Mountain Gateway Community College Real Estate Foundation
- Assets
- $3.7m
- Revenue
- $1.3m
- Investments
- $0.0
- Employees
- 0
- Location
- Clifton Forge, VA
- Founding
- Data as of
- 06/2024
- EIN
- 82-3149429
Organization Overview
Mountain Gateway Community College Real Estate Foundation is located in Clifton Forge, VA. According to its NTEE Classification (B12) the organization is classified as: Fund Raising & Fund Distribution, under the broad grouping of Education and related organizations. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Mountain Gateway Community College Real Estate Foundation is a 501(c)(3) and as such, is described as a "Charitable or Religous organization or a private foundation" by the IRS.
For the year ending 06/2024, Mountain Gateway Community College Real Estate Foundation generated $1.3m in total revenue. This organization has experienced exceptional growth, as over the past 4 years, it has increased revenue by an average of 10.3% each year . All expenses for the organization totaled $58.7k during the year ending 06/2024. 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
2024
Describe the Organization's Mission:
Part 3 - Line 1
TO SUPPORT MOUNTAIN GATEWAY COMMUNITY COLLEGE BY PURCHASING AND DEVELOPING PROPERTIES THAT WILL BE RENTED BY THE COLLEGE FOR USE AS CLASSROOM SPACES AND TRAINING CENTERS.
Describe the Organization's Program Activity:
Part 3 - Line 4a
PURCHASE PROPERTIES IN BUENA VISTA, VA AND RENOVATE THEM IN ORDER TO CREATE A WORKFORCE CENTER THAT MOUNTAIN GATEWAY COMMUNITY COLLEGE CAN RENT FROM THE FOUNDATION TO DELIVER IN-DEMAND TRAINING FOR ADVANCED MANUFACTURING, MACHINING,WELDING, HVAC AND DIESEL MECHANICS.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
John J Rainone Secretary | OfficerTrustee | 5 | $0 |
Michelle Austin Treasurer | OfficerTrustee | 2 | $0 |
Angela D Graham Public Direc | Trustee | 5 | $0 |
Janie Harris Public Direc | Trustee | 2 | $0 |
K Kyle Keyser Board Chair | OfficerTrustee | 5 | $0 |
Tony Mcfaddin Public Direc | Trustee | 2 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $886,913 |
| All other contributions, gifts, grants, and similar amounts not included above | $320,134 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $1,207,047 |
| Total Program Service Revenue | $16,800 |
| Investment income | $20,062 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $22,530 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $1,266,439 |
| 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. | $0 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $0 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $0 |
| Payroll taxes | $0 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $7,650 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $4,578 |
| Advertising and promotion | $142 |
| Office expenses | $2,056 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $20,532 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $19,476 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $4,233 |
| Insurance | $0 |
| All other expenses | $0 |
| Total functional expenses | $58,667 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $134,517 |
| Savings and temporary cash investments | $747,711 |
| Pledges and grants receivable | $422,831 |
| 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 | $171,610 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $2,263,117 |
| Total assets | $3,739,786 |
| Accounts payable and accrued expenses | $623,268 |
| Grants payable | $0 |
| Deferred revenue | $16,800 |
| 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 | $497,001 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $0 |
| Total liabilities | $1,137,069 |
| Net assets without donor restrictions | $2,473,651 |
| Net assets with donor restrictions | $129,066 |
| 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 | $3,739,786 |