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Gym Magic Foundation FY2024 filing

Las Cruces, NMUnknown exempt organizationSince 2010EIN 27-1969731Revenue $1.3M in FY2024

On file with the IRS2341 Entrada Del Sol · Las Cruces, NM

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Provide education and opportunity to underserved for gymnastics

100¢ of each $1 spent went to programs.
Mission: Form 990 Part I, line 1 · Programs: Part IX

Before you give

FY2024 · Form 990Independent: from IRS data, not the org
Download 990
Latest return
FY2025
latest Form 990
Looks good: the latest return is for FY2025, 1 tax year back; within 2 tax years.
IRS e-file · Filing history
Surplus or deficit
2 of 3
filings with a surplus
Average surplus $10K a year · 1% of revenue · last 3 filings
Fine: a surplus in 2 of the last 3 filings.
Pt I · Ln 19 · 3 filings
Spent on programs
100%
of spending
Looks good: 100% of spending went to programs; 75% or more.
Pt IX · Ln 25 · col B
Cash reserves
<1 mo
of spending, in cash
Concern: 0.4 months of spending in cash; under 2 weeks.
Pt X · Ln 1–2 · Pt I · Ln 18
Liabilities
$45K
74% of total assets
Worth a look: liabilities are 74% of assets; over 65%.
Pt X · Ln 26
Independent board members
3
of 3 voting members
Looks good: 3 of 3 voting members are independent, a majority.
Pt VI · Ln 1a–1b
Looks goodFineWorth a lookConcernNo data yetTap a box for the reason.
Revenue
$1.3M
+287% vs prior year
Spent
$1.2M
To programs
100%
Net assets
$16K
By yearFY2023–FY2025
Revenue
$1.3M
FY2024▲ +287%
Tap a bar for its year
Revenue by fiscal year
FY2023$336K
FY2024$1.3M
FY2025$1.1M
Expenses
$1.2M
FY2024▲ +192%
Tap a bar for its year
Expenses by fiscal year
FY2023$417K
FY2024$1.2M
FY2025$1.1M
Net assets
$16K
FY2024▲ +123%
Tap a bar for its year
Net assets by fiscal year
FY2023−$69K
FY2024$16K
FY2025$42K

From the FY2024 Form 990 · see the original

Form 990 (PDF) Claim
You’re viewing the FY2024 filing — not the latest on file. See the latest (FY2025) →

Is it real?

Yes. Never revoked by the IRS. Latest filing on record: FY2025.

IRS Pub. 78 · IRS Auto-Revocation List · IRS Business Master File

Where the money goes

100 cents of each dollar spent went to programs.

Program services 100% · $1.2M

Form 990 Part IX, line 25. Every line is in By the numbers.

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Who runs it and what they're paid

5 people listed on the 990.

Part VII, Section A · reportable compensation
Nancy L Bates
President
$0Pt VII · Sec A
Sandra I Graham
Secretary-Tr
$0Pt VII · Sec A
$0Pt VII · Sec A
Phil Stevens
Director
$0Pt VII · Sec A
$0Pt VII · Sec A
See Gym Magic Foundation executive salaries →

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Questions the 990 asks

The form asks each of these directly. These are the filed answers.

  • Family or business ties among officersPt VI · Ln 2No
  • Top official's pay set by an independent reviewPt VI · Ln 15aNo

Programs and updates

Teaches life skills like persistence and responsibility through fun, challenging sports training.

Questions for Gym Magic Foundation

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Provided by the organization

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1 program · $1.2M · in their own filed words · FY2024
01

Provide education and opportunity to underserved for child development in gymnastics. We believe in excellent training; we believe in fun and challenge. Our sports are also used as tools; tools to develop life skills such as persistence, self-reliance, dedication and responsibility.

$1.2Mprogram expense

By the numbers

The FY2024 990, line by line.

