Magnet HCCN

Analysis

Magnet HCCN is a registered charity in United States, based in Jackson, MS. It received its IRS tax-exemption ruling in April 2022, 4 years ago. Its declared purposes cover diseases, disorders and medical disciplines, which this site groups under health and saving lives. The IRS classifies it as a publicly supported organisation (donations from the general public) under section 501(c)(3), and contributions to it are listed as tax-deductible.

In the financial year ending December 2023, Magnet HCCN reported income of $4.2m and spending of $2.4m, leaving 44% of income unspent that year. Across the 2 years on record, from December 2022 to December 2023, income grew from $725k to $4.2m (+476%), an average of +476% a year. The sharpest change came in the year to December 2023, when income rose by 476%. Over the whole period it spent 69% of the income it received.

Among 40,470 United States charities whose main cause is health and saving lives and that reported income, Magnet HCCN sits at the 78th percentile: it is larger than about 78% of them. Against every charity in United States with reported income it ranks in the 91st percentile, and in the 92nd percentile within MS. Charities of a similar size with the same main cause include We Bloom Inc ($4.2m), Planned Parenthood San Antonio ($4.2m) and Fame Emergency Medical Services Inc ($4.2m).

On its Form 990 for the period ending December 2023, revenue came from contributions and grants 100% of the total. Compensation of current officers, directors and key employees was $97k (4.1% of expenses). At year end it held assets of $1.5m against liabilities of $14k, net assets of $1.5m. It reported 2 employees.