Overview
What is Mpb Inc?
Mpb Inc, based in Virginia Beach, Virginia, functions as a property holding entity for the nonprofit organization, Sentara Enterprises. The primary role of Mpb Inc is to manage real estate assets, collect rent revenue, and subsequently transfer the net income to Sentara Enterprises, its tax-exempt parent organization. This financial arrangement supports Sentara Enterprises' charitable initiatives as outlined in IRC Section 501(C)(3).
Is Mpb Inc legitimate?
Mpb Inc is a legitimate nonprofit organization registered as a 501(c)(2) entity. Mpb 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.
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 Mpb Inc?
Mpb Inc is a holding company, established as a non-profit organization under IRC section 501(c)(2). Its primary role is to own property and generate income from it. The income collected is then transferred, after deducting expenses, to its tax-exempt parent organization, Sentara Enterprises, which is a Section 501(c)(3) entity. In essence, Mpb Inc functions as a real estate holding entity, with its earnings contributing to the larger mission of Sentara Enterprises.
Who is the CEO of Mpb Inc?
Aubrey L Layne is the President & Chairman of Mpb Inc.
What is the revenue of Mpb Inc?
Mpb Inc's revenue in 2022 was $73,954,140.
Who are the executives of Mpb Inc and what are their salaries?
Here are 9 key members and their salaries:
- Compensation: $0
- Related: $10,168,793
- Other: -$310,858
- Compensation: $0
- Related: $3,479,384
- Other: -$40,215
- Compensation: $0
- Related: $2,401,429
- Other: -$86,268
- Compensation: $0
- Related: $1,335,772
- Other: $140,048
- Compensation: $0
- Related: $229,108
- Other: -$41,470
- Compensation: $0
- Related: $502,537
- Other: $73,874
- Compensation: $0
- Related: $1,438,011
- Other: -$357,900
- Compensation: $0
- Related: $1,103,191
- Other: -$16,296
- Compensation: $0
- Related: $587,314
- Other: -$261,344
Where can I find the form 990 for Mpb Inc?
Mpb Inc's most recent form 990 was submitted in 2022 and can be accessed here.
Mission Statement of Mpb Inc
Mpb Inc, a nonprofit organization, was established with a sole purpose: to hold title to property and generate income. This income is then transferred, after deducting expenses, to Sentara Enterprises, Mpb Inc's tax-exempt parent company. In simpler terms, Mpb Inc serves as a property title holder and rent collector, funneling the proceeds to its charitable parent organization.
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Impact
October, 2024
MPB Inc plays a significant role in supporting the financial backbone of Sentara Enterprises, which is part of an integrated healthcare system. By holding title to property and collecting rental income, MPB Inc enables the seamless flow of resources to Sentara Enterprises, ensuring that the funds generated are effectively utilized for community health initiatives and services.
Situated in Virginia Beach, the organization focuses on property management and income generation, with all net income—after covering operational expenses—being transferred to its parent organization. This arrangement not only bolsters the financial capabilities of Sentara Enterprises but also directly contributes to improved healthcare services and community enhancement efforts in the region.
Through its dedicated activities, MPB Inc facilitates the mission of Sentara Health, ensuring that the necessary funding is available to support various health and wellness programs, thus having a positive impact on community improvement and access to healthcare services.
This information is meant to be a general summary of Mpb 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.
- Investment Income: $425,919
- Program Service Revenue: $72,949,803
- Gross Receipts: $74,148,306
Assets and Liabilities:
- Total Assets: $497,563,189
- Total Liabilities: $31,647,742
- Net Assets: $465,915,447
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Programs
Programs are reported by nonprofits in their tax forms and are normally their tax-exempt activities.
PROGRAM SERVICE REV
Revenue
$72,949,803
Organization Details
Founding Year
1981
Phone
(757) 455-7020Principal Officer
Aubrey L Layne
Main Address
1300 SENTARA PARK, VIRGINIA BEACH, VA, 23464
NTEE Category
Code: S47 - Community improvement
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