Eagle Realty Holdings Inc

Eagle Realty Holdings Inc is a tax-exempt organization established as a 501(c)(2) title-holding corporation. This designation indicates that it is a corporation created to hold titles for properties owned by another nonprofit organization. Donations to Eagle Realty Holdings Inc are not tax deductible.

Overview

Eagle Realty Holdings Inc is a wholly owned subsidiary of the Ward Melville Heritage Organization (WMHO), a not-for-profit entity. The company primarily engages in the management of commercial and residential properties, renting them out at fair market rates. Its activities involve collecting rents from these properties, which constitutes the majority of its income.

Financials

As documented in its filings with the Internal Revenue Service, Eagle Realty Holdings Inc derives most of its revenue from rental property income. In the fiscal year ending June 2018, rental property income accounted for approximately 96.4% of its total revenue, amounting to $2,454,976 [1]. The organization reported total assets of about $7,898,349 and total liabilities of $3,127,980 during the same period [1]. Similarly, in earlier years, such as the fiscal year ending June 2016, rental income was the primary source, with $2,326,073, or about 96.9% of total revenue [1].

Governance

The governance structure of Eagle Realty Holdings Inc includes a board of trustees and executive positions. Key roles as of recent filings include Gloria D. Rocchio as President, Dr. Richard Rugen as Chairman, and Charles Pieroth as Vice Chairman. Other trustees and officers include Laura Huang Ernst, Anna M Kerekes, Kathleen Mich, James Murdocco, Charles Napoli, Mary Van Yuyl, Daniel Rowe, and Edward J Gutleber Esq [1].

Operations

Eagle Realty holds a significant presence in Stony Brook Village Center, managing leases for commercial businesses, a few offices, and residential homes surrounding the shopping center. A notable event involving Eagle Realty was the closure of Pentimento Restaurant, a long-standing tenant in Stony Brook Village Center. The restaurant's lease was not renewed, leading to community protests. Eagle Realty had previously assisted the restaurant by financing its expansion, with the agreement that they would be repaid if the business was sold. However, with the restaurant's closure, they did not recover their investment and faced additional responsibilities, such as upgrading the septic system [3].

Legal Status

Eagle Realty Holdings Inc holds an unconditional exemption as a title-holding corporation. It files a Form 990 with the IRS each year, which details its financial activities and governance structure. The organization does not qualify for deductible contributions and is not a 501(c)(3) charitable organization [2].