Overview
What is Magnolia Holding Company?
Magnolia Holding Company is a nonprofit organization that serves as a property custodian. It collects income generated from these properties and subsequently transfers the total earnings, minus operational expenses, to the Sealy & Smith Foundation, under the oversight of Douglas G Rogers. This financial redistribution strategy supports the Foundation's activities and initiatives.
Is Magnolia Holding Company legitimate?
Magnolia Holding Company is a legitimate nonprofit organization registered as a 501(c)(2) entity. Magnolia Holding Company 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 Magnolia Holding Company?
The Magnolia Holding Company's primary function is to manage a specific piece of property. It generates income from this property and subsequently transfers the entire earnings, minus any expenses, to the Sealy & Smith Foundation. This financial contribution is a key part of the company's mission. It essentially serves as a financial intermediary, channeling resources to the Sealy & Smith Foundation.
Who is the CEO of Magnolia Holding Company?
Douglas G Rogers is the President/Director of Magnolia Holding Company.
What is the revenue of Magnolia Holding Company?
Magnolia Holding Company's revenue in 2022 was -$568,091.
Who are the executives of Magnolia Holding Company and what are their salaries?
Here are 10 key members and their salaries:
- Compensation: $0
- Related: $54,000
- Other: $0
- Compensation: $0
- Related: $22,500
- Other: $0
- Compensation: $0
- Related: $4,500
- Other: $0
- Compensation: $0
- Related: $54,000
- Other: $0
- Compensation: $0
- Related: $54,000
- Other: $0
- Compensation: $0
- Related: $54,000
- Other: $0
- Compensation: $0
- Related: $54,000
- Other: $0
- Compensation: $0
- Related: $347,012
- Other: $53,087
- Compensation: $0
- Related: $162,026
- Other: $30,044
- Compensation: $0
- Related: $111,768
- Other: $18,863
Where can I find the form 990 for Magnolia Holding Company?
Magnolia Holding Company's most recent form 990 was submitted in 2022 and can be accessed here.
Mission Statement of Magnolia Holding Company
Magnolia Holding Company, headed by Douglas G Rogers, is a entity primarily focused on property management. Its primary mission is to hold title to various properties, generate income from these properties, and subsequently transfer the entire income, after deducting expenses, to the Sealy & Smith Foundation. This role allows Magnolia Holding Company to contribute financially to the Foundation's initiatives, thereby playing a significant part in its charitable activities.
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Impact
October, 2024
Magnolia Holding Company plays a significant role in the economic and community landscape of Galveston, Texas. By holding title to various properties, the company effectively generates income that supports the Sealy & Smith Foundation, fostering community improvement initiatives. Under the leadership of Douglas G Rogers, Magnolia Holding Company ensures that revenue from its holdings is responsibly collected and efficiently managed, with the majority of these funds directly benefitting the foundation's philanthropic efforts. This arrangement not only contributes to the financial sustainability of community projects but also enhances the overall quality of life in the Galveston area. Through its operations, Magnolia Holding Company actively participates in the enhancement of local resources, making a substantial positive impact on the community.
This information is meant to be a general summary of Magnolia Holding Company. 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: $746
- Gross Receipts: $746
Assets and Liabilities:
- Total Assets: $12,767,252
- Total Liabilities: $44,446
- Net Assets: $12,722,806
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Organization Details
Founding Year
1999
Phone
(409) 762-8666Principal Officer
Douglas G Rogers
Main Address
2200 MARKET STREET SUITE 500, GALVESTON, TX, 77550
NTEE Category
Code: S47 - Community improvement
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