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Magna Prep

IRS exemption revoked

Elkins Park, PAUnknown exempt organizationEIN 81-5111029Revenue $304K in FY2020

On file with the IRSmagnaexperience.comPo Box 29729 · Elkins Park, PA

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Provides before and after school programs and summer camp to assist youth in excelling academically

86¢ of each $1 spent went to programs.
$137K paid to officers and key staff.
Mission: Form 990 Part I, line 1 · Programs: Part IX · Pay: Part VII

Before you give

FY2020 · Form 990Independent: from IRS data, not the org
Download 990
IRS status
Revoked
IRS exemption revoked
Concern: the IRS revoked its tax exemption.
IRS Auto-Revocation List
Latest return
FY2020
latest Form 990
Concern: the latest return is for FY2020, 6 tax years back; more than 4 tax years.
IRS e-file · Filing history
Spent on programs
86%
of spending
Looks good: 86% of spending went to programs; 75% or more.
Pt IX · Ln 25 · col B
Pay to officers and key staff
$137K
to officers and key staff · 50% of spending
Concern: pay to officers and key staff is 50% of spending; over 30%.
Pt VII · Sec A
Cash reserves
<1 mo
of spending, in cash
Worth a look: 0.6 months of spending in cash; under 1.
Pt X · Ln 1–2 · Pt I · Ln 18
Liabilities
$109K
70% of total assets
Worth a look: liabilities are 70% of assets; over 65%.
Pt X · Ln 26
Independent board members
0
of 4 voting members
Concern: none of 4 voting members are independent.
Pt VI · Ln 1a–1b
Looks goodFineWorth a lookConcernNo data yetTap a box for the reason.
Revenue
$304K
Spent
$273K
To programs
86%
Net assets
$47K

From the FY2020 Form 990 · see the original

990 PDF Claim
IRS revoked this organization's tax-exempt status on May 15, 2024

Is it real?

No. The IRS revoked its tax exemption. Latest filing on record: FY2020.

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

Where the money goes

86 cents of each dollar spent went to programs.

Program services 86% · $234K Management & general 14% · $38K

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

4 people listed on the 990; $137K paid to officers and key staff.

Part VII, Section A · reportable compensation
Antonieo Wright
Executive Director
$128,871Pt VII · Sec A
Marcus Allen
Board Member
$8,164Pt VII · Sec A
Taleeah Allen
Board Member
$0Pt VII · Sec A
Natasha Reeves
Board Member
$0Pt VII · Sec A
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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 2Yes
  • Top official's pay set by an independent reviewPt VI · Ln 15aNo
  • Loans to or from officersSch L · Pt II1 listed

Programs and updates

Helps kids succeed in school with fun programs and summer camp.

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Provided by the organization

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1 program · $234K · in their own filed words · FY2020
01

Before and after school programs and summer camp to assist youth in excelling academically

$234Kprogram expense

By the numbers

The FY2020 990, line by line.

Download 990
from philanthropy.org
1The main four
Money inPt VIII
$304K
Ln 12
Fees for servicesLn 2g$304K
Money outPt IX
$273K
Ln 25
Programscol B$234K
Managementcol C$38K
Owns and owesPt X
$47K
net assets · Ln 32
Cash and savingsLn 1–2$13K
Total assetsLn 16$156K
LiabilitiesLn 26$109K
PeoplePt VI, VII
4
listed · VII A
PaidVII A2
Voting boardVI 1a4
IndependentVI 1b0
2In more detail
Revenue in detailPt VIII
Fees for servicesLn 2g$304K
Total revenueLn 12$304K
Assets in detailPt X, end of year
CashLn 1$13K
Cash and savings togetherLn 1–2$13K
Total assetsLn 16$156K
LiabilitiesLn 26$109K
Net assetsLn 32$47K
OperationsPt I, VI
EmployeesI 50
VolunteersI 60
Fiscal year endsHeaderDecember
Conflict-of-interest policyVI 12aYes
Whistleblower policyVI 13Yes
Records policyVI 14Yes
3Year over year
Balance sheet, start vs end of yearPt X · col A, B
LineStart FY20End FY20
Cash and savingsLn 1–2$26K$13K
Total assetsLn 16$26K$156K
LiabilitiesLn 26$10K$109K
Net assetsLn 32$16K$47K
4Every line
Statement of functional expensesPt IX · every line
LineTotalProgramsManagementFundraising
Pay of current officers, directors and key staffLn 5$129K$129K
Other salaries and wagesLn 7$47K$47K
Legal feesLn 11b$1K$1K
Accounting feesLn 11c$1K$1K
Advertising and promotionLn 12$2K$2K
Office expensesLn 13$13K$13K
Information technologyLn 14$1K$1K
OccupancyLn 16$26K$26K
TravelLn 17$20K$20K
InsuranceLn 23$22K$22K
All other expensesLn 24e$10K$9K$575
Total functional expensesLn 25$273K$234K$38K$0

