Magbit Foundation
- Assets
- $2.4m
- Revenue
- $1.7m
- Investments
- $0.0
- Employees
- 1
- Location
- Beverly Hills, CA
- Founding
- 09/1991
- Data as of
- 12/2022
- EIN
- 95-4307648
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.
Form
990
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) | Role | Hours | Compensation |
|---|---|---|---|
Gina Rofeem Executive Direc | OfficerTrustee | 40 | $120,000 |
Benjamin Nazarian Chairman | OfficerTrustee | 0 | $0 |
Avi Cohen Vice President | OfficerTrustee | 0 | $0 |
Daniel Manzoor-Mandel Vice President | OfficerTrustee | 0 | $0 |
Behrooz Broukhim MD Chairman | OfficerTrustee | 0 | $0 |
Paul Rahimian Treasurer | OfficerTrustee | 1 | $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 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $102,000 |
| Grants and other assistance to domestic individuals. | $20,500 |
| Grants and other assistance to Foreign Orgs/Individuals | $67,300 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $120,000 |
| Compensation of current officers, directors, key employees. | $120,000 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $0 |
| Pension plan accruals and contributions | $120,000 |
| Other employee benefits | $0 |
| Payroll taxes | $9,292 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $1,200 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $3,100 |
| Advertising and promotion | $0 |
| Office expenses | $2,641 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $11,025 |
| 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 | $17,930 |
| All other expenses | $686 |
| Total functional expenses | $501,357 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $1,630,771 |
| Savings and temporary cash investments | $116,444 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $0 |
| 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 | $253,158 |
| Net Land, buildings, and equipment | $5,415 |
| Investments—publicly traded securities | $441,851 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $1,225 |
| Total assets | $2,448,864 |
| Accounts payable and accrued expenses | $0 |
| 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 | $0 |
| Total liabilities | $0 |
| 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 |
| Retained earnings, endowment, accumulated income, or other funds | $2,448,864 |
| Total liabilities and net assets/fund balances | $2,448,864 |
Grants Awarded
Over the last fiscal year, Magbit Foundation has awarded $69,000 in support to 4 organizations.
| Grant Recipient | Amount |
|---|---|
SACKLER SCHOOL OF MEDICINE | | | $22,000 |
UC REGENTS | | | $31,000 |
UNIVERSITY OF SOUTHERN CALIFO | | | $10,000 |
UCLA SCHOOL OF DENTISTRY | | | $6,000 |