Mag Foundation
- Assets
- $2.5m
- Revenue
- $2.5m
- Investments
- $149.4k
- Employees
- 0
- Location
- San Diego, CA
- Founding
- Data as of
- 12/2022
- EIN
- 88-2975129
Organization Overview
Mag Foundation is located in San Diego, CA. According to its NTEE Classification (A25) the organization is classified as: Arts Education, under the broad grouping of Arts, Culture & Humanities and related organizations. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Mag Foundation is a 501(c)(3) and as such, is described as a "Charitable or Religous organization or a private foundation" by the IRS.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Joseph Austin President | 20 | $19,128 | |
Lucas Kamieniecki Treasurer | 3 | $1,000 | |
Edward Haase Secretary | 3 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Contributions, Gifts, Grants & Similar | $2,438,100 |
| Interest on Savings | $600 |
| Dividends & Interest | $0 |
| Net Rental Income | $13,357 |
| Net Gain on Sale of Assets | $0 |
| Capital Gain Net Income | $0 |
| Net ST Capital Gain | $0 |
| Income Modifications | $0 |
| Profit on Inventory Sales | $0 |
| Other Income | $0 |
| Total Revenue | $2,458,181 |
| Statement of Expenses | |
|---|---|
| Compensation of officers, directors, trustees, etc | $20,128 |
| Other employee salaries and wages | $0 |
| Pension plans, employee benefits | $0 |
| Interest | $0 |
| Taxes | $0 |
| Depreciation | $1,974 |
| Occupancy | $0 |
| Travel, conferences, and meetings | $270 |
| Printing and publications | $0 |
| Other expenses | $18,411 |
| Total operating and administrative expenses | $83,333 |
| Contributions, gifts, grants paid | $33,121 |
| Total expenses and disbursements | $116,454 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $5,828 |
| Savings and temporary cash investments | $544,370 |
| 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 | $149,377 |
| Net Land, buildings, and equipment | $1,690,011 |
| Other assets | $109,266 |
| Total assets | $2,498,852 |
| 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 | $157,125 |
| Total liabilities | $157,125 |
Grants Awarded
Over the last fiscal year, Mag Foundation has awarded $33,121 in support to 2 organizations.
| Grant Recipient | Amount |
|---|---|
COLLEGE OF DESERT FOUNDATION PURPOSE: FURTHERANCE OF ORGANIZATIONS OBJECTIVES | $25,000 |
DONORS CHOOSE PURPOSE: FURTHERANCE OF ORGANIZATIONS OBJECTIVES | $8,121 |
View Grant Profile