Overview
What is The Lima American Legion Building Corporation?
The Lima American Legion Building Corporation is a nonprofit organization situated in Lima, Ohio. Its primary role involves holding title to a particular property and generating income from it. This income is then meticulously distributed to another exempt organization, as per the guidelines set under Section 501(C)(2). This process ensures that the income is utilized for charitable purposes, contributing to the betterment of the community at large.
Is The Lima American Legion Building Corporation legitimate?
The Lima American Legion Building Corporation is a legitimate nonprofit organization registered as a 501(c)(2) entity. The Lima American Legion Building 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.
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 The Lima American Legion Building Corporation?
The Lima American Legion Building Corporation's mission involves holding title to a particular property and generating income from it. This income is then meticulously managed, with the entire amount, minus any expenses, being transferred to a charitable organization that falls under Section 501(C)(2) of the Internal Revenue Code. This organization is exempt from federal income tax due to its charitable nature and purpose. The Corporation's primary role, therefore, is to act as a financial intermediary, ensuring that the income generated from its property is used for charitable causes.
Who is the CEO of The Lima American Legion Building Corporation?
Lawrence A Huffman is the President of The Lima American Legion Building Corporation.
What is the revenue of The Lima American Legion Building Corporation?
The Lima American Legion Building Corporation's revenue in 2022 was -$12,354.
Who are the executives of The Lima American Legion Building Corporation and what are their salaries?
There is 1 key member and their salary:
- Compensation: $0
- Related: $0
- Other: $0
Where can I find the form 990 for The Lima American Legion Building Corporation?
The Lima American Legion Building Corporation's most recent form 990 was submitted in 2022 and can be accessed here.
Mission Statement of The Lima American Legion Building Corporation
The Lima American Legion Building Corporation serves a unique role as a property holding entity. Its mission, as stated in its description, involves holding title to property and generating income from this real estate. This income is then meticulously managed, with only necessary expenses being deducted. The remaining amount is then transferred in its entirety to an exempt organization, falling under Section 501(C)(2) of the Internal Revenue Code. This mission allows The Lima American Legion Building Corporation to contribute significantly to the activities of this exempt organization, thereby playing a crucial role in its operations.
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Impact
October, 2024
The Lima American Legion Building Corporation plays a vital role in the local community by managing properties and generating income that supports various charitable initiatives. By holding title to real estate and efficiently collecting income from these assets, it ensures that financial resources are maximized and directed toward exempt organizations, enhancing community support and development.
In Lima, Ohio, the corporation's operations contribute significantly to the sustainability of local programs that benefit veterans and community members alike. Its transparency in financial dealings fosters trust and reliability, while its commitment to community improvement helps create a stronger, more engaged local environment. Through its focused approach, the Lima American Legion Building Corporation exemplifies the impact of resource management on supporting essential services and uplifting community well-being.
This information is meant to be a general summary of The Lima American Legion Building 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 2022.
- Investment Income: $2
- Gross Receipts: $90,807
Assets and Liabilities:
- Total Assets: $790,347
- Total Liabilities: $326,504
- Net Assets: $463,843
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Organization Details
Founding Year
1937
Principal Officer
Lawrence A Huffman
Main Address
711 S SHORE DR, LIMA, OH, 45804
NTEE Category
Code: S47 - Community improvement
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