Overview
What is Jo Jos Heep Corporation?
Jo Jos Heep Corporation is a nonprofit organization primarily established to manage property assets. The primary purpose of this corporation is to generate income from the property and subsequently distribute the earnings, after deducting expenses, to its sole shareholder, a Commingled Pension Trust Fund. This fund, exempt from federal income tax under Sections 401 and 501 of the Internal Revenue Code, is the one that receives the income generated by the corporation's property holdings. The nonprofit's role primarily involves holding property titles and transferring the income produced to its exempt shareholder.
Is Jo Jos Heep Corporation legitimate?
Jo Jos Heep Corporation is a legitimate nonprofit organization registered as a 501(c)(2) entity. Jo Jos Heep 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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Professional Fundraising Fees: $0
Other Salaries and Wages: $0
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What is the mission statement of Jo Jos Heep Corporation?
Jo Jos Heep Corporation's primary mission is to serve as a title holder for property, generating income from it. This income is then distributed to its shareholder, a Pension Trust Fund, which is exempt from federal income tax under Sections 401 and 501 of the Internal Revenue Code. The Corporation's role is to collect income from the property and transfer it to the Trust Fund, in consideration for the funds provided for the property's purchase. The Corporation's activities are structured in a way that benefits the tax-exempt Trust Fund, which in turn manages pension funds.
Who is the CEO of Jo Jos Heep Corporation?
Mihir Patel is the President of Jo Jos Heep Corporation.
What is the revenue of Jo Jos Heep Corporation?
Jo Jos Heep Corporation's revenue in 2021 was $0.
Who are the executives of Jo Jos Heep Corporation and what are their salaries?
Here are 7 key members and their salaries:
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Where can I find the form 990 for Jo Jos Heep Corporation?
Jo Jos Heep Corporation's most recent form 990 was submitted in 2021 and can be accessed here.
Mission Statement of Jo Jos Heep Corporation
Jo Jos Heep Corporation, as an organization, has been established with a specific purpose. Its primary mission is to serve as a property title holder, collecting income generated from the property and subsequently transferring the entire income, less any expenses, to its sole shareholder, the Commingled Pension Trust Fund. This Fund, identified as Mortgage Private Placements of JPMorgan Chase Bank, N.A, is exempt from federal income tax under Section 501(a) of the Internal Revenue Code of 1986.
The Corporation's role is instrumental in the process of property acquisition. It purchases property using funds provided by the Pension Trusts, which are also exempt from federal income tax under Sections 401 and 501 of the Internal Revenue Code of 1954. In return for providing the necessary funds, these Pension Trusts receive the proceeds derived from the property, with the Corporation acting as an intermediary. This unique arrangement allows Jo Jos Heep Corporation to play a significant part in the real estate market while ensuring that its sole shareholder, the Pension Trust Fund, benefits financially from the investment.
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Impact
October, 2024
Jo Jos Heep Corporation has played a significant role in property management and financial stewardship within the community. By holding title to properties and managing the associated income, the Corporation directly supports the financial framework of the Commingled Pension Trust Fund, which benefits pension trust stakeholders.
The Corporation's activities were focused on ensuring that the income generated from these properties was efficiently directed back to the Fund, facilitating financial stability and growth for pension trusts. In doing so, Jo Jos Heep Corporation contributed to the larger goal of community improvement by enhancing the fiscal health of pension funds that support numerous beneficiaries.
Although the Corporation is no longer active, its impact can be seen in the financial sustainability it aimed to create for pension trusts. This sustainability is crucial in enhancing the quality of life for individuals relying on these funds in retirement, thereby influencing the economic wellbeing of the broader community.
This information is meant to be a general summary of Jo Jos Heep 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 2021.
Assets and Liabilities:
- Total Assets: $0
- Total Liabilities: $0
- Net Assets: $0
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Programs
Programs are reported by nonprofits in their tax forms and are normally their tax-exempt activities.
Program Service Revenue
Organization Details
Founding Year
1983
Phone
(302) 634-1114Principal Officer
Mihir Patel
Main Address
500 Stanton Christiana RD NCC 2-2, Newark, DE, 19713
NTEE Category
Code: S47 - Community improvement
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