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Author Topic: 990 Due?  (Read 5577 times)

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childoftheking

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990 Due?
« on: December 20, 2015, 01:24:37 PM »

Where is 3ABN's newest 990 and why are they not currently listed as a State of Illinois registered Charity? I can only find "Three Angles" there but that is a very old listing that isn't the name they have been filing under for years. Haven't found anything for 2014 in the states where they are required to file nor at guidestar. Did they register with the IRS? Did they request an extension to file again? Even so isn't one due now? Watching for it......

https://www.irs.gov/Charities-&-Non-Profits/Annual-Exempt-Organization-Return:-Due-Date
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Bob Pickle

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Re: 990 Due?
« Reply #1 on: December 21, 2015, 04:33:49 PM »

They have sent it in to at least one location, maybe a couple weeks ago, but that location hasn't posted it yet.

Generally, disappearance from the IL site has meant in the pasty that they were late getting their report in, I was told. What is up this time around, I don't know.
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childoftheking

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Re: 990 Due?
« Reply #2 on: December 21, 2015, 04:54:27 PM »

Looking forward to reading it.
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Daryl Fawcett

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Re: 990 Due?
« Reply #3 on: December 28, 2015, 08:46:45 AM »

Has it been posted yet?

childoftheking

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Re: 990 Due?
« Reply #4 on: January 01, 2016, 11:29:36 AM »

Nothing yet.
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childoftheking

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Re: 990 Due?
« Reply #5 on: February 12, 2016, 07:27:36 PM »

https://justice.oregon.gov/Charities
Search for Three Angels Broadcasting
click on the link for Three Angels Broadcasring, Inc.
https://justice.oregon.gov/Charities/Charity/details?charityID=18198
Just below the word Reports on the left side of the page click on the link for 2014
It will bring up a pdf of the 2014 report
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Bob Pickle

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Re: 990 Due?
« Reply #6 on: February 17, 2016, 06:39:35 AM »

There are a number of things in this report that sound concerning to me.
  • The $1.6 million loss on p. 1 of the 990.
  • The $0 in current assets cash (p. 3 of the financial statement, p. 43 of the PDF), but that's been true at least back to 2010.
  • The use of a demand loan line of credit in 2013 and 2014 that as of the end of 2014 totaled $4.57 million (p. 9 of the financial statement, p. 49 of the PDF). At the end of 2013, it was only $2.47 million.
  • The dipping into donor restricted funds (less than in 2012 but more than in 2013), on pp. 12-13 of the financial statement, pp. 52-53 of the PDF.
Note that the financial statement under item 17 on p. 12 (p. 52) tries to make the picture look better by referring to the sales of stations.
  • A station sold in July 2015 for $1.1 million.
  • They were also selling 32 stations for $3 million, expecting to close in October 2015.
However, before the end of 2015, a form was filed with the FCC stating that the sale of the 32 stations never went through.

Now that other station that was sold, that's an interesting one. It's the station in Charlotte, NC. Does anyone know if the locals on the ground know that it was sold?
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Bob Pickle

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Re: 990 Due?
« Reply #7 on: February 17, 2016, 06:47:39 AM »

http://transition.fcc.gov/fcc-bin/tvq?call=W21CK-D is the FCC web page on that station in Charlotte, NC. Click Application List. Then click on the Application link for the application that has a number of BALDTA 20150317AAJ. Then take a look at Attachment 5, "Agreements for Sale of Station." The Local Marketing Agreement allows 3ABN to use the station for one year after its sale, for free, and maybe longer if both parties agree.

