Share The Magic Foundation Inc
- Assets
- $1.5m
- Revenue
- $1.2m
- Investments
- $0.0
- Employees
- 4
- Location
- Atlanta, GA
- Founding
- 06/2016
- Data as of
- 12/2022
- EIN
- 81-1221582
Organization Overview
Share The Magic Foundation Inc is located in Atlanta, GA. The organization was established in 2016. According to its NTEE Classification (P20) the organization is classified as: Human Service Organizations, under the broad grouping of Human Services and related organizations. As of 12/2022, Share The Magic Foundation Inc employed 4 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Share The Magic 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, Share The Magic Foundation Inc generated $1.2m in total revenue. This organization has experienced exceptional growth, as over the past 7 years, it has increased revenue by an average of 40.8% each year . All expenses for the organization totaled $723.0k during the year ending 12/2022. 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 PROMOTE THE LONG-TERM BENEFITS OF READING AND BOOK OWNERSHIP AMONG STUDENTS IN TITLE 1 SCHOOLS AND UNDERSERVED COMMUNITIES.
Describe the Organization's Program Activity:
Part 3 - Line 4a
FREE VIRTUAL READING CHALLENGES, LITERACY ADVOCACY AND PROGRAMMING, BOOK OWNERSHIP.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Patricia Adams Director | Trustee | 1 | $0 |
Michael Gelfond Chair | OfficerTrustee | 1 | $0 |
Wanda J Hayes PHD Director | Trustee | 1 | $0 |
Mohamed Massaquoi Director | Trustee | 1 | $0 |
Roy Neill Director | Trustee | 1 | $0 |
John Parker Director | Trustee | 1 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $534,766 |
| Related organizations | $0 |
| Government grants | $31,861 |
| All other contributions, gifts, grants, and similar amounts not included above | $239,663 |
| Noncash contributions included in lines 1a–1f | $9,818 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $806,290 |
| Total Program Service Revenue | $394,309 |
| Investment income | $4,039 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $4,044 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $1,213,550 |
| 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. | $178,106 |
| Compensation of current officers, directors, key employees. | $17,810 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $76,906 |
| Pension plan accruals and contributions | $146 |
| Other employee benefits | $0 |
| Payroll taxes | $88,872 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $12,777 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $1,762 |
| Advertising and promotion | $0 |
| Office expenses | $0 |
| Information technology | $66,665 |
| Royalties | $0 |
| Occupancy | $0 |
| Travel | $32,018 |
| 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 | $0 |
| Insurance | $6,674 |
| All other expenses | $0 |
| Total functional expenses | $722,974 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $799,676 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $0 |
| 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 | $46,517 |
| Net Land, buildings, and equipment | $0 |
| Investments—publicly traded securities | $629,708 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $1,475,901 |
| Accounts payable and accrued expenses | $1,700 |
| 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 | $0 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $92,850 |
| Total liabilities | $94,550 |
| Net assets without donor restrictions | $0 |
| 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 | $1,381,351 |
| Total liabilities and net assets/fund balances | $1,475,901 |
Grants Awarded
Over the last fiscal year, Share The Magic Foundation Inc has awarded $53,170 in support to 6 organizations.
| Grant Recipient | Amount |
|---|---|
READ BOSTON PURPOSE: TO SUPPORT READING PROGRAM | $9,035 |
PAGE TURNERS MAKE GREAT LEARNERS INC PURPOSE: TO SUPPORT READING PROGRAM | $7,550 |
USHERS NEW LOOK INC PURPOSE: TO SUPPORT READING ROOM | $10,000 |
READ BOSTON PURPOSE: TO SUPPORT READING PROGRAM | $9,035 |
PAGE TURNERS MAKE GREAT LEARNERS INC PURPOSE: TO SUPPORT READING PROGRAM | $7,550 |
USHERS NEW LOOK INC PURPOSE: TO SUPPORT READING ROOM | $10,000 |