Overview
What is 551 Main Street Holding Corporation?
551 Main Street Holding Corporation is a nonprofit organization situated in Worcester, Massachusetts. Its primary role is to manage two properties in the area, generating income from these buildings. The corporation then transfers this income, minus expenses, to the Worcester Center for Performing Arts, Inc., a charitable organization that enjoys tax-exempt status. This nonprofit organization, in turn, utilizes the received funds to support performing arts events and initiatives, contributing to the cultural enrichment of the community.
Is 551 Main Street Holding Corporation legitimate?
551 Main Street Holding Corporation is a legitimate nonprofit organization registered as a 501(c)(2) entity. 551 Main Street Holding Corporation 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 551 Main Street Holding Corporation?
The 551 Main Street Holding Corporation's primary role is to serve as a property holder, in accordance with Section 501 (C) (2) of the United States Internal Revenue Code. Its main objective is to generate income from the property and subsequently transfer the entire income, after deducting expenses, to the Worcester Center for Performing Arts, Inc. This recipient organization enjoys tax-exempt status as a charitable corporation, falling under Section 501 (C)(3) of the United States Internal Revenue Code, and is also organized under Chapter 180 of the Massachusetts General Laws. In essence, the 551 Main Street Holding Corporation functions as a financial intermediary, supporting the Worcester Center for Performing Arts, Inc. by managing property-related income and expenses.
Who is the CEO of 551 Main Street Holding Corporation?
Troy Siebels is the President of 551 Main Street Holding Corporation.
What is the revenue of 551 Main Street Holding Corporation?
551 Main Street Holding Corporation's revenue in 2022 was $132,368.
Who are the executives of 551 Main Street Holding Corporation and what are their salaries?
Here are 9 key members and their salaries:
- Compensation: $233,471
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- Other: $25,699
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- Other: $0
Where can I find the form 990 for 551 Main Street Holding Corporation?
551 Main Street Holding Corporation's most recent form 990 was submitted in 2022 and can be accessed here.
Mission Statement of 551 Main Street Holding Corporation
551 Main Street Holding Corporation is a unique entity that serves a specific purpose. Its mission is to hold title to property, generating income from it, and then transferring the majority of that income, after deducting expenses, to Worcester Center for Performing Arts, Inc. This recipient organization, as per the United States Internal Revenue Code, enjoys tax-exempt status as a charitable corporation under Section 501(c)(3). The corporation itself is organized under Chapter 180 of the Massachusetts General Laws, further emphasizing its role in supporting the performing arts center. In essence, 551 Main Street Holding Corporation acts as a financial intermediary, utilizing its property holdings to generate funds that are then channeled towards the promotion of cultural and artistic endeavors through Worcester Center for Performing Arts, Inc.
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Impact
October, 2024
551 Main Street Holding Corporation has a significant impact on the community by providing financial support to the Worcester Center for Performing Arts, Inc. By operating two buildings in Worcester, Massachusetts, the corporation collects income and directs the net proceeds, after covering expenses, to this charitable organization. This funding plays an essential role in supporting the arts and cultural initiatives in the region, enhancing community engagement and access to performing arts. The income generated enables the Worcester Center for Performing Arts to continue its mission and expand its programming, ultimately enriching the cultural landscape for residents and visitors alike. Through its contributions, 551 Main Street Holding Corporation fosters community improvement and ensures sustainable financial backing for vital arts initiatives.
This information is meant to be a general summary of 551 Main Street Holding Corporation. 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: $132,368
- Gross Receipts: $132,368
Assets and Liabilities:
- Total Assets: $12,016,153
- Total Liabilities: $0
- Net Assets: $12,016,153
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Programs
Programs are reported by nonprofits in their tax forms and are normally their tax-exempt activities.
RENTAL INCOME
Revenue
$132,368
Organization Details
Founding Year
2014
Phone
(508) 471-1760Principal Officer
Troy Siebels
Main Address
2 SOUTHBRIDGE STREET, WORCESTER, MA, 01608
NTEE Category
Code: S47 - Community improvement
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