Magnificat Institute Of Sacred Music Inc
Magnificat Institute experiences fluctuating financial health with recent net losses despite consistent revenue.
EIN: 203227346 · Lander, WY · NTEE: B20 · Updated: 2026-03-28
| Metric | Value |
|---|---|
| Total Revenue | $120K |
| Total Expenses | $66K |
| Program Spending | 80% |
| Net Assets | $27K |
| Transparency Score | 70/100 |
Is Magnificat Institute Of Sacred Music Inc Legit?
Some Concerns
Assessment based on IRS 990 filings, spending patterns, and AI analysis. Not a guarantee of legitimacy. Full charity check →
Magnificat Institute Of Sacred Music Inc directs 80% of its spending to programs. This exceeds the industry benchmark of 65%, indicating strong mission focus.
About Magnificat Institute Of Sacred Music Inc
Magnificat Institute Of Sacred Music Inc (EIN: 203227346) is a nonprofit organization based in Lander, WY, classified under NTEE code B20. The organization reported total revenue of $120K and total assets of $41K according to its most recent IRS 990 filing. This transparency report provides an AI-powered analysis of Magnificat Institute Of Sacred Music Inc's financial health, spending patterns, executive compensation, and overall mission effectiveness based on publicly available IRS data.
Organization Overview
Magnificat Institute Of Sacred Music Inc is a small nonprofit that has been operating for 20 years, with 6 years of IRS 990 filings on record (2019–2024). Revenue has grown at a compound annual rate of -12.6%.
Key Financial Metrics (2024)
From the most recent IRS 990 filing on record:
| Total Revenue | $99K |
| Total Expenses | $66K |
| Surplus / Deficit | +$33K |
| Total Assets | $28K |
| Total Liabilities | $561 |
| Net Assets | $27K |
| Operating Margin | 33.7% |
| Debt-to-Asset Ratio | 2.0% |
| Months of Reserves | 5.0 months |
Financial Health Grade: A
In 2024, Magnificat Institute Of Sacred Music Inc reported a surplus of $33K with revenue exceeding expenses, holds 5.0 months of operating reserves (adequate), has a debt-to-asset ratio of 2.0% (very low leverage).
Financial Trends
Over 6 years of filings (2019–2024), Magnificat Institute Of Sacred Music Inc's revenue has declined at a compound annual growth rate (CAGR) of -12.6%.
| Year | Revenue Change | Expense Change | Asset Change |
|---|---|---|---|
| 2024 | -43.5% | -70.1% | +900.0% |
| 2023 | -6.2% | -1.6% | -93.6% |
| 2022 | +1.7% | +48.0% | -43.0% |
| 2021 | +18.4% | -4.2% | +73.9% |
| 2020 | -19.9% | -6.3% | +0.6% |
IRS Tax-Exempt Classification
| IRS Classification Codes | 2000 |
| IRS Ruling Date | 2006 |
Classification data from ProPublica Nonprofit Explorer. Additional BMF data may be available after enrichment.
AI Transparency Report
Mission Effectiveness Score
NonprofitSpending's AI analysis rates Magnificat Institute Of Sacred Music Inc with a Mission Score of 70 out of 100 (Good). This score reflects the organization's overall financial transparency, program spending efficiency, and governance indicators derived from IRS 990 public filings.
Spending Breakdown
- admin: 15%
- programs: 80%
- fundraising: 5%
According to IRS 990 filings, Magnificat Institute Of Sacred Music Inc allocates its expenses as follows: admin: 15%, programs: 80%, fundraising: 5%. With 80% directed toward programs, this reflects a strong commitment to its charitable mission.
Key Financial Metrics (2024)
From the most recent IRS 990 filing on record:
- The organization reported a surplus of $33K, with revenue exceeding expenses.
- Debt-to-asset ratio: 2.0%.
Executive Compensation Analysis
Executive compensation is reported as 0% across all available filings, indicating that no officers or directors received compensation, which is a positive sign for a small organization of this size.
Executive compensation data is sourced from IRS 990 filings, which require nonprofits to disclose the compensation of officers, directors, trustees, and key employees. NonprofitSpending analyzes this data relative to the organization's total revenue and sector benchmarks to assess whether executive pay is reasonable.
Red Flags
The following concerns were identified during AI analysis of Magnificat Institute Of Sacred Music Inc's IRS 990 filings:
- 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
The following positive indicators were identified for Magnificat Institute Of Sacred Music Inc:
- 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.
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) some concerns. Mission Score: 70/100. 2 red flags identified, 3 strengths noted.
How does Magnificat Institute Of Sacred Music Inc spend its money?
Magnificat Institute Of Sacred Music Inc directs 80% of its spending to programs and services. The remaining budget covers administration and fundraising costs.
Are donations to Magnificat Institute Of Sacred Music Inc tax-deductible?
