2024-11-15T11:32:43-05:00 2023-12-31 813387428 LUCA 300 OFFICE PARK DR STE 310 MOUNTAIN BRK AL 352232473 990 2023-01-01 465389206 MAGIC CITY WOODWORKS MAGI 2052811222 925 28TH STREET NORTH BIRMINGHAM AL 35203 TIM LAWSON EXECUTIVE DIRECTOR 2058121529 2024-11-15 true true TALMADGE FULMER III P01052232 2057194151 2024-11-15 2023 2024-10-15 13:58:12Z FORM 3115 CHANGE IN ACCOUNTING METHOD MANUFACTURE GOOD TIM LAWSON 925 28TH STREET NORTH BIRMINGHAM AL 35203 1824713 false X WWW.MANUFACTUREGOOD.ORG X 2014 AL WE EXIST TO FOSTER A HEART OF WORKMANSHIP BY TEACHING LEADERSHIP SKILLS, PROVIDING TECHNICAL AND SOFT SKILLS JOB TRAINING, AND FACILITATING SPIRITUAL DEVELOPMENT FOR 18-35-YEAR-OLD UNEMPLOYED AND AT-RISK YOUNG MEN. 6 5 32 10 0 257022 502140 0 321 292 776790 1012361 1034133 1514793 0 0 902295 1198148 0 0 442521 527188 1344816 1725336 -310683 -210543 910324 1190071 302839 811934 607485 378137 WE EXIST TO FOSTER A HEART OF WORKMANSHIP BY TEACHING LEADERSHIP SKILLS, PROVIDING TECHNICAL AND SOFT SKILLS JOB TRAINING, AND FACILITATING SPIRITUAL DEVELOPMENT FOR 18-35-YEAR-OLD UNEMPLOYED AND AT-RISK YOUNG MEN. false false 1564781 1012361 IN 2023, WE WELCOMED 13 APPRENTICES INTO OUR PROGRAM, AND OF THOSE, 10 SUCCESSFULLY COMPLETED THEIR APPRENTICESHIPS. 6 WERE SUCCESSFULLY LAUNCHED BY OUR ORGANIZATION. 1564781 true true false false false false false false false false true false false false false false false false false false false false false false false false false false false false false false false true false true false false false false false false true false false false false true 6 0 32 true false false false false false false false false false false false false X 6 5 false false false false false false false true true false false true true true true true true true true false AL X TIM LAWSON 2052811222 925 28TH STREET NORTH BIRMINGHAM AL 35203 LAWRENCE SHEFFIELD PRESIDENT & 40.00 X X 103343 0 0 MICHAEL DRUMMOND DIRECTOR 1.00 X 0 0 0 MICHAEL FLINK DIRECTOR 1.00 X 0 0 0 MATTHEW HINSHAW CHAIRMAN 3.00 X 0 0 0 WADE HONEYCUTT DIRECTOR 1.00 X 0 0 0 DOUGLAS LEE DIRECTOR 1.00 X 0 0 0 ANITA TURNER DIRECTOR (JA 1.00 X 0 0 0 103343 1 false false false 502140 502140 292 292 1322281 309920 1012361 1012361 1514793 1012361 292 103343 93009 10334 934764 934764 81141 80330 811 78900 78111 789 29936 29936 11739 11739 55863 29635 26228 5944 5944 17912 3582 14330 9208 9208 128852 115967 12885 25531 25531 11583 11583 21378 21378 93204 93204 46601 46601 PROCESSING FEES 32125 32125 TAXES AND LICENSES 16570 16570 EQUIPMENT RENTAL 12115 12115 PRINTING AND COPYING 6002 6002 2625 2625 1725336 1564781 160555 0 35281 184207 15611 5301 26384 54150 1167242 247213 859432 920029 910324 1190071 52458 145880 204476 149784 555000 