Download 990
from philanthropy.org
1The main four
Money inPt VIII
$1.3M
Ln 12
Fees for servicesLn 2g$1.3M
Investment incomeLn 3$108
Money outPt IX
$1.2M
Ln 25
Programscol B$1.2M
Owns and owesPt X
$16K
net assets · Ln 32
Cash and savingsLn 1–2$36K
Total assetsLn 16$61K
LiabilitiesLn 26$45K
PeoplePt VI, VII
5
listed · VII A
PaidVII A0
Voting boardVI 1a3
IndependentVI 1b3
2In more detail
Revenue in detailPt VIII
Fees for servicesLn 2g$1.3M
Investment incomeLn 3$108
Total revenueLn 12$1.3M
Assets in detailPt X, end of year
CashLn 1$36K
Cash and savings togetherLn 1–2$36K
Total assetsLn 16$61K
LiabilitiesLn 26$45K
Net assetsLn 32$16K
OperationsPt I, VI
EmployeesI 520
Fiscal year endsHeaderDecember
Conflict-of-interest policyVI 12aNo
Whistleblower policyVI 13No
Records policyVI 14No
3Year over year
Balance sheet, start vs end of yearPt X · col A, B
LineStart FY24End FY24
Cash and savingsLn 1–2$51K$36K
Total assetsLn 16$51K$61K
LiabilitiesLn 26$121K$45K
Net assetsLn 32−$69K$16K
4Every line
Statement of functional expensesPt IX · every line
LineTotalProgramsManagementFundraising
Other salaries and wagesLn 7$643K$643K
Payroll taxesLn 10$60K$60K
Accounting feesLn 11c$14K$14K
Other fees for servicesLn 11g$50K$50K
Advertising and promotionLn 12$2K$2K
Office expensesLn 13$50K$50K
Information technologyLn 14$5K$5K
Conferences, conventions and meetingsLn 19$228$228
InterestLn 20$351$351
InsuranceLn 23$18K$18K
Other expenses (24a–d)Ln 24$371K$371K
All other expensesLn 24e$2K$2K
Total functional expensesLn 25$1.2M$1.2M$0$0

Filing history

YearMoney inMoney outIn minus outNet assetsDownload
FY2025 Latest $1.1M$1.1M$26K$42K 990 PDF
FY2024 Viewing $1.3M$1.2M$85K$16K 990 PDF
FY2023 $336K$417K−$81K−$69K 990 PDF

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Schedules filed Part IV

III · Programs I · Grants R · Related orgs G · Fundraising L · Interested persons A · Public support F · Foreign M · Noncash
See the full FY2024 990 (6 parts)
Part I · Summary $1,301,501 revenue, 12 lines filed
I-8 Contributions and grants$0
I-9 Program service revenuePrior year $336,470$1,301,393
I-10 Investment incomePrior year $12$108
I-11 Other revenue$0
I-12 Total revenuePrior year $336,482$1,301,501
I-13 Grants and similar amounts paid$0
I-14 Benefits paid to members$0
I-15 Salaries and benefitsPrior year $263,454$702,532
I-16a Professional fundraising fees$0
I-17 Other expensesPrior year $153,635$513,890
I-18 Total expensesPrior year $417,089$1,216,422
I-19 Revenue less expensesPrior year −$80,607$85,079
Part VI · Governance 3 of 3 board members independent, 4 to look at
VI-1a Voting members of the governing body3
VI-1b Independent voting members3
VI-12a Written conflict of interest policyNo
VI-13 Written whistleblower policyNo
VI-14 Document retention and destruction policyNo
VI-15a Process for setting top official's payNo
VI-2 Family or business relationship among officers or directorsNo
Part VIII · Statement of revenue $1,301,501 across 3 lines filed
VIII-2a-f Program service revenue, itemized rows (sum of 2a–2f as filed)Related to mission $1,301,393$1,301,393
VIII-3 Investment incomeRelated to mission $108$108
VIII-12 Total revenueRelated to mission $1,301,501$1,301,501
Part IX · Statement of functional expenses $1,216,422 across 12 lines filed
IX-7 Other salaries and wagesPrograms $642,557$642,557
IX-10 Payroll taxesPrograms $59,975$59,975
IX-11c Accounting feesPrograms $14,326$14,326
IX-11g Other fees for servicesPrograms $49,686$49,686
IX-12 Advertising and promotionPrograms $2,299$2,299
IX-13 Office expensesPrograms $50,204$50,204
IX-14 Information technologyPrograms $5,131$5,131
IX-19 Conferences, conventions and meetingsPrograms $228$228
IX-20 InterestPrograms $351$351
IX-23 InsurancePrograms $18,319$18,319
IX-24 Other expenses (24a–d)Programs $371,443$371,443
IX-24e All other expensesPrograms $1,903$1,903
IX-25 Total functional expensesPrograms $1,216,422 · Management $0 · Fundraising $0$1,216,422
Part X · Balance sheet $60,893 assets, 7 lines filed
Asset lines not itemized here account for $25,000; see the IRS return.
X-1 Cash, non-interest-bearingStart of year $51,313$35,893
X-16 Total assetsStart of year $51,313$60,893
X-17 Accounts payable and accrued expensesStart of year $108,159$44,054
X-25 Other liabilitiesStart of year $12,377$983
X-26 Total liabilitiesStart of year $120,536$45,037
X-32 Total net assets or fund balancesStart of year −$69,223$15,856
X-33 Total liabilities and net assetsStart of year $51,313$60,893
Part XI · Reconciliation of net assets $15,856 net assets at year end
XI-1 Total revenue$1,301,501
XI-2 Total expenses$1,216,422
XI-3 Revenue less expenses$85,079
XI-4 Net assets at start of year−$69,223
XI-10 Net assets at end of year$15,856

Form 990 e-file (XML) FY2024 from the IRS · Classification, formation year and address from the IRS Business Master File

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