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Midnight Sun INC FY2023 filing

Not tax-deductible

Hartford, CTMutual-benefit / member-servingSince 2008Community DevelopmentEIN 41-2153934Revenue $6.9M in FY2023

On file with the IRS10 State House Square 12th FL, 06103-3602 · Hartford, CTTax-exempt since Feb 2005

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The organization's mission is to act as a real property title holding company.

Mission: Form 990 Part I, line 1

Before you give

FY2023 · Form 990Independent: from IRS data, not the org
Download 990
Tax-deductible gifts
No
Donations are not tax-deductible
Worth a look: the IRS does not list gifts to it as deductible.
IRS Pub. 78 · IRS BMF
Latest return
FY2025
latest Form 990
Looks good: the latest return is for FY2025, 1 tax year back; within 2 tax years.
IRS e-file · Filing history
Surplus or deficit
6 of 6
filings with a surplus
Average surplus $5.3M a year · 71% of revenue · last 6 filings
Looks good: a surplus in 6 of the last 6 filings.
Pt I · Ln 19 · 6 filings
Spent on programs
0%
of spending
Concern: 0% of spending went to programs; under 50%.
Pt IX · Ln 25 · col B
Cash reserves
4 mo
of spending, in cash
Looks good: 3.6 months of spending in cash; 3 or more.
Pt X · Ln 1–2 · Pt I · Ln 18
Liabilities
$1.1M
0.6% of total assets
Looks good: liabilities are 1% of assets; 50% or less.
Pt X · Ln 26
Independent board members
0
of 3 voting members
Concern: none of 3 voting members are independent.
Pt VI · Ln 1a–1b
Looks goodFineWorth a lookConcernNo data yetTap a box for the reason.
Revenue
$6.9M
+7% vs prior year
Spent
$2.3M
To programs
0%
Net assets
$184.8M
By yearFY2020–FY2025
Revenue
$6.9M
FY2023▲ +7%
Tap a bar for its year
Revenue by fiscal year
FY2020$6.4M
FY2021$6.2M
FY2022$6.5M
FY2023$6.9M
FY2024$12.5M
FY2025$6.5M
Expenses
$2.3M
FY2023▲ +8%
Tap a bar for its year
Expenses by fiscal year
FY2020$2.2M
FY2021$2.1M
FY2022$2.1M
FY2023$2.3M
FY2024$2.2M
FY2025$2.2M
Net assets
$184.8M
FY2023▲ +10%
Tap a bar for its year
Net assets by fiscal year
FY2020$154.3M
FY2021$160.3M
FY2022$167.3M
FY2023$184.8M
FY2024$188.6M
FY2025$188.5M

From the FY2023 Form 990 (year ending June 2023) · figures checked against the IRS filing · see the original

990 PDF Claim
You’re viewing the FY2023 filing — not the latest on file. See the latest (FY2025) →

Is it real?

Yes. Never revoked by the IRS. Latest filing on record: FY2025. IRS ruling in Feb 2005.

IRS Pub. 78 · IRS Auto-Revocation List · IRS Business Master File

Who runs it and what they're paid

7 people listed on the 990.

Part VII, Section A · reportable compensation · most recent filed roster (FY2022); the FY2023 filing did not itemize Part VII
Cullum Jefferies
Director - Vice President
$0Pt VII · Sec A
Daniel Murray
Director - Vice President
$0Pt VII · Sec A
James B McCandless
Director - President/Treasurer
$0Pt VII · Sec A
$0Pt VII · Sec A
Brian C Duke
Vice President
$0Pt VII · Sec A
Charles W Bryan JR
Vice President
$0Pt VII · Sec A
Erik Roget
Vice President
$0Pt VII · Sec A
See Midnight Sun INC executive salaries →

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Questions the 990 asks

The form asks each of these directly. These are the filed answers.

  • Family or business ties among officersPt VI · Ln 2Yes
  • Top official's pay set by an independent reviewPt VI · Ln 15aNo

Programs and updates

Acquires and holds property, collecting income to pay shareholders.

Questions for Midnight Sun INC

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Provided by the organization

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1 program · in their own filed words · FY2022
01

The organization acquires, holds title to, and collects income from real property. It remits the entire amount, less expenses, to its owner(s).

Pt IX · col B

Funders

Who pays for it.

From grant filings on record. Receipts are incomplete: individual donors are never listed.

By the numbers

The FY2023 990, line by line.

Download 990
from philanthropy.org
1The main four
Money inPt VIII
$6.9M
Ln 12
Fees for servicesLn 2g$6.9M
Money outPt IX
$2.3M
Ln 25
Owns and owesPt X
$184.8M
net assets · Ln 32
Cash and savingsLn 1–2$683K
Total assetsLn 16$185.9M
LiabilitiesLn 26$1.1M
PeoplePt VI, VII
7
listed · VII A
PaidVII A0
Voting boardVI 1a3
IndependentVI 1b0
2In more detail
Revenue in detailPt VIII
Fees for servicesLn 2g$6.9M
Gains on assetsLn 7$0
Total revenueLn 12$6.9M
Assets in detailPt X, end of year
CashLn 1$683K
Cash and savings togetherLn 1–2$683K
Land, buildings, equipmentLn 10c$184.0M
Other assetsLn 15$0
Total assetsLn 16$185.9M
LiabilitiesLn 26$1.1M
Net assetsLn 32$184.8M
OperationsPt I, VI
EmployeesI 50
VolunteersI 60
Fiscal year endsHeaderJune
Conflict-of-interest policyVI 12aNo
Whistleblower policyVI 13No
Records policyVI 14No
3Year over year
Balance sheet, start vs end of yearPt X · col A, B
LineStart FY23End FY23
Cash and savingsLn 1–2$943K$683K
Land, buildings, equipmentLn 10c$166.1M$184.0M
Total assetsLn 16$168.4M$185.9M
LiabilitiesLn 26$1.0M$1.1M
Net assetsLn 32$167.3M$184.8M
4Every line
Statement of functional expensesPt IX · every line
LineTotalProgramsManagementFundraising
Management feesLn 11a$263K
Accounting feesLn 11c$31K
Investment management feesLn 11f$1.1M
Other fees for servicesLn 11g$24K
Office expensesLn 13$110
InsuranceLn 23$85K
Other expenses (24a–d)Ln 24$821K
All other expensesLn 24e$0
Total functional expensesLn 25$2.3M

