Magnet Lending Corporation

Analysis

Magnet Lending Corporation is a registered charity in United States, based in Lansing, MI. It received its IRS tax-exemption ruling in June 2021, 5 years ago. Its declared purposes cover community improvement and capacity building, 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 December 2023, Magnet Lending Corporation reported income of $4.2m and spending of $178k, leaving 96% of income unspent that year. Across the 4 years on record, from December 2020 to December 2023, income grew from $15k to $4.2m (+28159%), an average of +556% a year. The sharpest change came in the year to December 2023, when income rose by 2599%. Over the whole period it spent 4.3% of the income it received.

Among 19,475 United States charities whose main cause is community and economic development and that reported income, Magnet Lending Corporation sits at the 91st percentile: it is larger than about 91% of them. Against every charity in United States with reported income it ranks in the 91st percentile, and in the 91st percentile within MI. Charities of a similar size with the same main cause include Fay-Penn Economic Development Corporation ($4.2m), Open Avenues Foundation ($4.2m) and Coalition on Homeless and Housing in Ohio ($4.2m).

On its Form 990 for the period ending December 2023, revenue came from contributions and grants 94% and program service revenue 1.6% of the total. At year end it held assets of $8.7m against liabilities of $1.7m, net assets of $6.9m.