Magnolia Housing Inc

Analysis

Magnolia Housing Inc is a registered charity in United States, based in Dunn, NC. It received its IRS tax-exemption ruling in May 2011, 15 years ago. Its declared purposes cover housing and shelter, which this site groups under housing and shelter. 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, Magnolia Housing Inc reported income of $260k and spending of $351k, spending 135% of what it took in. Across the 5 years on record, from December 2019 to December 2023, income grew from $227k to $260k (+15%), an average of +3.5% a year. Over the whole period it spent 145% of the income it received.

Among 15,864 United States charities whose main cause is housing and shelter and that reported income, Magnolia Housing Inc sits at the 43rd percentile: it is larger than about 43% of them. Against every charity in United States with reported income it ranks in the 59th percentile, and in the 57th percentile within NC. Charities of a similar size with the same main cause include Baldwin House Community Collective ($260k), Town Center Apartments Inc ($260k) and Western Reserve Housing Development Corporation ($260k).

On its Form 990 for the period ending December 2023, revenue came from program service revenue 100% of the total. Other salaries and wages came to $62k. At year end it held assets of $4.0m against liabilities of $5.3m, net assets of -$1.3m.

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.