Magnolia Memory Care Inc

Analysis

Magnolia Memory Care Inc is a registered charity in United States, based in Fort Mill, SC. It received its IRS tax-exemption ruling in October 2019, 7 years ago. 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, Magnolia Memory Care Inc reported income of $293k and spending of $264k, spending 90% of its income. Across the 3 years on record, from December 2021 to December 2023, income grew from $91k to $293k (+221%), an average of +79% a year. The sharpest change came in the year to December 2022, when income rose by 140%. Over the whole period it spent 95% of the income it received.

Among 72,936 United States charities whose main cause is other charitable purposes and that reported income, Magnolia Memory Care Inc sits at the 60th percentile: it is larger than about 60% of them. Against every charity in United States with reported income it ranks in the 61st percentile, and in the 66th percentile within SC. Charities of a similar size with the same main cause include Emergency Nurses Association ($293k), Living Water Ranch Inc ($293k) and Frederick B Abramson Inc ($293k).

On its Form 990 for the period ending December 2023, revenue came from contributions and grants 29% and program service revenue 63% of the total. Compensation of current officers, directors and key employees was $47k (18% of expenses). Other salaries and wages came to $58k. It paid $6,090 in professional fundraising fees. At year end it held assets of $131k against liabilities of $19k, net assets of $111k. It reported 4 employees.