Magic Johnson Foundation

Analysis

Magic Johnson Foundation is a registered charity in United States, based in Beverly Hills, CA. It received its IRS tax-exemption ruling in October 2022, 4 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 (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, Magic Johnson Foundation reported income of $1.1m and spending of $300k, leaving 73% of income unspent that year. Across the 2 years on record, from December 2022 to December 2023, income grew from $135k to $1.1m (+709%), an average of +709% a year. The sharpest change came in the year to December 2023, when income rose by 709%. Over the whole period it spent 33% of the income it received.

Among 19,475 United States charities whose main cause is community and economic development and that reported income, Magic Johnson Foundation 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 80th percentile, and in the 81st percentile within CA. Charities of a similar size with the same main cause include Bridge II Pathways Inc ($1.1m), Center for Inclusive Entrepreneurship ($1.1m) and Great Lakes Training & Development Corp ($1.1m).

On its Form 990 for the period ending December 2023, revenue came from contributions and grants 100% of the total. At year end it held assets of $949k against liabilities of $126k, net assets of $823k.