Mid-Atlantic Broadband Communities Corporation in South Boston, Virginia (VA)

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Mid-Atlantic Broadband Communities Corporation
Employer Identification Number (EIN)270076588
Name of OrganizationMid-Atlantic Broadband Communities Corporation
In Care of NameDan River Business Development Ct
Address1100 Confroy Dr Ste 4, South Boston, VA 24592-7163
SubsectionSocial Welfare Organization
Ruling Date02/2013
DeductibilityContributions are not deductible
FoundationAll organizations except 501(c)(3)
OrganizationCorporation
Exempt Organization StatusUnconditional Exemption
Tax Period06/2012
Assets$10,000,000 to $49,999,999
Income$5,000,000 to $9,999,999
Filing Requirement990 (all other) or 990EZ return
Asset Amount$14,672,540
Amount of Income$6,315,097
Form 990 Revenue Amount$6,315,097
National Taxonomy of Exempt Entities (NTEE)Community Improvement, Capacity Building: Rural Development


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Amount of income in 2012: $6,315,097
This organization: 

 $6,315,097
Other organizations performing similar types of work: 

 $125,300

Assets in 2012: $14,672,540
Mid-Atlantic Broadband Communities Corporation: 

 $14,672,540
Other organizations performing similar types of work: 

 $109,814

Expenses in 2007: $5,019,516
This organization: 

 $5,019,516
Other organizations performing similar types of work: 

 $311,241

Income to expenses ratio in 2007: 1.8
This organization: 

 1.8
Other organizations performing similar types of work: 

 1.4

Expenses allocated to program services in 2007: 0.0%
This organization: 

 0.0%
Other organizations performing similar types of work: 

 100.0%

Grants share in income in 2007: 83.1%
Mid-Atlantic Broadband Communities Corporation: 

 83.1%
Other organizations performing similar types of work: 

 83.1%

Financial snapshot ($)

