING AND MAINTENANCE
IRS990/OtherExpensesGrp/Desc2OTHER EXPENSES
IRS990/OtherExpensesGrp/Desc3BAD DEBT
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IRS990/OtherExpensesGrp/ManagementAndGeneralAmt120504
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IRS990/OtherExpensesGrp/ProgramServicesAmt1224906
IRS990/OtherExpensesGrp/ProgramServicesAmt21604
IRS990/OtherExpensesGrp/TotalAmt0291369
IRS990/OtherExpensesGrp/TotalAmt1224906
IRS990/OtherExpensesGrp/TotalAmt261581
IRS990/OtherExpensesGrp/TotalAmt320504
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IRS990/OtherLiabilitiesGrp/EOYAmt072042
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IRS990/PrincipalOfficerNm0EMIL J WOHL
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IRS990/ProgramServiceRevenueGrp/Desc1MISC INCOME
IRS990/ProgramServiceRevenueGrp/Desc2RENTAL INCOME
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IRS990/ReconcilationRevenueExpnssAmt03219465
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IRS990ScheduleA/GrossInvestmentIncome509Grp/CurrentTaxYearMinus3YearsAmt070608
IRS990ScheduleA/GrossInvestmentIncome509Grp/CurrentTaxYearMinus4YearsAmt0162314
IRS990ScheduleA/GrossInvestmentIncome509Grp/TotalAmt02279728
IRS990ScheduleA/GrossReceiptsAdmissionsGrp/CurrentTaxYearAmt04503323
IRS990ScheduleA/GrossReceiptsAdmissionsGrp/CurrentTaxYearMinus1YearAmt04252321
IRS990ScheduleA/GrossReceiptsAdmissionsGrp/CurrentTaxYearMinus2YearsAmt04088889
IRS990ScheduleA/GrossReceiptsAdmissionsGrp/CurrentTaxYearMinus3YearsAmt03989882
IRS990ScheduleA/GrossReceiptsAdmissionsGrp/CurrentTaxYearMinus4YearsAmt03041494
IRS990ScheduleA/GrossReceiptsAdmissionsGrp/TotalAmt019875909
IRS990ScheduleA/GrossReceiptsNonUnrltBusGrp/TotalAmt00
IRS990ScheduleA/InvestmentIncomeAndUBTIGrp/CurrentTaxYearAmt01040968
IRS990ScheduleA/InvestmentIncomeAndUBTIGrp/CurrentTaxYearMinus1YearAmt0886724
IRS990ScheduleA/InvestmentIncomeAndUBTIGrp/CurrentTaxYearMinus2YearsAmt0119114
IRS990ScheduleA/InvestmentIncomeAndUBTIGrp/CurrentTaxYearMinus3YearsAmt070608
IRS990ScheduleA/InvestmentIncomeAndUBTIGrp/CurrentTaxYearMinus4YearsAmt0162314
IRS990ScheduleA/InvestmentIncomeAndUBTIGrp/TotalAmt02279728
IRS990ScheduleA/InvestmentIncomeCYPct00.10290
IRS990ScheduleA/InvestmentIncomePYPct00.07270
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IRS990ScheduleA/Post1975UBTIGrp/TotalAmt00
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IRS990ScheduleA/SubstantialContributorsAmtGrp/TotalAmt00
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IRS990ScheduleA/Total509Grp/TotalAmt019875909
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IRS990ScheduleA/TotalSupportCalendarYearGrp/TotalAmt022155637
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IRS990ScheduleD/OtherLandBuildingsGrp/DepreciationAmt0190140
IRS990ScheduleD/OtherLandBuildingsGrp/OtherCostOrOtherBasisAmt0929003
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Amt01005
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Amt171037
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Desc0PREPAID RENTS
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Desc1TENANT SECURITY DEPOSIT LIABILITY
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IRS990ScheduleD/RevenueNotReportedFinclStmtAmt0101104
IRS990ScheduleD/RevenueSubtotalAmt05443187
IRS990ScheduleD/SupplementalInformationDetail/ExplanationTxt0The Corporation is a nonprofit organization and is exempt from income taxes under Section 501(c)(3) of the Internal Revenue Code and Section 23701(d) of the California Revenue and Taxation Code. The Corporation believes that it has appropriate support for any tax positions taken, and as such, does not have any uncertain tax positions that are material to the financial statements. The Corporation is not a private foundation.The Corporations Return of Organization Exempt from Income Tax for the years ended December 31, 2024, 2023, 2022, and 2021 are subject to examination by the Internal Revenue Service and State taxing authorities, generally three to four years after the returns were filed.
IRS990ScheduleD/SupplementalInformationDetail/ExplanationTxt1UNAUDITED INTEREST INCOME $49849
IRS990ScheduleD/SupplementalInformationDetail/ExplanationTxt2UNAUDITED ADMIN EXPENSE $15
IRS990ScheduleD/SupplementalInformationDetail/FormAndLineReferenceDesc0Part X : FIN48 Footnote
IRS990ScheduleD/SupplementalInformationDetail/FormAndLineReferenceDesc1Part XI, Line 4b: Other revenue amounts included on 990 but not included in F/S
IRS990ScheduleD/SupplementalInformationDetail/FormAndLineReferenceDesc2Part XII, Line 4b: Other revenue amounts included on 990 but not included in F/S
IRS990ScheduleD/TotalBookValueLandBuildingsAmt012030663
IRS990ScheduleD/TotalExpensesPerForm990Amt02324826
IRS990ScheduleD/TotalLiabilityAmt072042
IRS990ScheduleD/TotalRevenuePerForm990Amt05544291
IRS990ScheduleD/TotalRevEtcAuditedFinclStmtAmt05443187
IRS990ScheduleD/TotExpnsEtcAuditedFinclStmtAmt02324811
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IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt0EMIL J. WOHL (PRESIDENT) IS THE SON-IN-LAW OF ROBERT L. RENTTO (SECRETARY).
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt1THE ORGANIZATION DELEGATED ACCOUNTING AND PAYROLL DUTIES TO A MANAGEMENT COMPANY
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt2A COPY OF THE RETURN IS SENT TO THE BOARD OF DIRECTORS BY EMAIL FOR REVIEW PRIOR TO OBTAINING THE PRESIDENT'S SIGNATURE AND FILING.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt3GOVERNING DOCUMENTS, POLICIES, AND FINANCIAL STATEMENTS ARE MADE AVAILABLE UPON REQUEST TO THE MANAGEMENT OFFICE AS LISTED ON PAGE 1
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt4THE ORGANIZATION IS NOT AUDITED AS A WHOLE. THE HOUSING PROJECT, F.H.A. PROJECT NO. 129-35122, IS THE AUDITED PORTION OF THE ORGANIZATION.
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc0Form 990, Part VI, Section A, Line 2
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc1Form 990, Part VI, Section A, Line 3
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc2Form 990, Part VI, Section B, Line 11b
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc3Form 990, Part VI, Section C, Line 19
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc4PART XII FINANCIAL STATEMENTS AND REPORTING
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