Overview
What is Munich Area Development Corp?
The Munich Area Development Corp is a nonprofit organization situated in Munich, North Dakota. Its primary mission involves providing affordable housing options and offering grants to local civic organizations within the Munich area and surrounding communities. To support its initiatives, the organization operates video gaming machines, with the profits generated being used to meet various civic needs in the region. With a modest workforce of two individuals, the Munich Area Development Corp plays a pivotal role in enhancing the living conditions and community development in the area.
Is Munich Area Development Corp legitimate?
Munich Area Development Corp is a legitimate nonprofit organization registered as a 501(c)(4) entity. Munich Area Development 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: $4,068
For more financial information, click here
What is the mission statement of Munich Area Development Corp?
The Munich Area Development Corp operates a low-income apartment complex and generates revenue from video gaming machines. This revenue is then utilized to address various civic needs within the community and neighboring areas. In essence, the organization provides affordable housing and contributes financially to local community projects. By managing these apartments and gaming machines, the Munich Area Development Corp aims to contribute positively to the well-being of its community.
Who is the CEO of Munich Area Development Corp?
Richard Zimmer is the President of Munich Area Development Corp.
What is the revenue of Munich Area Development Corp?
Munich Area Development Corp's revenue in 2022 was $200,111.
Who are the executives of Munich Area Development Corp and what are their salaries?
The average compensation at Munich Area Development Corp during 2022 was $2,034. There are 2 employees at Munich Area Development Corp.
Here are 6 key members and their salaries:
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Where can I find the form 990 for Munich Area Development Corp?
Munich Area Development Corp's most recent form 990 was submitted in 2022 and can be accessed here.
Mission Statement of Munich Area Development Corp
Munich Area Development Corp, a nonprofit organization, serves a dual purpose. It operates a complex of affordable housing units, providing a vital service for individuals with limited income. Beyond this, the corporation also operates video gaming machines. The revenue generated from these machines is then utilized to fund various civic needs within Munich and surrounding communities. In essence, Munich Area Development Corp is not only addressing the housing needs of its community but also contributing to its overall development by channeling the proceeds from the gaming machines towards civic projects.
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Impact
October, 2024
Munich Area Development Corp significantly impacts the local community by providing essential low-income housing opportunities. By operating a low-income apartment complex, it addresses the critical need for affordable living options in Munich, ND, ensuring that residents have stable and secure homes. Additionally, the organization enhances community welfare by generating revenue through video gaming machines, with proceeds directed towards various civic needs. This funding supports local initiatives and grants for civic organizations, fostering a stronger community infrastructure and improving the overall quality of life for residents in Munich and neighboring areas.
This information is meant to be a general summary of Munich Area Development 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 2022.
- Investment Income: $1,668
- Gross Receipts: $3,868,707
Assets and Liabilities:
- Total Assets: $981,364
- Total Liabilities: $238,313
- Net Assets: $743,051
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Organization Details
Founding Year
1985
Phone
(701) 682-5517Principal Officer
Richard Zimmer
Main Address
PO BOX 286, MUNICH, ND, 58352
NTEE Category
Code: L21 - Housing
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