Magnon Foundation
Magnon Foundation faces consistent operating deficits despite substantial assets and no reported officer compensation.
EIN: 203290595 · Wilmington, DE · NTEE: T23 · Updated: 2026-03-28
Is Magnon Foundation Legit?
Some Concerns
Assessment based on IRS 990 filings, spending patterns, and AI analysis. Not a guarantee of legitimacy. Full charity check →
Magnon Foundation directs 80% of its spending to programs. This exceeds the industry benchmark of 65%, indicating strong mission focus.
About Magnon Foundation
Magnon Foundation (EIN: 203290595) is a nonprofit organization based in Wilmington, DE, classified under NTEE code T23. The organization reported total revenue of $1.1M and total assets of $4.7M according to its most recent IRS 990 filing. This transparency report provides an AI-powered analysis of Magnon Foundation's financial health, spending patterns, executive compensation, and overall mission effectiveness based on publicly available IRS data.
Organization Overview
Magnon Foundation is a mid-size nonprofit that has been operating for 21 years, with 10 years of IRS 990 filings on record (2011–2023). Revenue has grown at a compound annual rate of -5.5%.
Key Financial Metrics (2023)
From the most recent IRS 990 filing on record:
| Total Revenue | $67K |
| Total Expenses | $262K |
| Surplus / Deficit | $-194,293 |
| Total Assets | $4.7M |
| Total Liabilities | $1 |
| Net Assets | $4.7M |
| Operating Margin | -288.7% |
| Debt-to-Asset Ratio | 0.0% |
| Months of Reserves | 215.6 months |
Financial Health Grade: B
In 2023, Magnon Foundation reported a deficit of $194K with expenses exceeding revenue, holds 215.6 months of operating reserves (strong position), has a debt-to-asset ratio of 0.0% (very low leverage).
Financial Trends
Over 10 years of filings (2011–2023), Magnon Foundation's revenue has declined at a compound annual growth rate (CAGR) of -5.5%.
| Year | Revenue Change | Expense Change | Asset Change |
|---|---|---|---|
| 2023 | +80.8% | -7.9% | -4.0% |
| 2022 | -94.7% | +0.2% | -4.8% |
| 2021 | +286.8% | +11.8% | +8.8% |
| 2020 | +13.2% | +14.9% | -1.5% |
| 2019 | -96.3% | +47.3% | -4.6% |
IRS Tax-Exempt Classification
| IRS Classification Codes | 2000 |
| IRS Ruling Date | 2005 |
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 Magnon Foundation with a Mission Score of 65 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, Magnon Foundation 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 (2023)
From the most recent IRS 990 filing on record:
- The organization reported a deficit of $194K, with expenses exceeding revenue.
- Debt-to-asset ratio: 0.0%.
Executive Compensation Analysis
Executive compensation is reported as 0% across all available filings, indicating that the organization's leadership is either entirely volunteer-based or compensated through other means not classified as officer compensation, which is highly unusual for an organization with over $1 million in latest revenue and significant assets.
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 Magnon Foundation's IRS 990 filings:
- Consistent and significant operating deficits in recent years (e.g., $194,293 deficit in 2023).
- Sharp decline in revenue since 2015, from over $4 million to under $70,000 in 2023.
- Lack of detailed program spending information in the provided data, making impact assessment difficult.
- Unusual 0% officer compensation for an organization with significant assets and expenses, which could indicate undisclosed compensation or a fully volunteer-run structure that may not be sustainable for complex operations.
Strengths
The following positive indicators were identified for Magnon Foundation:
- Substantial asset base ($4,673,603) providing a financial cushion.
- Very low liabilities across all reported periods, indicating strong financial solvency.
- No reported officer compensation, suggesting a highly lean or volunteer-driven administrative structure.
Frequently Asked Questions about Magnon Foundation
Is Magnon Foundation a legitimate charity?
Based on AI analysis of IRS 990 filings, Magnon Foundation (EIN: 203290595) some concerns. Mission Score: 65/100. 4 red flags identified, 3 strengths noted.
How does Magnon Foundation spend its money?
Magnon Foundation directs 80% of its spending to programs and services. The remaining budget covers administration and fundraising costs.
