Magnificent Mile Charitable Foundation

Analysis

Magnificent Mile Charitable Foundation is a registered charity in United States, based in Chicago, IL. It received its IRS tax-exemption ruling in March 1992, 34 years ago. 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, Magnificent Mile Charitable Foundation reported income of $77k and spending of $67k, spending 87% of its income. Across the 5 years on record, from December 2019 to December 2023, income fell from $196k to $77k (-61%), an average of -21% a year. The sharpest change came in the year to December 2023, when income rose by 555%. Over the whole period it spent 106% of the income it received.

Among 72,936 United States charities whose main cause is other charitable purposes and that reported income, Magnificent Mile Charitable Foundation sits at the 30th percentile: it is larger than about 30% of them. Against every charity in United States with reported income it ranks in the 30th percentile, and in the 31st percentile within IL. Charities of a similar size with the same main cause include Amateur Athletic Union of the United States Inc ($77k), Agape Ukraine Inc ($77k) and Los Angeles Doctors Symphony Orchestra ($77k).

On its Form 990 for the period ending December 2023, revenue came from contributions and grants 90% of the total. At year end it held assets of $92k against liabilities of $8,661, net assets of $84k.