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Miracle Square INC FY2023 filing

Tax-deductible

West Columbia, SC501(c)(3)HousingEIN 56-2525420

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Miracle Square, INC. Is a not-for-profit corporation formed in accordance with the not-for-profit statutes of the state of south carolina. The corporation was formed for the purpose of operating a 10 unit project known as Miracle Square located in sumter, south carolina, which provides housing for persons with disabilities. The corporation receives housing assistance from the u.s. Department of housing and urban development pursuant to section 811 of the national housing act, as amended.

501(c)(3) charity; gifts are tax-deductible.
96¢ of each $1 spent went to programs.
Mission: Form 990 Part I, line 1 · Status: IRS Pub. 78 · Programs: Part IX

Before you give

FY2023 · Form 990Independent: from IRS data, not the org
Download 990
IRS status
501(c)(3)
not on the IRS revocation list
Looks good: listed by the IRS and not on the revocation list.
IRS BMF · Auto-Revocation List
Tax-deductible gifts
Yes
Donations are tax-deductible
Looks good: the IRS lists gifts to it as deductible.
IRS Pub. 78 · IRS BMF
Latest return
FY2024
latest Form 990
Looks good: the latest return is for FY2024, 2 tax years back; within 2 tax years.
IRS e-file · Filing history
Surplus or deficit
0 of 5
filings with a surplus
Average deficit $17K a year · 18% of revenue · last 5 filings
Concern: a surplus in 0 of the last 5 filings.
Pt I · Ln 19 · 5 filings
Spent on programs
96%
of spending
Looks good: 96% of spending went to programs; 75% or more.
Pt IX · Ln 25 · col B
Cash reserves
3 mo
of spending, in cash
Fine: 2.8 months of spending in cash; 1 to 3.
Pt X · Ln 1–2 · Pt I · Ln 18
Liabilities
$1.2M
136% of total assets
Concern: liabilities are 136% 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
$101K
+16% vs prior year
Spent
$109K
To programs
96%
Net assets
−$311K
By yearFY2020–FY2024
Revenue
$101K
FY2023▲ +16%
Revenue by fiscal year
FY2020$86K
FY2021$94K
FY2022$87K
FY2023$101K
FY2024$105K
Expenses
$109K
FY2023▲ +6%
Expenses by fiscal year
FY2020$113K
FY2021$117K
FY2022$103K
FY2023$109K
FY2024$115K
Net assets
−$311K
FY2023▼ -7%
Net assets by fiscal year
FY2020−$253K
FY2021−$275K
FY2022−$291K
FY2023−$311K
FY2024−$321K

From the FY2023 Form 990 · see the original

Form 990 (PDF) Claim
You’re viewing the FY2023 filing — not the latest on file. See the latest (FY2024) →

Is it real?

Yes. Never revoked by the IRS. Latest filing on record: FY2024. IRS ruling in Sep 2006.

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

Where the money goes

96 cents of each dollar spent went to programs.

Program services 96% · $105K Management & general 4% · $5K

Form 990 Part IX, line 25, columns B–D. Every line is in By the numbers.

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Who runs it and what they're paid

6 people listed on the 990.

Part VII, Section A · reportable compensation
Ronnie McRae
President
$0Pt VII · Sec A
Margaret Harris
Vice President
$0Pt VII · Sec A
$0Pt VII · Sec A
Nakia Stacks
Treasurer
$0Pt VII · Sec A
$0Pt VII · Sec A
James McRae
Board Member
$0Pt VII · Sec A
See Miracle Square INC 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

Provides accessible housing for people with disabilities.

Provided by the organization

This section is blank until Miracle Square INC claims this page.

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1 program service account for $105K of program spending, described in the organization's own filed words · FY2023.
01

Miracle square, inc. Is a not-for-profit corporation formed in accordance with the not-for-profit statutes of the state of south carolina. The corporation was formed for the purpose of operating a 10 unit project known as miracle square located in sumter, south carolina, which provides housing for persons with disabilities.

$105Kprogram expense

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By the numbers

The FY2023 990, line by line.

