Civic Intelligence

Academic Magnet Foundation

990EZ • Fiscal year 2023 • EIN 26-2530146

Aug 01, 2022 to Jul 31, 2023 • Filed on Jan 15, 2024

Organization ProfileN/A
5109-a West Enterprise StreetNorth Charleston, SC 29405

(843) 722-7330

Siviq Scores

Precomputed percentiles for this filing year versus similar nonprofits in the same peer cohort.

Liabilities / Assets

75th percentile

0.04x

Higher debt load relative to assets than 75% of similar nonprofits.

2023 filings • 501(c)3 • <$500k nonprofits • Source year 2023

Liabilities / Revenue

84th percentile

0.12x

Higher debt load relative to revenue than 84% of similar nonprofits.

2023 filings • 501(c)3 • <$500k nonprofits • Source year 2023

Net Margin

24th percentile

-14%

Higher net margin than 24% of similar nonprofits.

2023 filings • 501(c)3 • <$500k nonprofits • Source year 2023

Top Officer Pay

78th percentile

$0

Higher top officer pay than 78% of similar nonprofits.

Top officer pay equals 0.0% of source-year revenue.

2023 filings • 501(c)3 • <$500k nonprofits • Source year 2023

Asset Growth

41st percentile

-3.0%

Faster asset growth than 41% of similar nonprofits.

2023 filings • 501(c)3 • <$500k nonprofits • Annualized from 2022 to 2023

Revenue Growth

33rd percentile

-9.6%

Faster revenue growth than 33% of similar nonprofits.

2023 filings • 501(c)3 • <$500k nonprofits • Annualized from 2022 to 2023

Balance Sheet
Liabilities / Assets75th percentile

Assets

Down

$206,723

Down $6,452 (-3.0%) from 2022

Net Assets

Down

$197,787

Down $10,165 (-4.9%) from 2022

Liabilities

Up

$8,936

Up $3,713 (+71%) from 2022

Revenue And Expenses
Liabilities / Revenue84th percentileNet Margin24th percentile

Revenue

Down

$75,006

Down $7,964 (-9.6%) from 2022

Expenses

Up

$85,171

Up $13,180 (+18%) from 2022

Net Income

Down

-$10,165

Down $21,144 (-193%) from 2022

Historical Trend

Balance Sheet Trend

Asset Growth41st percentile

The highlighted filing sits inside the broader history for assets, liabilities, and net assets.

$300K$200K$100K$0Assets 2014: $104,701Liabilities 2014: $0Net Assets 2014: $104,7012014Assets 2015: $97,088Liabilities 2015: $0Net Assets 2015: $97,0882015Assets 2016: $110,770Liabilities 2016: $0Net Assets 2016: $110,7702016Assets 2019: $140,341Liabilities 2019: $0Net Assets 2019: $140,3412019Assets 2020: $192,401Liabilities 2020: $0Net Assets 2020: $192,4012020Assets 2021: $215,734Liabilities 2021: $18,761Net Assets 2021: $196,9732021Assets 2022: $213,175Liabilities 2022: $5,223Net Assets 2022: $207,9522022Assets 2023: $206,723Liabilities 2023: $8,936Net Assets 2023: $197,7872023Assets 2024: $224,031Liabilities 2024: $18,147Net Assets 2024: $205,8842024Assets 2025: $247,987Liabilities 2025: $24,584Net Assets 2025: $223,4032025

Highlighted filing

2023

Assets$206,723
Liabilities$8,936
Net Assets$197,787
Open 2023 Filing

Operations Trend

Revenue Growth33rd percentile

Revenue, expenses, and net income across loaded years, with this filing highlighted.

$100K$50K$0-$50KRevenue 2014: $52,527Expenses 2014: $13,678Net Income 2014: $38,8492014Revenue 2015: $20,116Expenses 2015: $27,729Net Income 2015: -$7,6132015Revenue 2016: $30,577Expenses 2016: $16,895Net Income 2016: $13,6822016Revenue 2019: $33,642Expenses 2019: $26,350Net Income 2019: $7,2922019Revenue 2020: $81,569Expenses 2020: $29,509Net Income 2020: $52,0602020Revenue 2021: $40,198Expenses 2021: $35,626Net Income 2021: $4,5722021Revenue 2022: $82,970Expenses 2022: $71,991Net Income 2022: $10,9792022Revenue 2023: $75,006Expenses 2023: $85,171Net Income 2023: -$10,1652023Revenue 2024: $76,784Expenses 2024: $68,687Net Income 2024: $8,0972024Revenue 2025: $96,754Expenses 2025: $79,235Net Income 2025: $17,5192025

