W H & Edgar Magness Community House & Library

Analysis

W H & Edgar Magness Community House & Library is a registered charity in United States, based in McMinnville, TN. It received its IRS tax-exemption ruling in April 1991, 35 years ago. 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 2021, W H & Edgar Magness Community House & Library reported income of $185k and spending of $242k, spending 131% of what it took in. Across the 3 years on record, from December 2019 to December 2021, income fell from $351k to $185k (-47%), an average of -27% a year. The sharpest change came in the year to December 2020, when income dropped by 28%. Over the whole period it spent 101% of the income it received.

Among 72,936 United States charities whose main cause is other charitable purposes and that reported income, W H & Edgar Magness Community House & Library sits at the 51st percentile: it is larger than about 51% of them. Against every charity in United States with reported income it ranks in the 52nd percentile, and in the 53rd percentile within TN. Charities of a similar size with the same main cause include Economic Club of Colorado Inc ($185k), Sobrania Inc ($185k) and Greensboro Free Library ($185k).

On its Form 990 for the period ending December 2021, revenue came from contributions and grants 80% of the total. Compensation of current officers, directors and key employees was $36k (15% of expenses). Other salaries and wages came to $89k. At year end it held assets of $368k against liabilities of $2,645, net assets of $365k. It reported 16 employees.