Overview
What is Midnight Sun Inc V?
Midnight Sun Inc V is a corporation based in Hartford, Connecticut, specifically at 10 State House Square, 15th Floor. Its primary function is to acquire and maintain ownership of real estate properties. The income generated from these properties is collected and then distributed to organizations classified under I.R.C. Section 501(C)(25), serving as its shareholders. In essence, Midnight Sun Inc V acts as an intermediary, earning income from property holdings and redistributing it to eligible beneficiaries.
Is Midnight Sun Inc V legitimate?
Midnight Sun Inc V is a legitimate nonprofit organization registered as a 501(c)(25) entity. Midnight Sun Inc V 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:
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Professional Fundraising Fees: $0
Other Salaries and Wages: $0
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What is the mission statement of Midnight Sun Inc V?
Midnight Sun Inc V is established with the primary objective of acquiring and holding title to real property. The corporation collects income generated from these properties and subsequently remits the entire net income, after deducting expenses, to organizations that fall under the Internal Revenue Code Section 501(C)(25). These organizations serve as the shareholders of Midnight Sun Inc V. The corporation's activities are centered around real estate acquisition and income generation, with the ultimate goal of redistributing profits to the specified organizations.
Who is the CEO of Midnight Sun Inc V?
James B Mccandless is the Director of Midnight Sun Inc V.
What is the revenue of Midnight Sun Inc V?
Midnight Sun Inc V's revenue in 2022 was $2,491,173.
Who are the executives of Midnight Sun Inc V and what are their salaries?
Here are 3 key members and their salaries:
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Where can I find the form 990 for Midnight Sun Inc V?
Midnight Sun Inc V's most recent form 990 was submitted in 2022 and can be accessed here.
Mission Statement of Midnight Sun Inc V
Midnight Sun Inc V, as a corporation, is dedicated to an exclusive mission. Its primary objective is to acquire and maintain ownership of real property. The corporation collects income generated from this property and subsequently distributes the entire amount, after deducting expenses, to one or more organizations that fall under the IRC Section 501(C)(25). These organizations serve as shareholders for Midnight Sun Inc V, benefiting from the income generated by the corporation's real estate ventures.
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Impact
October, 2024
Midnight Sun Inc V plays a significant role in community improvement by acquiring and managing real property in Hartford, Connecticut. By holding title to these properties and collecting income generated from them, the organization directly contributes to local real estate stability and economic growth. The income collected is remitted to various organizations that qualify under IRS Section 501(c)(25), allowing for reinvestment in community-focused initiatives.
This model not only supports the financial well-being of these shareholder organizations but also facilitates improvements in the local area through enhanced property management and development practices. The focus on real property positions Midnight Sun Inc V as a vital player in fostering community resilience and sustainability by ensuring that resources are utilized effectively for communal benefit. Through its dedicated efforts, the organization supports overall economic vitality in Hartford while enabling associated nonprofits to pursue their missions and initiatives.
This information is meant to be a general summary of Midnight Sun Inc V. 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: $2,491,173
- Gross Receipts: $2,491,173
Assets and Liabilities:
- Total Assets: $100,695,588
- Total Liabilities: $479,495
- Net Assets: $100,216,093
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Programs
Programs are reported by nonprofits in their tax forms and are normally their tax-exempt activities.
RENTAL INCOME
Revenue
$2,491,173
Organization Details
Founding Year
2008
Phone
(860) 616-9200Principal Officer
James B Mccandless
Main Address
10 STATE HOUSE SQUARE 15TH FLOOR, HARTFORD, CT, 061033604
NTEE Category
Code: S47 - Community improvement
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