Is Magnificat Institute Of Sacred Music Inc Legit?
Quick charity verification for Magnificat Institute Of Sacred Music Inc (EIN: 203227346)
Verdict: Magnificat Institute Of Sacred Music Inc appears trustworthy
70/100Mission Score
$120KRevenue
$41KAssets
2Red Flags
3Strengths
Red Flags
Expenses exceeded revenue in 2023 ($219,888 vs $175,581) and 2022 ($223,462 vs $187,252), indicating net losses.
Significant fluctuation and recent decline in assets from $75,098 in 2021 to $27,550 in 2024.
Strengths
Consistent reporting of 0% officer compensation across all filings, indicating efficient use of funds for mission.
Generally low liabilities, suggesting responsible debt management.
Consistent revenue generation, averaging around $170,000 annually over the past six years.
Spending Breakdown
How Magnificat Institute Of Sacred Music Inc allocates its funds across programs, administration, and fundraising.
80%
Program Spending
Healthy — majority goes to mission
15%
Admin Costs
Reasonable — admin costs in check
5%
Fundraising
Within typical range
How to read this: Well-run charities typically spend 75% or more on programs, keep admin under 25%, and fundraising under 15%. A high program ratio means more of every dollar goes directly to the mission.
How to Interpret This Report
What Red Flags Mean
Red flags are potential warning signs identified by AI analysis of IRS 990 filings. They may indicate issues like declining revenue, high executive pay relative to program spending, lack of transparency, or governance concerns. A single red flag does not necessarily mean an organization is untrustworthy, but multiple flags warrant further investigation before donating.
What Mission Score Measures
The Mission Score (0-100) evaluates how effectively a nonprofit fulfills its stated purpose. It combines multiple factors: program spending efficiency (how much goes to programs vs. overhead), financial health and sustainability, governance quality, transparency in reporting, and consistency of operations over time. A score of 70+ indicates strong alignment with the organization’s mission.
Using This Data for Donation Decisions
Use this report as one input in your decision. Look at the overall Mission Score for a quick assessment, review red flags and strengths for specific concerns, check the spending breakdown to see where money goes, and compare executive compensation to the organization’s size. Consider viewing the full transparency report for deeper analysis, and always verify tax-exempt status with the IRS before making large donations.
Frequently Asked Questions about Magnificat Institute Of Sacred Music Inc
Is Magnificat Institute Of Sacred Music Inc a legitimate charity?
Based on AI analysis of IRS 990 filings, Magnificat Institute Of Sacred Music Inc (EIN: 203227346) appears trustworthy. Mission Score: 70/100. 2 red flags identified, 3 strengths noted.
Is Magnificat Institute Of Sacred Music Inc a good charity to donate to?
Magnificat Institute Of Sacred Music Inc has a Mission Score of 70/100. Revenue: $120K. Assets: $41K. Review the full transparency report for detailed spending breakdown and executive compensation analysis.
What is the EIN for Magnificat Institute Of Sacred Music Inc?
The Employer Identification Number (EIN) for Magnificat Institute Of Sacred Music Inc is 203227346. This is the unique tax ID assigned by the IRS.
What is a Mission Score?
The Mission Score is a 0-100 rating that measures how effectively a nonprofit fulfills its stated mission. It factors in program spending efficiency, financial transparency, governance practices, and outcome reporting. Scores above 70 indicate strong mission alignment, 40-69 suggest mixed performance, and below 40 signals potential concerns.
How does Magnificat Institute Of Sacred Music Inc spend its money?
Magnificat Institute Of Sacred Music Inc allocates 80% to programs, 15% to administration, and 5% to fundraising. Healthy nonprofits typically spend 75%+ on programs.
How can I verify Magnificat Institute Of Sacred Music Inc's tax-exempt status?
You can verify Magnificat Institute Of Sacred Music Inc's tax-exempt status using EIN 203227346 on the IRS Tax Exempt Organization Search (TEOS) at apps.irs.gov/app/eos. You can also request copies of their Form 990 directly from the organization, as they are required by law to provide them upon request.
AI Transparency Report
Magnificat Institute Of Sacred Music Inc demonstrates a mixed financial picture. While the organization has maintained consistent revenue streams, averaging around $170,000 annually over the past six years, it has experienced periods of significant net losses, notably in 2023 and 2022 where expenses exceeded revenue by $44,307 and $36,210 respectively. This indicates potential challenges in managing expenditures relative to income. The organization's assets have fluctuated, showing a decline from a high of $75,098 in 2021 to $27,550 in 2024, suggesting a reduction in financial reserves. However, a positive aspect is the consistent reporting of 0% officer compensation across all filings, which speaks to a commitment to directing funds towards the mission rather than executive salaries. The organization's liabilities have generally remained low, indicating good debt management, though there was a spike to $9,191 in 2023.