Magbit Foundation

Analysis

Magbit Foundation is a registered charity in United States, based in Beverly Hills, CA. It received its IRS tax-exemption ruling in September 1991, 35 years ago. Its declared purposes cover unknown, which this site groups under other charitable purposes. 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, Magbit Foundation reported income of $1.4m and spending of $850k, leaving 40% of income unspent that year. Across the 5 years on record, from December 2019 to December 2023, income grew from $1.2m to $1.4m (+19%), an average of +4.4% a year. The sharpest change came in the year to December 2022, when income rose by 1577%. Over the whole period it spent 66% of the income it received.

Among 72,936 United States charities whose main cause is other charitable purposes and that reported income, Magbit Foundation sits at the 81st percentile: it is larger than about 81% of them. Against every charity in United States with reported income it ranks in the 83rd percentile, and in the 84th percentile within CA. Charities of a similar size with the same main cause include Onstage Ogden ($1.4m), Reaching Our Sisters Everywhere Inc ($1.4m) and Our Friends Place ($1.4m).

On its Form 990 for the period ending December 2023, revenue came from contributions and grants 94% of the total. Compensation of current officers, directors and key employees was $153k (18% of expenses). At year end it held assets of $3.0m against liabilities of $3,101, net assets of $3.0m. It reported 1 employees.