Magfest Inc

Analysis

Magfest Inc is a registered charity in United States, based in Beltsville, MD. It received its IRS tax-exemption ruling in June 2015, 11 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 (gross receipts test) under section 501(c)(3), and contributions to it are listed as tax-deductible.

In the financial year ending June 2022, Magfest Inc reported income of $133k and spending of $348k, spending 261% of what it took in. Across the 4 years on record, from February 2019 to June 2022, income fell from $1.7m to $133k (-92%), an average of -57% a year. The sharpest change came in the year to February 2021, when income dropped by 83%. Over the whole period it spent 113% of the income it received.

Among 45,478 United States charities whose main cause is arts, culture, heritage and science and that reported income, Magfest Inc sits at the 49th percentile: it is larger than about 49% of them. Against every charity in United States with reported income it ranks in the 44th percentile, and in the 45th percentile within MD. Charities of a similar size with the same main cause include Masquerade Theatre Inc ($133k), Chicago Festival of Israeli Cinema NFP ($133k) and Abraham Lincoln Association ($133k).

On its Form 990 for the period ending June 2022, revenue came from program service revenue 100% of the total. Compensation of current officers, directors and key employees was $10k (2.9% of expenses). Other salaries and wages came to $61k. At year end it held assets of $1.9m against liabilities of $655, net assets of $1.9m.