Overview
What is Midnight Sun Inc Viii?
Midnight Sun Inc Viii is a corporation established for a specific purpose: to acquire, hold title to, and collect income from real property. The organization then remits the entire income, after deducting expenses, to its shareholders, which are described under I.R.C. Section 501(C)(25). These shareholders are nonprofit organizations. In essence, Midnight Sun Inc Viii acts as an intermediary, generating income from real estate investments and distributing it to its beneficiary shareholders.
Is Midnight Sun Inc Viii legitimate?
Midnight Sun Inc Viii is a legitimate nonprofit organization registered as a 501(c)(25) entity. Midnight Sun Inc Viii 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 Viii?
Midnight Sun Inc Viii is established with the primary objective of acquiring and holding title to real property. The corporation collects income generated from these properties and subsequently remits the entire amount, after deducting expenses, to one or more organizations categorized under IRC Section 501(C)(25). These organizations serve as the shareholders of Midnight Sun Inc Viii. The corporation's main activities revolve around the acquisition, management, and monetization of real estate properties, with the proceeds being channeled towards the benefit of the specified organizations.
Who is the CEO of Midnight Sun Inc Viii?
James B Mccandless is the Director of Midnight Sun Inc Viii.
What is the revenue of Midnight Sun Inc Viii?
Midnight Sun Inc Viii's revenue in 2022 was $647,400.
Who are the executives of Midnight Sun Inc Viii 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 Viii?
Midnight Sun Inc Viii's most recent form 990 was submitted in 2022 and can be accessed here.
Mission Statement of Midnight Sun Inc Viii
Midnight Sun Inc VIII is an organization with a specific mission. It is established to acquire and hold title to real property, extracting income from it. The corporation's primary objective is to then remit the entire income, after deducting expenses, to one or more organizations that fall under the IRC Section 501(C)(25). These organizations serve as the shareholders of Midnight Sun Inc VIII. In essence, the corporation's role is to generate income from real estate investments and distribute it to its shareholder organizations, which are non-profit entities as per the Internal Revenue Code.
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Impact
October, 2024
Midnight Sun Inc VIII plays a significant role in community improvement by acquiring and managing real property assets. Through its operations, the organization not only holds title to these properties but also collects income generated from them. This income is then remitted to its shareholders, which include organizations recognized under section 501(c)(25) of the Internal Revenue Code.
By focusing on real estate, Midnight Sun Inc VIII contributes to local economic development and stability. The redistribution of income to shareholder organizations can lead to enhanced funding for projects that serve various community needs, thereby promoting social welfare and improving the quality of life in Hartford, Connecticut. Overall, the corporate activities of Midnight Sun Inc VIII foster a cyclical flow of resources that can further benefit the community, aligning with its mission of enhancing local living conditions through strategic property management.
This information is meant to be a general summary of Midnight Sun Inc Viii. 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: $647,400
- Gross Receipts: $647,400
Assets and Liabilities:
- Total Assets: $18,037,983
- Total Liabilities: $233,856
- Net Assets: $17,804,127
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Programs
Programs are reported by nonprofits in their tax forms and are normally their tax-exempt activities.
RENTAL INCOME
Revenue
$647,400
Organization Details
Founding Year
2010
Phone
(860) 616-9200Principal Officer
James B Mccandless
Main Address
10 State House Square 15th Floor, Hartford, CT, 061033604
NTEE Category
Code: S470 - Community improvement
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