Magic City Enterprises Foundation

Analysis

Magic City Enterprises Foundation is a registered charity in United States, based in Cheyenne, WY. It received its IRS tax-exemption ruling in June 2020, 6 years ago. Its declared purposes cover recreation and sports, which this site groups under amateur sport and recreation. The IRS classifies it as a supporting organisation under section 501(c)(3), and contributions to it are listed as tax-deductible.

In the financial year ending June 2023, Magic City Enterprises Foundation reported income of $478k and spending of $91k, leaving 81% of income unspent that year. Across the 5 years on record, from June 2019 to June 2023, income fell from $911k to $478k (-48%), an average of -15% a year. The sharpest change came in the year to June 2021, when income rose by 690%. Over the whole period it spent 54% of the income it received.

Among 30,892 United States charities whose main cause is amateur sport and recreation and that reported income, Magic City Enterprises Foundation 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 69th percentile, and in the 71st percentile within WY. Charities of a similar size with the same main cause include Stonington Community Rowing Center ($478k), Casco Bay Arena Inc ($478k) and Newport Mesa Soccer Club ($478k).

On its Form 990 for the period ending June 2023, revenue came from contributions and grants 100% of the total. At year end it held assets of $1.2m against liabilities of $5,056, net assets of $1.2m.