Magellan Education Foundation Inc

Analysis

Magellan Education Foundation Inc is a registered charity in United States, based in Raleigh, NC. It received its IRS tax-exemption ruling in September 2006, 20 years ago. Its declared purposes cover education, which this site groups under education and training. 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 June 2023, Magellan Education Foundation Inc reported income of $365k and spending of $331k, spending 91% of its income. Across the 5 years on record, from June 2019 to June 2023, income fell from $461k to $365k (-21%), an average of -5.6% a year. The sharpest change came in the year to June 2022, when income dropped by 25%. Over the whole period it spent 78% of the income it received.

Among 66,972 United States charities whose main cause is education and training and that reported income, Magellan Education Foundation Inc sits at the 64th percentile: it is larger than about 64% of them. Against every charity in United States with reported income it ranks in the 65th percentile, and in the 64th percentile within NC. Charities of a similar size with the same main cause include Bel-Aire Community Partners ($365k), Kismet Rock Foundation ($365k) and Greater Latrobe Partners in Education Foundation Inc ($365k).

On its Form 990 for the period ending June 2023, revenue came from contributions and grants 15% and program service revenue 83% of the total. At year end it held assets of $7.5m against liabilities of $4.6m, net assets of $2.9m.