Revenue for 2007

Assets at end of 2007

Income-Producing Activities for 2007

Revenue, Expenses, and Changes in Net Assets or Fund Balances
2007
Total revenue$8,839,003
Contributions, gifts, grants, and similar amounts received$7,342,578
Contributions to donor advised funds$0
Direct public support$0
Indirect public support$0
Government contributions (grants)$7,342,578
Program service revenue including government fees and contracts$1,472,661
Membership dues and assessments$0
Interest on savings and temporary cash investments$26,590
Dividends and interest from securities$0
Net rental income or (loss)$0
Gross rents$0
Less: rental expenses$0
Other investment income$0
Gain or (loss) from sales of assets other than inventory$-2,826
Gross amount from sales of assets other than inventory$5,100
Less: cost or other basis and sales expenses$7,926
Net income or (loss) from special events and activities$0
Gross revenue$0
Less: direct expenses other than fundraising expenses$0
Gross profit or (loss) from sales of inventory$0
Gross sales of inventory, less returns and allowances$0
Less: cost of goods sold$0
Other revenue$0
Total expenses$5,019,516
Program services$0
Management and general$0
Fundraising$0
Payments to affiliates$0
Net assets or fund balances at end of year$36,314,975
Excess or (deficit) for the year$3,819,487
Net assets or fund balances at beginning of year$32,492,409
Other changes in net assets or fund balances$3,079
Statement of Functional Expenses (for 2007)
TotalProgram servicesManagement and generalFundraising
Total functional expenses$5,019,516$0$0$0
Grants paid from donor advised funds$0
Other grants and allocations$0
Specific assistance to individuals$0
Benefits paid to or for members$0
Compensation of current officers, directors, key employees, etc.$0$0$0$0
Compensation of former officers, directors, key employees, etc.$0$0$0$0
Compensation and other distributions, not included above, to disqualified persons (as defined under section 4958(f)(1)) and persons described in section 4958(c)(3)(B)$0$0$0$0
Salaries and wages of employees not included above$0$0$0$0
Pension plan contributions not included above$0$0$0$0
Employee benefits not included above$0$0$0$0
Payroll taxes$0$0$0$0
Professional fundraising fees$0$0$0$0
Accounting fees$0$0$0$0
Legal fees$0$0$0$0
Supplies$0$0$0$0
Telephone$0$0$0$0
Postage and shipping$0$0$0$0
Occupancy$0$0$0$0
Equipment rental and maintenance$0$0$0$0
Printing and publications$0$0$0$0
Travel$0$0$0$0
Conferences, conventions, and meetings$0$0$0$0
Interest$37,288$0$0$0
Depreciation, depletion, etc.$3,033,433$0$0$0
Other expenses not covered above$1,948,795$0$0$0
Balance Sheets
2007
Total assets$40,151,735
Cash - non-interest-bearing$0
Savings and temporary cash investments$817,586
Accounts receivable less allowance for doubtful accounts$329,866
Pledges receivable less allowance for doubtful accounts$0
Grants receivable$2,029,395
Receivables from current and former officers, directors, trustees, and key employees$0
Receivables from other disqualified persons (as defined under section 4958(f)(1)) and persons described in section 4958(c)(3)(B)$0
Other notes and loans receivable less allowance for doubtful accounts$0
Inventories for sale or use$0
Prepaid expenses and deferred charges$160,920
Investments - publicly-traded securities$0
Investments - other securities$0
Investments - land, buildings, and equipment less accumulated depreciation$0
Investments - other$19,050
Land, buildings, and equipment less accumulated depreciation$36,793,318
Other assets, including program-related investments$1,600
Total liabilities$3,836,760
Accounts payable and accrued expenses$1,836,189
Grants payable$100
Deferred revenue$0
Loans from officers, directors, trustees, and key employees$0
Tax-exempt bond liabilities$0
Mortgages and other notes payable$2,000,000
Other liabilities$471
Total liabilities and net assets/fund balances$40,151,735
Total net assets or fund balances$36,314,975
Reconciliation of Revenue per Audited Financial Statements With Revenue per Return
2007
Total revenue$8,839,003
Total revenue, gains, and other support per audited financial statements$8,839,003
Other expenses$0
Net unrealized gains on investments$0
Donated services and use of facilities$0
Recoveries of prior year grants$0
Other$0
Other revenue$0
Investment expenses$0
Other$0
Reconciliation of Expenses per Audited Financial Statements With Expenses per Return
2007
Total expenses$5,019,516
