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Magh Properties Incorporated FY2020 filing

Not tax-deductible

Charlotte, NCMutual-benefit / member-serving EIN 56-1702808Revenue $4 in FY2020Latest return filed Dec 11, 2025

On file with the IRSCharlotte, NCTax-exempt since Jan 1991

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Corporation organized for the exclusive purpose of holding title to property used by 501(c)(3).

Form 990 Part I, line 1, FY2020. The organization’s own words, as filed with the IRS. Find it at the IRS (EIN 56-1702808) · Dispute this line
Mission: Form 990 Part I, line 1

Before you give

FY2020 · Form 990Independent: from IRS data, not the org
Download 990
Tax-deductible gifts
No
Donations are not tax-deductible
The IRS does not list gifts to it as deductible.
IRS Pub. 78 · IRS BMF
Latest return
FY2025
latest Form 990
The latest return is for FY2025, 1 tax year back.
IRS e-file · Filing history
Surplus or deficit
0 of 6
filings with a surplus
Average deficit $12K a year · 675% of revenue · last 6 filings
A surplus in 0 of the last 6 filings.
Pt I · Ln 19 · 6 filings
Spent on programs
0%
of spending
0% of spending went to programs.
Pt IX · Ln 25 · col B
Cash reserves
9.6 mo
of spending, in cash
9.6 months of spending in cash.
Pt X · Ln 1–2 · Pt I · Ln 18
Liabilities
$470K
110% of total assets
Liabilities are 110% of assets.
Pt X · Ln 26
Independent board members
6
of 6 voting members
6 of 6 voting members are independent.
Pt VI · Ln 1a–1b
In line with peersDifferent from peersFar from peersNo peer rangeNo data yetTap a box for the reason.
Revenue
$4
Spent
$13K
To programs
0%
Net assets
−$42K
By yearFY2020–FY2025
Revenue
$4
FY2020
Tap a bar for its year
Revenue by fiscal year
FY2020$4
FY2021$1
FY2022$1
FY2023$13
FY2024$120
FY2025$10K
Expenses
$13K
FY2020
Tap a bar for its year
Expenses by fiscal year
FY2020$13K
FY2021$13K
FY2022$13K
FY2023$14K
FY2024$14K
FY2025$15K
Net assets
−$42K
FY2020
Tap a bar for its year
Net assets by fiscal year
FY2020−$42K
FY2021−$55K
FY2022−$68K
FY2023−$82K
FY2024−$96K
FY2025−$100K

From the FY2020 Form 990 (year ending June 2020) · see the original

990 PDF Follow Claim
You’re viewing the FY2020 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 ruling in Jan 1991.

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

Who runs it and what they're paid

7 people listed on the 990.

Part VII, Section A · reportable compensation
J Marc Phillips
Executive Di
$0Pt VII · Sec A
$0Pt VII · Sec A
Scott Pion
Treasurer
$0Pt VII · Sec A
$0Pt VII · Sec A
$0Pt VII · Sec A
Kevin M Rose
President
$0Pt VII · Sec A
David L Softley
Vice Preside
$0Pt VII · Sec A
See Magh Properties Incorporated executive salaries →

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

Holds property title for charities to use.

Questions for Magh Properties Incorporated

Tap to ask. Magh Properties Incorporated sees how many people are interested.

Your first name shows with your question. Magh Properties Incorporated answers here, for everyone.

1 program · in their own filed words · FY2019
01

Corporation organized for the exclusive purpose of holding title to property used by 501(c)(3).

Form 990 Part III, line 4, FY2019. The organization’s own words, as filed with the IRS. Find it at the IRS (EIN 56-1702808) · Dispute this line
Pt IX · Ln 25 · col B

By the numbers

The FY2020 990, line by line.

