Magnet Lending Corporation
- Assets
- $2.9m
- Revenue
- $157.1k
- Investments
- $0.0
- Employees
- 0
- Location
- Lansing, MI
- Founding
- Data as of
- 12/2022
- EIN
- 85-4188860
Organization Overview
Magnet Lending Corporation is located in Lansing, MI. According to its NTEE Classification (S31) the organization is classified as: Urban & Community Economic Development, under the broad grouping of Community Improvement & Capacity Building and related organizations. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Magnet Lending Corporation 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, Magnet Lending Corporation generated $157.1k in total revenue. All expenses for the organization totaled $3.5k during the year ending 12/2022. While expenses have increased by 65.4% per year over the past 3 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
MLC'S PRIMARY MISSION IS PROMOTING COMMUNITY DEVELOPMENT BY PROVIDING LOW-COST, FLEXIBLE FINANCIAL LOAN PRODUCTS COUPLED WITH ADVISORY SERVICES TO CREATE AND PRESERVE AFFORDABLE HOUSING AND FOCUSED ECONOMIC DEVELOPMENT FOR THE BENEFIT OF LOW- AND MODERATE-INCOME RESIDENTS AND COMMUNITIES THROUGHOUT THE STATE OF MICHIGAN. MLC'S PRODUCTS AND SERVICES PROVIDE FLEXIBLE DEBT TO PROJECTS LOCATED IN MARKETS THAT LACK ACCESS TO THE FINANCIAL PRODUCTS AND CAPITAL NECESSARY TO FACILITATE THE DEPTH OF DEVELOPMENT NEEDED TO SPUR AND CREATE LONG-TERM, COMPREHENSIVE COMMUNITY TRANSFORMATION.
Describe the Organization's Program Activity:
Part 3 - Line 4a
LOAN ISSUANCE
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Eric Hanna President & Ceo; Director | OfficerTrustee | 2 | $0 |
Mark Morante Chairperson | OfficerTrustee | 1 | $0 |
Mary King Vice Chairperson | OfficerTrustee | 1 | $0 |
Jamie Schriner Treasurer | OfficerTrustee | 1 | $0 |
Richard Hosey Secretary | OfficerTrustee | 1 | $0 |
Karl Dorshimer Director | 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 | $157,066 |
| Investment income | $0 |
| 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 | $157,066 |
| 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 | $0 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $0 |
| Payroll taxes | $0 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $3,000 |
| 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 | $0 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $0 |
| 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 | $0 |
| Insurance | $0 |
| All other expenses | $0 |
| Total functional expenses | $3,488 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $1,456,335 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $65,729 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $1,381,485 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $0 |
| Net Land, buildings, and equipment | $0 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $2,903,549 |
| Accounts payable and accrued expenses | $10,900 |
| Grants payable | $0 |
| Deferred revenue | $5,518 |
| 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 | $0 |
| Total liabilities | $16,418 |
| Net assets without donor restrictions | $2,887,131 |
| 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 | $2,903,549 |