Michael Magro Foundation Inc

Analysis

Michael Magro Foundation Inc is a registered charity in United States, based in Hicksville, NY. It received its IRS tax-exemption ruling in July 2006, 20 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 publicly supported organisation (gross receipts test) under section 501(c)(3), and contributions to it are listed as tax-deductible.

In the financial year ending December 2023, Michael Magro Foundation Inc reported income of $351k and spending of $386k, spending 110% of what it took in. Across the 4 years on record, from December 2019 to December 2023, income grew from $296k to $351k (+19%), an average of +5.9% a year. The sharpest change came in the year to December 2021, when income rose by 28%. 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, Michael Magro Foundation Inc sits at the 68th percentile: it is larger than about 68% of them. Against every charity in United States with reported income it ranks in the 64th percentile, and in the 61st percentile within NY. Charities of a similar size with the same main cause include Steeple Run Community Council ($350k), Waterhouse Charitable TR ($351k) and Bonne Terre Helping Hand Ministries ($350k).

On its Form 990 for the period ending December 2023, revenue came from contributions and grants 100% of the total. At year end it held assets of $75k against liabilities of $0, net assets of $75k.

Data notes from the register: Spending has exceeded income in each of the last three reported years, so the charity has been drawing on reserves or other funds.