Overview
What is New Miami Lighthouse Learning Center Inc?
New Miami Lighthouse Learning Center Inc, established in 2020, is a Florida-based nonprofit organization with a specific purpose. It was incorporated to acquire, develop, and lease land for charitable purposes, primarily due to a New Market Tax Credit (NMTC) transaction. The organization serves as a holding entity for the assets and liabilities related to this NMTC facility and related transactions, originating from the Miami Lighthouse. Notably, New Miami Lighthouse Learning Center Inc does not engage in any other activities and has no employees.
Is New Miami Lighthouse Learning Center Inc legitimate?
New Miami Lighthouse Learning Center Inc is a legitimate nonprofit organization registered as a 501(c)(3) entity. New Miami Lighthouse Learning Center 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.
Heare are some key statistics you may want to consider:
Executive Compensation: $0
Professional Fundraising Fees: $0
Other Salaries and Wages: $0
For more financial information, click here
What is the mission statement of New Miami Lighthouse Learning Center Inc?
The New Miami Lighthouse Learning Center Inc was established with a specific purpose. It serves as a holding entity for the assets and liabilities related to a New Market Tax Credit facility and the associated transactions of the Miami Lighthouse. The center has no other activities or employees beyond this role. It was incorporated in 2020 as a Florida not-for-profit corporation, with the primary aim of acquiring, developing, and leasing grounds for charitable purposes. Additionally, the center holds assets that were transferred from the Lighthouse due to the structure of the 2020 New Market Tax Credit transaction. As a result of this asset transfer, the New Miami Lighthouse Learning Center Inc is included in the consolidated financial statements.
Who is the CEO of New Miami Lighthouse Learning Center Inc?
Virginia Jacko is the President And Ceo of New Miami Lighthouse Learning Center Inc. The CEO's salary of New Miami Lighthouse Learning Center Inc is $0 and their total compensation is $276,424.
What is the revenue of New Miami Lighthouse Learning Center Inc?
New Miami Lighthouse Learning Center Inc's revenue in 2022 was -$262,971.
Who are the executives of New Miami Lighthouse Learning Center Inc and what are their salaries?
Here are 7 key members and their salaries (New Miami Lighthouse Learning Center Inc's CEO's salary is $0 and their total compensation is $276,424):
- Compensation: $0
- Related: $255,924
- Other: $20,500
- Compensation: $0
- Related: $154,757
- Other: $9,285
- Compensation: $0
- Related: $0
- Other: $0
- Compensation: $0
- Related: $0
- Other: $0
- Compensation: $0
- Related: $0
- Other: $0
- Compensation: $0
- Related: $0
- Other: $0
- Compensation: $0
- Related: $0
- Other: $0
Where can I find the form 990 for New Miami Lighthouse Learning Center Inc?
New Miami Lighthouse Learning Center Inc's most recent form 990 was submitted in 2022 and can be accessed here.
Mission Statement of New Miami Lighthouse Learning Center Inc
New Miami Lighthouse Learning Center Inc exists primarily as a holding entity for the assets and liabilities associated with a New Market Tax Credit facility and related transactions of the Miami Lighthouse. This organization, which was established in 2020, has no other purpose or activities and does not employ any staff members. Its role is to acquire, develop, and lease grounds for charitable purposes, and it holds assets that have been transferred from the Miami Lighthouse as a result of the 2020 New Market Tax Credit transaction. Consequently, New Miami Lighthouse Learning Center Inc is included in the consolidated financial statements.
In simpler terms, New Miami Lighthouse Learning Center Inc serves as a financial intermediary for the Miami Lighthouse, managing assets related to a New Market Tax Credit agreement. This organization was formed to facilitate the acquisition, development, and leasing of property for charitable purposes, and it is responsible for holding assets that were transferred due to the 2020 New Market Tax Credit transaction. New Miami Lighthouse Learning Center Inc is an integral part of the Miami Lighthouse's financial structure and is included in its consolidated financial statements.
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Impact
October, 2024
New Miami Lighthouse Learning Center Inc plays a pivotal role in supporting the Miami Lighthouse through its management of assets and liabilities tied to the New Market Tax Credit facility. By facilitating this financial structure, NML enables the Miami Lighthouse to focus on its core mission of providing essential services to the community, particularly in the realm of human services.
The establishment of NML in 2020 ensures that the resources necessary for charitable purposes are effectively acquired, developed, and leased. This streamlined approach allows for better management of financial transactions and assets, ultimately benefiting the Miami community. Through its strategic financial management, NML strengthens the foundation upon which the Miami Lighthouse operates, fostering sustainable growth and enhancing the capacity for service delivery.
This information is meant to be a general summary of New Miami Lighthouse Learning Center 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.
- Gross Receipts: $102,000
Assets and Liabilities:
- Total Assets: $9,489,681
- Total Liabilities: $11,004,248
- Net Assets: -$1,514,567
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Organization Details
Founding Year
2020
Phone
(407) 244-5102Principal Officer
Virginia Jacko
Main Address
601 SW 8TH AVE, MIAMI, FL, 33130
NTEE Category
Code: P11 - Human services
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