Magic Minds Inc

Analysis

Magic Minds Inc is a registered charity in United States, based in Elkridge, MD. It received its IRS tax-exemption ruling in March 2015, 11 years ago. Its declared purposes cover youth development, which this site groups under children and youth development. 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, Magic Minds Inc reported income of $703k and spending of $698k, spending 99% of its income. Across the 5 years on record, from December 2019 to December 2023, income fell from $861k to $703k (-18%), an average of -4.9% a year. The sharpest change came in the year to December 2022, when income rose by 81%. Over the whole period it spent 106% of the income it received.

Among 14,332 United States charities whose main cause is children and youth development and that reported income, Magic Minds Inc sits at the 82nd percentile: it is larger than about 82% of them. Against every charity in United States with reported income it ranks in the 75th percentile, and in the 74th percentile within MD. Charities of a similar size with the same main cause include Lake County 4-H & Ffa Market Sale Committee ($703k), Communities in Schools of East Chicago Incorporated ($703k) and Bti College Prep Club ($703k).

On its Form 990 for the period ending December 2023, revenue came from program service revenue 100% of the total. Compensation of current officers, directors and key employees was $243k (35% of expenses). Other salaries and wages came to $103k. At year end it held assets of $12k against liabilities of $103k, net assets of -$91k. It reported 67 employees.