Total expenses and losses per audited financial statements$5,019,516
Other revenue$0
Donated services and use of facilities$0
Prior year adjustments$0
Losses$0
Other$0
Other expenses$0
Investment expenses$0
Other$0
Current Officers, Directors, Trustees, and Key Employees
Total number of officers, directors, and trustees permitted to vote on organization business at board meetings9
Are any officers, directors, trustees, or key employees listed in Form 990, Part V-A, or highest compensated employees listed in Schedule A, Part I, or highest compensated professional and other independent contractors listed in Schedule A, Part II-A or II-B, related to each other through family or business relationships?No
Do any officers, directors, trustees, or key employees listed in Form 990, Part V-A, or highest compensated employees listed in Schedule A, Part I, or highest compensated professional and other independent contractors listed in Schedule A, Part II-A or II-B, receive compensation from any other organizations, whether tax exempt or taxable, that are related to the organization?No
Does the organization have a written conflict of interest policy?No
Other Information
Did the organization have unrelated business gross income of $1,000 or more during the year covered by this return, and has it filed a tax return on Form 990-T for this year?No
Was there a liquidation, dissolution, termination, or substantial contraction during the year?No
Is the organization related (other than by association with a statewide or nationwide organization) through common membership, governing bodies, trustees, officers, etc., to any other exempt or nonexempt organization?Yes
Direct and indirect political expenditures$0
Did the organization file Form 1120-POL for this year?No
Were substantially all dues nondeductible by members?No
Did the organization make only in-house lobbying expenditures of $2,000 or less?No
Dues, assessments, and similar amounts from members$0
Section 162(e) lobbying and political expenditures$0
Aggregate nondeductible amount of section 6033(e)(1)(A) dues notices$0
Taxable amount of lobbying and political expenditures$0
Does the organization elect to pay the section 6033(e) tax on the amount above?No
If section 6033(e)(1)(A) dues notices were sent, does the organization agree to add the amount above to its reasonable estimate of dues allocable to nondeductible lobbying and political expenditures for the following tax year?No
Initiation fees and capital contributions$0
Gross receipts for public use of club facilities$0
At any time during the year, did the organization, directly or indirectly, own a controlled entity within the meaning of section 512(b)(13)?No
Amount of tax imposed on the organization during the year under: section 4911$0
Amount of tax imposed on the organization during the year under: section 4912$0
Amount of tax imposed on the organization during the year under: section 4955$0
Did the organization engage in any section 4958 excess benefit transaction during the year or did it become aware of an excess benefit transaction from a prior year?
Amount of tax imposed on the organization managers or disqualified persons during the year under sections 4912, 4955, and 4958$0
Amount of tax above, reimbursed by the organization$0
At any time during the tax year, was the organization a party to a prohibited tax shelter transaction?No
Did the organization acquire a direct or indirect interest in any applicable insurance contract?No
Did the supporting organization, or a fund maintained by a sponsoring organization, have excess business holdings at any time during the year?No
Number of employees employed in the pay period that includes March 12, 20060
Analysis of Income-Producing Activities (for 2007)
Unrelated business incomeExcluded by section 512, 513, or 514Related or exempt function income
Business codeAmountExclusion codeAmount
Total$0$0$1,496,425
Program service revenue
Program service revenue 1000000$000$0$1,472,661
Program service revenue 2000000$000$0$0
Program service revenue 3000000$000$0$0
Program service revenue 4000000$000$0$0
Program service revenue 5000000$000$0$0
Medicare/Medicaid payments000000$000$0$0
Fees and contracts from government agencies000000$000$0$0
Membership dues and assessments000000$000$0$0
Interest on savings and temporary cash investments000000$000$0$26,590
Dividends and interest from securities000000$000$0$0
Net rental income or (loss) from real estate
