501 Property Inc

501 property, inc. Is organized and shall be operated exclusively for the purpose of acquiring and holding title to real property, collecting the income therefrom and remitting the entire amount of such income (less expenses) to the monarch community, inc., which shall at all times be an organization described in section 501(c)(3) of the internal revenue code. The monarch community, inc. Is a residential treatment facility for persons with persistent and serious mental illness. 501 property, inc. Is an entity formed to acquire the property to be used by the monarch community, inc. All net income generated by the property will be used for the benefit and sole use of the monarch community, inc. In performance of its charitable mission. 100 percent of 501 property, inc.'s time will be spent fullfilling its exempt purpose. The activiy is located within texas.