Mid-Atlantic Gigabit Innovation Collaboratory Inc
- Assets
- $143.3k
- Revenue
- $407.7k
- Investments
- $0.0
- Employees
- 4
- Location
- Westminster, MD
- Founding
- 04/2016
- Data as of
- 06/2022
- EIN
- 81-1092703
Organization Overview
Mid-Atlantic Gigabit Innovation Collaboratory Inc, operating under the name MAGIC Inc, is located in Westminster, MD. The organization was established in 2016. According to its NTEE Classification (U40) the organization is classified as: Engineering & Technology, under the broad grouping of Science & Technology and related organizations. As of 06/2022, MAGIC Inc employed 4 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. MAGIC 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 06/2022, MAGIC Inc generated $407.7k in total revenue. This organization has experienced exceptional growth, as over the past 6 years, it has increased revenue by an average of 59.4% each year . All expenses for the organization totaled $349.5k during the year ending 06/2022. 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
2022
Describe the Organization's Mission:
Part 3 - Line 1
TO ASSIST IN CREATING ECONOMIC DEVELOPMENT OPPORTUNITIES, AND TO ENCOURAGE AND ASSIST TECHNOLOGICAL INNOVATION BY BUSINESSES, IN THE CITY OF WESTMINSTER, MD AND SURROUNDING ENVIRONS, AND TO DO ANYTHING ELSE PERMITTED BY THE CORPORATION AND ASSOCIATIONS LAW OF THE STATE OF MARYLAND.
Describe the Organization's Program Activity:
Part 3 - Line 4a
VIRTUAL INCUBATOR PROGRAM CONTINUES WITH ACTIVITIES SERVING ALL ENTREPRENEURS AND TECHNOLOGY STARTUP BUSINESSES IN OUR REGION, AT NO COST, INCLUDING MENTORSHIP AND ACCESS TO A PERKS PROGRAM WITH CREDITS TO VARIOUS SERVICES. MAGIC CONTINUES TO ACT AS THE COMMUNITY SPONSOR AND LEAD ORGANIZER OF THE KAUFFMAN FOUNDATION'S 1 MILLION CUPS PROGRAM IN WESTMINSTER TO FACILITATE WEEKLY MEETINGS FOR ENTREPRENEURS.
THE AUTONOMOUS CORRIDOR PROJECT SEEKS TO LEVERAGE OUR MUNICIPAL GIGABIT FIBER NETWORK, LOCAL RESOURCES, AND WORKFORCE WITH EXPERTISE IN ROBOTICS AND AUTONOMOUS TECHNOLOGY TO CREATE A CONNECTED AND AUTONOMOUS CORRIDOR THAT WILL ONE DAY SERVE AUTONOMOUS TRANSIT FOR RESIDENTS.
MAGIC'S CAPTURE THE FLAG EVENTS OPERATE ON A HYBRID MODEL, UTILIZING PHYSICAL HOST LOCATIONS AND VIRTUAL PLATFORM IN RESPONSE TO THE COVID-19 PANDEMIC. THESE EVENTS PROVIDED TRAINING FOR STUDENTS IN THE CYBERSECURITY AND IN DEPT NETWORKING FIELDS.
THE REST OF THE SMALLER PROGRAMS INCLUDE ANGEL SYNDICATE, 1 MILLION CUPS, HACKTHON, DATA PROJECT, EDUCATIONAL SERVICES, GOOD GAME FESTIVAL, FISCAL SPONSORSHIP, BUSINESS RISKS CONFERENCE, ESPORTS ARENA, INNOVATORS OF PROGRESS, AND CYBER JOBS. THE SMART HOME PROGRAM WAS ELIMINATED DUE TO ZERO ACTIVITY AND THE SMART HOME SOFTWARE INTANGIBLE ASSET WAS COMPLETELY DEPRECIATED.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Graham Dodge Executive Director | 30 | $82,000 | |
Richard Leimbach Treasurer | Officer | 2.8 | $0 |
Jennifer Yang Board Member | Officer | 0.25 | $0 |
Tyler Sturgill Vice President | Officer | 0.2 | $0 |
Josh Ambrose Board Secretary | Officer | 0.3 | $0 |
Christopher College Board Member | Officer | 0.2 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $50 |
| Related organizations | $0 |
| Government grants | $124,336 |
| All other contributions, gifts, grants, and similar amounts not included above | $206,333 |
| Noncash contributions included in lines 1a–1f | $580 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $330,719 |
| Total Program Service Revenue | $55,700 |
| Investment income | $0 |
| 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 | $407,674 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $0 |
| 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. | $85,691 |
| Compensation of current officers, directors, key employees. | $73,391 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $69,263 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $10,847 |
| Payroll taxes | $12,010 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $450 |
| Fees for services: Accounting | $0 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $0 |
| Advertising and promotion | $26,328 |
| Office expenses | $6,788 |
| Information technology | $8,886 |
| Royalties | $0 |
| Occupancy | $28,415 |
| Travel | $1,576 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $2,258 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $44,750 |
| Insurance | $2,992 |
| All other expenses | $11,943 |
| Total functional expenses | $349,472 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $141,639 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $1,700 |
| 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 | $0 |
| Net Land, buildings, and equipment | $0 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $50,000 |
| Other assets | -$50,000 |
| Total assets | $143,339 |
| Accounts payable and accrued expenses | $3,545 |
| Grants payable | $0 |
| Deferred revenue | $0 |
| 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 | $84,276 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $0 |
| Total liabilities | $87,821 |
| Net assets without donor restrictions | $55,020 |
| Net assets with donor restrictions | $498 |
| 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 | $143,339 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
American Society For Testing And Materials West Conshohocken, PA | $507,262,217 | $135,712,233 |
Analytic Services Inc Falls Church, VA | $183,098,732 | $88,248,392 |
Biotechnology Innovation Organization Washington, DC | $113,666,319 | $80,910,840 |
Concurrent Technologies Corporation Johnstown, PA | $70,686,577 | $70,225,854 |
National Center For Defense Manufacturing And Machining Johnstown, PA | $25,200,761 | $55,952,153 |
National Society Of Black Engineers Alexandria, VA | $28,465,255 | $16,810,333 |
Mitre Engenuity Incorporated Mclean, VA | $0 | $8,318,024 |
Bioone Washington, DC | $12,972,038 | $12,944,157 |
Analysis And Resilience Center For Systemic Risk Inc Arlington, VA | $11,004,408 | $11,753,500 |
Innovation Works Inc Pittsburgh, PA | $31,593,952 | $8,003,735 |
Commonwealth Center For Advanced Manufacturing Disputanta, VA | $5,017,532 | $9,261,714 |
Catalyst Connection Pittsburgh, PA | $7,094,242 | $7,162,522 |