Mag Mutual Foundation Inc
- Assets
- $5.3m
- Revenue
- $1.8m
- Investments
- $3.7m
- Employees
- 0
- Location
- Wilmington, DE
- Founding
- 07/2014
- Data as of
- 12/2023
- EIN
- 46-2947580
Organization Overview
Mag Mutual Foundation Inc is located in Wilmington, DE. The organization was established in 2014. According to its NTEE Classification (T11) the organization is classified as: Single Organization Support, 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. Mag Mutual Foundation Inc 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 12/2023, Mag Mutual Foundation Inc generated $1.8m in total revenue. This organization has experienced exceptional growth, as over the past 8 years, it has increased revenue by an average of 40.1% each year . All expenses for the organization totaled $168.9k during the year ending 12/2023. You can explore the organizations financials more deeply in the financial statements section below.
Since 2016, Mag Mutual Foundation Inc has awarded 190 individual grants totaling $1,326,722. 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.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Marisa Anderson Board Member | 1 | $0 | |
Donna Andrews Board Member | 1 | $0 | |
John S Antalis Board Member, Chairman, Pres | 1 | $0 | |
Alison Bartfield MD Board Member | 1 | $0 | |
Michael J Bono Board Member | 1 | $0 | |
Kara Cleary Sec | 1 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Contributions, Gifts, Grants & Similar | $1,586,759 |
| Interest on Savings | $3,451 |
| Dividends & Interest | $117,202 |
| Net Rental Income | $0 |
| Net Gain on Sale of Assets | $54,353 |
| Capital Gain Net Income | $54,353 |
| Net ST Capital Gain | $0 |
| Income Modifications | $0 |
| Profit on Inventory Sales | $0 |
| Other Income | $0 |
| Total Revenue | $1,761,765 |
| Statement of Expenses | |
|---|---|
| Compensation of officers, directors, trustees, etc | $0 |
| Other employee salaries and wages | $0 |
| Pension plans, employee benefits | $0 |
| Interest | $0 |
| Taxes | $1,100 |
| Depreciation | $0 |
| Occupancy | $0 |
| Travel, conferences, and meetings | $0 |
| Printing and publications | $0 |
| Other expenses | $26,740 |
| Total operating and administrative expenses | $27,840 |
| Contributions, gifts, grants paid | $141,063 |
| Total expenses and disbursements | $168,903 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $0 |
| Savings and temporary cash investments | $1,664,987 |
| Net Accounts receivable | $0 |
| 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 | $5,335,064 |
| 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, Mag Mutual Foundation Inc has awarded $141,063 in support to 22 organizations.
| Grant Recipient | Amount |
|---|---|
ACADEMY OF MEDICINE JACKSONVILLE FLORIDA INC PURPOSE: DCMS LIFEBRIDGE PHYSICIAN WELLNESS PROGRAM | $5,000 |
ASSOCIATION OF BLACK CARDIOLOGISTS PURPOSE: DR. RICHARD ALLEN WILLIAMS SCHOLARSHIP FUND | $15,000 |
BAPTIST HEALTH SYSTEM FOUNDATION INC PURPOSE: PEDIATRIC ASTHMA STEROID INHALER IN SCHOOLS | $12,500 |
BERGEN VOLUNTEER MEDICAL INITIATIVE INC PURPOSE: FREE ACCESS TO CARE FOR UNINSURED NORTH NJ RESIDENTS | $15,000 |
BOYS AND GIRLS CLUBS OF THE CHATTAHOOCHEE VALLEY I PURPOSE: GENERAL PROGRAM SUPPORT | $1,000 |
CHASTAIN HORSE PARK LTD PURPOSE: GENERAL & UNRESTRICTED | $3,000 |