2025-03-11T09:34:23-04:00 2024-06-30 871753047 RUSHTON LLC PO BOX 2917 GAINESVILLE GA 30503 990 2023-07-01 813878573 FBNEGA TITLE HOLDING COMPANY FBNE 890 NEWTON BRIDGE DR ATHENS GA 30604 ERIN BARGER EXECUTIVE DIRECTOR 7069609206 2025-03-07 true false J CHRIS HOLLIFIELD P00939610 7702877800 2025-03-10 2023 2025-03-06 01:10:19Z X ERIN BARGER 861 NEWTON BRIDGE ROAD ATHENS GA 30604 7387056 false X X 2016 GA THE ORGANIZATION IS A QUALIFIED ACTIVE LOW INCOME COMMUNITY BUSINESS (QALICB) FOR NEW MARKETS TAX CREDIT PURPOSES. THE PRIMARY MISSION OF THE CORPORATION IS HOLDING TITLE TO PROPERTY, COLLECTING INCOME FROM THAT PROPERTY, AND TURNING OVER THE ENTIRE AMOUNT OF SUCH INCOME, LESS EXPENSES, TO THE FOOD BANK OF NORTHEAST GEORGIA, INC, AN ORGANIZATION EXEMPT FROM FEDERAL INCOME TAX PURSUANT TO SECTION 501(C)(3) X 13 13 0 0 0 97746 36899 7350157 0 97746 7387056 0 0 0 0 0 429898 6404712 429898 6404712 -332152 982344 6368656 0 7351000 0 -982344 0 X THE ORGANIZATION IS A QUALIFIED ACTIVE LOW INCOME COMMUNITY BUSINESS (QALICB) FOR NEW MARKETS TAX CREDIT PURPOSES. THE PRIMARY MISSION OF THE CORPORATION IS HOLDING TITLE TO PROPERTY, COLLECTING INCOME FROM THAT PROPERTY, AND TURNING OVER THE ENTIRE AMOUNT OF SUCH INCOME, LESS EXPENSES, TO THE FOOD BANK OF NORTHEAST GEORGIA, INC, AN ORGANIZATION EXEMPT FROM FEDERAL INCOME TAX PURSUANT TO SECTION 501(C)(3) false true . false false false false false false false false false false false false false false true false true false false false false false false false false false false false true false false false false false false false false true false false true false false true 0 0 0 false false false false false false false false X 13 13 false false false false false false false true true false false false true true true true true true true false GA X TIM SCHREIBER 7069609206 861 NEWTON BRIDGE RD ATHENS GA 30604 ERIN BARGER EXECUTIVE DI 40.00 X X 0 142770 15030 CSHANYSE ALLEN DIRECTOR 1.00 X 0 0 0 DON BARBER DIRECTOR 1.00 X 0 0 0 RYAN DOBRIN DIRECTOR 1.00 X 0 0 0 EMILY ESCOE SECRETARY 1.00 X X 0 0 0 JOHN GRAHAM DIRECTOR 1.00 X 0 0 0 TINO JOHNSON DIRECTOR 1.00 X 0 0 0 BILLY PORTER DIRECTOR 1.00 X 0 0 0 SEKHAR REBALA DIRECTOR 1.00 X 0 0 0 LEE ROBINSON DIRECTOR 1.00 X 0 0 0 THOMAS SETTLES DIRECTOR 1.00 X 0 0 0 LEIGH SIMPSON TREASURER 1.00 X X 0 0 0 JOHN TEBEAU CHAIRMAN 1.00 X X 0 0 0 THERESA WRIGHT DIRECTOR 1.00 X 0 0 0 142770 15030 false true false RENTAL INCOME FROM SPONSOR 900099 36899 36899 36899 7350157 7350000 157 7387056 7386899 157 61460 136197 CONTRIBUTION TO SPONSOR 5821989 UNAMORTIZED LOAN FEES 385030 BANK FEES 36 6404712 0 0 0 35513 5943987 385030 4126 6368656 0 7350000 1000 7351000 0 X -982344 -982344 0 6368656 0 982344 X false true X true false X SCHEDULE D, PAGE 3, PART X NOTE 18 - UNCERTAIN TAX POSITIONS