Is Seena Magowitz Foundation Inc Legit?

Quick charity verification for Seena Magowitz Foundation Inc (EIN: 204751072)

Verdict: Seena Magowitz Foundation Inc appears trustworthy

85/100Mission Score

$1.3MRevenue

$2.6MAssets

2Red Flags

4Strengths

Red Flags

Significant year-to-year fluctuations in expense ratios relative to revenue, indicating inconsistent operational spending.
Periods of substantial deficit spending, such as in 2019 ($1,087,981 expenses vs. $679,081 revenue) and 2021 ($1,031,738 expenses vs. $668,463 revenue), which could raise questions about long-term financial stability if not balanced by prior surpluses.

Strengths

Consistent reporting of 0% officer compensation, demonstrating a strong commitment to directing funds to the mission.
No reported liabilities across all available filings, indicating sound financial management and no outstanding debts.
Significant growth in assets from $66,136 in 2014 to $1,477,418 in 2023, reflecting effective asset accumulation.
Strong program focus implied by the absence of executive compensation, suggesting resources are prioritized for charitable activities.

Spending Breakdown

How Seena Magowitz Foundation Inc allocates its funds across programs, administration, and fundraising.

85%

Program Spending

Healthy — majority goes to mission

10%

Admin Costs

Reasonable — admin costs in check

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 Seena Magowitz Foundation Inc

Is Seena Magowitz Foundation Inc a legitimate charity?

Based on AI analysis of IRS 990 filings, Seena Magowitz Foundation Inc (EIN: 204751072) appears trustworthy. Mission Score: 85/100. 2 red flags identified, 4 strengths noted.

Is Seena Magowitz Foundation Inc a good charity to donate to?

Seena Magowitz Foundation Inc has a Mission Score of 85/100. Revenue: $1.3M. Assets: $2.6M. Review the full transparency report for detailed spending breakdown and executive compensation analysis.

What is the EIN for Seena Magowitz Foundation Inc?

The Employer Identification Number (EIN) for Seena Magowitz Foundation Inc is 204751072. 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 Seena Magowitz Foundation Inc spend its money?

Seena Magowitz Foundation Inc allocates 85% to programs, 10% to administration, and 5% to fundraising. Healthy nonprofits typically spend 75%+ on programs.

How can I verify Seena Magowitz Foundation Inc's tax-exempt status?

You can verify Seena Magowitz Foundation Inc's tax-exempt status using EIN 204751072 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

The Seena Magowitz Foundation Inc demonstrates a fluctuating financial history, with significant variations in revenue and expenses over the past decade. While the organization has consistently reported zero liabilities and zero officer compensation, which are positive indicators of financial prudence and transparency, its spending efficiency appears inconsistent. For instance, in 2023, expenses were $474,135 against revenues of $512,883, indicating a relatively high program spending ratio for that year. However, in 2021 and 2019, expenses significantly exceeded revenue, suggesting periods of deficit spending. The organization's assets have grown substantially, from $66,136 in 2014 to $1,477,418 in 2023, indicating effective asset management despite the operational fluctuations. The consistent reporting of zero officer compensation enhances its transparency profile.

The foundation's financial health, while showing growth in assets, is marked by unpredictable operational surpluses and deficits. The absence of officer compensation is a strong positive for transparency and ensures that donor funds are directed towards the mission rather than executive salaries. However, the wide swings in expense ratios year-over-year make it challenging to assess consistent spending efficiency. For example, in 2020, expenses were only $40,688 against $595,172 in revenue, which is an unusually low spending level relative to income, potentially indicating a build-up of reserves or delayed program implementation. Conversely, in 2019, expenses were $1,087,981 against $679,081 in revenue, showing a significant operational deficit. This variability suggests a need for more stable financial planning or clearer communication regarding these fluctuations.

Overall, the Seena Magowitz Foundation Inc exhibits strong transparency regarding executive compensation and liabilities. Its financial health is improving in terms of asset growth, but its spending efficiency is inconsistent. The organization's ability to operate without officer compensation is commendable and aligns well with donor expectations for direct mission impact. However, potential donors might seek further clarification on the reasons behind the substantial year-to-year variations in spending relative to revenue to fully understand its operational stability and long-term financial strategy.

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Disclaimer

AI-generated analysis based on IRS public records. Not financial or legal advice. Verify information directly with the organization.