Filing history

YearMoney inMoney outIn minus outNet assetsDownload
FY2025 Latest $6.5M$2.2M$4.3M$188.5M 990 PDF
FY2024 $12.5M$2.2M$10.3M$188.6M 990 PDF
FY2023 Viewing $6.9M$2.3M$4.6M$184.8M 990 PDF
FY2022 $6.5M$2.1M$4.3M$167.3M 990 PDF
FY2021 $6.2M$2.1M$4.1M$160.3M 990 PDF
FY2020 $6.4M$2.2M$4.1M$154.3M 990 PDF

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Schedules filed Part IV

III · Programs I · Grants R · Related orgs G · Fundraising L · Interested persons A · Public support F · Foreign M · Noncash
See the full FY2023 990 (6 parts)
Part I · Summary $6,886,517 revenue, 12 lines filed
I-8 Contributions and grants$0
I-9 Program service revenuePrior year $6,450,767$6,886,517
I-10 Investment incomePrior year $0$0
I-11 Other revenue$0
I-12 Total revenuePrior year $6,450,767$6,886,517
I-13 Grants and similar amounts paidPrior year $0$0
I-14 Benefits paid to members$0
I-15 Salaries and benefitsPrior year $0$0
I-16a Professional fundraising feesPrior year $0$0
I-17 Other expensesPrior year $2,116,121$2,293,045
I-18 Total expensesPrior year $2,116,121$2,293,045
I-19 Revenue less expensesPrior year $4,334,646$4,593,472
Part VI · Governance 0 of 3 board members independent, 5 to look at
VI-1a Voting members of the governing body3
VI-1b Independent voting members0
VI-2 Family or business relationship among officers or directorsYes
VI-12a Written conflict of interest policyNo
VI-13 Written whistleblower policyNo
VI-14 Document retention and destruction policyNo
VI-15a Process for setting top official's payNo
Part VIII · Statement of revenue $6,886,517 across 7 lines filed
VIII-1h Total contributions, gifts and grants$0
VIII-2a-f Program service revenue, itemized rows (sum of 2a–2f as filed)Related to mission $6,886,517$6,886,517
VIII-3 Investment incomeRelated to mission $0 · Unrelated business $0 · Excluded from tax $0$0
VIII-7 Net gain or loss on sales of assetsRelated to mission $0$0
VIII-8 Net income from fundraising eventsUnrelated business $0$0
VIII-11a-d Other revenue, itemized rows (sum of 11a–11d as filed)Excluded from tax $0$0
VIII-12 Total revenueRelated to mission $6,886,517 · Unrelated business $0 · Excluded from tax $0$6,886,517
Part IX · Statement of functional expenses $2,293,045 across 8 lines filed
IX-11a Management fees$262,502
IX-11c Accounting fees$30,880
IX-11f Investment management fees$1,070,471
IX-11g Other fees for services$23,627
IX-13 Office expenses$110
IX-23 Insurance$84,853
IX-24 Other expenses (24a–d)$820,602
IX-24e All other expenses$0
IX-25 Total functional expenses$2,293,045
Part X · Balance sheet $185,920,134 assets, 13 lines filed
X-1 Cash, non-interest-bearingStart of year $942,863$683,401
X-4 Accounts receivableStart of year $1,144,796$1,083,578
X-9 Prepaid expenses and deferred chargesStart of year $116,030$110,100
X-10c Land, buildings and equipment, netStart of year $166,149,782$184,043,055
X-15 Other assetsStart of year $0$0
X-16 Total assetsStart of year $168,353,471$185,920,134
X-17 Accounts payable and accrued expensesStart of year $195,887$228,866
X-19 Deferred revenueStart of year $826,369$873,308
X-24 Unsecured notes and loans payable$0
X-25 Other liabilitiesStart of year $0$0
X-26 Total liabilitiesStart of year $1,022,256$1,102,174
X-32 Total net assets or fund balancesStart of year $167,331,215$184,817,960
X-33 Total liabilities and net assetsStart of year $168,353,471$185,920,134
Part XI · Reconciliation of net assets $184,817,960 net assets at year end
XI-1 Total revenue$6,886,517
XI-2 Total expenses$2,293,045
XI-3 Revenue less expenses$4,593,472
XI-4 Net assets at start of year$167,331,215
XI-5 Net unrealized gains (losses) on investments$17,197,669
XI-9 Other changes in net assets−$4,304,396
XI-10 Net assets at end of year$184,817,960

Form 990 e-file (XML) FY2023 from the IRS · Classification, formation year and address from the IRS Business Master File

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