Magnet Schools Of America Inc
- Assets
- $1.3m
- Revenue
- $2.9m
- Investments
- $0.0
- Employees
- 4
- Location
- Washington, DC
- Founding
- 12/1994
- Data as of
- 12/2023
- EIN
- 76-0428386
Organization Overview
Magnet Schools Of America Inc is located in Washington, DC. The organization was established in 1994. According to its NTEE Classification (B99) the organization is classified as: Education N.E.C., under the broad grouping of Education and related organizations. As of 12/2023, Magnet Schools Of America Inc employed 4 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Magnet Schools Of America 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, Magnet Schools Of America Inc generated $2.9m in total revenue. This represents relatively stable growth, over the past 9 years the organization has increased revenue by an average of 8.4% each year. All expenses for the organization totaled $2.8m during the year ending 12/2023. While expenses have increased by 8.3% per year over the past 9 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
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2023
Describe the Organization's Mission:
Part 3 - Line 1
MAGNET SCHOOLS OF AMERICA PROVIDES LEADERSHIP FOR HIGH QUALITY INSTRUCTIONAL PROGRAMS THAT PROMOTE CHOICE, EQUITY, DIVERSITY, AND ACADEMIC EXCELLENCE FOR ALL STUDENTS.
Describe the Organization's Program Activity:
Part 3 - Line 4a
CONFERENCES ARE HELD AROUND THE COUNTRY TO PROVIDE EDUCATORS, PARENTS, AND COMMUNITY STAKEHOLDERS WITH THE OPPORTUNITY TO RECEIVE TRAINING, EXPOSURE TO INNOVATIVE PRACTICES IN MAGNET SCHOOL THEMES AND CURRICULUM, AND TO TOUR EXEMPLARY MAGNET SCHOOLS WITHIN THE HOST DISTRICT.
THE GOAL OF THE NATIONAL INSTITUTE FOR MAGNET SCHOOL LEADERSHIP IS TO PROVIDE AND ASSIST MAGNET SCHOOLS WITH PROFESSIONAL DEVELOPMENT IN ORDER TO BETTER ADDRESS THE NEEDS OF THE MAGNET SCHOOL STUDENTS AND THE CONTINUING EDUCATION OF TEACHERS.
MSA PROVIDES AWARDS TO SCHOOLS THAT DEMONSTRATE THE IDEALS OF MAGNET SCHOOLS THROUGH OUR "MERIT AWARDS" PROGRAM. SCHOOLS RECEIVE ONE OF TWO DESIGNATIONS: MAGNET SCHOOL OF EXCELLENCE (TOP AWARD), OR MAGNET SCHOOL OF DISTINCTION. TOP SCHOOLS COMPETE FOR A CASH AWARD AND DESIGNATION AS TOP MAGNET SCHOOL NATIONALLY. MSA ALSO RECOGNIZES TEACHERS AND PRINCIPALS IN EACH OF THE EIGHT REGIONS, ONE OF WHICH WILL BE RECOGNIZED AS MSA TEACHER OF THE YEAR AND PRINCIPAL OF THE YEAR. MSA ALSO CONDUCTS A NATIONAL POSTER CONTEST OF STUDENT CREATED DESIGN THAT ALIGNS TO A SPECIFIC THEME FOR THE YEAR.
Get More from Intellispect for FreeCreate a free account to get more data, nonprofit salaries, advanced search and more.
Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Theresa Porter President | OfficerTrustee | 2 | $0 |
Dr Robert G Brooks Past President | Trustee | 2 | $0 |
Dr Kim Morrison Immediate Past President | OfficerTrustee | 2 | $0 |
Corri Roche Secretary | OfficerTrustee | 2 | $0 |
Dr Keith Abrahams Specialized Director | Trustee | 2 | $0 |
Susan King Past President, Parliamentarian | OfficerTrustee | 2 | $0 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Todd Mann Consulting Management Services | 12/30/17 | $204,000 |
Kelly Buchierie Program Consulting | 12/30/17 | $103,012 |
Todd Mann Consulting Management Services | 12/30/17 | $204,000 |
Kelly Buchierie Program Consulting | 12/30/17 | $103,012 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $318,640 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $0 |
| All other contributions, gifts, grants, and similar amounts not included above | $16,634 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $335,274 |
| Total Program Service Revenue | $2,508,085 |
| Investment income | $27,090 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | -$13,442 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $2,857,007 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $16,500 |
| Grants and other assistance to domestic individuals. | $54,650 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $362,081 |
| Compensation of current officers, directors, key employees. | $36,208 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $331,297 |
| Pension plan accruals and contributions | $6,946 |
| Other employee benefits | $93,086 |
| Payroll taxes | $25,289 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $15,500 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $7,875 |
| Fees for services: Other | $549,154 |
| Advertising and promotion | $29,212 |
| Office expenses | $16,785 |
| Information technology | $32,969 |
| Royalties | $0 |
| Occupancy | $87,477 |
| Travel | $41,946 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $947,728 |
| Interest | $946 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $8,215 |
| Insurance | $15,779 |
| All other expenses | $14,754 |
| Total functional expenses | $2,843,674 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $101,974 |
| Savings and temporary cash investments | $75,028 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $165,178 |
| 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 | $92,204 |
| Net Land, buildings, and equipment | $9,332 |
| Investments—publicly traded securities | $848,366 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $38,597 |
| Total assets | $1,330,679 |
| Accounts payable and accrued expenses | $62,751 |
| Grants payable | $0 |
| Deferred revenue | $307,459 |
| 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 | $0 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $22,525 |
| Total liabilities | $392,735 |
| Net assets without donor restrictions | $937,944 |
| 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 | $1,330,679 |
Grants Awarded
Over the last fiscal year, Magnet Schools Of America Inc has awarded $16,500 in support to 8 organizations.
| Grant Recipient | Amount |
|---|---|
UNIVERSITY AVENUE ELEMENTARY SCHOOL PURPOSE: Donald Waldrip Award | $2,500 |
RICHLAND SCHOOL DISTRICT TWO PURPOSE: Sustainability Award | $1,000 |
WASHINGTON MAGNET ELEMENTARY SCHOOL PURPOSE: Elementary School Award | $2,500 |
NORTH HOLLYWOOD HIGH SCHOOL PURPOSE: Ronald Simpson Award | $5,000 |
VILLA DEL REY CREATIVE SCIENCES AND ARTS MAGNET SCHOOL PURPOSE: Principal Award | $1,000 |
CHATSWORTH PARK URBAN PLANNING MAGNET SCHOOL PURPOSE: New and emerging Award | $1,000 |