Overview
What is 8240 Boston Inc?
8240 Boston Inc is a nonprofit organization situated in Lubbock, Texas, specifically at 8240 Boston Avenue. Their primary purpose is to manage a property located at the same address, primarily collecting rent. The income generated from the rent is utilized to cover insurance premiums, significant repair expenses, and servicing the debt on the building. Remaining funds are donated to Lifetime Independence for Everyone Inc, a 501(c)(3) organization, further contributing to their charitable initiatives.
Is 8240 Boston Inc legitimate?
8240 Boston Inc is a legitimate nonprofit organization registered as a 501(c)(2) entity. 8240 Boston 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 8240 Boston Inc?
8240 Boston Inc's primary objective is to manage a property located at an undisclosed address, generating income through rent collection. This income is allocated towards covering insurance expenses, significant repair bills, and servicing any debt associated with the property. Any surplus income after these expenses is channeled to Lifetime Independence for Everyone Inc., a 501(c)(3) organization, for its purposes. The company's core activity revolves around property management and revenue generation, ensuring the property's maintenance and debt servicing.
Who is the CEO of 8240 Boston Inc?
Victor Coronado is the President of 8240 Boston Inc.
What is the revenue of 8240 Boston Inc?
8240 Boston Inc's revenue in 2022 was $13,975.
Who are the executives of 8240 Boston Inc and what are their salaries?
There 6 volunteers at 8240 Boston Inc.
Here are 7 key members and their salaries:
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Where can I find the form 990 for 8240 Boston Inc?
8240 Boston Inc's most recent form 990 was submitted in 2022 and can be accessed here.
Mission Statement of 8240 Boston Inc
8240 Boston Inc, as a nonprofit entity, holds the title to a property located at 8240 Boston Avenue in Lubbock, Texas. Its primary mission is to generate income from renting out this property. This revenue is utilized to cover essential expenses such as insurance premiums, significant repair bills, and debt servicing on the building. Any surplus income, after accounting for these expenses, is then channeled towards Lifetime Independence for Everyone Inc, a 501(c)(3) organization. This nonprofit organization focuses on providing support for individuals seeking independence. In essence, 8240 Boston Inc serves as a financial backbone, ensuring the property's maintenance and debt servicing while contributing to a larger cause of promoting independence for others.
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Impact
October, 2024
8240 Boston Inc significantly contributes to the community by managing the property located at 8240 Boston Ave in Lubbock, Texas. By collecting rent from this property, the organization ensures that essential costs, such as insurance and maintenance, are covered, allowing the building to remain a viable resource in the area. In addition to supporting the upkeep of the property, any surplus income generated after expenses is directed to Lifetime Independence for Everyone Inc, further enhancing its capacity to contribute to community wellbeing.
Through this financial model, 8240 Boston Inc plays a vital role in sustaining the property, promoting community development, and ensuring that resources are allocated to support independent living initiatives. The impact extends beyond property management; it directly supports efforts aimed at improving the quality of life for community members, reinforcing a cycle of support and improvement that benefits the broader Lubbock area.
This information is meant to be a general summary of 8240 Boston 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: $102,000
Assets and Liabilities:
- Total Assets: $1,203,727
- Total Liabilities: $867,197
- Net Assets: $336,530
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Organization Details
Founding Year
2012
Phone
(806) 795-5433Principal Officer
Victor Coronado
Main Address
8240 BOSTON AVENUE, LUBBOCK, TX, 79423
NTEE Category
Code: S47 - Community improvement
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