Magbit Foundation

Organization Overview

Magbit Foundation is located in Beverly Hills, CA. The organization was established in 1991. According to its NTEE Classification (Z99) the organization is classified as: Unknown, under the broad grouping of Unknown and related organizations. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Magbit Foundation 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, Magbit Foundation generated $1.7m in total revenue. This organization has experienced exceptional growth, as over the past 8 years, it has increased revenue by an average of 10.9% each year . All expenses for the organization totaled $501.4k during the year ending 12/2022. You can explore the organizations financials more deeply in the financial statements section below.

Since 2014, Magbit Foundation has awarded 57 individual grants totaling $2,223,936. If you would like to learn more about the grant giving history of this organization, scroll down to the grant profile section of this page.

Mission & Program ActivityExcerpts From the 990 Filing

TAX YEAR

2022

Describe the Organization's Mission:

Part 3 - Line 1

THE SPECIFIC PURPOSE OF THE FOUNDATION IS TO PROVIDE AID TO AND TO SUPPORT JEWISH CAUSES AND CHARITIES.

Describe the Organization's Program Activity:

Part 3 - Line 4a

THE SPECIFIC PURPOSE OF THE FOUNDATION IS TO PROVIDE AID TO AND TO SUPPORT JEWISH CAUSES AND CHARITIES. TO CARRY OUT THE FOUNDATION'S EXEMPT PURPOSE, MAGBIT FOUNDATION HAS PROVIDED FUNDS TO P.E.F. ISRAEL ENDOWMENT FUNDS, AMERICAN FRIENDS OF ARIEL UNIVERSITY, SACKLER SCHOOL OF MEDICINE, AND MANY OTHER UNIVERSITIES AND COLLEGES.


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Board, Officers & Key Employees

Name (title)Compensation
Gina Rofeem
Executive Direc
$120,000
Benjamin Nazarian
Chairman
$0
Avi Cohen
Vice President
$0
Daniel Manzoor-Mandel
Vice President
$0
Behrooz Broukhim MD
Chairman
$0
Paul Rahimian
Treasurer
$0

Financial Statements

Statement of Revenue
Federated campaigns$0
Membership dues$0
Fundraising events$1,236,142
Related organizations$0
Government grants $0
All other contributions, gifts, grants, and similar amounts not included above$902,370
Noncash contributions included in lines 1a–1f $0
Total Revenue from Contributions, Gifts, Grants & Similar$2,138,512
Total Program Service Revenue$0
Investment income -$20,587
Tax Exempt Bond Proceeds $0
Royalties $0
Net Rental Income $0
Net Gain/Loss on Asset Sales $0
Net Income from Fundraising Events -$438,227
Net Income from Gaming Activities $0
Net Income from Sales of Inventory $0
Miscellaneous Revenue$0
Total Revenue $1,679,698

Grants Awarded

Over the last fiscal year, Magbit Foundation has awarded $69,000 in support to 4 organizations.

Grant RecipientAmount

SACKLER SCHOOL OF MEDICINE

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$22,000

UC REGENTS

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|

$31,000

UNIVERSITY OF SOUTHERN CALIFO

|

|

$10,000

UCLA SCHOOL OF DENTISTRY

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$6,000
View Grant Profile

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Albert Einstein Academies
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International Myeloma Foundation
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Lao Family Community Development Inc
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