Magnolia Housing Inc
- Assets
- $6.2m
- Revenue
- $1.2m
- Investments
- $0.0
- Employees
- 0
- Location
- North Bethesda, MD
- Founding
- 10/1992
- Data as of
- 12/2021
- EIN
- 52-1795395
Organization Overview
Magnolia Housing Inc is located in North Bethesda, MD. The organization was established in 1992. According to its NTEE Classification (L99) the organization is classified as: Housing & Shelter N.E.C., under the broad grouping of Housing & Shelter and related organizations. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Magnolia Housing 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, Magnolia Housing Inc generated $1.2m in total revenue. This represents a relatively dramatic decline in revenue. Over the past 7 years, the organization has seen revenues fall by an average of (6.0%) each year. All expenses for the organization totaled $9.8m during the year ending 12/2021. You can explore the organizations financials more deeply in the financial statements section below.
Form
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2021
Describe the Organization's Mission:
Part 3 - Line 1
TO PROVIDE AFFORDABLE HOUSING TO LOW-INCOME INDIVIDUALS AND THEIR FAMILIES
Describe the Organization's Program Activity:
Part 3 - Line 4a
TO PROVIDE AFFORDABLE HOUSING TO LOW-INCOME INDIVIDUALS AND THEIR FAMILIES
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Todd Travis President | Officer | 1 | $0 |
Marc Weller Director | Trustee | 1 | $0 |
Robert Custer Director | Trustee | 1 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $782,128 |
| All other contributions, gifts, grants, and similar amounts not included above | $53,102 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $835,230 |
| Total Program Service Revenue | $343,430 |
| Investment income | $18 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $0 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $1,178,678 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $8,656,477 |
| Grants and other assistance to domestic individuals. | $0 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $111,635 |
| Pension plan accruals and contributions | $6,431 |
| Other employee benefits | $12,533 |
| Payroll taxes | $10,152 |
| Fees for services: Management | $56,256 |
| Fees for services: Legal | $106 |
| Fees for services: Accounting | $26,635 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $0 |
| Advertising and promotion | $0 |
| Office expenses | $0 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $387,745 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $183,171 |
| Insurance | $0 |
| All other expenses | $9,359 |
| Total functional expenses | $9,837,773 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $266,562 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $19,899 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $36,783 |
| Net Land, buildings, and equipment | $5,294,114 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $362,448 |
| Intangible assets | $0 |
| Other assets | $254,169 |
| Total assets | $6,233,975 |
| Accounts payable and accrued expenses | $69,935 |
| Grants payable | $0 |
| Deferred revenue | $5,648 |
| Tax-exempt bond liabilities | $0 |
| Escrow or custodial account liability | $0 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
| Secured mortgages and notes payable | $6,654,822 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $34,674 |
| Total liabilities | $6,765,079 |
| Net assets without donor restrictions | -$531,104 |
| Net assets with donor restrictions | $0 |
| Capital stock or trust principal, or current funds | $0 |
| Paid-in or capital surplus, or land, building, or equipment fund | $0 |
| Retained earnings, endowment, accumulated income, or other funds | $0 |
| Total liabilities and net assets/fund balances | $6,233,975 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Dogwood Housing Inc North Bethesda, MD | $86,669,090 | $22,202,788 |
Wellspan Properties Inc York, PA | $178,389,137 | $19,225,192 |
Rebecca Residence Allison Park, PA | $63,370,668 | $20,665,205 |
Abraham And Laura Lisner Home For Aged Women Washington, DC | $22,620,580 | $13,905,589 |
Alliance For Behavioral & Developmental Disabilities Ltd Hermitage, PA | $7,380,317 | $14,591,071 |
National Low Income Housing Coalition And Low Income Housing Washington, DC | $13,467,381 | $12,702,610 |
National Foundation For Affordable Housing Solutions Inc North Bethesda, MD | $263,616,606 | $53,198,670 |
Magnolia Housing Inc North Bethesda, MD | $6,233,975 | $1,178,678 |
Prologue Inc Baltimore, MD | $8,569,201 | $6,794,698 |
Tenfold Lancaster, PA | $10,964,028 | $6,280,898 |
Jubilee Housing Inc Washington, DC | $81,340,567 | $5,811,871 |
Coalfield Development Corporation Wayne, WV | $14,261,514 | $7,130,153 |