debt-financed property000000$000$0$0
not debt-financed property000000$000$0$0
Net rental income or (loss) from personal property000000$000$0$0
Other investment income000000$000$0$0
Gain or (loss) from sales of assets other than inventory000000$000$0$-2,826
Net income or (loss) from special events000000$000$0$0
Gross profit or (loss) from sales of inventory000000$000$0$0
Other revenue000000$000$0$0
Information Regarding Taxable Subsidiaries and Disregarded Entities (for 2007)
EIN of corporation, partnership, or disregarded entityPercentage of ownership interestTotal incomeEnd-of-year assets
0%$0$0
0%$0$0
0%$0$0
0%$0$0
Compensation of the Five Highest Paid Employees Other Than Officers, Directors, and Trustees (for 2007)
CompensationContributions to employee benefit plans & deferred compensationExpense account and other allowances
$0$0$0
$0$0$0
$0$0$0
$0$0$0
$0$0$0
Total number of other employees paid over $50,0000
Statements About Activities (for 2007)
Expenses paid or incurred in connection with the lobbying activities$0
Did the organization receive or hold an easement for conservation purposes, including easements to preserve open space, the environment, historic land areas or historic structures?
Did the organization provide credit counseling, debt management, credit repair, or debt negotiation services?
Did the organization maintain any donor advised funds?
Did the organization make any taxable distributions under section 4966?
Did the organization make a distribution to a donor, donor advisor, or related person?
Enter the total number of donor advised funds owned at the end of the tax year$0
Enter the aggregate value of assets held in all donor advised funds owned at the end of the tax year$0
Enter the total number of separate funds or accounts owned at the end of the tax year (excluding donor advised funds included above) where donors have the right to provide advice on the distribution or investment of amounts in such funds or accounts$0
Enter the aggregate value of assets held in all funds or accounts included above at the end of the tax year$0
Reason for Non-Private Foundation Status
The organization is not a private foundation because it is
Support Schedule
2006
Total$0
Gifts, grants, and contributions received$0
Membership fees received$0
Gross receipts from admissions, merchandise sold or services performed, or furnishing of facilities in any activity that is related to the organization's charitable, etc., purpose$0
Gross income from interest, dividends, amounts received from payments on securities loans (section 512(a)(5)), rents, royalties, and unrelated business taxable income (less section 511 taxes) from businesses acquired by the organization after June 30, 1975$0
Net income from unrelated business activities not included above$0
Tax revenues levied for the organization's benefit and either paid to it or expended on its behalf$0
The value of services or facilities furnished to the organization by a governmental unit without charge. Do not include the value of services or facilities generally furnished to the public without charge$0
Other income$0
Lobbying Expenditures by Electing Public Charities (for 2007)
Total exempt purpose expenditures$0
Total lobbying expenditures$0
Total lobbying expenditures to influence public opinion (grassroots lobbying)$0
Total lobbying expenditures to influence a legislative body (direct lobbying)$0
Other exempt purpose expenditures$0
Lobbying nontaxable amount$0
Grassroots nontaxable amount$0
Statements Regarding Other IRS Filings and Tax Compliance (for 2011)
Did the organization have unrelated business gross income of $1,000 or more during the year?No
Initiation fees and capital contributions$0
Gross receipts for public use of club facilities $0
Gross income from members or shareholders$4,335,779
Gross income from other sources$216,526
Statement of Revenue (for 2011)
Total revenue$5,015,712
Contributions, Gifts, Grants and Other Similar Amounts$448,829
Program Service Revenue$4,552,305
Other Revenue
Investment income (including dividends, interest, and other similar amounts)$7,831
Income from investment of tax-exempt bond proceeds$0
Royalties$0
Net rental income$0
Net gain from sales of assets other than inventory$0
Net income from fundraising events$0
Net income from gaming activities$0
Net income from sales of inventory$0
Miscellaneous Revenue$6,747
Statement of Functional Expenses (for 2011)
Total functional expenses$3,999,167
