Magellan Charter School

Analysis

Magellan Charter School is a registered charity in United States, based in Raleigh, NC. It received its IRS tax-exemption ruling in August 1997, 29 years ago. Its declared purposes cover education, which this site groups under education and training. The IRS classifies it as a school under section 501(c)(3), and contributions to it are listed as tax-deductible.

In the financial year ending June 2023, Magellan Charter School reported income of $4.6m and spending of $4.6m, spending 99% of its income. Across the 5 years on record, from June 2019 to June 2023, income grew from $3.9m to $4.6m (+18%), an average of +4.1% a year. Over the whole period it spent 99% of the income it received.

Among 66,972 United States charities whose main cause is education and training and that reported income, Magellan Charter School sits at the 89th percentile: it is larger than about 89% of them. Against every charity in United States with reported income it ranks in the 92nd percentile, and in the 93rd percentile within NC. Charities of a similar size with the same main cause include Crossroads Center for Children Inc ($4.6m), Charette Charter School ($4.6m) and Montclair Early Childhood Corporation ($4.6m).

On its Form 990 for the period ending June 2023, revenue came from contributions and grants 96% of the total. Compensation of current officers, directors and key employees was $322k (7.0% of expenses). Other salaries and wages came to $2.5m. At year end it held assets of $1.2m against liabilities of $447k, net assets of $716k. It reported 72 employees.