Mid-Atlantic Broadband Communities Corporation
- Assets
- $87.7m
- Revenue
- $16.7m
- Investments
- $0.0
- Employees
- 23
- Location
- South Boston, VA
- Founding
- 02/2013
- Data as of
- 06/2022
- EIN
- 27-0076588
Organization Overview
Mid-Atlantic Broadband Communities Corporation is located in South Boston, VA. The organization was established in 2013. According to its NTEE Classification (S32) the organization is classified as: Rural Economic Development, under the broad grouping of Community Improvement & Capacity Building and related organizations. As of 06/2022, Mid-Atlantic Broadband Communities Corporation employed 23 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Mid-Atlantic Broadband Communities Corporation is a 501(c)(4) and as such, is described as a "Civic League, Social Welfare Organization, and Local Association of Employees" by the IRS.
For the year ending 06/2022, Mid-Atlantic Broadband Communities Corporation generated $16.7m in total revenue. This represents relatively stable growth, over the past 7 years the organization has increased revenue by an average of 6.4% each year. All expenses for the organization totaled $17.7m during the year ending 06/2022. While expenses have increased by 5.2% per year over the past 7 years. They've been increasing with an increasing level of total revenue. You can explore the organizations financials more deeply in the financial statements section below.
Since 2015, Mid-Atlantic Broadband Communities Corporation has awarded 80 individual grants totaling $1,535,660. If you would like to learn more about the grant giving history of this organization, scroll down to the grant profile section of this page.
Form
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2022
Describe the Organization's Mission:
Part 3 - Line 1
THE CORPORATION IS ORGANIZED EXCLUSIVELY FOR SOCIAL WELFARE PURPOSES WITHIN THE MEANING OF SECTION 501(C)(4) OF THE INTERNAL REVENUE CODE, INCLUDING, BUT NOT LIMITED TO PROMOTING ECONOMIC DEVELOPMENT, LESSENING THE BURDENS OF GOVERNMENT, AND REVITALIZING ECONOMICALLY DISTRESSED RURAL AREAS BY CONSTRUCTION AND OPERATING A PUBLICLY FUNDED FIBER-OPTIC NETWORK FOR THE BENEFIT OF THE COMMUNITIES AND CITIZENS OF SOUTHERN VIRGINIA. ADDITIONALLY, THE CORPORATION IS BRIDGING THE DIGITAL DIVIDE IN RURAL AREAS WHERE COMMERCIAL PROVIDERS HAVE NOT FOUND IT TO BE ECONOMICALLY FEASIBLE TO INVEST.
Describe the Organization's Program Activity:
Part 3 - Line 4a
MID-ATLANTIC BROADBAND COMMUNITIES CORPORATION ("MBC") CONDUCTS THE FOLLWING ACTIVITIES WITH RESPECT TO THE FIBER OPTIC NETWORK, OPTICAL TRANSPORT SERVICES, CO-LOCATION SERVICES AND DARK FIBER LEASES. THROUGH OPTICAL TRANSPORT SERVICES, MBC PROVIDES DEDICATED OPTICAL TRANSPORT INTERNET SERVICES TO RURAL UNSERVED AND UNDERSERVED AREAS OF SOUTHERN VIRGINIA. THE OPEN ACCESS FIBER-OPTIC NETWORK PROVIDES ACCESS FOR RURAL VIRGINIA AND PROMOTES ECONOMIC DEVELOPMENT, PRIVATE INVESTMENT AND JOB CREATION. THROUGH CO-LOCATION SERVICES, MBC LEASES RACK SPACE FOR LOCATING NETWORK SERVERS AND ELECTRONIC STORAGE EQUIPMENT TO INTERCONNECT WITH TELECOMMUNICATIONS NETWORK PROVIDERS. THROUGH DARK FIBER LEASES, MBC PROVIDES FIBER FREE OF CHARGE TO THE VIRGINIA DEPARTMENT OF TRANSPORTATION FOR GOVERNMENT NEEDS AND IN EXCHANGE FOR RIGHT OF WAY ACCESS. IN SOME SITUATIONS, UNUSED FIBERS MAY BE LEASED TO NETWORK PROVIDERS FOR INTERNET ACCESS TO CERTAIN RURAL AREAS.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Thomas Deriso President & | Officer | 40 | $471,687 |
Mark Varah Key Employee | Officer | 40 | $363,435 |
David Keller Key Employee | Officer | 40 | $286,036 |
Mark Petty Key Employee | Officer | 40 | $255,954 |
Sarah Miller Highest Cmp | 40 | $122,817 | |
Phillip Lloyd Secretary/tr | Officer | 40 | $118,722 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Utility Service Contractors Construction | 6/29/19 | $436,463 |
Gcr Elec. Install | 6/29/19 | $236,713 |
Usic Locating Services Llc Locating | 6/29/19 | $168,458 |
