Overview
What is Mpower Development Corp?
Mpower Development Corp is a corporation primarily focused on property management. Its mission is to hold title to properties, collect rent, and subsequently transfer the entire rental income, after deducting expenses, to organizations that are exempt under Section 501(A) of the Internal Revenue Code of 1986, as amended. This means Mpower Development Corp acts as a property custodian, supporting nonprofit organizations by generating and distributing rental revenue. Located in Philadelphia, Pennsylvania, the corporation plays an essential role in the real estate sector, contributing to the financial sustainability of eligible nonprofit organizations.
Is Mpower Development Corp legitimate?
Mpower Development Corp is a legitimate nonprofit organization registered as a 501(c)(2) entity. Mpower 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: $0
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What is the mission statement of Mpower Development Corp?
Mpower Development Corp's mission is centered around holding property and collecting rent from it. The corporation then proceeds to transfer the entire rental income, after deducting expenses, to an organization that is exempt under Section 501(A) of the Internal Revenue Code of 1986. This 501(A) organization utilizes the funds for its charitable operations. The primary activity of Mpower Development Corp is ensuring the proper operation and maintenance of the properties it manages, with the ultimate goal of benefiting these exempt organizations.
Who is the CEO of Mpower Development Corp?
Kevin Noel is the President of Mpower Development Corp.
What is the revenue of Mpower Development Corp?
Mpower Development Corp's revenue in 2023 was $657,001.
Who are the executives of Mpower Development Corp and what are their salaries?
Here are 5 key members and their salaries:
- Compensation: $0
- Related: $94,576
- Other: $62,839
- Compensation: $0
- Related: $216,424
- Other: $30,916
- Compensation: $0
- Related: $185,030
- Other: $6,204
- Compensation: $0
- Related: $0
- Other: $0
- Compensation: $0
- Related: $353,308
- Other: $76,179
Where can I find the form 990 for Mpower Development Corp?
Mpower Development Corp's most recent form 990 was submitted in 2023 and can be accessed here.
Mission Statement of Mpower Development Corp
Mpower Development Corp, as a corporation, is dedicated to a unique mission. Its primary objective is to hold title to properties and collect rent from these properties. The corporation then proceeds to transfer the entire rental income, after deducting expenses, to an organization that is exempt under Section 501(A) of the Internal Revenue Code of 1986. This transfer of funds supports the charitable work of the 501(A) organization, contributing to its overall mission. In essence, Mpower Development Corp serves as a financial intermediary, leveraging its real estate holdings to support the endeavors of nonprofit organizations.
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Impact
October, 2024
Mpower Development Corp has a significant impact on the community by managing properties that support various charitable initiatives. By holding title to properties, the corporation facilitates the collection of rent, which is then allocated to organizations exempt under section 501(a) of the Internal Revenue Code. This process ensures that the funds obtained from rental activities are channeled effectively to support missions that provide various forms of assistance, especially in areas related to religious outreach and community support.
Operating in Philadelphia, Mpower Development Corp plays a crucial role in maintaining these properties, which not only provides a steady source of income for charitable organizations but also helps enhance the overall community infrastructure. This approach creates a sustainable financial model that empowers organizations to focus on their core missions, ultimately benefiting individuals and families in need through services and programs that promote well-being and support. Through its operations, Mpower Development Corp fosters a collaborative environment where property management and philanthropy intersect, leading to positive social outcomes and strengthening community ties.
This information is meant to be a general summary of Mpower 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 2023.
- Investment Income: $420,299
- Program Service Revenue: $236,702
- Gross Receipts: $657,001
Assets and Liabilities:
- Total Assets: $13,614,993
- Total Liabilities: $94,937
- Net Assets: $13,520,056
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Programs
Programs are reported by nonprofits in their tax forms and are normally their tax-exempt activities.
RENTAL REVENUE
Revenue
$236,702
Organization Details
Founding Year
2013
Phone
(215) 232-7229Principal Officer
Kevin Noel
Main Address
1415 FAIRMOUNT AVE SUITE 241, PHILADELPHIA, PA, 19130
NTEE Category
Code: X22 - Religion related
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