Mpb Inc
- Assets
- $580.6m
- Revenue
- $78.5m
- Investments
- $0.0
- Employees
- 0
- Location
- Virginia Beach, VA
- Founding
- 03/1999
- Data as of
- 12/2023
- EIN
- 54-1346393
Organization Overview
Mpb Inc is located in Virginia Beach, VA. The organization was established in 1999. According to its NTEE Classification (S47) the organization is classified as: Real Estate Associations, under the broad grouping of Community Improvement & Capacity Building and related organizations. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Mpb 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 12/2023, Mpb Inc generated $78.5m in total revenue. This organization has experienced exceptional growth, as over the past 9 years, it has increased revenue by an average of 13.1% each year . All expenses for the organization totaled $66.2m during the year ending 12/2023. While expenses have increased by 14.3% per year over the past 9 years. They've been increasing with an increasing level of total revenue. 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
2023
Describe the Organization's Mission:
Part 3 - Line 1
MPB IS ORGANIZED SOLELY TO HOLD TITLE TO PROPERTY AND TURNS NET INCOME OVER TO SENTARA ENTERPRISES.
Describe the Organization's Program Activity:
Part 3 - Line 4a
MPB, INC. HOLDS TITLE TO PROPERTY, COLLECTS RENT, AND TURNS OVER THE ENTIRE AMOUNT, LESS EXPENSES, TO IT'S 501(C)(3) TAX EXEMPT PARENT, SENTARA ENTERPRISES.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Aubrey L Layne President & Chair | OfficerTrustee | 1 | $0 |
Robert A Broermann Director/treasurer | OfficerTrustee | 1 | $0 |
Michael V Gentry Director (through 5/23) | Trustee | 1 | $0 |
Megan R Perry Director (effective 5/23) | Trustee | 1 | $0 |
Earl J Barnes II Secretary | Officer | 1 | $0 |
Kurt Hofelich Former Officer | 0 | $0 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Unified Womens Healthcare Lp Construction | 12/30/23 | $5,249,225 |
Sussex Development Corp Construction | 12/30/23 | $3,977,375 |
Lantz Construction Company Construction | 12/30/23 | $2,006,857 |
Deerfield Const Group Inc Construction | 12/30/23 | $2,253,471 |
Clancy & Theys Const Comp Construction | 12/30/23 | $15,817,684 |
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 | $77,787,072 |
| Investment income | $0 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $25,137 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $78,455,817 |
| 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 | $3,468,940 |
| Fees for services: Legal | $0 |
| 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 | $350 |
| Advertising and promotion | $20,748 |
| Office expenses | $6,806,188 |
| Information technology | $82,628 |
| Royalties | $0 |
| Occupancy | $13,194,746 |
| Travel | $630 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $87 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $22,429,285 |
| Insurance | $1,274,100 |
| All other expenses | -$319,950 |
| Total functional expenses | $66,184,526 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $6,328,560 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $871,208 |
| 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 | $484,936 |
| Net Land, buildings, and equipment | $547,493,648 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $24,630,314 |
| Other assets | $796,863 |
| Total assets | $580,605,529 |
| Accounts payable and accrued expenses | $1,591,159 |
| Grants payable | $0 |
| Deferred revenue | $10,051,883 |
| 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 | $0 |
| Other liabilities | $27,043,087 |
| Total liabilities | $38,686,129 |
| Net assets without donor restrictions | $541,919,400 |
| Net assets with donor restrictions | $0 |
| Capital stock or trust principal, or current funds | $0 |
| Paid-in or capital surplus, or land, building, or equipment fund | $0 |
| Retained earnings, endowment, accumulated income, or other funds | $0 |
| Total liabilities and net assets/fund balances | $580,605,529 |