Better Cable Systems Inc Construction | 6/29/19 | $840,291 |
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 | $488,804 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $488,804 |
| Total Program Service Revenue | $15,977,303 |
| Investment income | $29,302 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $6,080 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $16,699,414 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $296,500 |
| 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. | $2,250,207 |
| Compensation of current officers, directors, key employees. | $2,250,207 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $1,297,428 |
| Pension plan accruals and contributions | $112,971 |
| Other employee benefits | $266,943 |
| Payroll taxes | $162,853 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $9,728 |
| Fees for services: Accounting | $39,926 |
| Fees for services: Lobbying | $30,100 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $37,668 |
| Advertising and promotion | $22,636 |
| Office expenses | $61,177 |
| Information technology | $138,200 |
| Royalties | $0 |
| Occupancy | $143,852 |
| Travel | $30,856 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $32,799 |
| Interest | $235,040 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $7,256,700 |
| Insurance | $97,915 |
| All other expenses | $57,190 |
| Total functional expenses | $17,743,792 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $14,121,727 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $232,318 |
| Accounts receivable, net | $1,231,657 |
| 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 | $228,275 |
| Net Land, buildings, and equipment | $71,907,580 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $17,808 |
| Total assets | $87,739,365 |
| Accounts payable and accrued expenses | $3,053,085 |
| Grants payable | $0 |
| Deferred revenue | $28,403,335 |
| 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 | $5,321,598 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | -$47,654 |
| Total liabilities | $36,730,364 |
| Net assets without donor restrictions | $28,153,523 |
| Net assets with donor restrictions | $22,855,478 |
| Capital stock or trust principal, or current funds | $0 |
| 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 | $87,739,365 |
Grants Awarded
Over the last fiscal year, Mid-Atlantic Broadband Communities Corporation has awarded $296,500 in support to 8 organizations.
| Grant Recipient | Amount |
|---|---|
South Boston, VA PURPOSE: CONTRIBUTION | $250,000 |
CENTRAL HIGH SCHOOL PURPOSE: ROBOTICS PROGRAM | $9,000 |
CUMBERLAND PUBLIC SCHOOLS PURPOSE: ROBOTICS PROGRAM | $7,500 |
HALIFAX COUNTY ROBOTICS TEAM PURPOSE: ROBOTICS PROGRAM | $6,000 |
MARTINSVILLE HIGH SCHOOL ROBOTICS PURPOSE: ROBOTICS PROGRAM | $6,000 |
NEW COLLEGE INSTITUTE PURPOSE: ROBOTICS PROGRAM | $6,000 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Northern Kentucky Area Developement District Florence, KY | $12,601,851 | $23,919,138 |
Mid-Atlantic Broadband Communities Corporation South Boston, VA | $87,739,365 | $16,699,414 |
Rural Economic Development Center Inc Raleigh, NC | $223,566,149 | $11,378,133 |
Pride Community Services Inc Logan, WV | $3,436,459 | $7,199,401 |
Kentucky River Area Development District Inc Hazard, KY | $5,857,667 | $4,838,342 |
Mountain Association For Community Economic Development Inc Berea, KY | $33,227,736 | $8,576,709 |
West Virginia Community Action Partnerships Inc Charleston, WV | $514,969 | $3,682,058 |
Southeast Kentucky Economic Development Corporation Inc Somerset, KY | $28,123,081 | $3,726,346 |
Kurdistan Regional Government -Liaison Office - Usa Washington, DC | $3,506,355 | $1,816,720 |
Virginia Coalfield Coalition Inc Lebanon, VA | $15,855,826 | $1,388,700 |
Appalachian Community Action & Development Agency Inc Gate City, VA | $1,460,417 | $1,629,556 |
W A M Y Community Action Inc Boone, NC | $1,852,412 | $1,596,975 |