Highlighted filing

2023

Revenue$75,006
Expenses$85,171
Net Income-$10,165
Open 2023 Filing
Jump To
Filing Snapshot
Filing Period
Aug 1, 2022 to Jul 31, 2023
Signed
Jan 15, 2024
Return Version
2022v5.0
Gross Receipts
$78,802
Mission and Program Overview

Mission

The academic magnet foundation (amf) exists to safeguard the mission of academic magnet high school (amhs) with readily available financial backing and human capital to ensure that its students are prepared to thrive in an increasingly competitive global community. Academic magnet high school seeks to deliver a rigorous curriculum, state-of-the-art facilities and an engaging, committed faculty to foster love of scholarship, leadership and social responsibilty. By planning for and responding to the dynamic needs of our students and faculty, the foundation's vision is to preserve the long-term excellence of the amhs community by supporting leading-edge academic and arts enrichment opportunities and prepare our students to become successful and productive citizens of the world. The amf's resources, including community and business partnerships, will provide discretionary capital independent of but transparent to the charleston county school district.

Program Services

DescriptionGrantsExpenses
TO PROVIDE SUPPORT TO THE PARENTS AND TEACHERS 501C3 ORGANIZATION:PARTNERS IN EDUCATION$30,762$30,762
TO PROVIDE FUNDING FOR CLASSROOM/FACULTY NEEDS/CURRICULUM ENRICHMENT/COLLEGE PREP ENHANCEMENT SERVICES$0$19,046
TO PROVIDE FUNDING FOR FRESHMAN ORIENTATION$0$17,857
TO PROVIDE FUNDING FOR FACULTY DEVELOPMENT$0$6,936
TO PROVIDE SCHOLARSHIP FUNDS TO FURTHER STUDENTS EDUCATION.$4,540$4,540
Compensation and Service Providers
Top Officer Pay78th percentile

Employees

NameTitleFull / Part TimeBaseOtherTotal
CHAD TIPPEYTreasurer-$0--
JASON DAIGLEBoard Chair-$0--
JACOB PERIMUTTERPrincipal-$0--
JAY MEYERSecretary-$0--
CHARLES CLAUSBoard Member-$0--
HELEN ANN HARPERBoard Member-$0--
JENNY HEICHELBECHBoard Member-$0--
NEVES RICHARDSBoard Member-$0--
JESSICA BROWNINGBoard Member-$0--
MATT WINEBRENNERBoard Member-$0--
Fundraising, Events, and Gaming

Fundraising Events

EventGross ReceiptsGross RevenueDirect ExpensesNet Income
Fall Fundraising$67,476-$3,796-
Total Events$67,476-$3,796$-3,796
Filing and Contact Details

Filer

Filer Name
Academic Magnet Foundation
EIN
26-2530146
Phone
8437227330
Address
5109-A WEST ENTERPRISE STREET, NORTH CHARLESTON, SC 29405

Signing Officer

Name
Jason Daigle
Title
Board Chair
Phone
8437227330
Signed
2024-01-15
Discuss with paid preparer
Yes

Preparer

Firm
Veris LLC
Address
1156 BOWMAN ROAD SUITE 100-A, MOUNT PLEASANT, SC 29464
Preparer
David Selander CPA
Phone
8438814477
Supplemental Narrative

Additional Explanations

Form 990-ez, Part I, Line 4 - Other Investment Income

“Description: dividend income. Amount: 4,044.”

Form 990-ez, Part I, Line 16 - Other Expenses

“Description: business expenses & fees. Amount: 2,526. Description: freshman orientation. Amount: 17,857. Description: partners in education grant. Amount: 30,762. Description: amhs enrichment - athletics booster. Amount: 1,333. Description: insurance. Amount: 435. Description: scholarship fund expense. Amount: 2,540. Description: unfunded classroom needs costs. Amount: 578. Description: amhs enrichment - scholarship expense. Amount: 2,000. Description: college prep enhancement service. Amount: 18,469. Description: community/alumni/corp. Outreach. Amount: 628. Description: faculity prof development costs. Amount: 6,936. Total to form 990-ez, line 16: 84,064.”

Form 990-ez, Part II, Line 24 - Other Assets

“Description: due from amhs. Beg. Of year amount: 0. End of year amount: 7,460.”

Form 990-ez, Part II, Line 26 - Other Liabilities

“Description: unrealized gains/losses. Beg. Of year amount: 5,223. End of year amount: 8,936.”

