Quick charity verification for Midcoast Magnet (EIN: 202706715)
Verdict: Midcoast Magnet has notable concerns
10/100Mission Score
$0Revenue
$32KAssets
2Red Flags
2Strengths
Red Flags
Zero revenue and expenses for five consecutive years, indicating dormancy.
Significant decline in assets from $106,908 in 2014 to $32,132 in 2022 without recent operational activity.
Strengths
Consistent filing of IRS 990 forms, demonstrating compliance with reporting requirements.
No executive compensation reported, indicating no personal financial benefit to officers from the organization's remaining assets.
AI Transparency Report
Midcoast Magnet appears to be a dormant organization based on its recent IRS 990 filings. For the past five fiscal periods (2018-2022), the organization has reported zero revenue and zero expenses, maintaining a consistent asset level of $32,132. This lack of financial activity suggests it is not currently operating programs or incurring administrative costs. The organization's assets have steadily declined from a high of $106,908 in 2014 to the current $32,132, indicating a period of spending down reserves without new income.
Given the absence of financial transactions in recent years, assessing spending efficiency is not possible. The organization's transparency is adequate in terms of filing its required IRS 990 forms, but the lack of operational data limits insight into its current programmatic impact or financial health beyond its static asset base. The consistent reporting of zero officer compensation across all available filings indicates that no salaries are being paid to executives, which is expected given the lack of activity.