Mg2 Foundation
- Assets
- $1.0m
- Revenue
- $295.9k
- Investments
- $1.0m
- Employees
- 0
- Location
- Seattle, WA
- Founding
- 08/2014
- Data as of
- 12/2023
- EIN
- 46-2377082
Organization Overview
Mg2 Foundation is located in Seattle, WA. The organization was established in 2014. According to its NTEE Classification (T20) the organization is classified as: Private Grantmaking 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. Mg2 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 12/2023, Mg2 Foundation generated $295.9k in total revenue. This represents relatively stable growth, over the past 8 years the organization has increased revenue by an average of 4.2% each year. All expenses for the organization totaled $391.6k during the year ending 12/2023. While expenses have increased by 8.7% per year over the past 8 years. They've been increasing with an increasing level of total revenue. You can explore the organizations financials more deeply in the financial statements section below.
Since 2016, Mg2 Foundation has awarded 41 individual grants totaling $1,113,619. If you would like to learn more about the grant giving history of this organization, scroll down to the grant profile section of this page.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Jerry Lee Executive Director | 0.5 | $0 | |
Mitchell Smith Chair | 1 | $0 | |
Russ Hazzard Director | 1 | $0 | |
Wendy Unzelman Director | 1 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Contributions, Gifts, Grants & Similar | $275,761 |
| Interest on Savings | $5,817 |
| Dividends & Interest | $8,827 |
| Net Rental Income | $0 |
| Net Gain on Sale of Assets | $5,510 |
| Capital Gain Net Income | $0 |
| Net ST Capital Gain | $0 |
| Income Modifications | $0 |
| Profit on Inventory Sales | $0 |
| Other Income | $0 |
| Total Revenue | $295,915 |
| Statement of Expenses | |
|---|---|
| Compensation of officers, directors, trustees, etc | $0 |
| Other employee salaries and wages | $0 |
| Pension plans, employee benefits | $0 |
| Interest | $0 |
| Taxes | $16 |
| Depreciation | $0 |
| Occupancy | $0 |
| Travel, conferences, and meetings | $565 |
| Printing and publications | $0 |
| Other expenses | $109,325 |
| Total operating and administrative expenses | $122,003 |
| Contributions, gifts, grants paid | $269,550 |
| Total expenses and disbursements | $391,553 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $0 |
| Savings and temporary cash investments | $20,767 |
| 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 | $0 |
| Total assets | $1,036,441 |
| 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, Mg2 Foundation has awarded $269,550 in support to 22 organizations.
| Grant Recipient | Amount |
|---|---|
FAMU SCHOOL OF ARCHITECTURE & ENGINEERING TECHNOLOGY PURPOSE: FOR THE BENEFIT OF SUPPORTING DIGITAL LITERACY | $6,000 |
FRIENDS OF COSTCO GUILD PURPOSE: FOR THE BENEFIT OF THE CHILDREN'S GOLF CLASSIC | $15,000 |
THE WING LUKE MUSEUM PURPOSE: GENERAL PURPOSE | $500 |
LAKE WASHINGTON INSTITUTE OF TECHNOLOGY FOUNDATION PURPOSE: GIFT FOR THE LW SCHOLARSHIP | $21,000 |
THE BELLEVUE ART MUSEUM PURPOSE: GIFT FOR BELLEVUE ART MUSEUM SPONSORSHIP | $10,000 |
ICHS FOUNDATION PURPOSE: GENERAL PURPOSE | $500 |