Mgm Foundation Inc
- Assets
- $772.9k
- Revenue
- $29.1k
- Investments
- $0.0
- Employees
- 0
- Location
- Conroe, TX
- Founding
- 12/2009
- Data as of
- 12/2022
- EIN
- 71-1049010
Organization Overview
Mgm Foundation Inc is located in Conroe, TX. The organization was established in 2009. 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. Mgm 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 12/2022, Mgm Foundation Inc generated $29.1k in total revenue. The organization has seen a slow decline revenue. Over the past 7 years, revenues have fallen by an average of (2.8%) each year. All expenses for the organization totaled $179.9k during the year ending 12/2022. You can explore the organizations financials more deeply in the financial statements section below.
Since 2014, Mgm Foundation Inc has awarded 69 individual grants totaling $421,084. 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
NONE
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Kevin G Mims Director | 2 | $0 | |
Robert G Mims Director | 2 | $0 | |
Katherine Mims Director | 20 | $56,260 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Contributions, Gifts, Grants & Similar | $0 |
| Interest on Savings | $8,979 |
| Dividends & Interest | $13,252 |
| Net Rental Income | $0 |
| Net Gain on Sale of Assets | $6,913 |
| Capital Gain Net Income | $6,913 |
| Net ST Capital Gain | $0 |
| Income Modifications | $0 |
| Profit on Inventory Sales | $0 |
| Other Income | $0 |
| Total Revenue | $29,144 |
| Statement of Expenses | |
|---|---|
| Compensation of officers, directors, trustees, etc | $56,260 |
| Other employee salaries and wages | $0 |
| Pension plans, employee benefits | $0 |
| Interest | $0 |
| Taxes | $5,088 |
| Depreciation | $0 |
| Occupancy | $0 |
| Travel, conferences, and meetings | $0 |
| Printing and publications | $0 |
| Other expenses | $8,571 |
| Total operating and administrative expenses | $179,919 |
| Contributions, gifts, grants paid | $0 |
| Total expenses and disbursements | $179,919 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $6,264 |
| Savings and temporary cash investments | $662,040 |
| Net Accounts receivable | $0 |
| Net Pledges Receivable | $0 |
| Grants receivable | $0 |
| Receivables from Officers, Directors, or Controlling Persons | $104,595 |
| 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 | $772,899 |
| 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, Mgm Foundation Inc has awarded $125,080 in support to 10 organizations.
| Grant Recipient | Amount |
|---|---|
GRATIA PLENA PURPOSE: CHARITABLE DONATION | $5,000 |
HOLY NAME PASSIONIST RETREAT CENTER PURPOSE: CHARITABLE DONATION | $23,000 |
ARCHDIOCESE OF GALVESTON-HOUSTON PURPOSE: CHARITABLE DONATION | $5,000 |
LIFE TEEN PURPOSE: CHARITABLE DONATION | $10,000 |
FRASSATI CATHOLIC HIGH SCHOOL PURPOSE: CHARITABLE DONATION | $5,000 |
NEWMAN CATHOLIC PURPOSE: CHARITABLE DONATION | $100 |