Magnolia Gardens Inc
- Assets
- $2.2m
- Revenue
- $476.8k
- Investments
- $0.0
- Employees
- 6
- Location
- Norfolk, VA
- Founding
- 04/1994
- Data as of
- 09/2022
- EIN
- 54-1879770
Organization Overview
Magnolia Gardens Inc is located in Norfolk, VA. The organization was established in 1994. According to its NTEE Classification (C41) the organization is classified as: Botanical Gardens & Arboreta, under the broad grouping of Environment and related organizations. As of 09/2022, Magnolia Gardens Inc employed 6 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Magnolia Gardens Inc 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 09/2022, Magnolia Gardens Inc generated $476.8k in total revenue. This represents relatively stable growth, over the past 7 years the organization has increased revenue by an average of 2.4% each year. All expenses for the organization totaled $591.7k during the year ending 09/2022. While expenses have increased by 2.8% per year over the past 7 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.
Form
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2022
Describe the Organization's Mission:
Part 3 - Line 1
LOW INCOME RENTAL HOUSING-ELDERLY
Describe the Organization's Program Activity:
Part 3 - Line 4a
LOW INCOME RENTAL HOUSING-ELDERLY
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Eugene Denardi Treasurer | OfficerTrustee | $0 | |
Lynne Pipis Vice President | OfficerTrustee | $0 | |
Emmett Pate Secretary | OfficerTrustee | $0 | |
Richard Bridgford President | Officer | $0 | |
Name Not Listed 0 | Trustee | 1 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $0 |
| All other contributions, gifts, grants, and similar amounts not included above | $0 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $0 |
| Total Program Service Revenue | $476,804 |
| Investment income | $22 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $0 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $476,826 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $0 |
| Grants and other assistance to domestic individuals. | $0 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $125,765 |
| Pension plan accruals and contributions | $26,915 |
| Other employee benefits | $10,734 |
| Payroll taxes | $0 |
| Fees for services: Management | $46,711 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $10,176 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $0 |
| Advertising and promotion | $0 |
| Office expenses | $23,942 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $233,245 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $114,199 |
| Insurance | $0 |
| All other expenses | $0 |
| Total functional expenses | $591,687 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $1,167 |
| Savings and temporary cash investments | $1,788 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $5,392 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $10,355 |
| Net Land, buildings, and equipment | $2,087,916 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $105,583 |
| Total assets | $2,212,201 |
| Accounts payable and accrued expenses | $50,266 |
| Grants payable | $0 |
| Deferred revenue | $0 |
| Tax-exempt bond liabilities | $0 |
| Escrow or custodial account liability | $21,257 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $28,209 |
| Secured mortgages and notes payable | $0 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $3,967,600 |
| Total liabilities | $4,067,332 |
| Net assets without donor restrictions | -$1,855,131 |
| Net assets with donor restrictions | $0 |
| Capital stock or trust principal, or current funds | $0 |
| Paid-in or capital surplus, or land, building, or equipment fund | $0 |
| Retained earnings, endowment, accumulated income, or other funds | $0 |
| Total liabilities and net assets/fund balances | $2,212,201 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Norfolk Botanical Garden Inc Norfolk, VA | $43,853,620 | $16,211,583 |
Lewis Ginter Botanical Garden Inc Richmond, VA | $31,961,001 | $10,839,125 |
North Carolina Arboretum Society Asheville, NC | $3,736,133 | $5,608,957 |
Cape Fear Botanical Garden Fayetteville, NC | $10,170,619 | $2,345,891 |
Trinity Memorial Gardens Inc Waldorf, MD | $4,841,517 | $1,868,207 |
North Carolina Botanical Garden Foundation Inc Chapel Hill, NC | $11,597,686 | $1,557,018 |
Adkins Arboretum Ltd Ridgely, MD | $5,843,220 | $1,424,602 |
Elizabethan Gardens Inc Of The Garden Club Of North Carolina Manteo, NC | $1,434,996 | $1,010,745 |
Mcintire Botanical Garden Inc Charlottesville, VA | $3,534,653 | $3,462,322 |
Magnolia Gardens Inc Norfolk, VA | $2,212,201 | $476,826 |
Knoxville Botanical Gardens And Arboretum Knoxville, TN | $3,031,953 | $725,778 |
Paul J Ciener Gardens Foundation Kernersville, NC | $4,026,439 | $250,293 |