Overview
What is Mid-West Portfolio Corporation?
Mid-West Portfolio Corporation serves as a title holding corporation under Section 501(C)(25) of the Internal Revenue Code. Its primary responsibility is to manage real estate properties on behalf of the Iowa Public Employees' Retirement System. The organization collects income generated from these properties and subsequently remits it to the retirement system. Essentially, Mid-West Portfolio Corporation acts as an intermediary, ensuring the smooth financial transactions related to the titled properties.
Is Mid-West Portfolio Corporation legitimate?
Mid-West Portfolio Corporation is a legitimate nonprofit organization registered as a 501(c)(25) entity. Mid-West Portfolio Corporation submitted a form 990, which is a tax form used by tax-exempt organizations in the U.S., indicating its operational transparency and adherence to regulatory requirements. Donations to this organization are tax deductible.
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What is the mission statement of Mid-West Portfolio Corporation?
Mid-West Portfolio Corporation, as a title holding corporation under Section 501(C)(25), primarily serves the Iowa Public Employees' Retirement System. Its main function is to hold title to real property on their behalf. The corporation generates income from these properties and subsequently remits this income to the retirement system. While Mid-West Portfolio Corporation does not have a publicly stated mission statement, its role can be summarized as facilitating property ownership and income management for the retirement system.
Who is the CEO of Mid-West Portfolio Corporation?
Lee Phegley is the President of Mid-West Portfolio Corporation.
What is the revenue of Mid-West Portfolio Corporation?
Mid-West Portfolio Corporation's revenue in 2020 was $5,704,478.
Who are the executives of Mid-West Portfolio Corporation and what are their salaries?
Here are 14 key members and their salaries:
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Where can I find the form 990 for Mid-West Portfolio Corporation?
Mid-West Portfolio Corporation's most recent form 990 was submitted in 2020 and can be accessed here.
Mission Statement of Mid-West Portfolio Corporation
Mid-West Portfolio Corporation, as a title holding corporation, does not have a traditional mission in the sense of supporting a particular cause or serving a specific community. However, its role is significant and crucial. This organization, under Section 501(C)(25) of the Internal Revenue Code, holds title to real property on behalf of the Iowa Public Employees' Retirement System. The primary function of Mid-West Portfolio Corporation is to collect the income generated from these properties and subsequently remit it to the retirement system. This financial management service plays a crucial role in maintaining the financial stability of the retirement system, thereby contributing to the overall well-being of Iowa's public employees.
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Impact
October, 2024
Mid-West Portfolio Corporation plays a significant role in managing and holding title to real property for the Iowa Public Employees' Retirement System. By acting as a title holding corporation as specified under IRC Section 501(C)(25), it effectively safeguards and manages assets that are crucial for the financial stability of public employees' retirement funds.
The corporation collects income generated from the real property it holds and remits these earnings directly to the retirement system. This ensures a steady flow of revenue, contributing to the overall financial health of the retirement system, which is vital for supporting the retirement benefits of public employees in Iowa.
In addition to its financial functions, the Mid-West Portfolio Corporation has an indirect impact on community improvement. By managing properties effectively, it can contribute to the stability and integrity of neighborhoods where those properties are located. The corporation’s operations in Dallas, Texas, serve as an important link between property management and investment sustainability for the beneficiaries relying on the retirement system.
This information is meant to be a general summary of Mid-West Portfolio Corporation. Please take the time to review official sources before making any decisions based upon the content provided here.
Financials
This financial information is from Propublica.
Other financial information:
This information is from the most recently submitted tax form from this organization, which was in 2020.
- Investment Income: $465
- Gross Receipts: $9,566,967
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- Total Liabilities: $0
- Net Assets: $0
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Organization Details
Founding Year
1998
Principal Officer
Lee Phegley
Main Address
2001 Ross Avenue Suite 3400, Dallas, TX, 75201
NTEE Category
Code: S47 - Community improvement
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