Mag Mutual Foundation Inc
- Assets
- $3.8m
- Revenue
- $196.6k
- Investments
- $3.6m
- Employees
- 0
- Location
- Wilmington, DE
- Founding
- 07/2014
- Data as of
- 12/2021
- 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 12/2021, Mag Mutual Foundation Inc generated $196.6k in total revenue. This organization has experienced exceptional growth, as over the past 6 years, it has increased revenue by an average of 25.0% each year . All expenses for the organization totaled $185.3k during the year ending 12/2021. While expenses have increased by 14.9% per year over the past 6 years. They've been increasing with an increasing level of total revenue. You can explore the organizations financials more deeply in the financial statements section below.
Since 2016, Mag Mutual Foundation Inc has awarded 123 individual grants totaling $829,797. 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 | |
John S Antalis Board Member, Chairman | 1 | $0 | |
William F James MD Board Member | 1 | $0 | |
Michael J Bono MD Board Member | 1 | $0 | |
Michael J Markett Sec | 1 | $0 | |
Neil S Morrell Pres | 1 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Contributions, Gifts, Grants & Similar | $0 |
| Interest on Savings | $269 |
| Dividends & Interest | $90,898 |
| Net Rental Income | $0 |
| Net Gain on Sale of Assets | $105,423 |
| Capital Gain Net Income | $105,423 |
| Net ST Capital Gain | $0 |
| Income Modifications | $0 |
| Profit on Inventory Sales | $0 |
| Other Income | $0 |
| Total Revenue | $196,590 |
| Statement of Expenses | |
|---|---|
| Compensation of officers, directors, trustees, etc | $0 |
| Other employee salaries and wages | $0 |
| Pension plans, employee benefits | $0 |
| Interest | $0 |
| Taxes | $2,552 |
| Depreciation | $0 |
| Occupancy | $0 |
| Travel, conferences, and meetings | $0 |
| Printing and publications | $0 |
| Other expenses | $27,288 |
| Total operating and administrative expenses | $31,484 |
| Contributions, gifts, grants paid | $153,793 |
| Total expenses and disbursements | $185,277 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $0 |
| Savings and temporary cash investments | $169,048 |
| 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 | $3,758,426 |
| 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 $153,793 in support to 22 organizations.
| Grant Recipient | Amount |
|---|---|
Atlanta, GA PURPOSE: FUNDS FOR THREE QUALIFYING MEDICAL STUDENTS | $45,000 |
Augusta, GA PURPOSE: ACCESS TO HEALTHCARE SERVICES FOR UNINSURED RESIDENTS OF AUGUSTA | $15,000 |
Dalton, GA PURPOSE: SCHOLARSHIP FUND FOR LOW INCOME INDIVIDUALS | $15,000 |
Jacksonville, FL PURPOSE: FUNDS FOR HYPERTENSION AND DIABETES MANAGEMENT FOR THE WORKING UNINSURED | $15,000 |
Martinsburg, WV PURPOSE: ORGANIZATION SUSTAINABILITY AND CAPACITY BUILDING FUND | $15,000 |
Morgantown, WV PURPOSE: PRIMARY CARE CLINIC FUND | $14,948 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
The Naval Institute Foundation Incorporated Annapolis, MD | $16,478,320 | $8,459,950 |
Baltimore City Foundation Inc Baltimore, MD | $20,625,141 | $25,532,138 |
Paula And Jerry Gottesman Family Supporting Foundation Inc Whippany, NJ | $103,919,025 | $11,534,966 |
The Jimmy And Berta Khezrie Charitable Foundation Long Branch, NJ | $561,838 | $13,044 |
The Harry Halloran Jr Charitable Trust Philadelphia, PA | $26,412,399 | $8,412,088 |
Serv Properties And Management Inc Ewing, NJ | $27,477,154 | $8,087,563 |
The Richman Family Foundation Inc Baltimore, MD | $21,774,672 | $824,650 |
Rodel Charitable Foundation De Wilmington, DE | $15,413,230 | $5,493,740 |
Dbs Foundation Holdings Harrisburg, PA | $361,345 | $2,360,629 |
Christian Health Care Center Foundation Inc Wyckoff, NJ | $4,956,233 | $3,913,084 |
Helena Devereux Foundation Villanova, PA | $208,303,000 | $15,868,103 |
Ncf Supporting Organization Wilmington, DE | $1,802,740 | $4,444,698 |