Salvation Army Magness Trust Fund
- Assets
- $1.7m
- Revenue
- $169.1k
- Investments
- $1.4m
- Employees
- 0
- Location
- Nashville, TN
- Founding
- 09/1975
- Data as of
- 12/2021
- EIN
- 62-6033090
Organization Overview
Salvation Army Magness Trust Fund is located in Nashville, TN. The organization was established in 1975. According to its NTEE Classification (P24) the organization is classified as: Salvation Army, under the broad grouping of Human Services and related organizations. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Salvation Army Magness Trust Fund 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, Salvation Army Magness Trust Fund generated $169.1k in total revenue. This represents relatively stable growth, over the past 4 years the organization has increased revenue by an average of 9.5% each year. All expenses for the organization totaled $124.4k during the year ending 12/2021. While expenses have increased by 1.3% per year over the past 4 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.
Form
990PF
Mission & Program ActivityExcerpts From the 990PF Filing
TAX YEAR
2021
Describe the Organization's Program Activity:
Part 3 - Line 4a
THE SOLE CHARITABLE ACTIVITY OF THE ORGANIZATION IS THE MAKING OF CONTRIBUTIONS AND GRANTS TO QUALIFIED CHARITABLE ORGANIZATIONS. NO DIRECT CHARITABLE ACTIVITIES ARE CONDUCTED.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Name Not Listed Trustee | 2 | $20,203 | |
Claiborne K Mclemore III Trustee | 1 | $2,300 | |
Ernest Smallman III Trustee | 1 | $2,300 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Contributions, Gifts, Grants & Similar | $0 |
| Interest on Savings | $10,798 |
| Dividends & Interest | $34,287 |
| Net Rental Income | $0 |
| Net Gain on Sale of Assets | $124,033 |
| Capital Gain Net Income | $124,033 |
| Net ST Capital Gain | $0 |
| Income Modifications | $0 |
| Profit on Inventory Sales | $0 |
| Other Income | $25 |
| Total Revenue | $169,143 |
| Statement of Expenses | |
|---|---|
| Compensation of officers, directors, trustees, etc | $24,803 |
| Other employee salaries and wages | $0 |
| Pension plans, employee benefits | $0 |
| Interest | $521 |
| Taxes | $2,232 |
| Depreciation | $0 |
| Occupancy | $0 |
| Travel, conferences, and meetings | $0 |
| Printing and publications | $0 |
| Other expenses | $4 |
| Total operating and administrative expenses | $29,181 |
| Contributions, gifts, grants paid | $95,254 |
| Total expenses and disbursements | $124,435 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $9,639 |
| Savings and temporary cash investments | $0 |
| 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 | $287,641 |
| Total assets | $1,709,729 |
| 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 Recieved
Over the last fiscal year, we have identified 1 grants that Salvation Army Magness Trust Fund has recieved totaling $367,947.
| Awarding Organization | Amount |
|---|---|
United Way Of Middle Tennessee Inc Nashville, TN PURPOSE: PROGRAM OPNS (OBI) | $367,947 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
William Booth Gardens Of Tyler Inc Brookhaven, GA | $0 | $7,073,410 |
The Salvation Army Atlanta, GA | $4,377,252 | $4,065,005 |
Urban League Of Kansas City Mo Kansas City, MO | $2,209,090 | $2,135,012 |
Saint Vincent De Paul-St James-E- Town-Store Inc Elizabethtown, KY | $1,508,887 | $403,612 |
Salvation Army Nmtc Inc Brookhaven, GA | $19,317,032 | $146,341 |
Salvation Army Magness Trust Fund Nashville, TN | $1,709,729 | $169,143 |
Little Ones Child Development Training Center International Inc Greensboro, NC | $84,039 | $0 |
62 Foundation Inc Dallas, GA | $44,918 | $0 |