Magnolia Towers Inc

Analysis

Magnolia Towers Inc is a registered charity in United States, based in Orlando, FL. It received its IRS tax-exemption ruling in February 1965, 61 years ago. Its declared purposes cover housing and shelter, which this site groups under housing and shelter. 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 2023, Magnolia Towers Inc reported income of $1.3m and spending of $1.7m, spending 129% of what it took in. Across the 5 years on record, from June 2019 to June 2023, income grew from $708k to $1.3m (+87%), an average of +17% a year. The sharpest change came in the year to June 2020, when income rose by 40%. Over the whole period it spent 117% of the income it received.

Among 15,864 United States charities whose main cause is housing and shelter and that reported income, Magnolia Towers Inc sits at the 76th percentile: it is larger than about 76% of them. Against every charity in United States with reported income it ranks in the 82nd percentile, and in the 84th percentile within FL. Charities of a similar size with the same main cause include Calais House Inc ($1.3m), East Lake Initiative a Nonprofit Corporation ($1.3m) and San Francisco Housing Action Coalition ($1.3m).

On its Form 990 for the period ending June 2023, revenue came from contributions and grants 0.0% and program service revenue 100% of the total. Other salaries and wages came to $377k. At year end it held assets of $3.3m against liabilities of $4.6m, net assets of -$1.3m. It reported 10 employees.

Data notes from the register: Spending has exceeded income in each of the last three reported years, so the charity has been drawing on reserves or other funds.