Magnum Cultural Foundation

Analysis

Magnum Cultural Foundation is a registered charity in United States, based in New York, NY. It received its IRS tax-exemption ruling in November 2007, 19 years ago. Its declared purposes cover arts, culture and humanities, which this site groups under arts, culture, heritage and science. The IRS classifies it as a publicly supported organisation (donations from the general public) under section 501(c)(3), and contributions to it are listed as tax-deductible.

In the financial year ending December 2023, Magnum Cultural Foundation reported income of $1.2m and spending of $1.8m, spending 150% of what it took in. Across the 5 years on record, from December 2019 to December 2023, income fell from $2.2m to $1.2m (-46%), an average of -14% a year. The sharpest change came in the year to December 2021, when income rose by 104%. Over the whole period it spent 73% of the income it received.

Among 45,478 United States charities whose main cause is arts, culture, heritage and science and that reported income, Magnum Cultural Foundation sits at the 87th percentile: it is larger than about 87% of them. Against every charity in United States with reported income it ranks in the 81st percentile, and in the 77th percentile within NY. Charities of a similar size with the same main cause include Birch Creek Music Performance Center Inc ($1.2m), The National Jazz Museum in Harlem ($1.2m) and Frederick Arts Council Inc ($1.2m).

On its Form 990 for the period ending December 2023, revenue came from contributions and grants 98% of the total. Compensation of current officers, directors and key employees was $150k (8.5% of expenses). Other salaries and wages came to $392k. It paid $102k in professional fundraising fees. At year end it held assets of $4.7m against liabilities of $146k, net assets of $4.5m. It reported 11 employees.