Midcoast Magnet
Midcoast Magnet reports no financial activity for five consecutive years, maintaining a static asset base.
EIN: 202706715 · Camden, ME · NTEE: S40 · Updated: 2026-03-28
Is Midcoast Magnet Legit?
Significant Concerns
Assessment based on IRS 990 filings, spending patterns, and AI analysis. Not a guarantee of legitimacy. Full charity check →
About Midcoast Magnet
Midcoast Magnet (EIN: 202706715) is a nonprofit organization based in Camden, ME, classified under NTEE code S40. The organization reported total revenue of $0 and total assets of $32K according to its most recent IRS 990 filing. This transparency report provides an AI-powered analysis of Midcoast Magnet's financial health, spending patterns, executive compensation, and overall mission effectiveness based on publicly available IRS data.
AI Transparency Report
Mission Effectiveness Score
NonprofitSpending's AI analysis rates Midcoast Magnet with a Mission Score of 10 out of 100 (Very Poor). This score reflects the organization's overall financial transparency, program spending efficiency, and governance indicators derived from IRS 990 public filings.
Spending Breakdown
- admin: 0%
- programs: 0%
- fundraising: 0%
According to IRS 990 filings, Midcoast Magnet allocates its expenses as follows: admin: 0%, programs: 0%, fundraising: 0%.
Executive Compensation Analysis
Executive compensation has consistently been reported as 0% across all available filings, indicating no salaries or other compensation paid to officers, which aligns with the organization's current dormant status and lack of financial activity.
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 Midcoast Magnet's IRS 990 filings:
- 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
The following positive indicators were identified for Midcoast Magnet:
- 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.
Frequently Asked Questions about Midcoast Magnet
Is Midcoast Magnet a legitimate charity?
Based on AI analysis of IRS 990 filings, Midcoast Magnet (EIN: 202706715) significant concerns. Mission Score: 10/100. 2 red flags identified, 2 strengths noted.
How does Midcoast Magnet spend its money?
Detailed spending breakdown data is not yet available for Midcoast Magnet. Check back for updated IRS 990 analysis.
Are donations to Midcoast Magnet tax-deductible?
Midcoast Magnet is registered as a tax-exempt nonprofit (EIN: 202706715). Donations to most 501(c)(3) organizations are tax-deductible. Consult a tax professional for your specific situation.
Is Midcoast Magnet currently operational?
Based on the IRS 990 filings from 2018-2022 showing $0 revenue and $0 expenses, Midcoast Magnet does not appear to be currently operational.
What happened to Midcoast Magnet's revenue and expenses?
Midcoast Magnet's revenue and expenses have been $0 for the past five fiscal periods (2018-2022), following a period of declining revenue and increasing expenses from 2014 to 2018.
Why have Midcoast Magnet's assets decreased over time?
Midcoast Magnet's assets have decreased from $106,908 in 2014 to $32,132 in 2022, likely due to expenses exceeding revenue in earlier periods (e.g., 2013, 2015-2018) without sufficient new income to replenish reserves.
Filing History
IRS 990 filing history for Midcoast Magnet showing financial trends over 11 years of public records:
Over 11 years of IRS 990 filings (2012–2022), Midcoast Magnet's revenue has declined by 100%, moving from $73K to $0. Total assets decreased by 69.4% over the same period, from $105K to $32K. Total functional expenses fell by 100%, from $20K to $0.
| Year | Revenue | Expenses | Assets | Liabilities | Officer Comp. | |
|---|---|---|---|---|---|---|
| 2022 | $0 | $0 | $32K | $0 | — | View 990 |
| 2021 | $0 | $0 | $32K | $0 | — | — |
| 2020 | $0 | $0 | $32K | $0 | — | View 990 |
| 2019 | $0 | $0 | $32K | $0 | — | View 990 |
| 2018 | $-43,394 | $9K | $32K | $0 | — | View 990 |
| 2017 | $8K | $12K | $84K | $0 | — | View 990 |
| 2016 | $8K | $19K | $88K | $675 | — | View 990 |
| 2015 | $19K | $23K | $99K | $227 | — | View 990 |
| 2014 | $78K | $68K | $107K | $5K | — | View 990 |
| 2013 | $16K | $28K | $98K | $7K | — | View 990 |
| 2012 | $73K | $20K | $105K | $2K | — | View 990 |
Year-by-Year Financial Summary
- 2022: Revenue of $0, expenses of $0, and assets of $32K.
- 2021: Revenue of $0, expenses of $0, and assets of $32K.
- 2020: Revenue of $0, expenses of $0, and assets of $32K.
- 2019: Revenue of $0, expenses of $0, and assets of $32K.
- 2018: Revenue of $-43,394, expenses of $9K, and assets of $32K (revenue -632.5% year-over-year).
- 2017: Revenue of $8K, expenses of $12K, and assets of $84K (revenue +7.0% year-over-year).
- 2016: Revenue of $8K, expenses of $19K, and assets of $88K (revenue -60.9% year-over-year).
- 2015: Revenue of $19K, expenses of $23K, and assets of $99K (revenue -75.1% year-over-year).
- 2014: Revenue of $78K, expenses of $68K, and assets of $107K (revenue +386.0% year-over-year).
- 2013: Revenue of $16K, expenses of $28K, and assets of $98K (revenue -78.0% year-over-year).
- 2012: Revenue of $73K, expenses of $20K, and assets of $105K.
Data Sources and Methodology
This transparency report for Midcoast Magnet 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.