EFFECTIVE JULY 1, 2009, THE FOOD BANK IMPLEMENTED THE NEW ACCOUNTING REQUIREMENTS ASSOCIATED WITH UNCERTAINTY IN INCOME TAXES USING THE PROVISIONS OF FASB ASC 740, INCOME TAXES. THE GUIDANCE PRESCRIBES A MINIMUM RECOGNITION THRESHOLD AND MEASUREMENT METHODOLOGY THAT A TAX POSITION TAKEN OR EXPECTED TO BE TAKEN IN A TAX RETURN IS REQUIRED BEFORE BEING RECOGNIZED IN THE FINANCIAL STATEMENTS. IT ALSO PROVIDES GUIDANCE FOR DERECOGNITION, CLASSIFICATION, INTEREST AND PENALTIES, ACCOUNTING IN INTERIM PERIODS, DISCLOSURE AND TRANSITION. AS OF JUNE 30, 2023, THE FOOD BANK HAS NO UNCERTAIN TAX POSITIONS THAT QUALIFY EITHER RECOGNITION OR DISCLOSURE IN THE FINANCIAL STATEMENTS. WITH FEW EXCEPTIONS, THE FOOD BANK IS NO LONGER SUBJECT TO U.S. FEDERAL, STATE, AND LOCAL INCOME TAX EXAMINATIONS BY TAX AUTHORITIES FOR YEARS BEFORE FISCAL YEAR 2021. false false false ERIN BARGER EXECUTIVE DIRECTOR 142770 15030 157800 LAND, BLDGS, EQUIPMENT 2023-12-14 5943987 EST BV 581938066 FOOD BANK OF NE GEORGIA PO BOX 48857 ATHENS GA 30604 3 true false false false true true true false SCHEDULE N, PAGE 1, PART I, LINE 2E ERIN BARGER (EXECUTIVE DIRECTOR) IS ALSO EXECUTIVE DIRECTOR OF THE TRANSFEREE ORGANIZATION, FOOD BANK OF NORTHEAST GEORGIA. ALL MEMBERS OF FBNEGA TITLE HOLDING COMPANY ARE ALSO ON THE BOARAD OF THE TRANSFEREE ORGANIZATION FORM 990 - ORGANIZATION'S MISSION THE ORGANIZATION IS A QUALIFIED ACTIVE LOW INCOME COMMUNITY BUSINESS (QALICB) FOR NEW MARKETS TAX CREDIT PURPOSES. THE PRIMARY MISSION OF THE CORPORATION IS HOLDING TITLE TO PROPERTY, COLLECTING INCOME FROM THAT PROPERTY, AND TURNING OVER THE ENTIRE AMOUNT OF SUCH INCOME, LESS EXPENSES, TO THE FOOD BANK OF NORTHEAST GEORGIA, INC, AN ORGANIZATION EXEMPT FROM FEDERAL INCOME TAX PURSUANT TO SECTION 501(C)(3) FORM 990, PAGE 2, PART III, LINE 3 IN DECEMBER 2016, THE FOOD BANK RECEIVED APPROXIMATELY 7,350,000 IN NET PROCEEDS FROM THE FINANCING AGREEMENTS RELATED TO CAPITAL EXPENDITURES AT ITS TWO DISTRIBUTION FACILITIES AND DEBT SERVICE ON LOANS USED TO FINANCE CAPITAL EXPENDITURES ON ITS DISTRIBUTION FACILITIES. THE FINANCING ARRANGEMENT WAS STRUCTURED WITH A THIRD PARTY FINANCIAL INSTITUTION (THE "NMTC INVESTOR") ASSOCIATED WITH CHASE BANK, AN INVESTMENT FUND, AND TWO COMMUNITY DEVELOPMENT ENTITIES (THE "CDES") MAJORITY OWNED BY THE INVESTMENT FUND. THIS TRANSACTION WAS DESIGNED TO QUALIFY UNDER THE FEDERAL NEW MARKET TAX CREDIT ("NMTC") PROGRAM, PURSUANT TO SECTION 45D OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED. THROUGH THIS TRANSACTION, THE FOOD BANK HAS SECURED LOW INTEREST FINANCING TO FINANCE CAPITAL IMPROVEMENTS AT BOTH OF THE FOOD BANK'S DISTRIBUTION CENTERS. UPON THE CLOSING OF THE NMTC TRANSACTION, THE FOOD BANK PROVIDED AN AGGREGATE OF APPROXIMATELY 5,078,250 TO THE INVESTMENT