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Magh Properties Incorporated FY2020 filing

Not tax-deductible

Charlotte, NCMutual-benefit / member-servingEIN 56-1702808

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

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
Worth a look: the IRS does not list gifts to it as deductible.
IRS Pub. 78 · IRS BMF
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
0 of 6
filings with a surplus
Average deficit $12K a year · 675% of revenue · last 6 filings
Concern: a surplus in 0 of the last 6 filings.
Pt I · Ln 19 · 6 filings
Spent on programs
0%
of spending
Concern: 0% of spending went to programs; under 50%.
Pt IX · Ln 25 · col B
Cash reserves
10 mo
of spending, in cash
Looks good: 9.6 months of spending in cash; 3 or more.
Pt X · Ln 1–2 · Pt I · Ln 18
Liabilities
$470K
110% of total assets
Concern: liabilities are 110% of assets; over 80%.
Pt X · Ln 26
Independent board members
6
of 6 voting members
Looks good: 6 of 6 voting members are independent, a majority.
Pt VI · Ln 1a–1b
Looks goodFineWorth a lookConcernNo data yetTap a box for the reason.
Revenue
$4
Spent
$13K
To programs
0%
Net assets
−$42K
By yearFY2020–FY2025
Revenue
$4
FY2020
Revenue by fiscal year
FY2020$4
FY2021$1
FY2022$1
FY2023$13
FY2024$120
FY2025$10K
Expenses
$13K
FY2020
Expenses by fiscal year
FY2020$13K
FY2021$13K
FY2022$13K
FY2023$14K
FY2024$14K
FY2025$15K
Net assets
−$42K
FY2020
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

Form 990 (PDF) Claim
You’re viewing the FY2020 filing — not the latest on file. See the latest (FY2025) →

Status and standing

Is it real, and can you give to it?

Tax-deductible?
No
Per the IRS master file.
Can I give now?
No revocation on IRS record
Not on the IRS revocation list.
Filing up to date?
Filed FY2025 (typical filing lag)
Legal name (IRS)Hdr · item CMagh Properties Incorporated
EINHdr · item D56-1702808
Exempt statusHdr · item I501(c)(2) · active
Ruling yearIRS BMFJan 1991
Latest filingForm 990FY2025 · Form 990
Principal addressHdr · item CCharlotte, NC
NTEE classificationIRS BMFNonprofit

Finances

Money in and out, what it owns and owes

Surplus or deficit
-337000%
as % of revenue, this year

Summary of the Filing

Part I · fiscal year 2020 · Form 990
Total assets
$429K
FY2020
Total assets by fiscal year
FY2020$429K
FY2021$416K
FY2022$404K
FY2023$392K
FY2024$384K
FY2025$371K
Total liabilities
$470K
FY2020
Total liabilities by fiscal year
FY2020$470K
FY2021$471K
FY2022$473K
FY2023$474K
FY2024$480K
FY2025$471K
Revenue less expensesPt I · Ln 19−$13K
Total assetsPt X · Ln 16$429K
Spent on programsPt IX · col B0%
Voting members of governing bodyPt I · Ln 36
Independent voting membersPt I · Ln 46

Balance Sheet

Part X · end of year
CashLn 1$11K
Total assetsLn 16$429K
Total liabilitiesLn 26$470K
Total net assetsLn 32−$42K
Months of cash on handcomputed9.6

Statement of Revenue

Part VIII
Investment income100%$4
Total revenueLn 12$4

Money in detail

Form 990 · FY2020 · each figure shown with the dollars behind it
Cash and giving out
Months of spending covered by cash
Cash and easy-to-sell investments $11K · Operating expenses/yr $13K
9.6 months
Where the money goes
Program services
Program services $0 · Total expenses $13K
not reported
Management & General
Management & general $0 · Total expenses $13K
not reported
Fundraising
Fundraising $0 · Total expenses $13K
not reported
Cost to raise $1
Fundraising expense $0 · Solicited contributions $0
Solicited contributions below reporting floor
Where the money comes from
Contribution dependence
Contributions & grants $0 · Total revenue $4
0%
Government reliance
Government grants — · Total revenue $4
—
Earned-income share
Program service revenue $0 · Total revenue $4
0%
Investment reliance
Investment income $4 · Total revenue $4
+100%
Program self-sufficiency
Program service revenue $0 · Total expenses $13K
0%
Growth & trend
Revenue change from last year
This year $4 · Prior year —
No prior year on file
Net assets change over the year
End of year −$42K · Beginning of year —
Beginning net assets not meaningfully positive — showing dollar change
Balance sheet
Surplus or deficit, as % of revenue
Revenue $4 · Expenses $13K
-337000%
Debts compared to what it owns
Total liabilities — · Total assets $429K
—
Net assets compared to what it owns
Net assets −$42K · Total assets $429K
-10%
Marketable Investment Share
Publicly traded securities (Pt X, ln 11) — · Other securities (Pt X, ln 12) — · Total assets (Pt X, ln 16) $429K
Excludes program-related investments (Pt X, ln 13)
People & payroll
Highest Reported Total Compensation
Individual J Marc Phillips · Reported title EXECUTIVE DI · Highest reported compensation $0 · Total expenses $13K
0%
Personnel share
Salaries, benefits & payroll (Pt IX 5-10) — · Total expenses $13K
—
Peer comparison

Same NTEE category, revenue band, and state where available. Descriptive — not a grade.

MetricThis orgPeer medianPercentile
Spent on management, % of spending 0%——

Straight from the Form 990 — descriptive, not an evaluation. A share is hidden when its base is zero or too small to be meaningful; the dollars are always shown.

Leadership and pay

Who runs it, and what are they paid?

Officers, Directors & Key Employees

Part VII, Section A · reportable compensation · most recent filed roster (FY2019); the FY2020 filing did not itemize Part VII
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 →

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Governance & Policies

Part VI
  • 6Voting board membersPt VI · Ln 1a
  • 6Independent board membersPt VI · Ln 1b
  • Conflict-of-interest policyPt VI · Ln 12aYes
  • Whistleblower policyPt VI · Ln 13No
  • Document retention policyPt VI · Ln 14No
  • Top official’s pay independently reviewedPt VI · Ln 15aNo
  • Family or business ties among leadersPt VI · Ln 2No

Mission and programs

What it does.

Holds property title for charities to use.

Provided by the organization

This section is blank until Magh Properties Incorporated claims this page.

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Mission & Programs · Part III

Where the work happens

1 program service, described in the organization's own filed words · FY2019.
01

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

Pt IX · col B

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Filing history

Every return on file.

YearRevenueExpensesChangeFiling
FY2025 Latest $10K$15K×87 990 PDF
FY2024 $120$14K+823% 990 PDF
FY2023 $13$14K×13 990 PDF
FY2022 $1$13K0% 990 PDF
FY2021 $1$13K-75% 990 PDF
FY2020 Viewing $4$13K 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

Full filing: Form 990 for FY2020

Every line we hold from the return, cited to its Part and line.
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

Not shown yet: ratings, outcomes, and peer benchmarks. A Form 990 doesn’t report them.

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Sources

Every figure above is drawn from these filings
Form 990 e-file (XML) · FY2020IRS
Classification, formation year, addressIRS Business Master File
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