Salvation Army Magness Trust Fund
- Assets
- $1.6m
- Revenue
- $35.8k
- Investments
- $1.3m
- Employees
- 0
- Location
- Nashville, TN
- Founding
- 09/1975
- Data as of
- 12/2022
- EIN
- 62-6033090
Organization Overview
Salvation Army Magness Trust Fund is located in Nashville, TN. The organization was established in 1975. According to its NTEE Classification (P24) the organization is classified as: Salvation Army, under the broad grouping of Human Services and related organizations. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Salvation Army Magness Trust Fund 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 12/2022, Salvation Army Magness Trust Fund generated $35.8k in total revenue. This represents a relatively dramatic decline in revenue. Over the past 4 years, the organization has seen revenues fall by an average of (30.3%) each year. All expenses for the organization totaled $117.6k during the year ending 12/2022. 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
2022
Describe the Organization's Program Activity:
Part 3 - Line 4a
THE SOLE CHARITABLE ACTIVITY OF THE ORGANIZATION IS THE MAKING OF CONTRIBUTIONS AND GRANTS TO QUALIFIED CHARITABLE ORGANIZATIONS. NO DIRECT CHARITABLE ACTIVITIES ARE CONDUCTED.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Claiborne K Mclemore III Trustee | 1 | $0 | |
Ernest Smallman III Trustee | 1 | $0 | |
Name Not Listed Trustee | 2 | $23,750 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Contributions, Gifts, Grants & Similar | $150 |
| Interest on Savings | $0 |
| Dividends & Interest | $52,177 |
| Net Rental Income | $0 |
| Net Gain on Sale of Assets | -$16,519 |
| Capital Gain Net Income | $0 |
| Net ST Capital Gain | $0 |
| Income Modifications | $0 |
| Profit on Inventory Sales | $0 |
| Other Income | $0 |
| Total Revenue | $35,808 |
| Statement of Expenses | |
|---|---|
| Compensation of officers, directors, trustees, etc | $23,750 |
| Other employee salaries and wages | $0 |
| Pension plans, employee benefits | $0 |
| Interest | $541 |
| Taxes | $1,160 |
| Depreciation | $0 |
| Occupancy | $0 |
| Travel, conferences, and meetings | $0 |
| Printing and publications | $0 |
| Other expenses | $0 |
| Total operating and administrative expenses | $27,125 |
| Contributions, gifts, grants paid | $90,503 |
| Total expenses and disbursements | $117,628 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $0 |
| Savings and temporary cash investments | $101,559 |
| 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 | $277,408 |
| Total assets | $1,629,913 |
| 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 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Urban League Of Kansas City Mo Kansas City, MO | $3,354,739 | $1,614,513 |
Saint Vincent De Paul-St James-E- Town-Store Inc Elizabethtown, KY | $1,438,828 | $407,388 |
Salvation Army Nmtc Inc Brookhaven, GA | $0 | $6,232,226 |
Salvation Army Magness Trust Fund Nashville, TN | $1,629,913 | $35,808 |
Little Ones Child Development Training Center International Inc Greensboro, NC | $7,846 | $0 |
Restoring Peace Ministries Franklin, TN | $0 | $0 |
62 Foundation Inc Dallas, GA | $47,842 | $0 |
William Booth Gardens Of Tyler Inc Brookhaven, GA | $0 | $0 |