VGMHC HOLDINGS INC
AI Summary
VGMHC Holdings Inc is a public benefit corporation established in 2024 to support the Virginia Garcia Memorial Health Center, specifically through a New Markets Tax Credit transaction aimed at developing the Newberg Wellness Center. With an operating budget of $59,000 and total revenue of $694,100 for the filing year 2025, the organization focuses on economic development in underserved areas of Oregon. It does not rely on a single funder for 50% or more of its revenue.
Mission Statement
VGMHC HOLDINGS, INC. (HOLDINGS) WAS FORMED IN 2024 AS A PUBLIC BENEFIT CORPORATION TO EXCLUSIVELY BENEFIT THE VIRGINIA GARCIA MEMORIAL HEALTH CENTER (THE CENTER). HOLDINGS WAS ESTABLISHED AS PART OF A NEW MARKETS TAX CREDIT (NMTC) TRANSACTION FOR THE CENTER'S NEWBERG WELLNESS CENTER PROJECT.THE NMTC PROGRAM IS A FEDERAL SUBSIDY PROGRAM FOR ECONOMIC DEVELOPMENT OF DEPRESSED AREAS. THE NMTC PROGRAM IS DESIGNED TO STIMULATE THE FLOW OF INVESTMENT CAPITAL INTO UNDERSERVED AREAS BY PROVIDING TAX CREDIT INVESTMENT IN A "LOW INCOME COMMUNITY," WHICH IS CLAIMED OVER A SEVEN YEAR CREDIT COMPLIANCE PERIOD. ON FEBRUARY 8, 2024, THE CENTER CLOSED A NMTC TRANSACTION OF APPROXIMATELY $25.2 MILLION TO DEVELOP ITS NEWBERG WELLNESS CENTER.
Charity Verification Snapshot
IRS EO Business Master File Status
Listed as tax-exempt
IRS Pub 78 Status
Eligible for tax-deductible gifts
IRS Revocation Status
Not in Automatic Revocation of Exemption List
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Frequently Asked Questions
What is VGMHC HOLDINGS INC’s budget?
In 2025, VGMHC HOLDINGS INC reported an annual operating budget of around $59 thousand. More detailed financial information is available to registered users.
Where does VGMHC HOLDINGS INC operate?
VGMHC HOLDINGS INC is headquartered in Aloha, OR.