Magnet Educational Choice Association Inc
- Assets
- $358.1k
- Revenue
- $524.8k
- Investments
- $0.0
- Employees
- 1
- Location
- Miami, FL
- Founding
- 03/1992
- Data as of
- 06/2019
- EIN
- 65-0290712
Organization Overview
Magnet Educational Choice Association Inc is located in Miami, FL. The organization was established in 1992. According to its NTEE Classification (B12) the organization is classified as: Fund Raising & Fund Distribution, under the broad grouping of Education and related organizations. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Magnet Educational Choice Association 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 06/2019, Magnet Educational Choice Association Inc generated $524.8k in total revenue. This represents a relatively dramatic decline in revenue. Over the past 5 years, the organization has seen revenues fall by an average of (10.1%) each year. All expenses for the organization totaled $537.1k during the year ending 06/2019. As we would expect to see with falling revenues, expenses have declined by (2.2%) per year over the past 5 years. 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
2019
Describe the Organization's Mission:
Part 3 - Line 1
TO SUPPORT ACADEMIC ACHIEVEMENT AND CAREER READINESS BY PROMOTING BUSINESS/EDUCATION PARTNERSHIPS, ESTABLISHING AND SPONSORING SPECIAL PROJECTS, AND COORDINATING FUNDRAISING ACTIVITIES THAT ENHANCE LEARNING OPPORTUNITIES.
Describe the Organization's Program Activity:
Part 3 - Line 4a
ACADEMY OF HOSPITALITY AND TRAVEL - OPEN CAREER OPPORTUNITIES IN THE TOURISM FIELD; AND PROVIDE A SOLID, COLLEGE PREPARATION EDUCATION IN THE TRADITIONAL ACADEMIC SUBJECTS.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
William O Mcauliff Chief Executive Officer | Officer | 8 | $14,088 |
Sarah Tuskey Vice President | Officer | 2 | $0 |
Tere Wong Treasurer | Officer | 2 | $0 |
Judith Stein Secretary | Officer | 2 | $0 |
Elbe Burke President | Officer | 2 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Total Revenue from Contributions, Gifts, Grants & Similar | $499,342 |
| Investment income | $897 |
| 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 | $524,808 |
| 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. | $14,088 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $0 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $0 |
| Payroll taxes | $1,111 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $0 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $23,030 |
| Advertising and promotion | $0 |
| Office expenses | $0 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $37,130 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $132,586 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $0 |
| Insurance | $1,477 |
| All other expenses | $0 |
| Total functional expenses | $537,141 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $336,501 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $21,599 |
| 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 | $0 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $358,100 |
| Accounts payable and accrued expenses | $22,211 |
| 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 | $0 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $3,848 |
| Total liabilities | $26,059 |
| Net assets without donor restrictions | -$28,936 |
| Net assets with donor restrictions | $0 |
| Capital stock or trust principal, or current funds | $360,977 |
| Paid-in or capital surplus, or land, building, or equipment fund | $0 |
| Total liabilities and net assets/fund balances | $332,041 |
Grants Recieved
Over the last fiscal year, we have identified 2 grants that Magnet Educational Choice Association Inc has recieved totaling $60,000.
| Awarding Organization | Amount |
|---|---|
Naf New York, NY PURPOSE: WEILL AWARD AND DISTINGUISHED ACADEMY AWARDS | $50,000 |
Akamai Foundation Inc Cambridge, MA PURPOSE: NAF MEGA STUDENT INDUSTRY CONFERENCE | $10,000 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Kipp Metro Atlanta Collaborative Inc Atlanta, GA | $93,266,962 | $86,228,529 |
Early Learning Coalition Of Pasco And Hernando Counties Inc Spring Hill, FL | $3,978,920 | $41,918,808 |
University System Of Georgia Foundation Inc Atlanta, GA | $572,651,205 | $27,479,908 |
Atlanta Neighborhood Charter School Inc Atlanta, GA | $8,677,734 | $16,201,042 |
Pinellas County Education Foundation Inc Largo, FL | $46,058,719 | $8,082,359 |
Hephzibah Charter Foundation Inc Hephzibah, GA | $10,181,498 | $8,307,126 |
Foundation Properties Inc Columbus, GA | $108,758,689 | $6,742,153 |
Georgia Student Scholarship Organization Sso Inc Cumming, GA | $4,146,288 | $9,720,252 |
Excelsior Academies Inc Miami, FL | $11,544,923 | $8,167,644 |
Brevard Schools Foundation Inc Viera, FL | $7,221,686 | $4,889,607 |
Imagine - South Broward Inc Sunrise, FL | $1,098,870 | $2,986,588 |
Pure Edge Inc Palm Beach, FL | $739,291 | $2,020,460 |