Overview
What is 501-507 West 42nd Street Realty Corp?
501-507 West 42nd Street Realty Corp is a nonprofit organization, established primarily for managing property titles and generating income from these properties. The primary objective of this entity is to collect income derived from these properties and subsequently transfer the entire amount, after deducting expenses, to Local 580 Pension Fund. This nonprofit organization is headquartered in New York City, specifically at 501 West 42nd Street. Though its primary focus is property management and income collection, it plays a significant role in supporting the pension fund of Local 580.
Is 501-507 West 42nd Street Realty Corp legitimate?
501-507 West 42nd Street Realty Corp is a legitimate nonprofit organization registered as a 501(c)(2) entity. 501-507 West 42nd Street Realty Corp 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.
Heare are some key statistics you may want to consider:
Executive Compensation: $0
Professional Fundraising Fees: $0
Other Salaries and Wages: $38,624
For more financial information, click here
What is the mission statement of 501-507 West 42nd Street Realty Corp?
The mission of 501-507 West 42nd Street Realty Corp is primarily focused on property management and income generation. This corporation was established with the sole purpose of holding title to property and collecting income derived from it. The primary objective is to then transfer the entire income, after deducting expenses, to Local 580 Pension Fund. This mission is centered around financial management, specifically in the real estate sector, and its contribution to a pension fund.
Who is the CEO of 501-507 West 42nd Street Realty Corp?
Brendan Tormey is the President of 501-507 West 42nd Street Realty Corp.
What is the revenue of 501-507 West 42nd Street Realty Corp?
501-507 West 42nd Street Realty Corp's revenue in 2022 was $502,020.
Who are the executives of 501-507 West 42nd Street Realty Corp and what are their salaries?
Here are 5 key members and their salaries:
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- Related: $0
- Other: $0
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- Other: $0
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- Other: $0
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- Other: $0
- Compensation: $0
- Related: $177,159
- Other: $120,324
Where can I find the form 990 for 501-507 West 42nd Street Realty Corp?
501-507 West 42nd Street Realty Corp's most recent form 990 was submitted in 2022 and can be accessed here.
Mission Statement of 501-507 West 42nd Street Realty Corp
501-507 West 42nd Street Realty Corp was established with a specific objective. Its purpose is to act as a title holder for property and generate income from this property. The corporation's primary function is to collect revenue generated from the property and then, after deducting expenses, transfer the remaining amount to Local 580 Pension Fund. In essence, 501-507 West 42nd Street Realty Corp serves as a financial intermediary, channeling income from property to the pension fund. This role allows the pension fund to grow its resources, potentially benefiting its members in the long term.
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Impact
October, 2024
501-507 West 42nd Street Realty Corp significantly contributes to local financial stability by managing property ownership and income generation. The organization focuses on collecting revenue from its real estate holdings, channeling the net income to the Local 580 Pension Fund. This financial support plays a crucial role in ensuring that members of Local 580 receive the promised benefits, directly impacting their livelihoods and retirement security.
By holding title to valuable property in New York, 501-507 West 42nd Street Realty Corp not only generates income but also contributes to the broader economic landscape of the area. The property management fosters community improvement, potentially leading to enhancements in local infrastructure and services as a result of increased financial resources flowing into the pension fund.
Furthermore, the stability provided by the pension fund helps to strengthen the workforce associated with Local 580, promoting job security and enhancing the quality of life for the members and their families. Overall, the impact of 501-507 West 42nd Street Realty Corp is felt through its commitment to financial responsibility and the support it provides to the community through the pension fund.
This information is meant to be a general summary of 501-507 West 42nd Street Realty Corp. 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 2022.
- Investment Income: $25
- Program Service Revenue: $494,719
- Gross Receipts: $502,020
Assets and Liabilities:
- Total Assets: $1,762,675
- Total Liabilities: $6,538
- Net Assets: $1,756,137
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Programs
Programs are reported by nonprofits in their tax forms and are normally their tax-exempt activities.
RENTAL INCOME
Revenue
$494,719
Organization Details
Founding Year
1982
Phone
(212) 695-5206Principal Officer
Brendan Tormey
Main Address
501 WEST 42ND STREET, NEW YORK, NY, 10036
NTEE Category
Code: S47 - Community improvement
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