The Magic Yarn Project FY2023 filing

Tax-deductible

Palmer, AK501(c)(3)Diseases & DisordersEIN 81-0828812

Our mission is to bring magic into the lives of children battling cancer by providing magic yarn wigs that are inspired by beloved disney characters, and invite children back to the world of play and daydreaming; and to inspire volunteerism to make a difference.

501(c)(3) charity; gifts are tax-deductible.
95¢ 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
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
3 of 6
filings with a surplus
Average deficit $18K a year · 7% of revenue · last 6 filings
Worth a look: a surplus in 3 of the last 6 filings.
Pt I · Ln 19 · 6 filings
Spent on programs
95%
of spending
Looks good: 95% of spending went to programs; 75% or more.
Pt IX · Ln 25 · col B
Cash reserves
14 mo
of spending, in cash
Looks good: 14.2 months of spending in cash; 3 or more.
Pt X · Ln 1–2 · Pt I · Ln 18
Named funders
20
named funders · $208K
Looks good: 20 funders name it on their filings; 3 or more.
Funders’ Sch. I, 990-PF
Liabilities
$0
0% of total assets
Looks good: liabilities are 0% of assets; 50% or less.
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
$219K
+17% vs prior year
Spent
$223K
To programs
95%
Net assets
$264K
By yearFY2020–FY2025
Revenue
$219K
FY2023▲ +17%
Revenue by fiscal year
FY2020$278K
FY2021$214K
FY2022$187K
FY2023$219K
FY2024$395K
FY2025$287K
Expenses
$223K
FY2023▲ +23%
Expenses by fiscal year
FY2020$235K
FY2021$142K
FY2022$181K
FY2023$223K
FY2024$470K
FY2025$435K
Net assets
$264K
FY2023▼ -1%
Net assets by fiscal year
FY2020$189K
FY2021$261K
FY2022$267K
FY2023$264K
FY2024$562K
FY2025$634K

From the FY2023 Form 990 · see the original

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You’re viewing the FY2023 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 May 2016.

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

Where the money goes

95 cents of each dollar spent went to programs.

Program services 95% · $212K Management & general 5% · $11K

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

Who runs it and what they're paid

6 people listed on the 990.

Part VII, Section A · reportable compensation
Founder/Boar
$0Pt VII · Sec A
Board Treasu
$0Pt VII · Sec A
Board Member
$0Pt VII · Sec A
Board Member
$0Pt VII · Sec A
Secretary
$0Pt VII · Sec A
Board Member
$0Pt VII · Sec A
See The Magic Yarn Project 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

Creates magical yarn wigs for children with cancer, inspiring play and volunteerism.

Provided by the organization

This section is blank until The Magic Yarn Project claims this page.

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1 program service account for $212K of program spending, described in the organization's own filed words · FY2023.
01

Chemotherapy treatments often leave young scalps too sensitive for traditional wigs. Our yarn wigs are comfy, soft, and warm. Magic yarn wigs are inspired by beloved disney characters, and invite children back to the world of play and daydreaming. They are beacons of fun, laughter, and play, during scary times.

$212Kprogram expense

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Funders

Who pays for it.

From grant filings on record. Receipts are incomplete: individual donors are never listed.

Grants

Schedule I · funders on record
Grants received · FY2024
See all 20 funders →

By the numbers

The FY2023 990, line by line.

1The main four
Money inPt VIII
$219K
Ln 12
Gifts and grantsLn 1h$219K
Investment incomeLn 3$116
Money outPt IX
$223K
Ln 25
Programscol B$212K
Managementcol C$11K
Owns and owesPt X
$264K
net assets · Ln 32
Cash and savingsLn 1–2$264K
Total assetsLn 16$264K
LiabilitiesLn 26$0
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$219K
Noncash giftsLn 1g$132K
Investment incomeLn 3$116
Total revenueLn 12$219K
Assets in detailPt X, end of year
CashLn 1$264K
Cash and savings togetherLn 1–2$264K
Total assetsLn 16$264K
LiabilitiesLn 26$0
Net assetsLn 32$264K
OperationsPt I, VI
EmployeesI 50
VolunteersI 615,000
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$267K$264K
Total assetsLn 16$267K$264K
LiabilitiesLn 26$0$0
Net assetsLn 32$267K$264K
4Every line
Statement of functional expensesPt IX · every line
LineTotalProgramsManagementFundraising
Accounting feesLn 11c$1K$1K
Advertising and promotionLn 12$4K$4K
Office expensesLn 13$21K$15K$6K
OccupancyLn 16$4K$4K
TravelLn 17$23K$22K$1K
InsuranceLn 23$842$842
Other expenses (24a–d)Ln 24$169K$167K$2K
Total functional expensesLn 25$223K$212K$11K$0

Filing history

YearMoney inMoney outIn minus outNet assetsDownload
FY2025 Latest $287K$435K−$148K$634K 990 PDF
FY2024 $395K$470K−$75K$562K 990 PDF
FY2023 Viewing $219K$223K−$3K$264K 990 PDF
FY2022 $187K$181K$6K$267K 990 PDF
FY2021 $214K$142K$72K$261K 990 PDF
FY2020 $278K$235K$43K$189K 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 $219,274 across 5 lines filed
VIII-1f All other contributions, gifts and grants$219,158
VIII-1g Noncash contributions (included above)$132,011
VIII-1h Total contributions, gifts and grants$219,158
VIII-3 Investment incomeExcluded from tax $116$116
VIII-12 Total revenueExcluded from tax $116$219,274
Part IX · Statement of functional expenses $222,623 across 7 lines filed
IX-11c Accounting feesManagement $1,300$1,300
IX-12 Advertising and promotionPrograms $4,485$4,485
IX-13 Office expensesPrograms $14,514 · Management $6,029$20,543
IX-16 OccupancyPrograms $3,849$3,849
IX-17 TravelPrograms $21,731 · Management $1,171$22,902
IX-23 InsuranceManagement $842$842
IX-24 Other expenses (24a–d)Programs $166,990 · Management $1,712$168,702
IX-25 Total functional expensesPrograms $211,569 · Management $11,054 · Fundraising $0$222,623
Part X · Balance sheet $263,826 assets, 6 lines filed
X-1 Cash, non-interest-bearingStart of year $267,175$263,826
X-16 Total assetsStart of year $267,175$263,826
X-26 Total liabilitiesStart of year $0$0
X-27 Net assets without donor restrictionsStart of year $267,175$263,826
X-32 Total net assets or fund balancesStart of year $267,175$263,826
X-33 Total liabilities and net assetsStart of year $267,175$263,826
Part XI · Reconciliation of net assets $263,826 net assets at year end
XI-1 Total revenue$219,274
XI-2 Total expenses$222,623
XI-3 Revenue less expenses−$3,349
XI-4 Net assets at start of year$267,175
XI-10 Net assets at end of year$263,826

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

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