Overview
What is Midnight Sun Inc Iii?
Midnight Sun Inc III is a corporation established for a specific purpose: acquiring and holding title to real property, collecting income generated from these properties, and then remitting the entire income, after deducting expenses, to organizations categorized under Section 501(C)(25) of the Internal Revenue Code. These organizations serve as its shareholders. The corporation's primary activity is centered around real estate, with the financial gains generated from this sector being channeled towards its shareholders, which are nonprofits.
Is Midnight Sun Inc Iii legitimate?
Midnight Sun Inc Iii is a legitimate nonprofit organization registered as a 501(c)(25) entity. Midnight Sun Inc Iii 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 Midnight Sun Inc Iii?
Midnight Sun Inc III is organized with the primary purpose of acquiring and holding title to real property. The corporation collects income generated from this property and then distributes the entire amount, after deducting expenses, to one or more organizations that fall under the category of 501(C)(25), which are its shareholders. In essence, Midnight Sun Inc III serves as a conduit, channeling income from real estate investments directly to qualifying organizations.
Who is the CEO of Midnight Sun Inc Iii?
James B Mccandless is the Director of Midnight Sun Inc Iii.
What is the revenue of Midnight Sun Inc Iii?
Midnight Sun Inc Iii's revenue in 2022 was $1,965,528.
Who are the executives of Midnight Sun Inc Iii and what are their salaries?
Here are 3 key members and their salaries:
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Where can I find the form 990 for Midnight Sun Inc Iii?
Midnight Sun Inc Iii's most recent form 990 was submitted in 2022 and can be accessed here.
Mission Statement of Midnight Sun Inc Iii
Midnight Sun Inc III is a corporation with a specific mission. Its primary objective is to acquire and hold title to real property, generating income from these properties. Notably, Midnight Sun Inc III does not retain any of this income for itself. Instead, the corporation remits the entire income, after deducting expenses, to one or more organizations falling under the IRC Section 501(C)(25). These organizations serve as shareholders, benefiting from the income generated by Midnight Sun Inc III's real estate investments. In summary, Midnight Sun Inc III is an organization that engages in real estate investments, with the primary goal of distributing the generated income to eligible organizations, as defined by the IRC Section 501(C)(25).
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Impact
October, 2024
Midnight Sun Inc III plays a significant role in community improvement through its dedicated focus on real estate. By acquiring and holding title to real property, the organization generates income that is then allocated to its shareholders, specifically entities classified under IRC Section 501(c)(25). This financial support to affiliated organizations helps foster various community-oriented initiatives, promoting social welfare and contributing to local development projects.
The impact of Midnight Sun Inc III extends beyond just financial transactions; it creates a cycle of reinvestment in the community. As the organization manages its real estate portfolio, it not only sustains ongoing income streams but also assists in strengthening the local economy. By remitting income to shareholders—likely involved in social and community betterment efforts—the organization indirectly promotes housing stability, local services, and other essential programs that benefit residents in Hartford, CT, and potentially beyond.
Through its mission of acquiring and managing real property, Midnight Sun Inc III not only fulfills basic economic functions but also enhances the quality of life in the community by ensuring that income generated from real estate is harnessed for greater good.
This information is meant to be a general summary of Midnight Sun Inc Iii. 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.
- Program Service Revenue: $1,965,528
- Gross Receipts: $1,965,528
Assets and Liabilities:
- Total Assets: $62,087,692
- Total Liabilities: $613,592
- Net Assets: $61,474,100
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Programs
Programs are reported by nonprofits in their tax forms and are normally their tax-exempt activities.
RENTAL INCOME
Revenue
$1,965,528
Organization Details
Founding Year
2008
Phone
(860) 616-9200Principal Officer
James B Mccandless
Main Address
10 STATE HOUSE SQUARE 15TH FLOOR, HARTFORD, CT, 061033604
NTEE Category
Code: S47 - Community improvement
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