New Hope Telephone Cooperative
- Assets
- $10.4m
- Revenue
- $2.0m
- Investments
- $9.1k
- Employees
- 12
- Location
- New Hope, VA
- Founding
- Data as of
- 10/2023
- EIN
- 30-0316192
Organization Overview
New Hope Telephone Cooperative is located in New Hope, VA. According to its NTEE Classification (W50) the organization is classified as: Telecommunications, under the broad grouping of Public & Societal Benefit and related organizations. As of 10/2023, New Hope Telephone Cooperative employed 12 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. New Hope Telephone Cooperative is a 501(c)(12) and as such, is described as a "Benevolent Life Insurance Association, Mutual Ditch or Irrigation Company, Mutual or Cooperative Telephone Company" by the IRS.
For the year ending 10/2023, New Hope Telephone Cooperative generated $2.0m in total revenue. The organization has seen a slow decline revenue. Over the past 2 years, revenues have fallen by an average of (2.6%) each year. All expenses for the organization totaled $1.8m during the year ending 10/2023. As we would expect to see with falling revenues, expenses have declined by (6.2%) per year over the past 2 years. 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
2023
Describe the Organization's Mission:
Part 3 - Line 1
TO CREATE AND MAINTAIN A QUALITY COMMUNICATIONS SYSTEM FOR CUSTOMERS OF THE NEW HOPE TELEPHONE COOPERATIVE, PROVIDING AS MANY OF THEIR COMMUNICATIONS NEEDS AS PRACTICAL.
Describe the Organization's Program Activity:
Part 3 - Line 4a
PROVIDED TELEPHONE AND BROADBAND SERVICES TO 748 MEMBERS IN ITS SERVICE AREA.
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PDF Copies of 990 Filings
Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Timothy Harris General Manager | Officer | 40 | $78,164 |
Laurie Hensley Sec/treas Through 10/14/23 | Officer | 40 | $53,144 |
Jill Levine Sec/treas Starting 11/28/23 | Officer | 40 | $0 |
Larry Powell President | OfficerTrustee | 5 | $9,507 |
Daniel Phillips Vice President | OfficerTrustee | 2 | $1,200 |
Terry Smiley Director | Trustee | 1 | $140 |
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 | $1,973,208 |
| Investment income | $60,502 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | -$2,427 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $2,030,457 |
| 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. | $188,023 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $127,807 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $38,878 |
| Payroll taxes | $0 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $31,558 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $23,462 |
| Fees for services: Other | $0 |
| Advertising and promotion | $3,791 |
| 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 | $129,931 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $590,009 |
| Insurance | $0 |
| All other expenses | -$97,507 |
| Total functional expenses | $1,774,179 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $231,056 |
| Savings and temporary cash investments | $492 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $176,053 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $132,461 |
| Prepaid expenses and deferred charges | $0 |
| Net Land, buildings, and equipment | $6,750,979 |
| Investments—publicly traded securities | $3,052,816 |
| Investments—other securities | $9,053 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $10,352,910 |
| Accounts payable and accrued expenses | $35,383 |
| Grants payable | $0 |
| Deferred revenue | $3,275 |
| 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 | $5,035,120 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $70,000 |
| Total liabilities | $5,143,778 |
| Net assets without donor restrictions | $0 |
| Net assets with donor restrictions | $0 |
| Capital stock or trust principal, or current funds | $3,580 |
| Paid-in or capital surplus, or land, building, or equipment fund | $0 |
| Retained earnings, endowment, accumulated income, or other funds | $5,205,552 |
| Total liabilities and net assets/fund balances | $10,352,910 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Scott County Telephone Cooperative Inc Gate City, VA | $34,053,199 | $9,179,083 |
Spruce Knob Seneca Rocks Telephone Inc Riverton, WV | $9,084,789 | $3,420,037 |
United States Telecommunications Training Institute Washington, DC | $827,245 | $3,204,969 |
Thermostat Recycling Corporation Washington, DC | $5,315,343 | $4,278,036 |
New Hope Telephone Cooperative New Hope, VA | $10,352,910 | $2,030,457 |
Virginia Cable Telecommunications Inc Richmond, VA | $827,903 | $1,317,486 |
The Wireless Foundation Washington, DC | $31,599,585 | $1,955,746 |
Shentel Foundation Edinburg, VA | $2,599,137 | $73,845 |
Big Bikes 4 Vets Lexington, NC | $5,973 | $8,348 |
United States Telecom Foundation Washington, DC | $6,119 | $0 |