The buyer, OTA Broadcasting, was founded in 2011 by an investment entity controlled by Michael Dell of Dell Computers. It owns 24 stations according to its website, http://otabroadcasting.com/.

http://myemail.constantcontact.com/LPTV-INDUSTRY-NEWS---THU--MARCH-19--2015.html?soid=1116948470874&aid=eKKPTctexSM is a link to a newsletter which has a blurb about the sale of this station:

WHY IS 3ABN SELLING A CLASS-A?
Because they have 16 of them and they can! Spectrum Investor OTA Broadcasting (aka Michael Dell) Buys Charlotte NC Class-A W21CK-D For $1.1 Million

OTA Broadcasting (bankrolled by Michael Dell of Dell Computers), one of the incentive auction spectrum investors in Class A (and full power) television stations, is now buying an auction eligible Class-A station, W21CK-D, in Charlotte, NC, from powerhouse religious broadcaster, Three Angels Broadcasting (3ABN).  The reported price is $1,100,000 cash. With an estimate pop count of 1,464,472, that works out to about $0.75 per pop, way way, did I say, way low for a Class-A auction eligible station.  There is reported an LMA in place, and who knows what if any size of a back-end deal there is.  But all we care about that the 3ABN viewers continue to get the high-quality programming from 3ABN.  Of all of the religious broadcasters, 3ABN puts out a multitude of diverse channel offerings, and to know they are getting more funding to continue to do so it great.  We also expect that after the auction payday they are in line to get (tax-free?) they will re-invest those zillions back into their other LPTV properties.

3ABN owns over 100 stations, some full powers, and 16 Class-A's.  We will not even try to total up the incentive auction opening bid prices and final prices from the FCC. But little W21CK-D could be valued at over $90 million.

Can anyone explain to me what the above means when it talks about auctions? Any thoughts on the term "back-end deal"? Did 3ABN really sell the station for far, far less than what it was worth?
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Bob Pickle

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Re: 990 Due?
« Reply #9 on: February 17, 2016, 07:43:54 PM »

Thanks. That explains it.
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childoftheking

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Re: 990 Due?
« Reply #10 on: February 19, 2016, 06:35:01 AM »

More information on the auction process and how it may affect 3ABN:

http://touch.latimes.com/#section/-1/article/p2p-85926966/
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childoftheking

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Re: 990 Due?
« Reply #11 on: February 21, 2016, 02:05:49 AM »

I'm thinking that the 35 stations which they had planned to sell may be standard low power stations which are not subject to compensation.

The auction may affect not only stations which are owned by 3ABN but affiliates which are owned by others. Voluntarily surrendered or involuntarily given up, these may or may not be able to be able to keep broadcasting. This should be a subject of prayer for the sake of potential viewers and for 3ABN itself.  Matthew 5:43-48

Here is a list of their U.S. stations and affiliate stations without designating which are full power, class a low power or standard low power stations as I haven't sorted that out.  It is my understanding from the last post that the fcc isn't interested in taking full power stations and that standard low power stations may loose their present space on the spectrum (and perhaps be relocated if there is room) involuntarily and without compensation. But that class a stations will be compensated if their place is given up voluntarily in the auction (with presently unknown amount of compensation) or removed from their present spots anyway if the fcc chooses. And if there is room they can relocate possibly with help from the fcc.

  https://en.wikipedia.org/wiki/List_of_Three_Angels_Broadcasting_Network_affiliates 

Of coourse 3ABN is still on Dish network, satellite, online etc but not everyone has access to these other forms. I would think the less afluent might be affected most by a change.
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Bob Pickle

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Re: 990 Due?
« Reply #12 on: February 21, 2016, 11:49:32 AM »

If the US Constitution guarantees that one's property cannot be taken without compensation, how can this be legal?
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childoftheking

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Re: 990 Due?
« Reply #13 on: February 21, 2016, 03:14:36 PM »

Good question.
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childoftheking

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Re: 990 Due?
« Reply #14 on: February 22, 2016, 09:10:03 PM »

The spectrum repacking process this time around should start shortly. This is a brief history of why it is being done and a little of what has happened so far.

https://en.wikipedia.org/wiki/K25MM-D

https://en.wikipedia.org/wiki/Spectrum_reallocation

You will notice that ota is listed as a speculator.
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