Raw XML Appendix231 raw XML fields

This appendix keeps the raw XML leaves available for debugging and edge-case review. The human report above is the primary experience.

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IRS990EZ/PrimaryExemptPurposeTxt0THE ACADEMIC MAGNET FOUNDATION (AMF) EXISTS TO SAFEGUARD THE MISSION OF ACADEMIC MAGNET HIGH SCHOOL (AMHS) WITH READILY AVAILABLE FINANCIAL BACKING AND HUMAN CAPITAL TO ENSURE THAT ITS STUDENTS ARE PREPARED TO THRIVE IN AN INCREASINGLY COMPETITIVE GLOBAL COMMUNITY. ACADEMIC MAGNET HIGH SCHOOL SEEKS TO DELIVER A RIGOROUS CURRICULUM, STATE-OF-THE-ART FACILITIES AND AN ENGAGING, COMMITTED FACULTY TO FOSTER LOVE OF SCHOLARSHIP, LEADERSHIP AND SOCIAL RESPONSIBILTY. BY PLANNING FOR AND RESPONDING TO THE DYNAMIC NEEDS OF OUR STUDENTS AND FACULTY, THE FOUNDATION'S VISION IS TO PRESERVE THE LONG-TERM EXCELLENCE OF THE AMHS COMMUNITY BY SUPPORTING LEADING-EDGE ACADEMIC AND ARTS ENRICHMENT OPPORTUNITIES AND PREPARE OUR STUDENTS TO BECOME SUCCESSFUL AND PRODUCTIVE CITIZENS OF THE WORLD. THE AMF'S RESOURCES, INCLUDING COMMUNITY AND BUSINESS PARTNERSHIPS, WILL PROVIDE DISCRETIONARY CAPITAL INDEPENDENT OF BUT TRANSPARENT TO THE CHARLESTON COUNTY SCHOOL DISTRICT.
IRS990EZ/ProgramSrvcAccomplishmentGrp/DescriptionProgramSrvcAccomTxt0TO PROVIDE FUNDING FOR CLASSROOM/FACULTY NEEDS/CURRICULUM ENRICHMENT/COLLEGE PREP ENHANCEMENT SERVICES
IRS990EZ/ProgramSrvcAccomplishmentGrp/DescriptionProgramSrvcAccomTxt1TO PROVIDE FUNDING FOR FRESHMAN ORIENTATION
IRS990EZ/ProgramSrvcAccomplishmentGrp/DescriptionProgramSrvcAccomTxt2TO PROVIDE FUNDING FOR FACULTY DEVELOPMENT
IRS990EZ/ProgramSrvcAccomplishmentGrp/DescriptionProgramSrvcAccomTxt3TO PROVIDE SCHOLARSHIP FUNDS TO FURTHER STUDENTS EDUCATION.
IRS990EZ/ProgramSrvcAccomplishmentGrp/DescriptionProgramSrvcAccomTxt4TO PROVIDE SUPPORT TO THE PARENTS AND TEACHERS 501C3 ORGANIZATION:PARTNERS IN EDUCATION
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IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt0DESCRIPTION: DIVIDEND INCOME. AMOUNT: 4,044.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt1DESCRIPTION: BUSINESS EXPENSES & FEES. AMOUNT: 2,526. DESCRIPTION: FRESHMAN ORIENTATION. AMOUNT: 17,857. DESCRIPTION: PARTNERS IN EDUCATION GRANT. AMOUNT: 30,762. DESCRIPTION: AMHS ENRICHMENT - ATHLETICS BOOSTER. AMOUNT: 1,333. DESCRIPTION: INSURANCE. AMOUNT: 435. DESCRIPTION: SCHOLARSHIP FUND EXPENSE. AMOUNT: 2,540. DESCRIPTION: UNFUNDED CLASSROOM NEEDS COSTS. AMOUNT: 578. DESCRIPTION: AMHS ENRICHMENT - SCHOLARSHIP EXPENSE. AMOUNT: 2,000. DESCRIPTION: COLLEGE PREP ENHANCEMENT SERVICE. AMOUNT: 18,469. DESCRIPTION: COMMUNITY/ALUMNI/CORP. OUTREACH. AMOUNT: 628. DESCRIPTION: FACULITY PROF DEVELOPMENT COSTS. AMOUNT: 6,936. TOTAL TO FORM 990-EZ, LINE 16: 84,064.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt2DESCRIPTION: DUE FROM AMHS. BEG. OF YEAR AMOUNT: 0. END OF YEAR AMOUNT: 7,460.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt3DESCRIPTION: UNREALIZED GAINS/LOSSES. BEG. OF YEAR AMOUNT: 5,223. END OF YEAR AMOUNT: 8,936.
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc0FORM 990-EZ, PART I, LINE 4 - OTHER INVESTMENT INCOME
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc1FORM 990-EZ, PART I, LINE 16 - OTHER EXPENSES
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc2FORM 990-EZ, PART II, LINE 24 - OTHER ASSETS
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc3FORM 990-EZ, PART II, LINE 26 - OTHER LIABILITIES
TransferPrsnlBnftContractsDecl/DeclarationDesc0THE ORGANIZATION DID NOT, DURING THE YEAR, RECEIVE ANY FUNDS, DIRECTLY,OR INDIRECTLY, TO PAY PREMIUMS ON A PERSONAL BENEFIT CONTRACT.THE ORGANIZATION, DID NOT, DURING THE YEAR, PAY ANY PREMIUMS, DIRECTLY,OR INDIRECTLY, ON A PERSONAL BENEFIT CONTRACT.
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ReturnHeader/BuildTS02023-04-26 12:10:37Z
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ReturnHeader/Filer/BusinessName/BusinessNameLine1Txt0ACADEMIC MAGNET FOUNDATION
ReturnHeader/Filer/BusinessNameControlTxt0ACAD
ReturnHeader/Filer/EIN0262530146
ReturnHeader/Filer/PhoneNum08437227330
ReturnHeader/Filer/USAddress/AddressLine1Txt05109-A WEST ENTERPRISE STREET
ReturnHeader/Filer/USAddress/CityNm0NORTH CHARLESTON
ReturnHeader/Filer/USAddress/StateAbbreviationCd0SC
ReturnHeader/Filer/USAddress/ZIPCd029405
ReturnHeader/IRSResponsiblePrtyInfoCurrInd00
ReturnHeader/PreparerFirmGrp/PreparerFirmEIN0571112308
ReturnHeader/PreparerFirmGrp/PreparerFirmName/BusinessNameLine1Txt0VERIS LLC
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/AddressLine1Txt01156 BOWMAN ROAD SUITE 100-A
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/CityNm0MOUNT PLEASANT
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/StateAbbreviationCd0SC
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/ZIPCd029464
ReturnHeader/PreparerPersonGrp/PhoneNum08438814477
ReturnHeader/PreparerPersonGrp/PreparationDt02024-01-15
ReturnHeader/PreparerPersonGrp/PreparerPersonNm0DAVID SELANDER CPA
ReturnHeader/ReturnTs02024-01-15T10:37:28-06:00
ReturnHeader/ReturnTypeCd0990EZ
ReturnHeader/SigningOfficerGrp/PersonFullName/PersonFirstNm0JASON
ReturnHeader/SigningOfficerGrp/PersonFullName/PersonLastNm0DAIGLE
ReturnHeader/TaxPeriodBeginDt02022-08-01
ReturnHeader/TaxPeriodEndDt02023-07-31
ReturnHeader/TaxYr02022

