Magi-Fund Inc

Analysis

Magi-Fund Inc is a registered charity in United States, based in Salisbury, MD. It received its IRS tax-exemption ruling in July 1995, 31 years ago. Its declared purposes cover human services, which this site groups under poverty relief. 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, Magi-Fund Inc reported income of $104k and spending of $107k, spending 103% of its income. Across the 5 years on record, from December 2019 to December 2023, income grew from $85k to $104k (+23%), an average of +5.3% a year. The sharpest change came in the year to December 2021, when income rose by 80%. Over the whole period it spent 101% of the income it received.

Among 62,758 United States charities whose main cause is poverty relief and that reported income, Magi-Fund Inc sits at the 33rd percentile: it is larger than about 33% of them. Against every charity in United States with reported income it ranks in the 38th percentile, and in the 39th percentile within MD. Charities of a similar size with the same main cause include Plus One Guidance Center ($104k), Alices Inc ($104k) and Conesus Lake Association Inc ($104k).

On its Form 990 for the period ending December 2023, revenue came from contributions and grants 62% and program service revenue 38% of the total. At year end it held assets of $792k against liabilities of $0, net assets of $792k.