Download 990
from philanthropy.org
1The main four
Money inPt VIII
$101K
Ln 12
Gifts and grantsLn 1h$76K
Fees for servicesLn 2g$25K
Investment incomeLn 3$491
Money outPt IX
$109K
Ln 25
Programscol B$105K
Managementcol C$5K
Owns and owesPt X
−$311K
net assets · Ln 32
Cash and savingsLn 1–2$25K
Total assetsLn 16$856K
LiabilitiesLn 26$1.2M
PeoplePt VI, VII
6
listed · VII A
PaidVII A0
Voting boardVI 1a6
IndependentVI 1b6
2In more detail
Revenue in detailPt VIII
Gifts and grantsLn 1h$76K
Government grantsLn 1e$76K
Fees for servicesLn 2g$25K
Investment incomeLn 3$491
Total revenueLn 12$101K
Assets in detailPt X, end of year
CashLn 1$25K
Cash and savings togetherLn 1–2$25K
Land, buildings, equipmentLn 10c$704K
Other assetsLn 15$110K
Total assetsLn 16$856K
LiabilitiesLn 26$1.2M
Net assetsLn 32−$311K
OperationsPt I, VI
EmployeesI 50
VolunteersI 60
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 FY23End FY23
Cash and savingsLn 1–2$4K$25K
Land, buildings, equipmentLn 10c$733K$704K
Total assetsLn 16$854K$856K
LiabilitiesLn 26$1.1M$1.2M
Net assetsLn 32−$291K−$311K
4Every line
Statement of functional expensesPt IX · every line
LineTotalProgramsManagementFundraising
Management feesLn 11a$7K$7K
Legal feesLn 11b$8$8
Accounting feesLn 11c$4K$4K
Office expensesLn 13$4K$4K
OccupancyLn 16$12K$12K
Depreciation, depletion and amortizationLn 22$29K$29K
InsuranceLn 23$15K$15K
Other expenses (24a–d)Ln 24$31K$31K
All other expensesLn 24e$7K$7K$331
Total functional expensesLn 25$109K$105K$5K$0

Filing history

YearMoney inMoney outIn minus outNet assetsDownload
FY2024 Latest $105K$115K−$10K−$321K 990 PDF
FY2023 Viewing $101K$109K−$8K−$311K 990 PDF
FY2022 $87K$103K−$16K−$291K 990 PDF
FY2021 $94K$117K−$22K−$275K 990 PDF
FY2020 $86K$113K−$28K−$253K 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 FY2023 990 (4 parts)
Part VIII · Statement of revenue $101,017 across 5 lines filed
VIII-1e Government grants$75,507
VIII-1h Total contributions, gifts and grants$75,507
VIII-2a-f Program service revenue, itemized rows (sum of 2a–2f as filed)Related to mission $25,019$25,019
VIII-3 Investment incomeExcluded from tax $491$491
VIII-12 Total revenueRelated to mission $25,019 · Unrelated business $0 · Excluded from tax $491$101,017
Part IX · Statement of functional expenses $109,498 across 9 lines filed
IX-11a Management feesPrograms $6,726$6,726
IX-11b Legal feesPrograms $8$8
IX-11c Accounting feesManagement $4,360$4,360
IX-13 Office expensesPrograms $4,126$4,126
IX-16 OccupancyPrograms $11,611$11,611
IX-22 Depreciation, depletion and amortizationPrograms $29,007$29,007
IX-23 InsurancePrograms $15,308$15,308
IX-24 Other expenses (24a–d)Programs $31,144$31,144
IX-24e All other expensesPrograms $6,877 · Management $331$7,208
IX-25 Total functional expensesPrograms $104,807 · Management $4,691 · Fundraising $0$109,498
Part X · Balance sheet $856,091 assets, 12 lines filed
X-1 Cash, non-interest-bearingStart of year $3,973$25,330
X-4 Accounts receivableStart of year $2,516$5,006
X-9 Prepaid expenses and deferred chargesStart of year $3,406$11,693
X-10c Land, buildings and equipment, netStart of year $732,717$703,605
X-15 Other assetsStart of year $110,992$110,457
X-16 Total assetsStart of year $853,604$856,091
X-17 Accounts payable and accrued expensesStart of year $5,463$16,391
X-25 Other liabilitiesStart of year $2,028$2,169
X-26 Total liabilitiesStart of year $1,144,839$1,166,860
X-27 Net assets without donor restrictionsStart of year −$291,235−$310,769
X-32 Total net assets or fund balancesStart of year −$291,235−$310,769
X-33 Total liabilities and net assetsStart of year $853,604$856,091
Part XI · Reconciliation of net assets −$310,769 net assets at year end
XI-1 Total revenue$101,017
XI-2 Total expenses$109,498
XI-3 Revenue less expenses−$8,481
XI-4 Net assets at start of year−$291,235
XI-8 Prior period adjustments−$11,053
XI-9 Other changes in net assets$0
XI-10 Net assets at end of year−$310,769

Form 990 e-file (XML) FY2023 from the IRS · Classification, formation year and address from the IRS Business Master File

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