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← MOUNTAIN GATEWAY COMMUNITY COLLEGE REAL ESTATE FOUNDATION

Form 990 for tax year 2024

Filed by MOUNTAIN GATEWAY COMMUNITY COLLEGE REAL ESTATE FOUNDATION.

Totals

Total revenue
$4,393,943
Total expenses
$385,554
Contributions and grants received
$4,367,880
Grants paid
$0
Program service revenue
$16,800
Investment income
$8,168
Other revenue
$1,095
Total assets, end of year
$7,430,717
Total liabilities, end of year
$819,611
Net assets or fund balances, end of year
$6,611,106
Program services expenses (Part IX)
$364,344
Management and general expenses
$11,330
Fundraising expenses
$9,880
Program service expenses (Part III)
$364,344

Program services were 94.5% of total expenses calculated — Part IX's program-services column over total expenses, both as filed.

Line items

Every line the filer filed in Parts VIII, IX and X, as filed and in filed order. Blank columns are left out, and the lines are not forced to add up to the totals above.

Revenue

Part VIII, the statement of revenue.

  • 1e · Government grants (contributions)

    $2,809,880

  • 1f · All other contributions, gifts and grants

    $1,558,000

  • 1g · Noncash contributions included above

    $58,382

  • 2a · Program service revenue: RENTAL INCOME

    total $16,800 · related or exempt $16,800

  • 3 · Investment income

    total $8,168 · excluded $8,168

  • 11a · Other revenue: SALE OF SCRAP METAL

    total $1,095 · related or exempt $1,095

  • 11e · Other revenue, total

    $1,095

Functional expenses

Part IX, the statement of functional expenses.

  • 11c · Fees: accounting

    total $8,050 · management and general $8,050

  • 11g · Fees: other

    total $4,379 · program services $4,379

  • 12 · Advertising and promotion

    total $98 · fundraising $98

  • 13 · Office expenses

    total $2,463 · management and general $2,463

  • 16 · Occupancy

    total $14,701 · program services $13,884 · management and general $817

  • 20 · Interest

    total $32,475 · program services $32,475

  • 22 · Depreciation, depletion and amortization

    total $4,473 · program services $4,473

  • 24a · Other expenses: EQUIPMENT DONATED TO MGCC

    total $309,133 · program services $309,133

  • 24b · Other expenses: DONOR RELATIONS

    total $9,782 · fundraising $9,782

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $134,517 · end of year $78,573

  • 2 · Savings and temporary cash investments

    beginning of year $747,711 · end of year $576,474

  • 3 · Pledges and grants receivable

    beginning of year $422,831 · end of year $284,858

  • 10a · Land, buildings and equipment: cost or other basis

    $6,419,145

  • 10b · Land, buildings and equipment: accumulated depreciation

    $8,429

  • 10c · Land, buildings and equipment, net

    beginning of year $171,610 · end of year $6,410,716

  • 15 · Other assets

    beginning of year $2,263,117 · end of year $80,096

  • 17 · Accounts payable and accrued expenses

    beginning of year $623,268 · end of year $246,075

  • 19 · Deferred revenue

    beginning of year $16,800 · end of year $83,050

  • 23 · Secured mortgages and notes payable

    beginning of year $497,001 · end of year $490,486

  • 27 · Net assets without donor restrictions

    beginning of year $2,473,651 · end of year $6,611,106

  • 28 · Net assets with donor restrictions

    beginning of year $129,066

Mission and programs · 2024

Mission

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.

  • 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.

    Expenses $364,344 · Revenue $16,800

As filed on the 2024 return.

Listed in Part VII

  • John J Rainone

    SECRETARY

    Total calculated
    $272,237
    From this org
    $0
    From related orgs
    $212,895
    Other
    $59,342
    Hours/week
    5 + 40 related

    Schedule J breakdown matched by us

    Base
    not reported + $212,895 related
    Bonus
    not reported
    Other
    not reported
    Deferred
    not reported + $59,342 related
    Nontaxable benefits
    not reported
    Filer's total
    not reported + $272,237 related

  • Michelle Austin

    TREASURER

    Total calculated
    $0
    Hours/week
    2

  • Angela D Graham

    EX-OFFICIO

    Total calculated
    $0
    Hours/week
    5 + 40 related

  • Janie Harris

    PUBLIC DIREC

    Total calculated
    $0
    Hours/week
    2

  • K Kyle Keyser

    BOARD CHAIR

    Total calculated
    $0
    Hours/week
    5

  • Tony McFaddin

    PUBLIC DIREC

    Total calculated
    $0
    Hours/week
    2

  • Amy Phillips

    EX-OFFICIO

    Total calculated
    $0
    Hours/week
    2

  • John Stone

    EX-OFFICIO

    Total calculated
    $0
    Hours/week
    2

  • Donna P Vaughn

    PUBLIC DIREC

    Total calculated
    $0
    Hours/week
    2

  • Steve Vaughn

    PUBLIC DIREC

    Total calculated
    $0
    Hours/week
    2

Compensation is as filed in Part VII: reportable pay from this organization and from related organizations, other compensation, and hours per week. The total, marked calculated, is our sum of the three dollar columns, with a blank column counted as $0; the form itself has no total. On a Form 990-EZ the columns are Part IV's instead, and on a Form 990-PF Part VIII's — compensation, contributions to benefit plans, and expense account — and the total sums those. A Schedule J breakdown is as filed: base pay, bonus, other, deferred compensation and nontaxable benefits from this organization, with any from related organizations beside each, and the filer's own total. It is shown with the Part VII listing of the same name on the same return. The form gives no key between the two, so that pairing is ours, and is marked matched by us.

Schedule J

Answered yes

None.

Answered no

  • 4a · Severance or change-of-control payment
  • 4b · Supplemental nonqualified retirement plan
  • 4c · Equity-based compensation arrangement
  • 5a · Pay contingent on this organization's revenues
  • 5b · Pay contingent on a related organization's revenues
  • 6a · Pay contingent on this organization's net earnings
  • 6b · Pay contingent on a related organization's net earnings
  • 7 · Other non-fixed payments
  • 8 · Paid under the initial-contract exception

Part I's answers as filed. A line not listed was left unanswered; on lines 1a and 3 that means the box was not checked.

Grants on this return

No itemized grants to organizations on this return.

Related organizations on this return

Schedule R Part II: tax-exempt organizations related to the filer by control. It does not record shared board members or money.

  • MOUNTAIN GATEWAY COMMUNITY COLLEGE

    115 · VA

    Directly controlled by NA

Provenance

Return type
form_990
Tax year
2024
Filed
5 May 2026
IRS schema version
2024v5.0
Source object
202621269349303602

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