Overview
What is Naras Properties Inc?
Naras Properties Inc is a nonprofit organization situated in Santa Monica, California. Its primary function is to manage and collect rental income from real estate properties. The earnings generated from these properties are then transferred to the National Academy of Recording Arts & Sciences, Inc., with the exception of any incurred expenses. In essence, Naras Properties Inc acts as a financial intermediary, contributing to the funding of the National Academy of Recording Arts & Sciences, Inc.'s operations.
Is Naras Properties Inc legitimate?
Naras Properties Inc is a legitimate nonprofit organization registered as a 501(c)(2) entity. Naras Properties 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
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What is the mission statement of Naras Properties Inc?
Naras Properties Inc's primary mission is to manage real estate properties, collecting rent from tenants. The primary objective of this income collection is to then distribute the funds, after deducting expenses, to the National Academy of Recording Arts & Sciences, Inc. This financial support from Naras Properties Inc plays a crucial role in the operations of the National Academy of Recording Arts & Sciences, Inc., which is renowned in the field of music and the recording industry. The organization's role in collecting income and distributing it to the academy is essential in maintaining the academy's operations and upholding its contributions to the music industry.
Who is the CEO of Naras Properties Inc?
Wayne J Zahner is the Former Officer (President/Ceo) of Naras Properties Inc. The CEO's salary of Naras Properties Inc is $0 and their total compensation is $1,383,425.
What is the revenue of Naras Properties Inc?
Naras Properties Inc's revenue in 2022 was $4,458,045.
Who are the executives of Naras Properties Inc and what are their salaries?
Here are 4 key members and their salaries (Naras Properties Inc's CEO's salary is $0 and their total compensation is $1,383,425):
- Compensation: $0
- Related: $5,750,000
- Other: $0
- Compensation: $0
- Related: $1,369,344
- Other: $14,081
- Compensation: $0
- Related: $507,709
- Other: $31,480
- Compensation: $0
- Related: $420,984
- Other: $26,688
Where can I find the form 990 for Naras Properties Inc?
Naras Properties Inc's most recent form 990 was submitted in 2022 and can be accessed here.
Mission Statement of Naras Properties Inc
Naras Properties Inc, as a nonprofit organization, is dedicated to holding and managing real estate properties primarily for the purpose of collecting rent. This income generated is then transferred to the National Academy of Recording Arts & Sciences, Inc., after deducting any relevant expenses. In essence, Naras Properties Inc serves as a financial intermediary, ensuring the financial well-being of the National Academy of Recording Arts & Sciences, Inc. by managing its real estate portfolio effectively.
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Impact
October, 2024
Naras Properties Inc plays a significant role in supporting the creative arts community through its financial operations. By managing real properties and collecting rent, it generates income that directly benefits the National Academy of Recording Arts & Sciences, Inc., which is essential for the promotion and support of the recording industry. This financial backing helps sustain initiatives, events, and programs that foster artistic talent and recognition in the music industry.
Located in Santa Monica, California, Naras Properties Inc contributes to community improvement by ensuring that resources are allocated effectively to support artists, educators, and industry professionals. Through its mission of holding and managing property, the organization not only stabilizes income for the Academy but also fosters a thriving environment for cultural enrichment and collaboration within the music community. The impact extends beyond financial benefits, as it reinforces the importance of arts and culture, benefiting the broader community in Santa Monica and beyond.
This information is meant to be a general summary of Naras Properties 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.
- Program Service Revenue: $4,458,045
- Gross Receipts: $4,458,045
Assets and Liabilities:
- Total Assets: $50,347,276
- Total Liabilities: $6,260,398
- Net Assets: $44,086,878
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Programs
Programs are reported by nonprofits in their tax forms and are normally their tax-exempt activities.
RENTAL INCOME
Revenue
$4,458,045
Organization Details
Founding Year
1994
Phone
(310) 392-3777Principal Officer
Wayne J Zahner
Main Address
3030 OLYMPIC BOULEVARD, SANTA MONICA, CA, 904045073
NTEE Category
Code: S47 - Community improvement
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