7175 302839 811934 X 607485 378137 607485 378137 910324 1190071 X -210543 -18805 X X false false false X 585145 347151 685969 257022 502140 2377427 625153 661546 1256844 1215001 1322281 5080825 1210298 1008697 1942813 1472023 1824421 7458252 104665 108840 61563 138492 10379 423939 227118 165263 562451 277549 319708 1552089 331783 274103 624014 416041 330087 1976028 5482224 120 176 321 292 909 120 176 321 292 909 1770 1770 1210298 1008817 1942989 1474114 1824713 7460931 0.73480 0.69760 0.00000 0.00000 X PART III, LINE 12 OTHER INCOME 1,770 RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 555479 55052 500427 611763 192161 419602 920029 WADE HONEYCUTT DIRECTOR IMPACT LOAN X 102958 102958 false true true MICHAEL DRUMMOND DIRECTOR IMPACT LOAN X 115000 73745 false true true MICHAEL DRUMMOND DIRECTOR IMPACT LOAN X 100000 27773 false true true 204476 LAWRENCE SHEFFIELD OFFICER/OWNER 129958 ASSET SALE false SCHEDULE L, PART V MAGIC CITY WOODWORKS (THE ORGANIZATION) ENTERED INTO AN ASSET SALE WITH FULLSTACK FIREWOOD, LLC (FULLSTACK) ON MAY 1, 2023. FULLSTACK WAS WHOLLY OWNED BY LAWRENCE SHEFFIELD. ON THE TRANSACTION DATE, LAWRENCE SERVED AS AN OFFICER AND DIRECTOR OF THE ORGANIZATION. PRIOR TO THE ASSET SALE, THE ORGANIZATION'S BOARD OF DIRECTORS SIGNED A RESOLUTION THAT STATED THE FOLLOWING: 1. LAWRENCE SHEFFIELD SERVES AS AN OFFICER AND DIRECTOR OF THE ORGANIZATION AND IS THE SOLE MEMBER OF FULLSTACK. 2. IN ACCORDANCE WITH THE ORGANIZATION'S CONFLICT OF INTEREST POLICY, LAWRENCE RECUSED HIMSELF FROM THE BOARD'S DECISIONS RELATING TO THE PROPOSED TRANSACTION DUE TO HIS ROLES WITH THE ORGANIZATION AND FULLSTACK. 3. IN ACCORDANCE WITH THE ORGANIZATION'S CONFLICT OF INTEREST POLICY, MATT HINSHAW RECUSED HIMSELF FROM DELIBERATIONS RELATING TO THE PROPOSED TRANSACTION DUE TO HIS ROLE AS BOARD CHAIR & SECRETARY OF THE ORGANIZATION, AND LEGAL COUNSEL FOR FULLSTACK. 4. IN ORDER TO ESTABLISH THAT THE PURCHASE PRICE BEING PAID BY THE ORGANIZATION WOULD BE AT OR BELOW FAIR MARKET VALUE, FULLSTACK ENGAGED OPTICS CAPITAL, AN ALABAMA LIMITED LIABILITY COMPANY WITH EXPERTISE IN BUSINESS AND ASSET VALUATIONS, TO DEVELOP A THIRD-PARTY VALUATION OF THE ASSETS BEING PURCHASED UNDER THE PROPOSED TRANSACTION. THE VALUATION WAS PROVIDED TO THE BOARD OF THE ORGANIZATION AS PART OF THE DELIBERATION OF THE PROPOSED TRANSACTION. 5. THE FAIR MARKET VALUE OF THE ASSETS BEING PURCHASED, AS ESTABLISHED BY THE VALUATION, AND OTHER REASONABLE ESTIMATES, WAS DETERMINED BY THE BOARD TO BE 170,006.18. 6. THE TOTAL PURCHASE PRICE INCLUDED IN THE BILL OF SALE TOTALED 129,958.00. THE PURCHASE PRICE WAS 40,048.18 LESS THAN THE FAIR MARKET VALUE DETERMINED BY THE VALUATION. 