Magness Public Library Foundation

Analysis

Magness Public Library Foundation is a registered charity in United States, based in McMinnville, TN. It received its IRS tax-exemption ruling in September 2019, 7 years ago. Its declared purposes cover education, which this site groups under education and training. The IRS classifies it as a supporting organisation (type ii) under section 501(c)(3), and contributions to it are listed as tax-deductible.

In the financial year ending December 2021, Magness Public Library Foundation reported income of $75k and spending of $88k, spending 118% of what it took in. Across the 3 years on record, from December 2019 to December 2021, income grew from $51k to $75k (+46%), an average of +21% a year. The sharpest change came in the year to December 2021, when income rose by 946%. Over the whole period it spent 264% of the income it received.

Among 66,972 United States charities whose main cause is education and training and that reported income, Magness Public Library Foundation sits at the 32nd percentile: it is larger than about 32% of them. Against every charity in United States with reported income it ranks in the 29th percentile, and in the 28th percentile within TN. Charities of a similar size with the same main cause include Parent & Teachers Inc Saddle Rock Association ($75k), Friends of the Dothan Houston County Library System ($75k) and Carolina Forest Elementary PTO ($75k).

On its Form 990 for the period ending December 2021, revenue came from contributions and grants 47% of the total. At year end it held assets of $3.5m against liabilities of $0, net assets of $3.5m.

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.