Magic Basketball Club Inc

Analysis

Magic Basketball Club Inc is a registered charity in United States, based in Austin, TX. It received its IRS tax-exemption ruling in November 2004, 22 years ago. Its declared purposes cover recreation and sports, which this site groups under amateur sport and recreation. 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 2023, Magic Basketball Club Inc reported income of $623k and spending of $488k, leaving 22% of income unspent that year. Across the 5 years on record, from December 2019 to December 2023, income grew from $249k to $623k (+150%), an average of +26% a year. The sharpest change came in the year to December 2022, when income rose by 69%. Over the whole period it spent 87% of the income it received.

Among 30,892 United States charities whose main cause is amateur sport and recreation and that reported income, Magic Basketball Club Inc sits at the 88th percentile: it is larger than about 88% of them. Against every charity in United States with reported income it ranks in the 73rd percentile, and in the 78th percentile within TX. Charities of a similar size with the same main cause include Soccer for Life Inc ($623k), Holmdel Youth Soccer Associates Inc ($623k) and The Ace Project ($623k).

On its Form 990 for the period ending December 2023, revenue came from contributions and grants 100% of the total. Compensation of current officers, directors and key employees was $50k (10% of expenses). Other salaries and wages came to $6,720. At year end it held assets of $266k against liabilities of $7,033, net assets of $259k. It reported 3 employees.