Bit Holdings Three Inc
- Assets
- $969.6m
- Revenue
- $40.2m
- Investments
- $0.0
- Employees
- 0
- Location
- Baltimore, MD
- Founding
- 07/1994
- Data as of
- 12/2022
- EIN
- 52-1876490
Organization Overview
Bit Holdings Three Inc is located in Baltimore, MD. The organization was established in 1994. 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.
For the year ending 12/2022, Bit Holdings Three Inc generated $40.2m in total revenue. This represents a relatively dramatic decline in revenue. Over the past 8 years, the organization has seen revenues fall by an average of (4.7%) each year. All expenses for the organization totaled $7.7m 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
THE CORPORATION WAS ORGANIZED TO ACQUIRE REAL PROPERTY, HOLD TITLE THERETO, COLLECT INCOME FROM SUCH PROPERTY, AND REMIT THE ENTIRE AMOUNT LESS EXPENSES TO QUALIFIED SHAREHOLDERS.
Describe the Organization's Program Activity:
Part 3 - Line 4a
THE CORPORATION 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 BUILDING INVESTMENT TRUST. DURING 2022, BIT HOLDINGS THREE OWNED SEVERAL PROPERTIES, DIRECTLY AND INDIRECTLY, AND DISTRIBUTED APPROXIMATELY $341 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 |
|---|---|---|---|
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 |
Kenneth Marty Jr Vp/assistant Secretary | OfficerTrustee | 0.1 | $0 |
William K Mihm Vp/assistant Secretary | OfficerTrustee | 0.1 | $0 |
Rinse A Brink Pres/asst Secretary/asst Treasurer | OfficerTrustee | 0.2 | $0 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Crimson Services Property Management Fees | 12/30/19 | $581,773 |
Hines Interest Lp Building Maintenance | 12/30/19 | $1,357,739 |
Jones Lang Lasalle Leasing Commissions | 12/30/19 | $337,025 |
D&l Precision Interior Construction | 12/30/19 | $273,725 |
Commercial Building Maintenance Building Maintenance/repair Service | 12/30/19 | $372,800 |
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 | $54,648,620 |
| Net Gain/Loss on Asset Sales | -$14,406,220 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $40,242,400 |
| 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 | $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 | $80,737 |
| Advertising and promotion | $0 |
| Office expenses | $0 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $0 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $7,441,037 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $19,453 |
| Insurance | $0 |
| All other expenses | $0 |
| Total functional expenses | $7,658,228 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $3,501,568 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $2,857,637 |
| 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 | $1,471,729 |
| Net Land, buildings, and equipment | $961,793,023 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $969,623,957 |
| Accounts payable and accrued expenses | $19,074,009 |
| Grants payable | $0 |
| Deferred revenue | $1,598,019 |
| 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 | $156,000,000 |
| Other liabilities | $1,618,639 |
| Total liabilities | $178,290,667 |
| Net assets without donor restrictions | $0 |
| Net assets with donor restrictions | $0 |
| Capital stock or trust principal, or current funds | $791,333,290 |
| 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 | $969,623,957 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Community Capital Corporation - Sonia Gutierrez Campus Washington, DC | $0 | $6,304,492 |
Keystone Florida Property Holding Corp Harrisburg, PA | $157,175,881 | $17,315,641 |
Bit Holdings Three Inc Baltimore, MD | $969,623,957 | $40,242,400 |
Northern Virginia Assoc Of Realtors Incorporated Fairfax, VA | $24,558,097 | $7,651,355 |
Vertex Non Profit Holdings Inc Fairmont, WV | $32,441,063 | $3,635,457 |
1800 Massachusetts Avenue Corp Washington, DC | $77,332,269 | $5,465,941 |
Richmond Board Of Realtors Richmond, VA | $32,077,110 | $4,626,448 |
Holy Spirit Corporation Hershey, PA | $30,669,518 | $4,832,377 |
National Development Corporation Of Delta Phi Epsilon Inc Philadelphia, PA | $5,384,830 | $3,037,660 |
K C Club Inc State College, PA | $0 | $1,561,572 |
American Diabetes Association Property Title Holding Corporation Arlington, VA | $20,277,269 | $1,938,970 |
Greater Baltimore Board Of Realtors Inc Lutherville Timonium, MD | $9,621,072 | $2,245,768 |