Overview
What is Buteux Holdings Corporation?
Buteux Holdings Corporation is a membership-based organization, with The Brothers of the Sacred Heart, Inc., a 501(c)(3) non-profit organization, as its sole member. Established in Bay St. Louis, Mississippi, the corporation's purpose is to hold title to real property, generate income from it, and subsequently transfer the proceeds, less expenses, to its member. This financial support is intended to bolster the educational, religious, and charitable endeavors of The Brothers of the Sacred Heart. The corporation may engage in various activities deemed essential to fulfilling its objectives, including property acquisition and disposal, fund management, and donation acceptance. The land and buildings of St. Stanislaus High School were transferred to Buteux Holdings Corporation, and it leases the property to St. Stanislaus College, Inc., while periodically distributing dividends to its sole member.
Is Buteux Holdings Corporation legitimate?
Buteux Holdings Corporation is a legitimate nonprofit organization registered as a 501(c)(2) entity. Buteux Holdings 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 Buteux Holdings Corporation?
Buteux Holdings Corporation operates primarily as a holding entity for real property, generating income from these assets. Its sole purpose is to transfer the income, less expenses, to its sole member, the Brothers of the Sacred Heart. This financial support is intended to aid in the educational, religious, and charitable pursuits of the Brothers of the Sacred Heart organization. The corporation may engage in various activities to achieve its objectives, including owning, leasing, and disposing of properties, investing funds, and raising money through appropriate activities. The corporation also receives title to properties, such as St. Stanislaus High School, and leases them on a triple net basis to associated entities. The income generated is then distributed to the Brothers of the Sacred Heart as dividends, with a small amount set aside to maintain the checking account.
What is the revenue of Buteux Holdings Corporation?
Buteux Holdings Corporation's revenue in 2024 was $52,448.
Who are the executives of Buteux Holdings Corporation and what are their salaries?
There 4 volunteers at Buteux Holdings Corporation.
Here are 4 key members and their salaries:
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- Other: $0
Where can I find the form 990 for Buteux Holdings Corporation?
Buteux Holdings Corporation's most recent form 990 was submitted in 2024 and can be accessed here.
Mission Statement of Buteux Holdings Corporation
Buteux Holdings Corporation, as a membership-based entity, is dedicated to supporting the educational, religious, and charitable pursuits of the Brothers of the Sacred Heart. This organization operates primarily to hold title to real property, collect income from it, and subsequently transfer the entire income, less expenses, to its sole member, the Brothers of the Sacred Heart. The primary objective of Buteux Holdings Corporation is to provide financial support to this religious and charitable organization.
Buteux Holdings Corporation operates under specific guidelines, including the Mississippi Code of 1972, and aims to qualify as a tax-exempt corporation under Section 501(C)(2) of the U.S. Code. The corporation is authorized to perform any act necessary to achieve its objectives, such as acquiring, leasing, or disposing of real and personal property, raising funds, and accepting donations. In the past, Buteux Holdings Corporation has taken ownership of land and buildings, including St. Stanislaus High School, and leased them to St. Stanislaus College, Inc. on a triple-net basis. The corporation pays monthly dividends to its shareholder, the Brothers of the Sacred Heart, and maintains enough funds in its checking account to avoid service charges.
In summary, Buteux Holdings Corporation serves as a financial backbone for the Brothers of the Sacred Heart, providing support for their educational, religious, and charitable activities. The corporation operates within specific legal frameworks and is authorized to undertake various actions to achieve its financial objectives, ultimately benefiting the Brothers of the Sacred Heart and the charitable work they undertake.
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Impact
October, 2024
Buteux Holdings Corporation plays a significant role in supporting the educational and charitable missions of the Brothers of the Sacred Heart through its real estate operations. By holding title to valuable real property and generating income from it, the corporation ensures that a steady flow of financial resources is directed towards essential programs and initiatives championed by the Brothers of the Sacred Heart.
This organization strategically manages real estate assets, including the land and buildings of St. Stanislaus High School, to maximize income. The revenue generated through these properties is reinvested into the community, enhancing educational opportunities while also addressing religious and charitable objectives.
The lease agreement with St. Stanislaus College, Inc., under which Buteux Holdings pays monthly dividends to the Brothers of the Sacred Heart, exemplifies a sustainable financial model. This arrangement not only fulfills the corporation’s mission but also fosters community improvement by directly contributing to the vitality and growth of educational initiatives in Bay St. Louis, Mississippi.
Through its operations, Buteux Holdings Corporation significantly impacts the local community, enabling the Brothers of the Sacred Heart to continue their work in education and charitable endeavors, thereby enriching the lives of many individuals and families in the area.
This information is meant to be a general summary of Buteux Holdings 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 2024.
- Gross Receipts: $52,448
Assets and Liabilities:
- Total Assets: $3,114,785
- Total Liabilities: $0
- Net Assets: $3,114,785
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Organization Details
Founding Year
1991
Principal Officer
Barry Landry
NTEE Category
Code: S47 - Community improvement
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