Center for Discovery Magnet Services Corporation

Analysis

Center for Discovery Magnet Services Corporation is a registered charity in United States, based in Harris, NY. It received its IRS tax-exemption ruling in March 2003, 23 years ago. Its declared purposes cover philanthropy, voluntarism and grantmaking foundations, which this site groups under grant-making and general purposes. The IRS classifies it as a supporting organisation under section 501(c)(3), and contributions to it are listed as tax-deductible.

In the financial year ending December 2023, Center for Discovery Magnet Services Corporation reported income of $1.9m and spending of $1.9m, spending 99% of its income. Across the 5 years on record, from December 2019 to December 2023, income grew from $1.6m to $1.9m (+18%), an average of +4.1% a year. The sharpest change came in the year to December 2021, when income rose by 184%. Over the whole period it spent 116% of the income it received.

Among 19,413 United States charities whose main cause is grant-making and general purposes and that reported income, Center for Discovery Magnet Services Corporation sits at the 87th percentile: it is larger than about 87% of them. Against every charity in United States with reported income it ranks in the 86th percentile, and in the 82nd percentile within NY. Charities of a similar size with the same main cause include Finger Lakes Grassroots Festival Organization Inc ($1.9m), Alabama Symphony Endowment ($1.9m) and Islanders Childrens Foundation ($1.9m).

On its Form 990 for the period ending December 2023, revenue came from program service revenue 100% of the total. At year end it held assets of $4,684 against liabilities of $1.2m, net assets of -$1.2m.