Fewkes Tower: CTU's Nest Egg $62 million Gone

Built in 1965 by CTU as a retirement residence for teachers.

Financed via a $3.4 million loan from FHA for 40 years @ 5.25%

Generated $1.35 million/year in revenue after expenses 2011, 2012, 2013.

See CTU Tower Corporation IRS 990's for details (EIN 36-2609734).

CORE's CTU Officers sold Fewkes Tower and liquidated Tower Corporation assets for just over $62 million placing the proceeds in the CTU Foundation. The four CTU Officers are the four Directors of the CTU Foundation and have been the sole decision makers for these million-dollar deals.

CTU Tower Corp IRS 990s


Schedule N Page 21 06/13/14

Cash/CDs distributed as dividend to CTUF


2014 Schedule N Page 16


Cash/CDs/Building Contents


CTUF Audit Report by Bansley & Keiner dated 05/31/16 CTUF Proceeds from sale of Fewkes


Total Assets Realized from Sale of Fewkes


How much of the S62 million is left in the CTU Foundation accounts? As of June 30, 2020 (CTUF 990 EIN 23-7076885) there was $7.2 million in securities and $120,000 in cash. The CTU Foundation has been operating at a $2 million/year loss for the past five years. By June 2022, the $62 million will likely be almost all gone.


Add your own comment (all fields are necessary)

Substance readers:

You must give your first name and last name under "Name" when you post a comment at We are not operating a blog and do not allow anonymous or pseudonymous comments. Our readers deserve to know who is commenting, just as they deserve to know the source of our news reports and analysis.

Please respect this, and also provide us with an accurate e-mail address.

Thank you,

The Editors of Substance

Your Name

Your Email

What's your comment about?

Your Comment

Please answer this to prove you're not a robot:

4 + 2 =