Compensation of current officers, directors, trustees, and key employees$405,695
Other salaries and wages$606,643
Payroll taxes$83,562
Professional fundraising services$0
Other$2,903,267
Balance Sheet (for 2011)
Total assets$9,962,764
Total liabilities$4,986,309
Tax-exempt bond liabilities$0
Secured mortgages and notes payable to unrelated third parties$0
Unsecured notes and loans payable to unrelated third parties$356,109
Other$4,630,200
Total net assets or fund balances$4,976,455
Retained earnings, endowment, accumulated income, or other funds$4,929,455
Reason for Public Charity Status (for 2011)
The organization is not a private foundation because it is:Not provided
Organizations performing similar types of work
IdNameAddressStateEstablishedTotal Income
1Mid-Atlantic Broadband Communities Corporation1100 Confroy Dr Ste 4, South Boston, VA 24592-7163VA2013-02$6,315,097
2Idaho-Nevada Community Development Financial Institution IncPO BOX 413, Pocatello, ID 83204-0413ID2002-01$2,777,515
3Rural Electric Economic Development Inc, Reedco IncPO BOX 227, Madison, SD 57042-0227SD1998-12$2,534,927
4Purchase Area Regional Industrial Park Authority Inc1002 Medical Dr, Mayfield, KY 42066-1184KY2001-08$195,916
5Ozarks Industrial Development Corporation35 Court Square Rm 302, West Plains, MO 65775-3409MO1999-01$137,342
6Wayne County Ez Community IncPO BOX 817, Monticello, KY 42633-0817KY1996-01$63,175
7Community Development Foundation1705 Dakota Ave S, Huron, SD 57350-3931SD2008-08$42,631
8River Parishes Communitydevelopment CorporationPO BOX 70, Norco, LA 70079-0070LA2007-12$20,032
9Northern Kentucky Area Developement District22 Spiral Dr, Florence, KY 41042-1300KY1999-02$16,916,745
10Jobsohio Beverage System41 South High Street, Columbus, OH 43215-6101OH2006-09$11,319,414
11Goodwill Temporary Services Of Kentucky Inc1325 S 4th St, Louisville, KY 40208-2313KY1998-11$5,051,323
12Northern Economic Initiatives CorporationPO BOX 7009, Marquette, MI 49855-7009MI2005-10$3,957,751
13Palo Verde Valley Communityimprovement Fund145 N Spring St, Blythe, CA 92225-1632CA2007-09$2,973,594
14Cook Inlet Lending Center Inc3510 Spenard Rd Ste 102, Anchorage, AK 99503-3777AK2002-04$2,514,420
15Clinton County Ez Community Inc26 Welcome Center Drive, Albany, KY 42602KY1996-05$2,173,768
16Little Rock Workforce Investment Board5401 S University Avenue Suite 143, Little Rock, AR 72209-1701AR2002-10$1,660,916
17Icast Internationl Center For Appropriate & Sustanabl Technology777 S Wadsworth Blvd Ste 4-205, Lakewood, CO 80226-4377CO2005-03$1,547,010
18Center For Rural Policy And Development600 S 5th St Ste 211, St Peter, MN 56082-1496MN1999-03$1,280,767
19Greater Pittsburgh Chamber Of Commerce11 Stanwix St Fl 17, Pittsburgh, PA 15222-1312PA1999-12$921,195
20Door Of Faith Ministries IncPO BOX 6434, Chula Vista, CA 91909-6434CA2003-06$820,366
21New Mexico Community Capital801 Univ Blvd Se Ste 102, Albuquerque, NM 87106-4345NM2005-11$819,346
22Free Enterprise WatchPO BOX 471, Richmond, VA 23218-0471VA2006-08$96,254
23Middle Peninsula Businessdevelopment PartnershipPO BOX 286, Saluda, VA 23149-0286VA2007-09$85,901
24High Knob Enhancement CorporationPO BOX 125, St Paul, VA 24283VA2008-08$50,330
25Council For Rural Virginia2265 Kraft Dr, Blacksburg, VA 24060-6360VA2005-06$31,348
26Cumberland Plateau Electronic Business Village IncPO BOX 143, Richlands, VA 24641-0143VA2003-11$8,100
27King And Queen Community Development IncPO BOX 191, Walkerton, VA 23177-0191VA2001-08$3,793
28Farmers Agribusiness Resources & Marketing Inc10307 Steamboat Landing Ln, Burke, VA 22015-2543VA2000-02$16
29Grayson Land CarePo Box 373, Independence, VA 24348VA2008-07$0
30Hands Across The Mountain Inc A Virginia Nonstock Corporation122 Wyandotte Ave E, Big Stone Gap, VA 24219VA1997-08$0
Number of organizations performing similar types of work
Alaska11
Alabama4
Arkansas7
Arizona4
California14
Colorado10
Connecticut2
District of Columbia4
Delaware1
Florida9
Georgia8
Hawaii2
Iowa11
Idaho8
Illinois10
Indiana11
Kansas2
Kentucky17
Louisiana6
Massachusetts3
Maryland4
Maine2
Michigan6
Minnesota10
Missouri11
Mississippi9
Montana7
North Carolina21
North Dakota9
Nebraska9
New Hampshire2
New Jersey2
New Mexico12
Nevada1
New York10
Ohio12
Oklahoma4
Oregon7
Pennsylvania8
Rhode Island1
South Carolina6
South Dakota8
Tennessee7
Texas24
Utah1
Virginia19
Vermont3
Washington11
Wisconsin5
West Virginia9
Wyoming4
International1
Total389

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