Download 990
from philanthropy.org
1The main four
Money inPt VIII
$4
Ln 12
Investment incomeLn 3$4
Money outPt IX
$13K
Ln 25
Owns and owesPt X
−$42K
net assets · Ln 32
Cash and savingsLn 1–2$11K
Total assetsLn 16$429K
LiabilitiesLn 26$470K
PeoplePt VI, VII
7
listed · VII A
PaidVII A0
Voting boardVI 1a6
IndependentVI 1b6
2In more detail
Revenue in detailPt VIII
Investment incomeLn 3$4
Total revenueLn 12$4
Assets in detailPt X, end of year
SavingsLn 2$11K
Cash and savings togetherLn 1–2$11K
Land, buildings, equipmentLn 10c$418K
Total assetsLn 16$429K
LiabilitiesLn 26$470K
Net assetsLn 32−$42K
OperationsPt I, VI
EmployeesI 50
VolunteersI 66
Fiscal year endsHeaderJune
Conflict-of-interest policyVI 12aYes
Whistleblower policyVI 13No
Records policyVI 14No
3Year over year
Balance sheet, start vs end of yearPt X · col A, B
LineStart FY20End FY20
Cash and savingsLn 1–2$10K$11K
Land, buildings, equipmentLn 10c$431K$418K
Total assetsLn 16$441K$429K
LiabilitiesLn 26$469K$470K
Net assetsLn 32−$28K−$42K
4Every line
Statement of functional expensesPt IX · every line
LineTotalProgramsManagementFundraising
Depreciation, depletion and amortizationLn 22$13K
Other expenses (24a–d)Ln 24$179
Total functional expensesLn 25$13K$0$0$0

Filing history

YearMoney inMoney outIn minus outNet assetsDownload
FY2025 LatestFiled with the IRS Dec 11, 2025 $10K$15K−$4K−$100K 990 PDF
FY2024Filed with the IRS Jan 27, 2025 $120$14K−$14K−$96K 990 PDF
FY2023Filed with the IRS Jan 31, 2024 $13$14K−$14K−$82K 990 PDF
FY2022Filed with the IRS Jan 25, 2023 $1$13K−$13K−$68K 990 PDF
FY2021Filed with the IRS Jan 26, 2022 $1$13K−$13K−$55K 990 PDF
FY2020 ViewingFiled with the IRS Feb 9, 2021 $4$13K−$13K−$42K 990 PDF

Schedules filed Part IV

A · Public support I · Grants O · Explanations
See the full FY2020 990
Part I · Summary $4 revenue, 12 lines filed
I-8 Contributions and grants$0
I-9 Program service revenue$0
I-10 Investment incomePrior year $5$4
I-11 Other revenue$0
I-12 Total revenuePrior year $5$4
I-13 Grants and similar amounts paid$0
I-14 Benefits paid to members$0
I-15 Salaries and benefits$0
I-16a Professional fundraising fees$0
I-17 Other expensesPrior year $13,512$13,484
I-18 Total expensesPrior year $13,512$13,484
I-19 Revenue less expensesPrior year −$13,507−$13,480
Part VI · Governance 6 of 6 board members independent, 3 to look at
VI-1a Voting members of the governing body6
VI-1b Independent voting members6
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
VI-12a Written conflict of interest policyYes
Part VIII · Statement of revenue $4 across 2 lines filed
VIII-3 Investment incomeExcluded from tax $4$4
VIII-12 Total revenueExcluded from tax $4$4
Part IX · Statement of functional expenses $13,484 across 2 lines filed
IX-22 Depreciation, depletion and amortization$13,305
IX-24 Other expenses (24a–d)$179
IX-25 Total functional expensesPrograms $0 · Management $0 · Fundraising $0$13,484
Part X · Balance sheet $428,529 assets, 9 lines filed
X-2 Savings and temporary cash investmentsStart of year $9,759$10,737
X-10c Land, buildings and equipment, netStart of year $431,097$417,792
X-16 Total assetsStart of year $440,856$428,529
X-17 Accounts payable and accrued expenses$69,928
X-25 Other liabilitiesStart of year $469,003$400,228
X-26 Total liabilitiesStart of year $469,003$470,156
X-27 Net assets without donor restrictionsStart of year −$28,147−$41,627
X-32 Total net assets or fund balancesStart of year −$28,147−$41,627
X-33 Total liabilities and net assetsStart of year $440,856$428,529
Part XI · Reconciliation of net assets −$41,627 net assets at year end
XI-1 Total revenue$4
XI-2 Total expenses$13,484
XI-3 Revenue less expenses−$13,480
XI-4 Net assets at start of year−$28,147
XI-10 Net assets at end of year−$41,627

Form 990 e-file FY2020 from the IRS (about our sources) · Classification, formation year and address from the IRS Business Master File

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