Overview
What is Louisiana Oil Properties Inc?
Louisiana Oil Properties Inc is a corporation specifically established to manage real estate properties. Its primary objective is to hold title to these properties, generate income from them, and then distribute the earnings, after deducting expenses, to its sole shareholder, the Commingled Pension Trust Fund. This Fund, which is exempt from taxation under certain sections of the Internal Revenue Code, is the ultimate beneficiary of the income generated from the properties owned by Louisiana Oil Properties Inc. The corporation's role is to purchase properties with funds provided by these Pension Trusts, and subsequently assign the proceeds from these properties to the stockholders as a form of compensation for their investment.
Is Louisiana Oil Properties Inc legitimate?
Louisiana Oil Properties Inc is a legitimate nonprofit organization registered as a 501(c)(2) entity. Louisiana Oil Properties Inc 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 Louisiana Oil Properties Inc?
Louisiana Oil Properties Inc has been established with the sole purpose of owning property and generating income from it. This income is then allocated to its shareholder, a commingled pension trust fund, after deducting expenses. The shareholder, a pension trust, falls under the tax exemption categories of Section 401 and 501 of the Internal Revenue Code of 1954, making it exempt from federal income tax. The corporation's role is primarily to hold property titles and distribute the resulting income to its shareholder, the pension trust fund.
Who is the CEO of Louisiana Oil Properties Inc?
Daniel T Sang is the President of Louisiana Oil Properties Inc.
What is the revenue of Louisiana Oil Properties Inc?
Louisiana Oil Properties Inc's revenue in 2022 was $67,627.
Who are the executives of Louisiana Oil Properties Inc 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 Louisiana Oil Properties Inc?
Louisiana Oil Properties Inc's most recent form 990 was submitted in 2022 and can be accessed here.
Mission Statement of Louisiana Oil Properties Inc
Louisiana Oil Properties Inc, as outlined in its mission, is primarily established with the sole purpose of holding title to property. This corporation operates with the primary objective of collecting income generated from these properties and then transferring the entire income, after deducting 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.
In a nutshell, Louisiana Oil Properties Inc acts as a property custodian, with its income allocation mechanisms set up in a way that benefits its shareholder, the Commingled Pension Trust Fund, which is also exempt from federal income tax. This unique arrangement allows the corporation to contribute to the financial well-being of its shareholder while adhering to the tax exemptions specified under Sections 401 and 501 of the Internal Revenue Code of 1954.
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Impact
October, 2024
Louisiana Oil Properties Inc significantly impacts community development and financial stability through its operations. By holding title to valuable properties and managing income from these assets, the corporation plays a crucial role in ensuring that the financial proceeds are channeled directly to its sole shareholder, the Commingled Pension Trust Fund. This fund supports various pension trusts, helping to secure retirement benefits for individuals and contributing to the financial well-being of communities reliant on these trust funds.
Through its strategic management of properties and income generation, Louisiana Oil Properties Inc enables pension trusts to fulfill their obligations to beneficiaries, thereby enhancing the economic health of multiple communities. The corporation's activities not only support pension fund growth but also foster a sense of financial security among retirees, ultimately contributing to community development and stability.
This information is meant to be a general summary of Louisiana Oil Properties Inc. 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.
- Gross Receipts: $67,627
Assets and Liabilities:
- Total Assets: $1,240
- Total Liabilities: $0
- Net Assets: $1,240
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Organization Details
Founding Year
1954
Phone
(302) 634-1114Principal Officer
Daniel T Sang
Main Address
500 Stanton Christiana RD NCC 1-3, Newark, DE, 19713
NTEE Category
Code: S47 - Community improvement
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