Magcor Industries
- Assets
- $8.6m
- Revenue
- $5.1m
- Investments
- $0.0
- Employees
- 37
- Location
- Jackson, MS
- Founding
- 05/1991
- Data as of
- 06/2021
- EIN
- 64-0793424
Organization Overview
Magcor Industries is located in Jackson, MS. The organization was established in 1991. According to its NTEE Classification (I40) the organization is classified as: Rehabilitation Services for Offenders, under the broad grouping of Crime & Legal-Related and related organizations. As of 06/2021, Magcor Industries employed 37 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Magcor Industries 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 06/2021, Magcor Industries generated $5.1m in total revenue. This represents relatively stable growth, over the past 7 years the organization has increased revenue by an average of 8.6% each year. All expenses for the organization totaled $4.1m during the year ending 06/2021. 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
2021
Describe the Organization's Mission:
Part 3 - Line 1
TO PROVIDE REALISTIC WORK EXPERIENCE TO SENTENCED, ADULT OFFENDERS RESIDING WITHIN MISSISSIPPI STATE CORRECTIONAL INSTITUTIONS BY PROVIDING EMPLOYMENT SKILLS TO SUPPORT ECONOMIC SELF-SUFFICIENCY UPON RELEASE, REDUCE RECIDIVISM, AND REDUCE OVERALL COSTS OF GOVERNMENT.
Describe the Organization's Program Activity:
Part 3 - Line 4a
PROGRAM SERVICE EXPENSES USED IN CARRYING OUT EXEMPT PURPOSE OF REHABILITATING INMATES BY MANUFACTURING ITEMS FOR RESALE.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
George Mcgee Director | Trustee | 1 | $0 |
Bobby Morgan Director | Trustee | 1 | $0 |
Timothy Timbs Secretarytreasurer | Trustee | 1 | $0 |
Randall Johnson Director | Trustee | 1 | $0 |
Willie J Green Director | Trustee | 1 | $0 |
Bob Baughn Director | Trustee | 1 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Total Revenue from Contributions, Gifts, Grants & Similar | $0 |
| Investment income | $2,225 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | -$1,210 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $4,691,107 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $5,140,443 |
| Statement of Expenses | |
|---|---|
| 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. | $119,838 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $1,545,988 |
| Pension plan accruals and contributions | $46,559 |
| Other employee benefits | $145,435 |
| Payroll taxes | $132,172 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $35,039 |
| Fees for services: Accounting | $26,500 |
| Fees for services: Lobbying | $4,500 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $77,800 |
| Advertising and promotion | $66,154 |
| Office expenses | $33,618 |
| Information technology | $44,379 |
| Royalties | $0 |
| Occupancy | $33,239 |
| Travel | $28,213 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $2,295 |
| Interest | $14,698 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $549,161 |
| Insurance | $143,511 |
| All other expenses | $0 |
| Total functional expenses | $4,115,668 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $2,073,872 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $1,104,856 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $1,403,577 |
| Prepaid expenses and deferred charges | $44,016 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $694,081 |
| Total assets | $8,578,858 |
| Accounts payable and accrued expenses | $462,420 |
| Grants payable | $0 |
| Deferred revenue | $0 |
| Tax-exempt bond liabilities | $0 |
| Escrow or custodial account liability | $0 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
| Secured mortgages and notes payable | $16,711 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $5,044,651 |
| Total liabilities | $5,523,782 |
| Net assets without donor restrictions | $0 |
| 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 |
| Total liabilities and net assets/fund balances | $3,055,076 |