7. THE BOARD DETERMINED THAT THE ORGANIZATION'S PURCHASE OF THE ASSETS UNDER THE PROPOSED TRANSACTION WILL SIGNIFICANTLY FURTHER THE TAX-EXEMPT PURPOSE OF THE ORGANIZATION BY PROVIDING ADDITIONAL EDUCATIONAL AND WORKFORCE DEVELOPMENT OPPORTUNITIES FOR THE CHARITABLE CLASS OF PERSONS SERVED BY THE ORGANIZATION, AND SPIRITUAL DEVELOPMENT OPPORTUNITIES FOR SUCH PERSONS. BASED ON THE ABOVE FACTS, THE BOARD RESOLVED THAT THE PROPOSED TRANSACTION: 1. IS IN THE BEST INTEREST OF THE ORGANIZATION. 2. HAS BEEN PURSUED IN ACCORDANCE WITH THE ORGANIZATION'S CONFLICT OF INTEREST POLICY. 3. THE BENEFIT THE PUBLIC WILL RECEIVE AS THE RESULT OF THE PROPOSED TRANSACTION IS SUBSTANTIAL COMPARED TO ANY BENEFIT RECEIVED BY LAWRENCE SHEFFIELD. AS A RESULT OF THE ABOVE, THE ORGANIZATION ENTERED EXECUTED THE BILL OF SALE ON MAY 1, 2023. FORM 990, PAGE 6, PART VI, LINE 11B UPON COMPLETION OF THE ORGANIZATION'S FORM 990, THE RETURN IS PRESENTED TO THE GOVERNING BODY. THE GOVERNING BODY REVIEWS THE TAX RETURN AND IS FREE TO ASK ANY QUESTIONS OR ENGAGE IN DISCUSSION REGARDING ANY TOPIC COVERED IN THE RETURN. ONCE THE GOVERNING BODY HAS REVIEWED AND APPROVED THE FORM 990, THE RETURN IS FILED WITH THE INTERNAL REVENUE SERVICE. FORM 990, PAGE 6, PART VI, LINE 12C THE ORGANIZATION MONITORS AND ENFORCES COMPLIANCE BY REQUIRING OFFICERS, DIRECTORS, AND KEY EMPLOYEES TO ANNUALLY DISCLOSE INTERESTS THAT COULD GIVE RISE TO CONFLICTS VIA A SIGNED WRITTEN STATEMENT. FORM 990, PAGE 6, PART VI, LINE 15A IN SETTING EXECUTIVE COMPENSATION, THE BOARD ENGAGED OUTSIDE COUNSEL TO PREPARE A MEMORANDUM THAT INCLUDED COMPARABLE DATA ON INDUSTRY STANDARDS AND AVERAGES IN ALABAMA FOR DETERMINING REASONABLE COMPENSATION FOR ANY EXECUTIVES, OFFICERS, DIRECTORS, KEY EMPLOYEES, AND TOP MANAGEMENT. THE MEMORANDUM WAS REVIEWED DURING A STANDARD BOARD MEETING AND DOCUMENTED IN THE MINUTES PRIOR TO APPROVING ANY COMPENSATION. FORM 990, PAGE 6, PART VI, LINE 15B IN SETTING EXECUTIVE COMPENSATION, THE BOARD ENGAGED OUTSIDE COUNSEL TO PREPARE A MEMORANDUM THAT INCLUDED COMPARABLE DATA ON INDUSTRY STANDARDS AND AVERAGES IN ALABAMA FOR DETERMINING REASONABLE COMPENSATION FOR ANY EXECUTIVES, OFFICERS, DIRECTORS, KEY EMPLOYEES, AND TOP MANAGEMENT. THE MEMORANDUM WAS REVIEWED DURING A STANDARD BOARD MEETING AND DOCUMENTED IN THE MINUTES PRIOR TO APPROVING ANY COMPENSATION. FORM 990, PAGE 6, PART VI, LINE 19 COPIES OF THE GOVERNING DOCUMENTS AND FINANCIAL STATEMENTS ARE AVAILABLE TO THE PUBLIC AT THE SITE OF OPERATIONS IF SUCH ARE REQUESTED. FORM 990, PART XI, LINE 9 SECTION 481(A) ADJUSTMENT -18,805 FORM 990, PAGE 12, PART XII, LINE 1 THE ORGANIZATION FILED FORM 3115 TO CHANGE ITS OVERALL METHOD OF ACCOUNTING FROM CASH TO ACCRUAL. MANUFACTURE GOOD LLC 925 28TH STREET N BIRMINGHAM AL 35203 465389206 TRAINING AL N/A