MID-Atlantic Broadband Communities Corporation

“Line 16a - during the tax year, mid-atlantic broadband communities corporation ("mbc") was the member-manager of lit networks llc ("the company"), a delaware limited liability company. Lit networks llc is a broadband telecommunications company, whose purpose is to sell wholesale long-haul routes of dark fiber optic strands to its members and other commercial carriers. Lit networks llc is a joint partnership between mbc and six other members, consisting of an utilities authority, cooperatives and companies. Each member receives a share of the company's income based on their proportionate share of miles of fiber contributed as capital. Mbc's share of the company's revenue is 38.87%. As manager of the company, mbc has control over the company's day-to-day business and affairs. In creating this partnership, mbc is furthering its mission by continuing to promote economic development and expanding the fiber-optic network within southern virginia.”

“Corporation staff prepares and submits form 990 information to cpa firm, a draft form 990 is prepared by cpa firm, and corporation staff and cpa firm staff review and finalize draft. The prepared form 990 is then reviewed by the corporation's president and by the chairman of the board of directors prior to being filed with the irs.”

“An annual request for disclosure of potential conflicts of interest is completed by all officers and directors to determine if there are any significant risks to the organization. After disclosure of a financial interest and all material facts relating to a financial interest, and after any discussion with an interest person, he/she shall recuse himself/herself while the financial interest is discussed and voted upon. The remaining board of executives committee members shall decide if a conflict of interest exists.”

“Compensation requests for the president were submitted to the independent compensation committee of the board of directors for review, consideration and recommendation to the full board of directors. Comparability data was used from an independent compensation study to establish compensation for this position. After deliberation, the full board voted and approved the proposed compensation request. The deliberations and approval process are documented in the committee and full board meeting minutes. This process was last undertaken during the fiscal year 2022.”

“Comparability data was used from an independent compensation study to establish compensation for these positions.”

“Financial statements, governing documents, and conflict of interest policies are not required to be disclosed. Accordingly, these documents are not available to the public at this time.”

“The corporation is organized exclusively for social welfare purposes within the meaning of section 501(c)(4) of the internal revenue code, including, but not limited to promoting economic development, lessening the burdens of government, and revitalizing economically distressed rural areas by construction and operating a publicly funded fiber-optic network for the benefit of the communities and citizens of southern virginia. Additionally, the corporation is bridging the digital divide in rural areas where commercial providers have not found it to be economically feasible to invest.”

“Mid-atlantic broadband communities corporation ("mbc") conducts the follwing activities with respect to the fiber optic network, optical transport services, co-location services and dark fiber leases. Through optical transport services, mbc provides dedicated optical transport internet services to rural unserved and underserved areas of southern virginia. The open access fiber-optic network provides access for rural virginia and promotes economic development, private investment and job creation. Through co-location services, mbc leases rack space for locating network servers and electronic storage equipment to interconnect with telecommunications network providers. Through dark fiber leases, mbc provides fiber free of charge to the virginia department of transportation for government needs and in exchange for right of way access. In some situations, unused fibers may be leased to network providers for internet access to certain rural areas.”

“Transport & other services 290,123 transport & other services -290,123”