Money Magnets Club

Nonprofit profile at a glance

EIN
871776021
IRS 990-EZ coverage
2023–2025
Forms available
Form 990 2024, Form 990-EZ 2025, Form 990-N 2022
Location
Charlotte, NC, USA
Phone
9802843870
Rating
74
Verdict
SUPPORTED
Rating confidence
Moderate
Sector
Youth Development - Business

Official website

Reported finances

Revenue
$138,355
Expenses
$105,900
Assets
$258,321

Source: IRS Form 990-EZ. Selected filing: tax year 2025. Amounts in USD.

Leadership & pay

11 people listed

Executive titles in this filing

  • Mackenzie Wilkins (Vice President)

People named in this filing

  • Rashaan Peek (Chairman)
  • Mackenzie Wilkins (Vice President)
  • Teresa Cain (Director)

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 2025. Names and roles reflect this filing, not necessarily current officeholders.

Overview

Mission

To serve as a community that encourages entrepreneurship and financial literacy among elementary school kids and their responsible adults through education, exposure, and resources, to build generational wealth.

What it reported doing in 2025

Programs & People Served: A total of 28 multi-session programs were offered, reaching 303 kids and families! The organization formed 3 new partnerships to extend its reach and impact across Charlotte-Mecklenburg. Community Engagement: 15 community activations and collaborative offerings with other organizations were held, and we hosted or co-hosted 9 special programs to serve a wider cross-section of the Charlotte community, including FinLit Families and National Night Out. Financial Overview/Fiscal Strategy: Our approach emphasized careful growth and fiscal responsibility in 2025 to ensure meaningful program experiences while maintaining reserve funding for at least one year of lean operations with the tightening economic climate and a downturn in charitable giving. Fundraising Goals: We exceeded our $155,000 annual fundraising goal through grants, increasing earned and program revenue, and generous donations from individuals as passionate as we are about entrepreneurship exploration and fostering financial health and literacy. Our core programs continue to be strengthened and refined to support a variety of age groups. These programs are our kidpreneur-in-training, moneyTRAIN, Financial Literacy Facilitator Corps internship, and FinLit Kids/Families programs, as well as the collaborative _preneur conference

Operating model

Revenue model
Cannot be determined from the filing. The filing does not provide enough consistent revenue detail to tell how this nonprofit funds its work.
Distribution model
Direct operator. The filing allocates 100% 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

SUPPORTED - The filed numbers largely add up and program spending has grown recently. A relatively small share of available resources goes toward mission work.

Rating breakdown

  • Financial Efficiency: 59
  • Transparency & Controls: 91
  • Sustainability: 67
  • Growth: 100

Detailed rating inputs

Financial Efficiency

  • Mission deployment rate: 53.1%; rating input score 53
  • Program expense ratio: 69.3%; rating input score 69

Transparency & Controls

  • Consistency checks: 88.9%; rating input score 89; 1st percentile among comparable filings
  • Major donor itemization: Yes; rating input score 100

Sustainability

  • Operating margin: 23.5%; rating input score 75; 75th percentile among comparable filings
  • Total-asset coverage ratio: 2.44; rating input score 84; 84th percentile among comparable filings
  • Liabilities to assets ratio: Limited
  • Officer compensation ratio: 0%; rating input score 63; 63rd percentile among comparable filings

Growth

  • Program expense growth: 37.8% per year; rating input score 100; 87th percentile among comparable filings
  • Revenue growth: 5.9% per year; rating input score 100; 48th percentile among comparable filings
  • Asset growth: 48.6% per year; rating input score 100; 92nd percentile among comparable filings

Details

  • Where the money goes: 53.1% of revenue deployed · 69.3% of spending went to programs
  • Governance: Filed governance answers
  • Accomplishments: 1 filed program accomplishment · $73K in reported program spending
  • Leadership: top reported pay $0 · 11 people listed
  • Consistency: 6 of 6 current checks pass
  • Schedules: 3 filed schedules
  • Filing history: 2 filing years from 2023 to 2025
  • 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.

  • Review — Financial Efficiency: Mission deployment rate scored 53/100.