Magnolia Fcu Community Development Corporation
Nonprofit profile at a glance
- EIN
- 932642865
- IRS 990 coverage
- 2025–2025
- Forms available
- Form 990 2025, Form 990-EZ 2024
- Location
- Jackson, MS, USA
- Phone
- 2074187433
- Rating
- 43
- Verdict
- MIXED
- Rating confidence
- Moderate
- Sector
- Economic Development
Reported finances
- Revenue
- $274,525
- Expenses
- $130,706
- Assets
- $143,819
- Liabilities
- $0
Source: IRS Form 990. Selected filing: tax year 2025. Amounts in USD.
Leadership & pay
6 people listed
Executive titles in this filing
- Michael Waylett (President)
- Grayland Fredricks (Vice President)
- Dylan Mawhinney (Executive Director)
People named in this filing
- Clara Beauman (Secretary)
- Michael Waylett (President)
- Grayland Fredricks (Vice President)
Selected names, not a complete roster or a statement of current roles. Open leadership details for the complete filed list.
Source: IRS Form 990. Selected filing: tax year 2025. Names and roles reflect this filing, not necessarily current officeholders.
Overview
Mission
Formed to promote community development by providing loan capital and development resources in economically distressed communities. Such activities of the Corporation may include but not be limited to: investing in lending to or providing technical assistance to businesses and organizations in economically distressed communities; investing in or providing loans to support commercial and residential properties located in economically distressed communities; investing in lending to or providing technical assistance to organizations such as Community Development Entities or Community Development Financial Institutions engaged in activities that promote community development in low income or economically distressed communities. The Corporation is an emerging Community Development Financial Institution CDFI and intends to become a certified CDFI by the U.S. Department of Treasury.
What it reported doing in 2025
The organization advances its mission by providing access to affordable lending solutions within underserved communities. During the tax year the organization originated and serviced approximately $23,000 in loans generating interest and fee income while supporting community financing needs. The organization also focused on building operational infrastructure and deploying grant funding to support future lending growth and expand access to capital.
Operating model
- Revenue model
- Grant-funded. 100% of the money available for current operations came from government grants.
- Distribution model
- No current program activity. The filing reports no program spending for the current year.
The verdict
MIXED - The filed numbers largely add up and most voting board members are independent. A relatively small share of available resources goes toward mission work and a relatively small share of total spending goes to programs.
Rating breakdown
- Financial Efficiency: 0
- Transparency & Controls: 74
- Accountability: 70
- Sustainability: 72
- Growth: 60
Detailed rating inputs
Financial Efficiency
- Mission deployment rate: 0%; rating input score 0
- Program expense ratio: 0%; rating input score 0
- Fundraising efficiency: Limited
Transparency & Controls
- Consistency checks: 100%; rating input score 100; 64th percentile among comparable filings
- Pay-setting controls: 1 of 6 controls in place; rating input score 17
- Compensation committee: Missing
- Independent consultant: Missing
- Other Form 990s reviewed: Missing
- Written employment contract: Missing
- Compensation survey or study: Missing
- Board or committee approval: Pass
- Foreign activity oversight: Limited
- Grant itemization coverage: Limited
- Major donor itemization: Yes; rating input score 100
- Related-party transparency: Limited
Accountability
- Independent voting board: 100%; rating input score 100; 64th percentile among comparable filings
- Governance controls: 2 of 7 controls in place; rating input score 29
- Conflict-of-interest policy: Fail
- Whistleblower policy: Fail
- Document-retention policy: Fail
- CEO compensation review process: NotApplicable
- Other executive compensation review process: NotApplicable
- Form 990 shared with the board: Pass
- Board meeting minutes documented: Pass
- Audit committee oversight: Missing
- Independent financial-statement audit: Fail
Sustainability
- Operating margin: 52.4%; rating input score 91; 91st percentile among comparable filings
- Total-asset coverage ratio: 1.1; rating input score 43; 43rd percentile among comparable filings
- Liabilities to assets ratio: 0; rating input score 77; 77th percentile among comparable filings
- Officer compensation ratio: 0%; rating input score 67; 67th percentile among comparable filings
Growth
- Program expense growth: Limited
- Revenue growth: 109.8% per year; rating input score 100; 99th percentile among comparable filings
- Asset growth: 115.5% per year; rating input score 100; 99th percentile among comparable filings
Details
- Where the money goes: 0% of revenue deployed · 0% of spending went to programs
- Governance: 6 of 6 board members independent · 2 of 7 filing controls reported
- Programs: 1 filed program accomplishment
- Leadership: top reported pay $0 · 6 people listed · 1 of 6 pay-setting controls reported
- Consistency: 36 of 36 current checks pass
- Schedules: 4 filed schedules · includes major donors and executive pay
- Contacts: How to reach this organization
- Money network: 1 filed money-flow record
- 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 — Financial Efficiency: Mission deployment rate scored 0/100.
- High — Financial Efficiency: Program expense ratio scored 0/100.
- High — Accountability: Governance controls: 4 of 6 not reported.
- Moderate — Sustainability: Total-asset coverage ratio scored 43/100.