Magnolia Foundation
- Assets
- $422.9k
- Revenue
- $25.2k
- Investments
- $391.4k
- Employees
- 0
- Location
- Rio Grande, PR
- Founding
- Data as of
- 12/2022
- EIN
- 32-6567162
Organization Overview
Magnolia Foundation is located in Rio Grande, PR. According to its NTEE Classification (T22) the organization is classified as: Private Independent Foundations, under the broad grouping of Philanthropy, Voluntarism & Grantmaking Foundations and related organizations. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Magnolia Foundation is a 501(c)(3) and as such, is described as a "Charitable or Religous organization or a private foundation" by the IRS.
For the year ending 12/2022, Magnolia Foundation generated $25.2k in total revenue. This represents a relatively dramatic decline in revenue. Over the past 4 years, the organization has seen revenues fall by an average of (52.6%) each year. All expenses for the organization totaled $83.2k during the year ending 12/2022. You can explore the organizations financials more deeply in the financial statements section below.
Since 2020, Magnolia Foundation has awarded 35 individual grants totaling $179,752. If you would like to learn more about the grant giving history of this organization, scroll down to the grant profile section of this page.
Form
990PF
Mission & Program ActivityExcerpts From the 990PF Filing
TAX YEAR
2022
Describe the Organization's Program Activity:
Part 3 - Line 4a
N/A
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Financial Statements
| Statement of Revenue | |
|---|---|
| Contributions, Gifts, Grants & Similar | $0 |
| Interest on Savings | $0 |
| Dividends & Interest | $12,187 |
| Net Rental Income | $0 |
| Net Gain on Sale of Assets | $13,008 |
| Capital Gain Net Income | $13,008 |
| Net ST Capital Gain | $0 |
| Income Modifications | $0 |
| Profit on Inventory Sales | $0 |
| Other Income | $0 |
| Total Revenue | $25,195 |
| Statement of Expenses | |
|---|---|
| Compensation of officers, directors, trustees, etc | $0 |
| Other employee salaries and wages | $0 |
| Pension plans, employee benefits | $0 |
| Interest | $0 |
| Taxes | $0 |
| Depreciation | $0 |
| Occupancy | $0 |
| Travel, conferences, and meetings | $0 |
| Printing and publications | $0 |
| Other expenses | $0 |
| Total operating and administrative expenses | $8,809 |
| Contributions, gifts, grants paid | $74,435 |
| Total expenses and disbursements | $83,244 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $28,029 |
| Savings and temporary cash investments | $0 |
| Net Accounts receivable | $3,449 |
| Net Pledges Receivable | $0 |
| Grants receivable | $0 |
| Receivables from Officers, Directors, or Controlling Persons | $0 |
| Net other notes and loans receivable | $0 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $0 |
| Net Investments - land, buildings, equipment | $0 |
| Investments—mortgage loans | $0 |
| Investments—other | $0 |
| Net Land, buildings, and equipment | $0 |
| Other assets | $0 |
| Total assets | $422,916 |
| Accounts payable and accrued expenses | $0 |
| Grants payable | $0 |
| Deferred revenue | $0 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
| Mortgages and other notes payable | $0 |
| Other liabilities | $0 |
| Total liabilities | $0 |
Grants Awarded
Over the last fiscal year, Magnolia Foundation has awarded $74,435 in support to 12 organizations.
| Grant Recipient | Amount |
|---|---|
BEACHES EMERGENCY ASSISTANCE MINISTRY INC PURPOSE: GENERAL SUPPORT | $3,000 |
YOUNG LIFE PURPOSE: GENERAL SUPPORT | $2,000 |
FELLOWSHIP OF CHRISTIAN ATHLETES PURPOSE: GENERAL SUPPORT | $25,000 |
HOPE AND DELIVERANCE MINISTRIES PURPOSE: THANKSGIVING FOOD BANK | $2,500 |
JDRF INTERNATIONAL PURPOSE: GENERAL SUPPORT | $1,010 |
CHRIST CHURCH PURPOSE: GENERAL SUPPORT | $4,000 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Ricky Martin Foundation Corp San Juan, PR | $2,386,441 | $279,797 |
Magnolia Foundation Rio Grande, PR | $422,916 | $25,195 |
Christian Giving Corp Humacao, PR | $13,690 | $0 |
Teri Ijeoma Family Foundation Bayamon, PR | $3,400,439 | $1 |
Beltran Family Foundation Inc Coto Laurel, PR | $646,520 | $28,593 |