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Filings

Displayed year

2023 • Form 990EZDetailed filing. Detailed filing data is available for this year.

Open filing
Assets
$206,723
Liabilities
$8,936
Net assets
$197,787
Revenue
$75,006
Expenses
$85,171
Net income
-$10,165
Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2025Detailed filing. Detailed filing data is available for this year.$2.48$0.25$2.23$0.97$0.79$0.18
2024Detailed filing. Detailed filing data is available for this year.$2.24$0.18$2.06$0.77$0.69$0.08
2023Detailed filing. Detailed filing data is available for this year.$2.07$0.09$1.98$0.75$0.85$0.10
2022Detailed filing. Detailed filing data is available for this year.$2.13$0.05$2.08$0.83$0.72$0.11
2021Detailed filing. Detailed filing data is available for this year.$2.16$0.19$1.97$0.40$0.36$0.05
2020Detailed filing. Detailed filing data is available for this year.$1.92$0.00$1.92$0.82$0.30$0.52
2019Detailed filing. Detailed filing data is available for this year.$1.40$0.00$1.40$0.34$0.26$0.07
2016Detailed filing. Detailed filing data is available for this year.$1.11$0.00$1.11$0.31$0.17$0.14
2015Detailed filing. Detailed filing data is available for this year.$0.97$0.00$0.97$0.20$0.28$0.08
2014Detailed filing. Detailed filing data is available for this year.$1.05$0.00$1.05$0.53$0.14$0.39