Overview
What is Sorrento Industrial Inc?
Sorrento Industrial Inc is a nonprofit organization, specifically functioning as a title holding corporation, in accordance with the Internal Revenue Code (IRC) section 501(c)(25). Its primary role is to manage and hold title to real estate properties on behalf of the Public Employees' Retirement System of Nevada. This service is crucial for ensuring the effective and efficient management of real estate assets within the retirement system.
Is Sorrento Industrial Inc legitimate?
Sorrento Industrial Inc is a legitimate nonprofit organization registered as a 501(c)(25) entity. Sorrento Industrial 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.
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What is the mission statement of Sorrento Industrial Inc?
Sorrento Industrial Inc, functioning as a title holding corporation under IRC Section 501(c)(25), is tasked with holding title to real property on behalf of the Public Employees' Retirement System of Nevada. In simpler terms, the company's role is to manage and safeguard property titles for this retirement system. This service ensures secure and legal ownership of real estate assets for the retirement system, thereby contributing to its financial stability.
Who is the CEO of Sorrento Industrial Inc?
Lee Phegley is the Director of Sorrento Industrial Inc.
What is the revenue of Sorrento Industrial Inc?
Sorrento Industrial Inc's revenue in 2022 was $3,192,353.
Who are the executives of Sorrento Industrial Inc and what are their salaries?
Here are 14 key members and their salaries:
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Where can I find the form 990 for Sorrento Industrial Inc?
Sorrento Industrial Inc's most recent form 990 was submitted in 2022 and can be accessed here.
Mission Statement of Sorrento Industrial Inc
Sorrento Industrial Inc, as a title holding corporation, is dedicated to operating within the parameters set by IRC Section 501(c)(25). This mission entails holding title to real property on behalf of the Public Employees' Retirement System of Nevada. In simpler terms, Sorrento Industrial Inc serves as a trustee, safeguarding property ownership for the benefit of this retirement system. The corporation's role is crucial in managing and maintaining property titles in accordance with the regulations outlined in IRC Section 501(c)(25). By fulfilling this function, Sorrento Industrial Inc contributes to the financial security of Nevada's public employees, ensuring that their retirement system has a solid foundation in real estate holdings.
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Impact
October, 2024
Sorrento Industrial Inc plays a critical role in the real estate and retirement system landscape by operating as a title holding corporation. Its primary function is to hold title to real property for the Public Employees' Retirement System of Nevada. This operation not only safeguards the assets of public employees but also ensures the stability and security of their retirement investments.
By managing properties on behalf of the retirement system, Sorrento Industrial Inc contributes to the financial health and sustainability of retirement benefits for Nevada's public employees. This service supports community improvement initiatives by maintaining and managing valuable real estate assets, ultimately fostering economic stability and growth. The corporation’s activities help enhance the investment portfolio of the retirement system, which can lead to more robust returns for beneficiaries, thereby positively impacting the community at large. Overall, Sorrento Industrial Inc significantly influences the financial security of public employees while promoting community betterment.
This information is meant to be a general summary of Sorrento Industrial 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: $1,244
- Gross Receipts: $3,846,525
Assets and Liabilities:
- Total Assets: $97,004,962
- Total Liabilities: $1,088,016
- Net Assets: $95,916,946
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Organization Details
Founding Year
2000
Phone
(972) 715-7400Principal Officer
Lee Phegley
Main Address
2001 ROSS AVENUE SUITE 3400, DALLAS, TX, 75201
NTEE Category
Code: S47 - Community improvement
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