Magnon Foundation
- Assets
- $5.1m
- Revenue
- $697.8k
- Investments
- $4.5m
- Employees
- 0
- Location
- Wilmington, DE
- Founding
- 09/2005
- Data as of
- 12/2021
- EIN
- 20-3290595
Organization Overview
Magnon Foundation is located in Wilmington, DE. The organization was established in 2005. According to its NTEE Classification (T23) the organization is classified as: Private Operating Foundations, under the broad grouping of Philanthropy, Voluntarism & Grantmaking Foundations and related organizations. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Magnon Foundation is a 501(c)(3) and as such, is described as a "Charitable or Religous organization or a private foundation" by the IRS.
For the year ending 12/2021, Magnon Foundation generated $697.8k in total revenue. This represents a relatively dramatic decline in revenue. Over the past 6 years, the organization has seen revenues fall by an average of (26.3%) each year. All expenses for the organization totaled $283.5k during the year ending 12/2021. You can explore the organizations financials more deeply in the financial statements section below.
Form
990PF
Mission & Program ActivityExcerpts From the 990PF Filing
TAX YEAR
2021
Describe the Organization's Program Activity:
Part 3 - Line 4a
SEE PAGE 12 PART XVI-B.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Deanna Magnon Dir, Treas | 1 | $0 | |
Dennis Wagner Dir, Sec | 1 | $0 | |
David C Stapley Dir, Pres | 2 | $0 | |
Philip Yanni Dir, VP | 1 | $0 | |
Jillian Yocum Dir, VP | 1 | $0 | |
Scott K Yocum Dir, VP | 1 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Contributions, Gifts, Grants & Similar | $0 |
| Interest on Savings | $73 |
| Dividends & Interest | $95,002 |
| Net Rental Income | $0 |
| Net Gain on Sale of Assets | $602,712 |
| Capital Gain Net Income | $602,712 |
| Net ST Capital Gain | $0 |
| Income Modifications | $0 |
| Profit on Inventory Sales | $0 |
| Other Income | $0 |
| Total Revenue | $697,787 |
| Statement of Expenses | |
|---|---|
| Compensation of officers, directors, trustees, etc | $0 |
| Other employee salaries and wages | $0 |
| Pension plans, employee benefits | $0 |
| Interest | $0 |
| Taxes | $6,185 |
| Depreciation | $0 |
| Occupancy | $0 |
| Travel, conferences, and meetings | $0 |
| Printing and publications | $0 |
| Other expenses | $24,227 |
| Total operating and administrative expenses | $55,874 |
| Contributions, gifts, grants paid | $227,590 |
| Total expenses and disbursements | $283,464 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $0 |
| Savings and temporary cash investments | $110,463 |
| Net Accounts receivable | $0 |
| Net Pledges Receivable | $0 |
| Grants receivable | $0 |
| Receivables from Officers, Directors, or Controlling Persons | $0 |
| Net other notes and loans receivable | $0 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $0 |
| Net Investments - land, buildings, equipment | $0 |
| Investments—mortgage loans | $0 |
| Investments—other | $0 |
| Net Land, buildings, and equipment | $0 |
| Other assets | $507,498 |
| Total assets | $5,141,775 |
| Accounts payable and accrued expenses | $0 |
| Grants payable | $0 |
| Deferred revenue | $0 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
| Mortgages and other notes payable | $0 |
| Other liabilities | $0 |
| Total liabilities | $0 |
Grants Awarded
Over the last fiscal year, Magnon Foundation has awarded $227,590 in support to 3 organizations.
| Grant Recipient | Amount |
|---|---|
Boston, MA PURPOSE: MAGNON FOUNDATION | $210,000 |
Palm Springs, CA PURPOSE: CHARITABLE EVENT | $10,000 |
Santa Ana, CA PURPOSE: GENERAL & UNRESTRICTED (SEE GENERAL EXPLANATION) | $7,590 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Community Education Building Corp Wilmington, DE | $62,091,900 | $5,409,569 |
Stoneleigh Foundation Philadelphia, PA | $92,384,286 | $2,978,235 |
Global Ahead Inc Derwood, MD | $0 | $4,557,570 |
Satell Institute King Of Prussia, PA | $13,359,727 | $1,126,245 |
Rona And Jeffrey Abramson Foundation Rockville, MD | $47,786,937 | $3,092,454 |
Jack Miller Center For Teaching Americas Founding Principles And Bala Cynwyd, PA | $14,689,077 | $1,577,352 |
Wheaton Arts And Cultural Center Inc Millville, NJ | $6,256,174 | $3,464,653 |
Jayne Koskinas Ted Giovanis Foundation For Health And Policy Highland, MD | $14,613,580 | $2,825,934 |
Artyard Erwinna, PA | $77,186,190 | $24,985,342 |
Mansmann Foundation Pa Pittsburgh, PA | $6,102,751 | $745,895 |
Tamim Academies Narberth, PA | $1,567,123 | $2,002,258 |
The Uplands Center Foundation North Haledon, NJ | $18,508,198 | $1,883,897 |