Are donations to Magnon Foundation tax-deductible?
Magnon Foundation is registered as a tax-exempt nonprofit (EIN: 203290595). Donations to most 501(c)(3) organizations are tax-deductible. Consult a tax professional for your specific situation.
How does Magnon Foundation cover its consistent operating deficits?
The foundation appears to be covering its consistent operating deficits by drawing down on its substantial asset base, which was $4,673,603 in the latest period. This is evident from the significant gap between revenue and expenses in recent years (e.g., $67,298 revenue vs. $261,591 expenses in 2023).
What are the specific programs and activities Magnon Foundation funds?
The provided IRS 990 data does not detail the specific programs or activities that Magnon Foundation funds. This information would typically be found in Part III of the Form 990, 'Statement of Program Service Accomplishments'.
Is the Magnon Foundation's current financial model sustainable?
The current financial model, characterized by consistent operating deficits where expenses significantly exceed revenue, is not sustainable in the long term without new substantial funding or a reduction in expenses. The organization is effectively spending more than it earns annually.
Why has revenue declined so significantly since 2015?
Revenue has declined significantly since a peak of $4,359,264 in 2015, dropping to $67,298 in 2023. The filings do not provide specific reasons for this decline, but it suggests a potential decrease in major donations or investment income.
Filing History
IRS 990 filing history for Magnon Foundation showing financial trends over 10 years of public records:
Over 10 years of IRS 990 filings (2011–2023), Magnon Foundation's revenue has declined by 49.2%, moving from $132K to $67K. Total assets increased by 470.4% over the same period, from $824K to $4.7M. Total functional expenses rose by 64.1%, from $159K to $262K. In its most recent filing year (2023), Magnon Foundation reported a deficit of $194K, with expenses exceeding revenue. The organization holds $1 in liabilities against $4.7M in assets (debt-to-asset ratio: 0.0%), resulting in net assets of $4.7M.
| Year | Revenue | Expenses | Assets | Liabilities | Officer Comp. % | |
|---|---|---|---|---|---|---|
| 2023 | $67K | $262K | $4.7M | $1 | — | — |
| 2022 | $37K | $284K | $4.9M | $1 | — | View 990 |
| 2021 | $698K | $283K | $5.1M | $1 | — | View 990 |
| 2020 | $180K | $254K | $4.7M | $1 | — | View 990 |
| 2019 | $159K | $221K | $4.8M | $0 | — | View 990 |
| 2015 | $4.4M | $150K | $5.0M | $800 | — | View 990 |
| 2014 | $19K | $16K | $820K | $-127 | — | View 990 |
| 2013 | $51K | $50K | $817K | $-201 | — | View 990 |
| 2012 | $131K | $138K | $816K | $-188 | — | View 990 |
| 2011 | $132K | $159K | $824K | $731 | — | View 990 |
Year-by-Year Financial Summary
- 2023: Revenue of $67K, expenses of $262K, and assets of $4.7M (revenue +80.8% year-over-year).
- 2022: Revenue of $37K, expenses of $284K, and assets of $4.9M (revenue -94.7% year-over-year).
- 2021: Revenue of $698K, expenses of $283K, and assets of $5.1M (revenue +286.8% year-over-year).
- 2020: Revenue of $180K, expenses of $254K, and assets of $4.7M (revenue +13.2% year-over-year).
- 2019: Revenue of $159K, expenses of $221K, and assets of $4.8M (revenue -96.3% year-over-year).
- 2015: Revenue of $4.4M, expenses of $150K, and assets of $5.0M (revenue +23222.8% year-over-year).
- 2014: Revenue of $19K, expenses of $16K, and assets of $820K (revenue -63.4% year-over-year).
- 2013: Revenue of $51K, expenses of $50K, and assets of $817K (revenue -61.0% year-over-year).
- 2012: Revenue of $131K, expenses of $138K, and assets of $816K (revenue -1.1% year-over-year).
- 2011: Revenue of $132K, expenses of $159K, and assets of $824K.
View Individual Filing Years
Explore detailed financial data from each IRS 990 filing year for Magnon Foundation:
Data Sources and Methodology
This transparency report for Magnon Foundation 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.