Magnet Educational Choice Association Inc

Analysis

Magnet Educational Choice Association Inc is a registered charity in United States, based in Miami, FL. It received its IRS tax-exemption ruling in March 1992, 34 years ago. Its declared purposes cover education, which this site groups under education and training. 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 June 2023, Magnet Educational Choice Association Inc reported income of $348k and spending of $415k, spending 119% of what it took in. Across the 5 years on record, from June 2019 to June 2023, income fell from $525k to $348k (-34%), an average of -9.7% a year. The sharpest change came in the year to June 2022, when income rose by 121%. Over the whole period it spent 106% of the income it received.

Among 66,972 United States charities whose main cause is education and training and that reported income, Magnet Educational Choice Association Inc sits at the 63rd percentile: it is larger than about 63% of them. Against every charity in United States with reported income it ranks in the 64th percentile, and in the 67th percentile within FL. Charities of a similar size with the same main cause include Helping Blind People Inc ($348k), Providence Christian School NW ($348k) and Friends of the University of Windsor ($348k).

On its Form 990 for the period ending June 2023, revenue came from contributions and grants 84% of the total. Compensation of current officers, directors and key employees was $37k (8.9% of expenses). At year end it held assets of $294k against liabilities of $13k, net assets of $281k. It reported 1 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.