Magnum Cultural Foundation

Nonprofit profile at a glance

EIN
450573269
IRS 990 coverage
2010–2024
Forms available
Form 990 2024, Form 990-N 2007
Location
New York, NY, USA
Phone
2122191248
Rating
76
Verdict
SUPPORTED
Rating confidence
Moderate
Sector
Visual Arts Organizations

Reported finances

Revenue
$1,316,188
Expenses
$1,901,122
Assets
$4,067,586
Liabilities
$68,648

Source: IRS Form 990. Selected filing: tax year 2024. Amounts in USD.

Leadership & pay

16 people listed

Executive titles in this filing

  • KRISTEN LUBBEN (EXECUTIVE DIRECTOR)
  • SUSAN MEISELAS (PRESIDENT)

Highest reported compensation

  • KRISTEN LUBBEN (EXECUTIVE DIRECTOR): $159,817 total reported compensation

Source: IRS Form 990. Selected filing: tax year 2024. Names and roles reflect this filing, not necessarily current officeholders.

Overview

Mission

Mentor the next generation of photographers and have impact on historical/contemporary photography

What it reported doing in 2024

Major program services include: providing financial support to photographers to document issues of local, national, or global concern before they reach crisis proportions, with a focus on subjects that have not received the attention they deserve; increasing the impact of documentary photography by connecting photographers and their work with nonprofit organizations and individuals committed to social change; training the next generation of image-makers and giving awards to outstanding young photographers committed to documentary work; and preserving and making accessible significant documentary collections.

Operating model

Revenue model
Donor-supported. 85% of the money available for current operations came from contributions and gifts.
Distribution model
Hybrid. The nonprofit split its reported program spending across 71% for direct work, and 29% for grants.
  • Includes noncash contributions: Reported contributions include donated property or goods.

The verdict

SUPPORTED - A large share of available resources goes toward mission work and most voting board members are independent. Few specific pay-setting methods are documented in the filing; unanswered boxes are not proof of absence and the filing reports few safeguards for money sent abroad.

Rating breakdown

  • Financial Efficiency: 80
  • Transparency & Controls: 60
  • Accountability: 95
  • Sustainability: 34
  • Growth: 100

Detailed rating inputs

Financial Efficiency

  • Mission deployment rate: 99.7%; rating input score 100
  • Program expense ratio: 69%; rating input score 69
  • Fundraising efficiency: $4.3 raised per $1 spent on fundraising; rating input score 14; 14th percentile among comparable filings

Transparency & Controls

  • Consistency checks: 93.8%; rating input score 94; 24th percentile among comparable filings
  • Pay-setting controls: 0 of 6 controls in place; rating input score 0
    • Compensation committee: Missing
    • Independent consultant: Missing
    • Other Form 990s reviewed: Missing
    • Written employment contract: Missing
    • Compensation survey or study: Missing
    • Board or committee approval: Missing
  • Foreign activity oversight: 1 of 8 controls in place; rating input score 12
    • Claims monitoring procedures: Pass
    • Requires narrative reports: Fail
    • Conducts field audits: Fail
    • May suspend future funding: Fail
    • Requires financial reports: Fail
    • Conducts site visits: Fail
    • Requires grant agreements: Fail
    • May require repayment: Fail
  • Grant itemization coverage: 99%; rating input score 99; 48th percentile among comparable filings
  • Major donor itemization: Yes; rating input score 100
  • Related-party transparency: Limited

Accountability

  • Independent voting board: 100%; rating input score 100; 63rd percentile among comparable filings
  • Governance controls: 7 of 8 controls in place; rating input score 88
    • Conflict-of-interest policy: Pass
    • Whistleblower policy: Pass
    • Document-retention policy: Fail
    • CEO compensation review process: Pass
    • Other executive compensation review process: NotApplicable
    • Form 990 shared with the board: Pass
    • Board meeting minutes documented: Pass
    • Audit committee oversight: Pass
    • Independent financial-statement audit: Pass

Sustainability

  • Operating margin: -44.4%; rating input score 3; 3rd percentile among comparable filings
  • Total-asset coverage ratio: 2.14; rating input score 67; 67th percentile among comparable filings
  • Liabilities to assets ratio: 0.02; rating input score 64; 64th percentile among comparable filings
  • Officer compensation ratio: 8.4%; rating input score 42; 42nd percentile among comparable filings

Growth

  • Program expense growth: 0.9% per year; rating input score 100; 21st percentile among comparable filings
  • Revenue growth: 4.7% per year; rating input score 100; 42nd percentile among comparable filings
  • Asset growth: 13.1% per year; rating input score 100; 68th percentile among comparable filings

Details

  • Where the money goes: 99.7% of revenue deployed · 69% of spending went to programs
  • Governance: 15 of 15 board members independent · 7 of 8 filing controls reported
  • Programs: 1 filed program accomplishment · $1.3M in reported program spending
  • Leadership: top reported pay $160K · 16 people listed · 0 of 6 pay-setting controls reported
  • Consistency: 38 of 39 current checks pass · 1 finding to review
  • Schedules: 9 filed schedules · includes major donors, foreign activity, grants, and executive pay
  • Filing history: 14 filing years from 2010 to 2024
  • Contacts: How to reach this organization
  • Money network: 2 filed money-flow records
  • Related organizations: 1 filed related-organization link
  • 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.
  • Staff and benefit plans: Retirement and health plans the organization files with the Department of Labor, and the people in them.

Key Signals

Signals prioritize questions for review. They are not findings of misconduct.

  • High — Transparency & Controls: Pay-setting controls scored 0/100.
  • High — Transparency & Controls: Foreign activity oversight: 7 of 8 not reported.
  • High — Financial Efficiency: Fundraising efficiency scored 14/100.
  • High — Sustainability: Operating margin scored 3/100.
  • Review — Accountability: Governance controls: Document-retention policy not reported.
  • Moderate — Sustainability: Officer compensation ratio scored 42/100.
  • Review — Transparency & Controls: Domestic grant itemization did not reconcile in the filed values.