Buggs Island Telephone Cooperative
- Assets
- $0.0
- Revenue
- $1.2m
- Investments
- $0.0
- Employees
- 15
- Location
- Bracey, VA
- Founding
- Data as of
- 05/2020
- EIN
- 54-6004683
Organization Overview
Buggs Island Telephone Cooperative is located in Bracey, VA. As of 05/2020, Buggs Island Telephone Cooperative employed 15 individuals. Buggs Island 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 05/2020, Buggs Island Telephone Cooperative generated $1.2m in total revenue. This represents a relatively dramatic decline in revenue. Over the past 5 years, the organization has seen revenues fall by an average of (23.8%) each year. All expenses for the organization totaled $925.4k during the year ending 05/2020. As we would expect to see with falling revenues, expenses have declined by (25.5%) per year over the past 5 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
2020
Describe the Organization's Mission:
Part 3 - Line 1
PUBLIC UTILITY TELECOMMUNICATIONS TO MEMBERS ONLY.
Describe the Organization's Program Activity:
Part 3 - Line 4a
PUBLIC UTILITY TO MEMBERS
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Michele Taylor General Manager/asst Secretary | Officer | 40 | $29,871 |
Carolyn Piercy Assistant Treasurer | Officer | 40 | $20,163 |
Joseph Hutson Director | Trustee | 2 | $1,916 |
Jason Hite Secretary | OfficerTrustee | 2 | $1,901 |
Jerry Jones Director | Trustee | 2 | $1,607 |
Cheryl Field Treasurer | OfficerTrustee | 2 | $1,265 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Mid South Engineering | 12/30/19 | $355,083 |
Raco Inc Plow Fiber | 12/30/19 | $845,594 |
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 | $1,132,988 |
| Investment income | $13,388 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $2,646 |
| Net Gain/Loss on Asset Sales | $5,500 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $7,085 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $1,161,607 |
| 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. | $77,622 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $155,083 |
| Pension plan accruals and contributions | $6,235 |
| Other employee benefits | $37,475 |
| Payroll taxes | $13,557 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $118,818 |
| Fees for services: Accounting | $35,610 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $0 |
| Advertising and promotion | $6,149 |
| Office expenses | $0 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $0 |
| Travel | $215 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $688 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $100,224 |
| Insurance | $86,854 |
| All other expenses | $7,220 |
| Total functional expenses | $925,350 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $0 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $0 |
| 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 | $0 |
| Net Land, buildings, and equipment | $0 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $0 |
| Accounts payable and accrued expenses | $0 |
| Grants payable | $0 |
| Deferred revenue | $0 |
| 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 | $0 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $0 |
| Total liabilities | $0 |
| Net assets without donor restrictions | $0 |
| Net assets with donor restrictions | $0 |
| 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 | $0 |
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