Magnetic Theatre

EIN 27-4033269 • 501(c)3 • Asheville, NC

Profile

Development, production, presentation, promotion, and attendant education of practitioners and the public concerning original dramatic and allied performing arts, including but not restricted to spoken word, comedy, music, and dance.

34 Aspen CourtAsheville, NC 28806

www.themagnetictheatre.org

Siviq Scores

Precomputed percentiles relative to similar nonprofits. These scores are descriptive rather than judgmental.

No value available

Liabilities-to-assets requires both liabilities and assets on the latest valid filing.

Source year 2024

No value available

Liabilities-to-revenue requires both liabilities and revenue on the latest valid filing.

Source year 2024

231%

Higher net margin than 100% of similar nonprofits.

501(c)3 • <$500k nonprofits • Source year 2024

Higher top officer pay than 81% of similar nonprofits.

501(c)3 • <$500k nonprofits • Source year 2024

-100%

Faster asset growth than 10% of similar nonprofits.

501(c)3 • <$500k nonprofits • Annualized from 2023 to 2024

No value available

A valid growth rate could not be computed from the available filing history.

Annualized from 2023 to 2024

Balance Sheet

Liabilities / AssetsScore unavailable

Assets

Down

Down $39,983 (-100%) from 2023

Liabilities

No earlier filing loaded for comparison.

Net Assets

Down

Down $39,983 (-100%) from 2023

Operations

Liabilities / RevenueScore unavailable Net Margin100th percentile

Revenue

Down

-$17,306

Down $173,718 (-111%) from 2023

Expenses

Down

$22,678

Down $171,818 (-88%) from 2023

Net Income

Down

-$39,984

Down $1,900 (-5.0%) from 2023

Trend Graphs

Balance Sheet Trend

Asset Growth10th percentile

Grouped bars show assets, liabilities, and net assets across loaded filings.

Highlighted filing

2024

Assets$0

Liabilities-

Net Assets$0

Open 2024 Filing

Operations Trend

Revenue GrowthScore unavailable

Revenue, expenses, and net income by year, with the latest filing highlighted.

Highlighted filing

2024

Revenue-$17,306

Expenses$22,678

Net Income-$39,984

Open 2024 Filing

Filings

Most recent year

2024 • Form 990EZDetailed filing. Detailed filing data is available for this year.

Open filing

Assets: $0
Liabilities: -
Net assets: $0
Revenue: -$17,306
Expenses: $22,678
Net income: -$39,984

	Balance Sheet			Operations
Year	Assets	Liabilities	Net Assets	Revenue	Expenses	Net Income
2024Detailed filing. Detailed filing data is available for this year.	$0.00		$0.00	$0.17	$0.23	$0.40
2023XML pending. An XML filing is linked for this year, but detailed extraction is still pending.	$0.40		$0.40	$1.56	$1.94	$0.38
2022Detailed filing. Detailed filing data is available for this year.	$0.79	$0.01	$0.78	$1.78	$1.68	$0.10
2021Detailed filing. Detailed filing data is available for this year.	$0.69	$0.00	$0.68	$1.48	$1.31	$0.17
2020XML pending. An XML filing is linked for this year, but detailed extraction is still pending.	$0.51		$0.51	$0.80	$0.75	$0.05
2019XML pending. An XML filing is linked for this year, but detailed extraction is still pending.	$0.47		$0.47	$1.29	$1.29	$0.00
2018Detailed filing. Detailed filing data is available for this year.	$0.47	$0.00	$0.47	$1.15	$1.20	$0.05
2017XML pending. An XML filing is linked for this year, but detailed extraction is still pending.	$0.53	$0.01	$0.52	$1.56	$1.49	$0.06
2015Detailed filing. Detailed filing data is available for this year.	$0.42	$0.03	$0.39	$1.07	$0.89	$0.17
2014Detailed filing. Detailed filing data is available for this year.	$0.22	$0.00	$0.22	$0.41	$0.31	$0.10
2013XML pending. An XML filing is linked for this year, but detailed extraction is still pending.	$0.16	$0.05	$0.11	$0.56	$0.47	$0.09

Latest Filing Detail

Jump To

Filing Snapshot

Filing Period: Jan 1, 2024 to Dec 31, 2024
Signed: May 20, 2025
Return Version: 2024v5.0
Gross Receipts: $2,980

Mission and Program Overview

Mission

Production of dramatic works and allied performing arts.

The magnetic theatre seeks to connect asheville audiences to original, artist-driven theatre. We support emerging local playwrights and produce exciting work that has not been seen in this region. We work to encourage new perspectives by illuminating the human condition through diverse, challenging projects and cultivating a passionate creative community.

