Morgan Memorial Foundation Inc

Analysis

Morgan Memorial Foundation Inc is a registered charity in United States, based in Morgan, MN. It received its IRS tax-exemption ruling in August 1960, 66 years ago. 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 September 2023, Morgan Memorial Foundation Inc reported income of $5.6m and spending of $4.4m, leaving 21% of income unspent that year. Across the 5 years on record, from September 2019 to September 2023, income grew from $3.4m to $5.6m (+68%), an average of +14% a year. The sharpest change came in the year to September 2023, when income rose by 49%. Over the whole period it spent 91% of the income it received.

Among 72,936 United States charities whose main cause is other charitable purposes and that reported income, Morgan Memorial Foundation Inc sits at the 92nd percentile: it is larger than about 92% of them. Against every charity in United States with reported income it ranks in the 93rd percentile, and in the 92nd percentile within MN. Charities of a similar size with the same main cause include Leo Baeck Institute Inc ($5.6m), American Society for Clinical Investigation Inc ($5.6m) and French Immersion School of Washington ($5.6m).

On its Form 990 for the period ending September 2023, revenue came from contributions and grants 0.2% and program service revenue 100% of the total. Compensation of current officers, directors and key employees was $83k (1.9% of expenses). Other salaries and wages came to $2.1m. At year end it held assets of $4.5m against liabilities of $2.0m, net assets of $2.5m. It reported 108 employees.