Filing history

YearMoney inMoney outIn minus outNet assetsDownload
FY2020 Latest Viewing $304K$273K$32K$47K 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 FY2020 990 (6 parts)
Part I · Summary $304,292 revenue, 12 lines filed
I-8 Contributions and grantsPrior year $0$0
I-9 Program service revenuePrior year $327,655$304,292
I-10 Investment incomePrior year $0$0
I-11 Other revenuePrior year $0$0
I-12 Total revenuePrior year $327,655$304,292
I-13 Grants and similar amounts paidPrior year $0$0
I-14 Benefits paid to membersPrior year $0$0
I-15 Salaries and benefitsPrior year $229,987$175,968
I-16a Professional fundraising feesPrior year $0$0
I-17 Other expensesPrior year $78,141$96,692
I-18 Total expensesPrior year $308,128$272,660
I-19 Revenue less expensesPrior year $19,527$31,632
Part VI · Governance 0 of 4 board members independent, 2 to look at
VI-1a Voting members of the governing body4
VI-1b Independent voting members0
VI-2 Family or business relationship among officers or directorsYes
VI-15a Process for setting top official's payNo
VI-12a Written conflict of interest policyYes
VI-13 Written whistleblower policyYes
VI-14 Document retention and destruction policyYes
Part VIII · Statement of revenue $304,292 across 2 lines filed
Lines not itemized here account for $304,292 of total revenue; see the IRS return.
VIII-1h Total contributions, gifts and grants$0
VIII-12 Total revenueRelated to mission $304,292 · Unrelated business $0 · Excluded from tax $0$304,292
Part IX · Statement of functional expenses $272,660 across 11 lines filed
IX-5 Pay of current officers, directors and key staffPrograms $128,871$128,871
IX-7 Other salaries and wagesPrograms $47,097$47,097
IX-11b Legal feesManagement $1,085$1,085
IX-11c Accounting feesManagement $1,491$1,491
IX-12 Advertising and promotionPrograms $2,320$2,320
IX-13 Office expensesManagement $12,860$12,860
IX-14 Information technologyPrograms $1,098$1,098
IX-16 OccupancyPrograms $25,973$25,973
IX-17 TravelPrograms $19,846$19,846
IX-23 InsuranceManagement $22,402$22,402
IX-24e All other expensesPrograms $9,042 · Management $575$9,617
IX-25 Total functional expensesPrograms $234,247 · Management $38,413 · Fundraising $0$272,660
Part X · Balance sheet $156,108 assets, 8 lines filed
Asset lines not itemized here account for $142,689; see the IRS return.
X-1 Cash, non-interest-bearingStart of year $25,582$13,419
X-16 Total assetsStart of year $25,582$156,108
X-24 Unsecured notes and loans payableStart of year $9,825$108,719
X-26 Total liabilitiesStart of year $9,825$108,719
X-27 Net assets without donor restrictionsStart of year $15,757$47,389
X-28 Net assets with donor restrictionsStart of year $0$0
X-32 Total net assets or fund balancesStart of year $15,757$47,389
X-33 Total liabilities and net assetsStart of year $25,582$156,108
Part XI · Reconciliation of net assets $47,389 net assets at year end
XI-1 Total revenue$304,292
XI-2 Total expenses$272,660
XI-3 Revenue less expenses$31,632
XI-4 Net assets at start of year$15,757
XI-5 Net unrealized gains (losses) on investments$0
XI-6 Donated services and use of facilities$0
XI-7 Investment expenses$0
XI-8 Prior period adjustments$0
XI-9 Other changes in net assets$0
XI-10 Net assets at end of year$47,389

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

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