Magnet Schools of America Inc

Analysis

Magnet Schools of America Inc is a registered charity in United States, based in Washington, DC. It received its IRS tax-exemption ruling in December 1994, 32 years ago. Its declared purposes cover education, which this site groups under education and training. 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 December 2023, Magnet Schools of America Inc reported income of $2.9m and spending of $2.8m, spending 100% of its income. Across the 5 years on record, from December 2019 to December 2023, income grew from $2.3m to $2.9m (+24%), an average of +5.6% a year. The sharpest change came in the year to December 2021, when income rose by 86%. Over the whole period it spent 101% of the income it received.

Among 66,972 United States charities whose main cause is education and training and that reported income, Magnet Schools of America Inc sits at the 85th percentile: it is larger than about 85% of them. Against every charity in United States with reported income it ranks in the 89th percentile, and in the 72nd percentile within DC. Charities of a similar size with the same main cause include Village School ($2.9m), Education Law Center - Pa ($2.9m) and Appletree Educational Center ($2.9m).

On its Form 990 for the period ending December 2023, revenue came from contributions and grants 12% and program service revenue 88% of the total. Compensation of current officers, directors and key employees was $362k (13% of expenses). Other salaries and wages came to $331k. At year end it held assets of $1.3m against liabilities of $393k, net assets of $938k. It reported 4 employees.