Magic City Enterprises Inc

Analysis

Magic City Enterprises Inc is a registered charity in United States, based in Cheyenne, WY. It received its IRS tax-exemption ruling in October 1985, 41 years ago. Its declared purposes cover employment, which this site groups under community and economic development. 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, Magic City Enterprises Inc reported income of $6.3m and spending of $5.6m, spending 90% of its income. Across the 5 years on record, from June 2019 to June 2023, income grew from $6.0m to $6.3m (+3.9%), an average of +1.0% a year. The sharpest change came in the year to June 2021, when income rose by 20%. Over the whole period it spent 92% of the income it received.

Among 19,475 United States charities whose main cause is community and economic development and that reported income, Magic City Enterprises Inc sits at the 94th percentile: it is larger than about 94% of them. Against every charity in United States with reported income it ranks in the 93rd percentile, and in the 97th percentile within WY. Charities of a similar size with the same main cause include Inquiring Systems Inc ($6.3m), H a C E ($6.3m) and Tecumseh Area Partnership Inc ($6.3m).

On its Form 990 for the period ending June 2023, revenue came from contributions and grants 20% and program service revenue 76% of the total. Compensation of current officers, directors and key employees was $114k (2.0% of expenses). Other salaries and wages came to $3.4m. At year end it held assets of $3.3m against liabilities of $1.3m, net assets of $2.0m. It reported 141 employees.