Magnificat Institute Of Sacred Music Inc is registered as a tax-exempt nonprofit (EIN: 203227346). Donations to most 501(c)(3) organizations are tax-deductible. Consult a tax professional for your specific situation.
What percentage of Magnificat Institute Of Sacred Music Inc's spending goes to programs?
Magnificat Institute Of Sacred Music Inc directs 80% to programs, 5% to fundraising. This exceeds the 65% industry benchmark for efficient nonprofits.
How does Magnificat Institute Of Sacred Music Inc compare to similar nonprofits?
With a transparency score of 70/100 (Good), Magnificat Institute Of Sacred Music Inc is above average for NTEE category B20 nonprofits. The score reflects financial transparency, program spending efficiency, and governance quality based on IRS 990 data.
Where is Magnificat Institute Of Sacred Music Inc located?
Magnificat Institute Of Sacred Music Inc is headquartered in Lander, Wyoming and files with the IRS under EIN 203227346. It is classified under NTEE code B20.
How many years of IRS 990 filings does Magnificat Institute Of Sacred Music Inc have?
Magnificat Institute Of Sacred Music Inc has 6 years of IRS 990 filings on record at NonprofitSpending. This extensive filing history provides a strong basis for evaluating long-term financial trends. The most recent filing shows $120K in total revenue.
Is Magnificat Institute Of Sacred Music Inc a good charity?
The organization shows commitment to its mission by not paying officer compensation. However, recent financial performance with expenses exceeding revenue in multiple years (2023, 2022) suggests potential operational inefficiencies or funding gaps that could impact long-term sustainability. Donors should consider these financial fluctuations.
What caused the significant expense increase in 2023 and 2022?
The provided data indicates expenses of $219,888 in 2023 and $223,462 in 2022, significantly higher than previous years' averages around $160,000. Without detailed expense breakdowns from the 990 forms, the specific causes for these increases are unclear, but they led to substantial net losses for those periods.
How has the organization's asset base changed over time?
Assets have fluctuated, peaking at $75,098 in 2021 and then declining to $2,755 in 2023 before recovering slightly to $27,550 in 2024. This volatility suggests periods of asset depletion or significant changes in financial holdings.
Filing History
IRS 990 filing history for Magnificat Institute Of Sacred Music Inc showing financial trends over 6 years of public records:
Over 6 years of IRS 990 filings (2019–2024), Magnificat Institute Of Sacred Music Inc's revenue has declined by 49%, moving from $194K to $99K. Total assets decreased by 35.9% over the same period, from $43K to $28K. Total functional expenses fell by 60.9%, from $168K to $66K. In its most recent filing year (2024), Magnificat Institute Of Sacred Music Inc reported a surplus of $33K, with revenue exceeding expenses. The organization holds $561 in liabilities against $28K in assets (debt-to-asset ratio: 2.0%), resulting in net assets of $27K.
| Year | Revenue | Expenses | Assets | Liabilities | Officer Comp. % | |
|---|---|---|---|---|---|---|
| 2024 | $99K | $66K | $28K | $561 | — | — |
| 2023 | $176K | $220K | $3K | $9K | — | View 990 |
| 2022 | $187K | $223K | $43K | $5K | — | View 990 |
| 2021 | $184K | $151K | $75K | $1K | — | — |
| 2020 | $156K | $158K | $43K | $2K | — | View 990 |
| 2019 | $194K | $168K | $43K | $0 | — | View 990 |
Year-by-Year Financial Summary
- 2024: Revenue of $99K, expenses of $66K, and assets of $28K (revenue -43.5% year-over-year).
- 2023: Revenue of $176K, expenses of $220K, and assets of $3K (revenue -6.2% year-over-year).
- 2022: Revenue of $187K, expenses of $223K, and assets of $43K (revenue +1.7% year-over-year).
- 2021: Revenue of $184K, expenses of $151K, and assets of $75K (revenue +18.4% year-over-year).
- 2020: Revenue of $156K, expenses of $158K, and assets of $43K (revenue -19.9% year-over-year).
- 2019: Revenue of $194K, expenses of $168K, and assets of $43K.
View Individual Filing Years
Explore detailed financial data from each IRS 990 filing year for Magnificat Institute Of Sacred Music Inc:
Data Sources and Methodology
This transparency report for Magnificat Institute Of Sacred Music Inc is generated by NonprofitSpending's AI analysis engine. The data is sourced from publicly available IRS 990 filings accessed through the ProPublica Nonprofit Explorer API and IRS electronic filing records. The Mission Score, spending breakdown, and other analytical insights are produced by artificial intelligence and should be used as one of multiple factors when evaluating a nonprofit organization.
IRS 990 forms are annual information returns that most tax-exempt organizations must file with the IRS. These forms provide detailed financial information including revenue, expenses, assets, liabilities, and compensation of officers. NonprofitSpending processes this data to provide accessible transparency reports for donors, researchers, and the general public.
Disclaimer
AI-generated analysis based on IRS public records. Not financial or legal advice. Verify information directly with the organization.