Overview
What is Local No 1 Realty Corp?
Local No 1 Realty Corp is a nonprofit organization situated in Long Island City, New York. Its primary mission is to serve Local No. 1 Elevator Constructors Union of New York City and its vicinity by acquiring and holding title to real property. The revenues generated from these properties are used to cover operational and maintenance expenses. The remaining funds are then channeled back to the local union as appropriate. Essentially, this nonprofit organization acts as a property manager and financial facilitator for the union, ensuring the smooth operation and financial well-being of the organization.
Is Local No 1 Realty Corp legitimate?
Local No 1 Realty Corp is a legitimate nonprofit organization registered as a 501(c)(2) entity. Local No 1 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: $0
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What is the mission statement of Local No 1 Realty Corp?
Local No 1 Realty Corp's primary role is to manage real estate properties on behalf of the Local 1 Elevator Constructors Union of New York City and its vicinity. The corporation's main objectives include collecting income from these properties, covering operational and maintenance expenses, and then distributing the remaining funds to the union as required. In essence, Local No 1 Realty Corp serves as a financial intermediary, ensuring the union's real estate interests are managed effectively.
What is the revenue of Local No 1 Realty Corp?
Local No 1 Realty Corp's revenue in 2023 was $1,098,767.
Who are the executives of Local No 1 Realty Corp and what are their salaries?
Here are 3 key members and their salaries:
- Compensation: $0
- Related: $317,048
- Other: $106,088
- Compensation: $0
- Related: $269,171
- Other: $106,088
- Compensation: $0
- Related: $259,984
- Other: $106,088
Where can I find the form 990 for Local No 1 Realty Corp?
Local No 1 Realty Corp's most recent form 990 was submitted in 2023 and can be accessed here.
Mission Statement of Local No 1 Realty Corp
Local No 1 Realty Corp, as a mission-driven organization, is dedicated to acquiring and holding title to real property on behalf of the Local 1 Elevator Constructors Union of New York City and its vicinity. Its primary objective is to collect the income generated from these properties. Furthermore, Local No 1 Realty Corp is responsible for covering the operational and maintenance expenses associated with these properties. Ultimately, the corporation's goal is to distribute the appropriate amounts to the Local Union No. 1. By fulfilling this mission, Local No 1 Realty Corp plays a crucial role in supporting the needs and interests of the Local 1 Elevator Constructors Union.
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Impact
October, 2024
Local No 1 Realty Corp significantly impacts the Local 1 Elevator Constructors Union by strategically acquiring and managing real property on their behalf. By holding title to these properties, the organization enables the union to benefit financially from the rental income generated. This income is crucial for funding union activities, supporting members, and ensuring the operational sustainability of the union.
In addition to collecting and managing revenue, Local No 1 Realty Corp meticulously oversees the expenses related to the operation and maintenance of the properties. This careful management ensures that the union’s investments remain sound and continue to contribute positively to the union's mission. Ultimately, Local No 1 Realty Corp plays a vital role in enhancing the financial stability of the Local 1 Elevator Constructors Union, supporting community improvement initiatives, and fostering a sustainable future for the union and its members in New York City and vicinity.
This information is meant to be a general summary of Local No 1 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 2023.
- Investment Income: $10,835
- Program Service Revenue: $1,087,431
- Gross Receipts: $1,098,767
Assets and Liabilities:
- Total Assets: $5,031,501
- Total Liabilities: $970,288
- Net Assets: $4,061,213
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Programs
Programs are reported by nonprofits in their tax forms and are normally their tax-exempt activities.
RENTAL INCOME
Revenue
$1,055,326
ASSESSMENTS
Revenue
$32,105
Organization Details
Founding Year
1985
Principal Officer
Leonard Legotte
NTEE Category
Code: S47 - Community improvement
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