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Nonprofiteer
← BIT HOLDINGS SEVENTY-TWO INC

Form 990 for tax year 2023

Filed by BIT HOLDINGS SEVENTY-TWO INC.

Totals

Total revenue
$3,005,144
Total expenses
$1,529,252
Contributions and grants received
$0
Grants paid
$0
Program service revenue
$0
Investment income
$0
Other revenue
$3,005,144
Total assets, end of year
$106,946,320
Total liabilities, end of year
$31,901,167
Net assets or fund balances, end of year
$75,045,153
Program services expenses (Part IX)
not reported
Management and general expenses
not reported
Fundraising expenses
not reported
Program service expenses (Part III)
not reported

Line items

Every line the filer filed in Parts VIII, IX and X, as filed and in filed order. Blank columns are left out, and the lines are not forced to add up to the totals above.

Revenue

Part VIII, the statement of revenue.

  • 6a · Gross rents

    real property $7,367,423

  • 6b · Less rental expenses

    real property $4,362,279

  • 6c · Rental income or loss

    real property $3,005,144

  • 6d · Net rental income or loss

    total $3,005,144 · excluded $3,005,144

Functional expenses

Part IX, the statement of functional expenses.

  • 11b · Fees: legal

    total $2,089

  • 11g · Fees: other

    total $34,020

  • 16 · Occupancy

    total $784,800

  • 20 · Interest

    total $708,343

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $205,995 · end of year $207,416

  • 4 · Accounts receivable

    beginning of year $666,749 · end of year $632,132

  • 9 · Prepaid expenses and deferred charges

    beginning of year $31,994,720 · end of year $31,406,772

  • 10a · Land, buildings and equipment: cost or other basis

    $74,700,000

  • 10c · Land, buildings and equipment, net

    beginning of year $103,000,000 · end of year $74,700,000

  • 17 · Accounts payable and accrued expenses

    beginning of year $272,367 · end of year $342,276

  • 19 · Deferred revenue

    beginning of year $14,405 · end of year $13,616

  • 24 · Unsecured notes and loans payable

    beginning of year $50,000,000 · end of year $0

  • 25 · Other liabilities

    beginning of year $32,144,438 · end of year $31,545,275

  • 29 · Capital stock, trust principal or current funds

    beginning of year $30,456,974 · end of year $79,508,507

  • 30 · Paid-in or capital surplus, or land, building or equipment fund

    beginning of year $0 · end of year $0

  • 31 · Retained earnings, endowment or other funds

    beginning of year $22,979,280 · end of year -$4,463,354

Mission and programs · 2023

Mission

THE CORPORATION WAS ORGANIZED FOR THE EXCLUSIVE PURPOSE OF ACQUIRING REAL PROPERTY, HOLDING TITLE THERETO, COLLECTING THE INCOME FROM SUCH PROPERTY, AND REMITTING THE ENTIRE AMOUNT LESS EXPENSES TO QUALIFIED SHAREHOLDERS.

Activities or mission (Part I)

ORGANIZED FOR THE PURPOSE OF ACQUIRING REAL PROPERTY, HOLDING TITLE THERETO, COLLECTING THE INCOME FROM SUCH PROPERTY, AND REMITTING THE NET AMOUNT TO QUALIFIED SHAREHOLDERS.

  • BIT HOLDINGS SEVENTY-TWO, INC. WAS ORGANIZED FOR THE EXCLUSIVE PURPOSE OF ACQUIRING REAL PROPERTY, HOLDING TITLE THERETO, COLLECTING THE INCOME FROM SUCH PROPERTY, AND REMITTING THE ENTIRE AMOUNT LESS EXPENSES TO THE AFL-CIO BUILDING INVESTMENT TRUST. DURING 2023, BIT HOLDINGS SEVENTY-TWO OWNED RESIDENTIAL REAL PROPERTY AND DISTRIBUTED APPROXIMATELY $7.4 MILLION OF EARNINGS FROM THE RENTAL OF SUCH PROPERTY TO THE AFL-CIO BUILDING INVESTMENT TRUST.

As filed on the 2023 return.

Listed in Part VII

  • Rinse A Brink Exit 515

    PRES/ASST SEC/ASST TREAS

    Total calculated
    $0
    Hours/week
    0.2 + 0.8 related

  • Austin Cates Exit 515

    VP/ASSISTANT SECRETARY

    Total calculated
    $0
    Hours/week
    0.1 + 0.4 related

  • Clayton Flanagan Exit 515

    VP/ASSISTANT SECRETARY

    Total calculated
    $0
    Hours/week
    0.2 + 0.8 related

  • Cynthia Helms Exit 515

    VP/SECRETARY/TREASURER

    Total calculated
    $0
    Hours/week
    0.2 + 0.8 related

  • Kenneth Marty Jr Exit 515

    VP/ASSISTANT SECRETARY

    Total calculated
    $0
    Hours/week
    0.1 + 0.4 related

  • William K Mihm Exit 515

    VP/ASSISTANT SECRETARY

    Total calculated
    $0
    Hours/week
    0.1 + 0.4 related

  • Robert Coulman Exit 515

    VP/ASSISTANT SECRETARY

    Total calculated
    $0
    Hours/week
    0.1 + 0.4 related

  • Robert N Barnett III

    PRESIDENT (ENTER 5/15)

    Total calculated
    $0
    Hours/week
    0.1 + 0.4 related

  • Christopher Randall

    VICE PRESIDENT (ENTER 5/15)

    Total calculated
    $0
    Hours/week
    0.1 + 0.4 related

  • Jennifer E Matz

    SECRETARY (ENTER 5/15)

    Total calculated
    $0
    Hours/week
    0.1 + 0.4 related

  • Christopher M Blake

    TREASURER (ENTER 5/15)

    Total calculated
    $0
    Hours/week
    0.1 + 0.4 related

  • Pnc Bank Na (Exit 515)

    TRUSTEE

    Total calculated
    $0
    Hours/week
    0.1 + 0.4 related

  • Great Gray Trust Company LLC

    TRUSTEE (ENTER 5/15)

    Total calculated
    $0
    Hours/week
    0.1 + 0.4 related

Compensation is as filed in Part VII: reportable pay from this organization and from related organizations, other compensation, and hours per week. The total, marked calculated, is our sum of the three dollar columns, with a blank column counted as $0; the form itself has no total. On a Form 990-EZ the columns are Part IV's instead, and on a Form 990-PF Part VIII's — compensation, contributions to benefit plans, and expense account — and the total sums those.

Grants on this return

No itemized grants to organizations on this return.

Related organizations on this return

Schedule R Part II: tax-exempt organizations related to the filer by control. It does not record shared board members or money.

Taxable family on this return

Schedule R Parts I, III and IV, as filed. These record ownership and control, not shared board members or money moved.

Related corporations and trusts

Part IV: related organizations taxable as a corporation or trust.

  • AFL-CIO BUILDING INVESTMENT TRUST

    T · RE INVESTMENT · NV

  • BIT TCC INVESTMENT ONE LLC

    C · REAL ESTATE · NV

Provenance

Return type
form_990
Tax year
2023
Filed
14 November 2024
IRS schema version
2023v5.1
Source object
202443209349303019

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