Magic Music Charitable Foundation
Nonprofit profile at a glance
- EIN
- 843576596
- IRS 990-EZ coverage
- 2020–2024
- Forms available
- Form 990-EZ 2024, Form 990-N 2019
- Location
- Dallas, TX, USA
- Phone
- 2146413626
- Rating
- 88
- Verdict
- STRONG
- Rating confidence
- Moderate
- Sector
- Arts, Culture, and Humanities
Reported finances
- Revenue
- $145,272
- Expenses
- $145,254
- Assets
- $18
- Liabilities
- $0
Source: IRS Form 990-EZ. Selected filing: tax year 2024. Amounts in USD.
Leadership & pay
3 people listed
Executive titles in this filing
- ALAN WAINSTEIN (PRESIDENT)
People named in this filing
- CAROL DOREMUS (SECRETARY)
- ALAN WAINSTEIN (PRESIDENT)
- THOM CHRISTIANSEN (TREASURER)
Selected names, not a complete roster or a statement of current roles. Open leadership details for the complete filed list.
Source: IRS Form 990-EZ. Selected filing: tax year 2024. Names and roles reflect this filing, not necessarily current officeholders.
Overview
Mission
The mission and purpose of the magic music charitable foundation is to create scholarships to provide music lessons and instruments to underprivileged music students.
What it reported doing in 2024
The magic music charitable foundation makes scholorships available (in the form of grants/funds, music instruments, and music lessons) to assist music students in acquiring a music education through any music teacher and acquiring instruments through any music dealer around the world.
Operating model
- Revenue model
- Donor-supported. 100% of the money available for current operations came from contributions and gifts.
- Distribution model
- Grant intermediary. The nonprofit sent 88% of its reported program spending out as grants.
The verdict
STRONG - A large share of available resources goes toward mission work and the filed numbers largely add up. Expenses are high relative to revenue and total assets are small relative to annual expenses; liquid coverage is unknown.
Rating breakdown
- Financial Efficiency: 100
- Transparency & Controls: 82
- Sustainability: 33
- Growth: 80
Detailed rating inputs
Financial Efficiency
- Mission deployment rate: 100%; rating input score 100
- Program expense ratio: 100%; rating input score 100
Transparency & Controls
- Consistency checks: 100%; rating input score 100; 52nd percentile among comparable filings
- Major donor itemization: Limited
Sustainability
- Operating margin: 0%; rating input score 34; 34th percentile among comparable filings
- Total-asset coverage ratio: 0; rating input score 2; 2nd percentile among comparable filings
- Liabilities to assets ratio: 0; rating input score 76; 76th percentile among comparable filings
- Officer compensation ratio: 0%; rating input score 63; 63rd percentile among comparable filings
Growth
- Program expense growth: 14.9% per year; rating input score 100; 70th percentile among comparable filings
- Revenue growth: 14.4% per year; rating input score 100; 76th percentile among comparable filings
- Asset growth: -82.9% per year; rating input score 0; 1st percentile among comparable filings
Details
- Where the money goes: 100% of revenue deployed · 100% of spending went to programs
- Governance: Filed governance answers
- Accomplishments: 1 filed program accomplishment · $145K in reported program spending
- Leadership: top reported pay $0 · 3 people listed
- Consistency: 9 of 9 current checks pass
- Schedules: 2 filed schedules
- Filing history: 4 filing years from 2020 to 2024
- Contacts: How to reach this organization
- Grant readiness: Federal tax and exclusion status, award history, and grant-maker relationships.
- People: Everyone the filings name, and which of them the filings identify by more than a name.
Key Signals
Signals prioritize questions for review. They are not findings of misconduct.
- Moderate — Sustainability: Operating margin scored 34/100.
- High — Sustainability: Total-asset coverage ratio scored 2/100.
- High — Growth: Asset growth scored 0/100.