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Midnight Sun INC FY2024 filing

Not tax-deductible

Hartford, CTMutual-benefit / member-servingSince 2008Community DevelopmentEIN 41-2153934Revenue $12.5M in FY2024

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

FY2024 · 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
5 mo
of spending, in cash
Looks good: 4.9 months of spending in cash; 3 or more.
Pt X · Ln 1–2 · Pt I · Ln 18
Liabilities
$1.2M
0.6% of total assets
Looks good: liabilities are 1% of assets; 50% or less.
Pt X · Ln 26
Independent board members
3
of 3 voting members
Looks good: 3 of 3 voting members are independent, a majority.
Pt VI · Ln 1a–1b
Looks goodFineWorth a lookConcernNo data yetTap a box for the reason.
Revenue
$12.5M
+82% vs prior year
Spent
$2.2M
To programs
0%
Net assets
$188.6M
By yearFY2020–FY2025
Revenue
$12.5M
FY2024▲ +82%
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
$2.2M
FY2024▼ -5%
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
$188.6M
FY2024▲ +2%
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 FY2024 Form 990 (year ending June 2024) · figures checked against the IRS filing · see the original

990 PDF Claim
You’re viewing the FY2024 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 (FY2023); the FY2024 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 2No
  • 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 · FY2023
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 FY2024 990, line by line.

Download 990
from philanthropy.org
1The main four
Money inPt VIII
$12.5M
Ln 12
Fees for servicesLn 2g$6.9M
Investment incomeLn 3$5.6M
Money outPt IX
$2.2M
Ln 25
Owns and owesPt X
$188.6M
net assets · Ln 32
Cash and savingsLn 1–2$898K
Total assetsLn 16$189.8M
LiabilitiesLn 26$1.2M
PeoplePt VI, VII
7
listed · VII A
PaidVII A0
Voting boardVI 1a3
IndependentVI 1b3
2In more detail
Revenue in detailPt VIII
Fees for servicesLn 2g$6.9M
Investment incomeLn 3$5.6M
Gains on assetsLn 7$5.6M
Total revenueLn 12$12.5M
Assets in detailPt X, end of year
CashLn 1$898K
Cash and savings togetherLn 1–2$898K
Land, buildings, equipmentLn 10c$187.7M
Other assetsLn 15$0
Total assetsLn 16$189.8M
LiabilitiesLn 26$1.2M
Net assetsLn 32$188.6M
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 FY24End FY24
Cash and savingsLn 1–2$683K$898K
Land, buildings, equipmentLn 10c$184.0M$187.7M
Total assetsLn 16$185.9M$189.8M
LiabilitiesLn 26$1.1M$1.2M
Net assetsLn 32$184.8M$188.6M
4Every line
Statement of functional expensesPt IX · every line
LineTotalProgramsManagementFundraising
Management feesLn 11a$247K
Accounting feesLn 11c$31K
Investment management feesLn 11f$1.1M
Other fees for servicesLn 11g$21K
Office expensesLn 13$1K
InsuranceLn 23$71K
Other expenses (24a–d)Ln 24$716K
All other expensesLn 24e$0
Total functional expensesLn 25$2.2M

Filing history

YearMoney inMoney outIn minus outNet assetsDownload
FY2025 Latest $6.5M$2.2M$4.3M$188.5M 990 PDF
FY2024 Viewing $12.5M$2.2M$10.3M$188.6M 990 PDF
FY2023 $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 FY2024 990 (6 parts)
Part I · Summary $12,508,381 revenue, 12 lines filed
I-8 Contributions and grants$0
I-9 Program service revenuePrior year $6,886,517$6,862,931
I-10 Investment income$5,645,450
I-11 Other revenue$0
I-12 Total revenuePrior year $6,886,517$12,508,381
I-13 Grants and similar amounts paid$0
I-14 Benefits paid to members$0
I-15 Salaries and benefits$0
I-16a Professional fundraising fees$0
I-17 Other expensesPrior year $2,293,045$2,181,872
I-18 Total expensesPrior year $2,293,045$2,181,872
I-19 Revenue less expensesPrior year $4,593,472$10,326,509
Part VI · Governance 3 of 3 board members independent, 4 to look at
VI-1a Voting members of the governing body3
VI-1b Independent voting members3
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
VI-2 Family or business relationship among officers or directorsNo
Part VIII · Statement of revenue $12,508,381 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 $6,862,931$6,862,931
VIII-3 Investment incomeRelated to mission $0 · Unrelated business $0 · Excluded from tax $0$0
VIII-7 Net gain or loss on sales of assetsExcluded from tax $5,645,450$5,645,450
VIII-8 Net income from fundraising eventsUnrelated business $0$0
VIII-11a-d Other revenue, itemized rows (sum of 11a–11d as filed)Related to mission $0 · Excluded from tax $0$0
VIII-12 Total revenueRelated to mission $6,862,931 · Unrelated business $0 · Excluded from tax $5,645,450$12,508,381
Part IX · Statement of functional expenses $2,181,872 across 8 lines filed
IX-11a Management fees$247,388
IX-11c Accounting fees$31,191
IX-11f Investment management fees$1,094,031
IX-11g Other fees for services$20,727
IX-13 Office expenses$1,305
IX-23 Insurance$70,824
IX-24 Other expenses (24a–d)$716,406
IX-24e All other expenses$0
IX-25 Total functional expenses$2,181,872
Part X · Balance sheet $189,792,611 assets, 13 lines filed
X-1 Cash, non-interest-bearingStart of year $683,401$898,431
X-4 Accounts receivableStart of year $1,083,578$1,036,842
X-9 Prepaid expenses and deferred chargesStart of year $110,100$113,819
X-10c Land, buildings and equipment, netStart of year $184,043,055$187,743,519
X-15 Other assetsStart of year $0$0
X-16 Total assetsStart of year $185,920,134$189,792,611
X-17 Accounts payable and accrued expensesStart of year $228,866$210,956
X-18 Grants payable$0
X-19 Deferred revenueStart of year $873,308$968,575
X-25 Other liabilitiesStart of year $0$0
X-26 Total liabilitiesStart of year $1,102,174$1,179,531
X-32 Total net assets or fund balancesStart of year $184,817,960$188,613,080
X-33 Total liabilities and net assetsStart of year $185,920,134$189,792,611
Part XI · Reconciliation of net assets $188,613,080 net assets at year end
XI-1 Total revenue$12,508,381
XI-2 Total expenses$2,181,872
XI-3 Revenue less expenses$10,326,509
XI-4 Net assets at start of year$184,817,960
XI-5 Net unrealized gains (losses) on investments$6,191,374
XI-9 Other changes in net assets−$12,722,763
XI-10 Net assets at end of year$188,613,080

Form 990 e-file (XML) FY2024 from the IRS · Classification, formation year and address from the IRS Business Master File

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