Overview
What is Local 338 Real Estate Holding Corp?
Local 338 Real Estate Holding Corp is a corporation based in Mineola, New York, specifically located at 1505 Kellum Place. Its primary function is to hold title to property and collect any income generated from it. Notably, this corporation is authorized to transfer the entire income, after deducting expenses, to its tax-exempt parent organization. This structure enables Local 338 Real Estate Holding Corp to support its tax-exempt parent organization financially, without generating any taxable income for itself.
Is Local 338 Real Estate Holding Corp legitimate?
Local 338 Real Estate Holding Corp is a legitimate nonprofit organization registered as a 501(c)(2) entity. Local 338 Real Estate Holding 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
For more financial information, click here
What is the mission statement of Local 338 Real Estate Holding Corp?
Local 338 Real Estate Holding Corp is authorized to manage property, collect income from it, and subsequently transfer the net earnings, after deducting expenses, to its tax-exempt parent organization. The primary objective of the corporation is to serve its tax-exempt parent organization by managing real estate properties and generating revenue. The corporation does not have a traditional mission statement focusing on social causes or community development, rather its role is to support its tax-exempt parent organization financially. By managing properties and generating income, Local 338 Real Estate Holding Corp plays a crucial role in supporting its parent organization's activities.
Who is the CEO of Local 338 Real Estate Holding Corp?
John R Durso is the President of Local 338 Real Estate Holding Corp.
What is the revenue of Local 338 Real Estate Holding Corp?
Local 338 Real Estate Holding Corp's revenue in 2022 was $395,020.
Who are the executives of Local 338 Real Estate Holding Corp and what are their salaries?
Here are 2 key members and their salaries:
- Compensation: $0
- Related: $353,557
- Other: $49,088
- Compensation: $0
- Related: $215,363
- Other: $37,251
Where can I find the form 990 for Local 338 Real Estate Holding Corp?
Local 338 Real Estate Holding Corp's most recent form 990 was submitted in 2022 and can be accessed here.
Mission Statement of Local 338 Real Estate Holding Corp
Local 338 Real Estate Holding Corp, as a corporation, is authorized to hold title to property and collect income derived from it. Its primary mission is to manage these properties effectively, deducting any necessary expenses, and then transfer the net income to its tax-exempt parent organization in its entirety. This structure allows Local 338 Real Estate Holding Corp to contribute financially to its parent organization's charitable activities and initiatives. By serving this role, the corporation contributes to the broader social mission of its parent organization, supporting various causes and communities through its tax-exempt status and real estate holdings.
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Impact
October, 2024
Local 338 Real Estate Holding Corp plays a significant role in local economic development and community improvement in Mineola, NY. By holding title to property and managing income generated from these assets, the organization supports its parent entity in a sustainable manner. The financial resources collected are reinvested into community-focused initiatives, contributing to the overall well-being of the area.
Through its activities, Local 338 enhances the local real estate landscape, potentially creating jobs and improving the quality of life for residents. The emphasis on returning the net income to its parent organization ensures that the funds are directed towards programs that benefit the community, fostering a cycle of growth and improvement. This focused approach not only helps in maximizing property utilization but also engages in activities that uplift the community and address local needs. Overall, Local 338 Real Estate Holding Corp's strategic management of real estate assets has a positive impact, driving community enhancement and economic stability.
This information is meant to be a general summary of Local 338 Real Estate Holding 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.
- Program Service Revenue: $388,800
- Gross Receipts: $395,020
Assets and Liabilities:
- Total Assets: $7,996,709
- Total Liabilities: $511,515
- Net Assets: $7,485,194
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Programs
Programs are reported by nonprofits in their tax forms and are normally their tax-exempt activities.
RENTAL INCOME
Revenue
$388,800
Organization Details
Founding Year
2004
Phone
(516) 294-1338Principal Officer
John R Durso
Main Address
1505 KELLUM PLACE, MINEOLA, NY, 11501
NTEE Category
Code: S47 - Community improvement
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