Bit Holdings Seventy-Two Inc
- Assets
- $135.9m
- Revenue
- $3.1m
- Investments
- $0.0
- Employees
- 0
- Location
- Baltimore, MD
- Founding
- 03/2015
- Data as of
- 12/2022
- EIN
- 47-1256046
Organization Overview
Bit Holdings Seventy-Two Inc is located in Baltimore, MD. The organization was established in 2015. According to its NTEE Classification (W11) the organization is classified as: Single Organization Support, under the broad grouping of Public & Societal Benefit and related organizations. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Bit Holdings Seventy-Two Inc is a 501(c)(2) and as such, is described as a "Title Holding Corporation for an Exempt Organization" by the IRS.
For the year ending 12/2022, Bit Holdings Seventy-Two Inc generated $3.1m in total revenue. The organization has seen a slow decline revenue. Over the past 8 years, revenues have fallen by an average of (2.4%) each year. All expenses for the organization totaled $2.2m during the year ending 12/2022. You can explore the organizations financials more deeply in the financial statements section below.
Form
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2022
Describe the Organization's Mission:
Part 3 - Line 1
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.
Describe the Organization's Program Activity:
Part 3 - Line 4a
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 BUIDLING INVESTMENT TRUST. DURING 2022, BIT HOLDINGS SEVENTY-TWO OWNED RESIDENTIAL REAL PROPERTY AND DISTRIBUTED APPROXIMATELY $7.1 MILLION OF EARNINGS FROM THE RENTAL OF SUCH PROPERTY TO THE AFL-CIO BUILDING INVESTMENT TRUST.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Rinse A Brink Pres/asst Secretary/asst T | OfficerTrustee | 0.2 | $0 |
Austin Cates Vp/assistant Secretary | OfficerTrustee | 0.1 | $0 |
Clayton Flanagan Vp/assistant Secretary | OfficerTrustee | 0.2 | $0 |
Cynthia Helms Vp/secretary/treasurer | OfficerTrustee | 0.2 | $0 |
Robert Coulman Vp/assistant Secretary | OfficerTrustee | 0.1 | $0 |
William K Mihm Vp/assistant Secretary | OfficerTrustee | 0.1 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $0 |
| All other contributions, gifts, grants, and similar amounts not included above | $0 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $0 |
| Total Program Service Revenue | $0 |
| Investment income | $0 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $3,149,490 |
| Net Gain/Loss on Asset Sales | $0 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $3,149,490 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $0 |
| Grants and other assistance to domestic individuals. | $0 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $0 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $0 |
| Payroll taxes | $0 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $870 |
| Fees for services: Accounting | $0 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $10,344 |
| Advertising and promotion | $0 |
| Office expenses | $0 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $784,800 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $1,418,177 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $0 |
| Insurance | $0 |
| All other expenses | $0 |
| Total functional expenses | $2,214,191 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $205,995 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $666,749 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $31,994,720 |
| Net Land, buildings, and equipment | $103,000,000 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $135,867,464 |
| Accounts payable and accrued expenses | $272,367 |
| Grants payable | $0 |
| Deferred revenue | $14,405 |
| Tax-exempt bond liabilities | $0 |
| Escrow or custodial account liability | $0 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
| Secured mortgages and notes payable | $0 |
| Unsecured mortgages and notes payable | $50,000,000 |
| Other liabilities | $32,144,438 |
| Total liabilities | $82,431,210 |
| Net assets without donor restrictions | $0 |
| Net assets with donor restrictions | $0 |
| Capital stock or trust principal, or current funds | $30,456,974 |
| Paid-in or capital surplus, or land, building, or equipment fund | $0 |
| Retained earnings, endowment, accumulated income, or other funds | $22,979,280 |
| Total liabilities and net assets/fund balances | $135,867,464 |
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