Overview
What is The Hatchery Title Holding Corporation Nfp?
The Hatchery Title Holding Corporation Nfp is a nonprofit organization situated in Chicago, Illinois, specifically at 135 N Kedzie Ave. Their primary purpose is to acquire, hold, and manage a property located at the same address, with the intention of leasing it out to support their charitable activities. The organization borrows funds to improve the property and leases it to The Hatchery Master Tenant LLC, who in turn subleases it to organizations like the Industrial Council of Nearwest Chicago and Allies for Community Business. The income collected from rent is used to cover expenses and debts, with the remaining amount being distributed annually to its members, all of which are Illinois nonprofit public benefit corporations recognized as tax-exempt under Section 501(C)(3) of the code. Essentially, The Hatchery Title Holding Corporation Nfp serves as a property manager, generating income through leases to support other charitable organizations.
Is The Hatchery Title Holding Corporation Nfp legitimate?
The Hatchery Title Holding Corporation Nfp is a legitimate nonprofit organization registered as a 501(c)(25) entity. The Hatchery Title Holding Corporation Nfp 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 The Hatchery Title Holding Corporation Nfp?
The Hatchery Title Holding Corporation Nfp was established with charitable objectives. Its primary goal is to acquire and manage a specific property, improving it and leasing it out to several entities. The leased property is then subleased to the Industrial Council of Nearwest Chicago and Allies for Community Business. The organization collects income from the master tenant and uses it to cover expenses, including debt service and appropriate reserves. The remainder of the income is distributed annually to its members, which are all Illinois nonprofit public benefit corporations recognized as tax-exempt under Section 501(C)(3) of the Code. In essence, The Hatchery Title Holding Corporation Nfp serves as a property management entity, generating income for its tax-exempt member organizations.
Who is the CEO of The Hatchery Title Holding Corporation Nfp?
Brad Mcconnell is the Board Member of The Hatchery Title Holding Corporation Nfp.
What is the revenue of The Hatchery Title Holding Corporation Nfp?
The Hatchery Title Holding Corporation Nfp's revenue in 2022 was $277,445.
Who are the executives of The Hatchery Title Holding Corporation Nfp and what are their salaries?
Here are 7 key members and their salaries:
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Where can I find the form 990 for The Hatchery Title Holding Corporation Nfp?
The Hatchery Title Holding Corporation Nfp's most recent form 990 was submitted in 2022 and can be accessed here.
Mission Statement of The Hatchery Title Holding Corporation Nfp
The Hatchery Title Holding Corporation Nfp was established with a charitable mission. Its primary objective is to acquire and hold title to a specific piece of real property, located at 135 N. Kedzie, Chicago, Illinois 60612. The organization's goal is to improve this property by borrowing funds and making necessary improvements.
Once the property is improved, The Hatchery Title Holding Corporation Nfp leases it to The Hatchery Master Tenant LLC. This master tenant, in turn, subleases the property to two entities: the Industrial Council of Nearwest Chicago and Allies for Community Business. The organization collects income from the master tenant for the property and uses it to cover expenses, such as debt service and appropriate reserves.
The remaining income is then distributed annually to its members, all of which are Illinois nonprofit public benefit corporations recognized as tax-exempt under Section 501(C)(3) of the Code. By acquiring and managing this property, The Hatchery Title Holding Corporation Nfp is contributing to the betterment of its community, providing a space for organizations that promote community business and industrial growth.
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Impact
October, 2024
The Hatchery Title Holding Corporation plays a significant role in community development in Chicago, particularly by providing a stable platform for businesses that focus on community improvement. By acquiring and holding title to the property at 135 N. Kedzie, the organization enables a framework for operational growth and resource allocation.
The entity borrows funds to enhance the property, ensuring that it meets the needs of its tenants and supports a thriving business environment. The leasing of commercial spaces to The Hatchery Master Tenant LLC creates a vital link between the organization's mission and the local economy. This tenant then further subleases to organizations such as the Industrial Council of Nearwest Chicago and Allies for Community Business, fostering collaboration and support for small businesses in the area.
The income generated from these leases is strategically collected and managed, with a portion allocated for debt servicing and reserves. The remaining funds are distributed annually to its members, which are public benefit corporations in Illinois. This financial structure supports the sustainability of the property while continuously feeding resources into the community through the services provided by tenant organizations.
Ultimately, The Hatchery Title Holding Corporation contributes to local economic vitality and community empowerment, ensuring that supportive resources are available to businesses that promote social and economic growth.
This information is meant to be a general summary of The Hatchery Title Holding Corporation Nfp. 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: $96
- Program Service Revenue: $277,349
- Gross Receipts: $277,445
Assets and Liabilities:
- Total Assets: $27,266,553
- Total Liabilities: $29,583,227
- Net Assets: -$2,316,674
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Programs
Programs are reported by nonprofits in their tax forms and are normally their tax-exempt activities.
RENTAL INCOME
Revenue
$277,349
Organization Details
Founding Year
2017
Phone
(312) 275-8450Principal Officer
Brad Mcconnell
Main Address
135 N KEDZIE AVE, CHICAGO, IL, 60612
NTEE Category
Code: S47 - Community improvement
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