Overview
What is Milagro Properties Of Lea County Inc?
Milagro Properties Of Lea County Inc is a nonprofit organization based in Hobbs, New Mexico. Their primary mission is to manage and hold title to real and personal properties. By collecting income generated from these properties, they aim to accumulate excess funds. Instead of retaining these funds, Milagro Properties distributes all excess cash to a 501(c)(3) organization, which is a type of charity recognized by the IRS. This philanthropic approach allows Milagro Properties to support the charitable initiatives of another nonprofit organization, thereby contributing to social welfare in the local community.
Is Milagro Properties Of Lea County Inc legitimate?
Milagro Properties Of Lea County Inc is a legitimate nonprofit organization registered as a 501(c)(2) entity. Milagro Properties Of Lea County 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 Milagro Properties Of Lea County Inc?
Milagro Properties of Lea County Inc. has a mission to manage real and personal property, generating income from these assets. The primary objective is to distribute any excess cash to qualified charitable organizations, specifically 501(c)(3) entities. In essence, the company serves as a trustee, utilizing its property holdings to generate funds for charitable causes. The excess income is then distributed to these organizations, contributing to their missions and initiatives.
Who is the CEO of Milagro Properties Of Lea County Inc?
Dennis Holmberg is the President of Milagro Properties Of Lea County Inc.
What is the revenue of Milagro Properties Of Lea County Inc?
Milagro Properties Of Lea County Inc's revenue in 2022 was $179,346.
Who are the executives of Milagro Properties Of Lea County Inc and what are their salaries?
Here are 10 key members and their salaries:
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Where can I find the form 990 for Milagro Properties Of Lea County Inc?
Milagro Properties Of Lea County Inc's most recent form 990 was submitted in 2022 and can be accessed here.
Mission Statement of Milagro Properties Of Lea County Inc
Milagro Properties Of Lea County Inc, as a nonprofit organization, is primarily tasked with holding the title to various real and personal properties. Its primary objective is to generate income from these properties. Notably, Milagro Properties does not retain this income for its own purposes. Instead, the organization distributes any excess cash earned from its property investments to another 501(C)(3) organization, known as The Guidance Center of Lea County. This financial contribution serves as a means of supporting the mission and activities of this secondary nonprofit organization. By fulfilling this role, Milagro Properties Of Lea County Inc plays a significant part in contributing to the broader charitable endeavors of its affiliate organization.
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Impact
October, 2024
Milagro Properties of Lea County Inc generates significant economic and social impact by managing real and personal property in Hobbs, NM. The organization collects income from these assets and strategically allocates excess cash to support the Guidance Center of Lea County, enhancing community resources and services.
By holding and managing property effectively, Milagro Properties contributes to local economic stability, providing financial support that can improve mental health and well-being services through the Guidance Center. This partnership not only promotes the upkeep and utilization of properties but also fosters community development by ensuring that vital support systems are funded and accessible.
Through its operations, Milagro Properties plays a crucial role in community improvement, creating a positive ripple effect that strengthens the local fabric and enhances the quality of life for residents in Lea County.
This information is meant to be a general summary of Milagro Properties Of Lea County 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: $91
- Program Service Revenue: $179,255
- Gross Receipts: $179,346
Assets and Liabilities:
- Total Assets: $3,853,062
- Total Liabilities: $3,234
- Net Assets: $3,849,828
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Programs
Programs are reported by nonprofits in their tax forms and are normally their tax-exempt activities.
RENTAL INCOME
Revenue
$179,255
Organization Details
Founding Year
1982
Phone
(575) 393-6168Principal Officer
Dennis Holmberg
Main Address
PO BOX 907, HOBBS, NM, 88241
NTEE Category
Code: S47 - Community improvement
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