FUND, OF WHICH 2,634,292 WAS BORROWED FROM CHASE BANK AND PAID IN FULL IMMEDIATELY AFTER THE SALE OF THE FOOD BANK'S CAPITAL ASSETS TO THE INVESTMENT FUND, IN THE FORM OF A NOTE RECEIVABLE, WITH A TERM OF 26 YEARS, BEARING AN INTEREST RATE OF 1% PER ANNUM. THIS 5,078,250 IN PROCEEDS PLUS AN ADDITIONAL 2,515,000 OF NET CAPITAL FROM THE NMTC INVESTOR WERE CONTRIBUTED TO THE INVESTMENT FUND AND USED BY THE CDES TO MAKE LOANS IN THE AMOUNT OF 7,350,000 TO A SUBSIDIARY OF THE FOOD BANK OF NORTHEAST GEORGIA TITLE HOLDING COMPANY. THESE LOANS BEAR INTEREST AT APPROXIMATELY 1.3%. THE TITLE HOLDING COMPANY USED THE PROCEEDS FROM THE LOANS TO PURCHASE THE MAJORITY OF THE CAPITAL ASSETS OF THE FOOD BANK. THE CAPITAL ASSETS WILL SERVE AS THE COLLATERAL ON THE FINANCING ARRANGEMENT. THE FOOD BANK LEASES THE CAPITAL ASSETS FROM THE TITLE HOLDING COMPANY. THIS TRANSACTION ALSO INCLUDES A PUT/CALL FEATURE WHEREBY, AT THE END OF A SEVEN YEAR COMPLIANCE PERIOD, THE FOOD BANK WILL BE ENTITLED OR PERMITTED TO PURCHASE THE NMTC INVESTOR'S INTEREST IN THE INVESTMENT FUND. THE VALUE ATTRIBUTABLE OF THE PUT PRICE IS NOMINAL. CONSEQUENTLY, IF EXERCISED, THE PUT COULD RESULT IN THE FORGIVENESS OF APPROXIMATELY 2,271,750. THE CALL PRICE WILL BE VALUED AT THE NET PRESENT VALUE OF THE CASH FLOWS OF THE LEASE INHERENT IN THE TRANSACTION. UPON EXPIRATION OF THE NET MARKET TAX CREDIT IN DECEMBER 2023, THE FOOD BANK RECOGNIZED 2,677,190 IN DEBT FORGIVENESS INCOME IN THE CURRENT YEAR ON THE STATEMENT OF ACTIVITIES. THE NMTC INVESTOR IS SUBJECT TO 100% RECAPTURE OF THE NEW MARKET TAX CREDITS IT RECEIVES FOR A PERIOD OF SEVEN YEARS AS PROVIDED IN THE INTERNAL REVENUE CODE AND APPLICABLE U.S. TREASURY REGULATIONS. THE FOOD BANK IS REQUIRED TO BE IN COMPLIANCE WITH VARIOUS REGULATIONS AND CONTRACTUAL PROVISIONS THAT APPLY TO THE NEW MARKET TAX CREDIT ARRANGEMENT. FORM 990, PAGE 6, PART VI, LINE 11B THE ANNUAL 990 IS REVIEWED BY THE TREASURER AND FINANCE COMMITTEE AND THEN BROUGHT BEFORE THE BOARD FORM 990, PAGE 6, PART VI, LINE 12C THE ORGANIZATION MAKES ITS GOVERNING DOCUMENTS, CONFLICT OF INTEREST POLICY AND FINANCIAL STATEMENTS AVAILABLE TO THE PUBLIC UPON REQUEST FORM 990, PAGE 6, PART VI, LINE 15A THIS ORGANIZATION DOES NOT PAY COMPENSATION FORM 990, PAGE 6, PART VI, LINE 15B THIS ORGANIZATION DOES NOT PAY COMPENSATION FORM 990, PAGE 6, PART VI, LINE 19 THE ORGANIZATION MAKES ITS GOVERNING DOCUMENTS, CONFLICT OF INTEREST POLICY AND FINANCIAL STATEMENTS AVAILABLE TO THE PUBLIC UPON REQUEST FOOD BANK OF NORTHEAST GEORGIA INC PO BOX 48857 ATHENS GA 30604 581938066 CHARITY GA 3 7 N/A false false true false false false false false false false true false false false false false false false false false FOOD BANK OF NEGA J 36898 CASH RECEIVED FOOD BANK OF NEGA A 5958182 BOOK VALUE ASSETS