Magnolia Art Xchange Inc
Nonprofit profile at a glance
- EIN
- 474614706
- IRS 990-EZ coverage
- 2015–2024
- Forms available
- Form 990-EZ 2024
- Location
- Ocala, FL, USA
- Phone
- 3522079067
- Rating
- 84
- Verdict
- STRONG
- Rating confidence
- Moderate
- Sector
- Arts, Culture, and Humanities N.E.C.
Reported finances
- Revenue
- $24,290
- Expenses
- $33,018
- Assets
- $110,574
- Liabilities
- $115
Source: IRS Form 990-EZ. Selected filing: tax year 2024. Amounts in USD.
Leadership & pay
12 people listed
Executive titles in this filing
- BARBARA FITOS (PRESIDENT)
People named in this filing
- BARBARA FITOS (PRESIDENT)
- OLIVIA ORTIZ (DIRECTOR)
- GREG WESOLOWSKI (VP)
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 magnolia art exchange, inc. Will provide opportunities for art appreciation and education by providing working art studios, instructional spaces, and exhibition opportunities for visual artists in a collaborative hub that encourages professional development. Objectives are to contribute to the cultural, educational, and economic vitality of ocala/marion county by: supporting the professional growth and education of artists, enhancing and expanding the cultural campus located within ocala's central business district, providing citizens and visitors with the opportunity to engage artists, learn and view the process for creating fine art, and experience the intersection of art and community, supporting the community's commitment to the arts and supporting the city of ocala's economic goals by drawing visitors and residents to the central business district and to retail and commercial establishments.
What it reported doing in 2024
During 2019 the magnolia art exchange, inc's largest accomplishment has been developing it's marketing plan and putting infrastructure in place to reach it's future fundraising goals and implement partnerships within our community. The 2019 expenses have been for general business and administrative items. There were no program related revenue and/or expenses.
Operating model
- Revenue model
- Donor-supported. 80% of the money available for current operations came from contributions and gifts.
- Distribution model
- Direct operator. The filing allocates 85% of reported program-service expenses outside its grant, affiliate-payment, and member-benefit lines. This expense classification does not rule out separately announced grant awards.
The verdict
STRONG - A large share of available resources goes toward mission work and the filed numbers largely add up. Revenue has declined or grown slowly and expenses are high relative to revenue.
Rating breakdown
- Financial Efficiency: 93
- Transparency & Controls: 82
- Sustainability: 41
- Growth: 60
Detailed rating inputs
Financial Efficiency
- Mission deployment rate: 100%; rating input score 100
- Program expense ratio: 81.6%; rating input score 82
Transparency & Controls
- Consistency checks: 100%; rating input score 100; 52nd percentile among comparable filings
- Major donor itemization: Limited
Sustainability
- Operating margin: -35.9%; rating input score 16; 16th percentile among comparable filings
- Total-asset coverage ratio: 3.35; rating input score 77; 77th percentile among comparable filings
- Liabilities to assets ratio: 0; rating input score 34; 34th percentile among comparable filings
- Officer compensation ratio: 0%; rating input score 56; 56th percentile among comparable filings
Growth
- Program expense growth: 16.9% per year; rating input score 100; 80th percentile among comparable filings
- Revenue growth: -3.6% per year; rating input score 0; 38th percentile among comparable filings
- Asset growth: 10.1% per year; rating input score 100; 72nd percentile among comparable filings
Details
- Where the money goes: 100% of revenue deployed · 81.6% of spending went to programs
- Governance: Filed governance answers
- Accomplishments: 1 filed program accomplishment · $27K in reported program spending
- Leadership: top reported pay $0 · 12 people listed
- Consistency: 8 of 8 current checks pass
- Schedules: 2 filed schedules
- Filing history: 10 filing years from 2015 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.
- High — Growth: Revenue growth scored 0/100.
- High — Sustainability: Operating margin scored 16/100.
- Moderate — Sustainability: Liabilities to assets ratio scored 34/100.
- Review — Sustainability: Officer compensation ratio scored 56/100.