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Nonprofiteer
← EDGEWATER BROADCASTING INC

Form 990 for tax year 2022

Filed by EDGEWATER BROADCASTING INC.

Totals

Total revenue
$549,535
Total expenses
$799,485
Contributions and grants received
$0
Grants paid
$772,401
Program service revenue
$12,325
Investment income
$241,500
Other revenue
$295,710
Total assets, end of year
$172,161
Total liabilities, end of year
$11,233
Net assets or fund balances, end of year
$160,928
Program services expenses (Part IX)
$786,068
Management and general expenses
$13,417
Fundraising expenses
$0
Program service expenses (Part III)
$786,068

Program services were 98.3% 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.

  • 2a · Program service revenue: PROGRAMMER SHARES

    total $6,632 · related or exempt $6,632

  • 2b · Program service revenue: RECOVERY OF BAD DEBTS

    total $5,693 · related or exempt $5,693

  • 5 · Royalties

    total $295,660 · related or exempt $295,660

  • 7a · Gross sales of assets other than inventory

    other assets $400,000

  • 7b · Less cost or other basis and sales expenses

    other assets $158,500

  • 7c · Gain or loss

    other assets $241,500

  • 7d · Net gain or loss

    total $241,500 · related or exempt $241,500

  • 11a · Other revenue: OTHER

    total $50 · related or exempt $50

  • 11e · Other revenue, total

    $50

Functional expenses

Part IX, the statement of functional expenses.

  • 1 · Grants to domestic organizations and governments

    total $772,401 · program services $772,401

  • 11b · Fees: legal

    total $24,305 · program services $12,153 · management and general $12,152

  • 11c · Fees: accounting

    total $1,975 · program services $987 · management and general $988

  • 11g · Fees: other

    total $206 · program services $103 · management and general $103

  • 13 · Office expenses

    total $156 · program services $78 · management and general $78

  • 23 · Insurance

    total $250 · program services $250

  • 24a · Other expenses: BANK FEES

    total $192 · program services $96 · management and general $96

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $268,007 · end of year $94,383

  • 4 · Accounts receivable

    beginning of year $210 · end of year $77,778

  • 14 · Intangible assets

    beginning of year $150,000

  • 17 · Accounts payable and accrued expenses

    beginning of year $7,339 · end of year $11,233

  • 27 · Net assets without donor restrictions

    beginning of year $410,878 · end of year $160,928

Mission and programs · 2022

Mission

TO LIQUIDATE ITS ASSETS AND SEND TO ITS BENEFACTOR, RADIO BY GRACE, INC. THE CONTRIBUTION WAS UNDER THE DONATION AGREEMENT EXECUTED IN 2018, WHICH WAS IN ACCORDANCE WITH ITS BYLAWS AND MISSION PURPOSE.

Activities or mission (Part I)

THE ORGANIZATION PROVIDED CHRISTIAN RADIO TALK AND MUSIC UNDER THE BRANDED RADIO NETWORK OF FREEDOM RADIO FM THROUGH NOVEMBER 2019. BEGINNING IN 2019, THE ORGANIZATION BEGAN A PROCESS OF DISTRIBUTING ITS ASSETS TO ANOTHER 501(C)(3) NONPROFIT ORGANIZATION, RADIO BY GRACE, INC. PURSUANT TO A DONATION AGREEMENT THAT WAS EXECUTED IN 2018 AND THEN LATER AMENDED IN 2019, 2020 AND 2021. THE ORGANIZATION CEASED ITS PROGRAMS AND OPERATIONS DURING 2020 AND WAS IN THE PROCESS OF LIQUIDATING ITS ASSETS TO CONTRIBUTE TO RADIO BY GRACE, INC. WHICH WAS IN ACCORDANCE WITH ITS BYLAWS AND MISSION PURPOSE.

  • THE ORGANIZATION PROVIDED CHRISTIAN RADIO TALK AND MUSIC UNDER THE BRANDED RADIO NETWORK OF FREEDOM RADIO FM THROUGH NOVEMBER 2019. BEGINNING IN 2019, THE ORGANIZATION BEGAN A PROCESS OF DISTRIBUTING ITS ASSETS TO ANOTHER 501(C)(3) NONPROFIT ORGANIZATION, RADIO BY GRACE, INC. PURSUANT TO A DONATION AGREEMENT THAT WAS EXECUTED IN 2018 AND THEN LATER AMENDED IN 2019, 2020, 2021 AND 2022. THE ORGANIZATION CEASED ITS PROGRAMS AND OPERATIONS DURING 2020 AND WAS IN THE PROCESS OF LIQUIDATING ITS ASSETS TO CONTRIBUTE TO RADIO BY GRACE, INC. WHICH WAS IN ACCORDANCE WITH ITS BYLAWS AND MISSION PURPOSE.

    Expenses $786,068 · Grants $772,401 · Revenue $549,535

As filed on the 2022 return. The filer continues this part on Schedule O, which is not shown here.

Listed in Part VII

  • John Devine

    PRESIDENT

    Total calculated
    $0
    Hours/week
    1

  • Tom Scherlen

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • Clark Parrish

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

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.

Grants 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.

Assets distributed on this return

Schedule N, as filed: what the organization did with its assets when it liquidated or dissolved, or disposed of more than a quarter of them, and who received them. A recipient with an EIN is usually a successor organization; filers also list expenses such as legal fees here.

  • RADIO BY GRACE INC

    $40,000

    Disposition · CASH · Jan 19, 2022 · 501(C)(3)

  • RADIO BY GRACE INC

    $40,000

    Disposition · CASH · Feb 9, 2022 · 501(C)(3)

  • RADIO BY GRACE INC

    $40,000

    Disposition · CASH · Mar 2, 2022 · 501(C)(3)

  • RADIO BY GRACE INC

    $40,000

    Disposition · CASH · Apr 5, 2022 · 501(C)(3)

  • RADIO BY GRACE INC

    $40,000

    Disposition · CASH · May 4, 2022 · 501(C)(3)

  • RADIO BY GRACE INC

    $40,000

    Disposition · CASH · Jun 8, 2022 · 501(C)(3)

  • RADIO BY GRACE INC

    $40,000

    Disposition · CASH · Jun 29, 2022 · 501(C)(3)

  • RADIO BY GRACE INC

    $40,000

    Disposition · CASH · Aug 24, 2022 · 501(C)(3)

  • RADIO BY GRACE INC

    $450,000

    Disposition · CASH · Nov 2, 2022 · 501(C)(3)

Provenance

Return type
form_990
Tax year
2022
Filed
15 September 2023
IRS schema version
2022v5.0
Source object
202342849349300734

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