Program Services

Description	Grants	Expenses
MAINSTAGE SEASON, ACTING CLASSES, NEW PLAY DEVELOPMENT PROGRAM	-	$16,054

Compensation and Service Providers

Top Officer Pay81st percentile

Employees

Name	Title	Full / Part Time	Base	Other	Total
KATHRYN JONES	Co-Artistic	PT	$0	-	-
JESSICA JOHNSON	Co-Artistic	-	$0	-	-
JASON PHILLIPS	President	-	$0	-	-
JOSH SULLIVAN	Treasurer	-	$0	-	-

Filing and Contact Details

Filer

Filer Name: The Magnetic Theatre Inc
EIN: 27-4033269
Phone: 8282399250
Address: 34 ASPEN COURT, ASHEVILLE, NC 28806

Signing Officer

Name: Josh Sullivan
Title: Treasurer
Phone: 8282399250
Signed: 2025-05-20
Discuss with paid preparer: Yes

Preparer

Firm: Sullivan & Sullivan Pllc
Address: 41 CLAYTON ST STE 200, ASHEVILLE, NC 28801-2423
Preparer: Josh Sullivan
Phone: 8285759009

Supplemental Narrative

Additional Explanations

Form 990-ez, Part I, Line 16

“Expenses 1,297 246 insurance 1,399 merchant fees/bank charge 736 production expenses 6,801 sales tax 3,759 rent and facility 1,007 dues and subscriptions 1,955 concessions 50 meals 50 other production expenses 633 charitable contributions 3,351 non-investment depreciation 1,268 total 22,552”

Form 990-ez, Part II, Line 24

“36,788 0 less accumulated depreciation 15,234 0 total 21,554 0”

Form 990-ez, Part II, Line 26

“PAYROLL LIABILITIES 0 0”

Form 990-ez, Part III

“The magnetic theatre seeks to connect asheville audiences to original, artist-driven theatre. We support emerging local playwrights and produce exciting work that has not been seen in this region. We work to encourage new perspectives by illuminating the human condition through diverse, challenging projects and cultivating a passionate creative community.”

Raw XML Appendix161 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.

Path	#	Value
IRS990EZ/ActivitiesNotPreviouslyRptInd	0	false
IRS990EZ/BooksInCareOfDetail/PersonNm	0	JOSH SULLIVAN
IRS990EZ/BooksInCareOfDetail/PhoneNum	0	8282399250
IRS990EZ/BooksInCareOfDetail/USAddress/AddressLine1Txt	0	41 CLAYTON STREET
IRS990EZ/BooksInCareOfDetail/USAddress/CityNm	0	ASHEVILLE
IRS990EZ/BooksInCareOfDetail/USAddress/StateAbbreviationCd	0	NC
IRS990EZ/BooksInCareOfDetail/USAddress/ZIPCd	0	28801
IRS990EZ/CashSavingsAndInvestmentsGrp/BOYAmt	0	18430
IRS990EZ/ChgMadeToOrgnzngDocNotRptInd	0	false
IRS990EZ/ContributionsGiftsGrantsEtcAmt	0	130
IRS990EZ/CostOrOtherBasisExpenseSaleAmt	0	20286
IRS990EZ/DonorAdvisedFndsInd	0	false
IRS990EZ/EngagedInExcessBenefitTransInd	0	false
IRS990EZ/ExcessOrDeficitForYearAmt	0	-39984
IRS990EZ/FiledScheduleAInd	0	true
IRS990EZ/FinalReturnInd	0	X
IRS990EZ/ForeignFinancialAccountInd	0	false
IRS990EZ/ForeignOfficeInd	0	false
IRS990EZ/Form1120PolFiledInd	0	false
IRS990EZ/Form990TotalAssetsGrp/BOYAmt	0	39984
IRS990EZ/Form990TotalAssetsGrp/EOYAmt	0	0
IRS990EZ/GainOrLossFromSaleOfAssetsAmt	0	-20286
IRS990EZ/GrossReceiptsAmt	0	2980
IRS990EZ/InfoInScheduleOPartIIIInd	0	X
IRS990EZ/InfoInScheduleOPartIIInd	0	X
IRS990EZ/InfoInScheduleOPartIInd	0	X
IRS990EZ/LobbyingActivitiesInd	0	false
IRS990EZ/MadeLoansToFromOfficersInd	0	false
IRS990EZ/MethodOfAccountingAccrualInd	0	X
IRS990EZ/NetAssetsOrFundBalancesBOYAmt	0	39984
IRS990EZ/NetAssetsOrFundBalancesGrp/BOYAmt	0	39984
IRS990EZ/NetAssetsOrFundBalancesGrp/EOYAmt	0	0
IRS990EZ/OfficerDirectorTrusteeEmplGrp/AverageHrsPerWkDevotedToPosRt	0	5.00
IRS990EZ/OfficerDirectorTrusteeEmplGrp/AverageHrsPerWkDevotedToPosRt	1	2.00
IRS990EZ/OfficerDirectorTrusteeEmplGrp/AverageHrsPerWkDevotedToPosRt	2	2.00
IRS990EZ/OfficerDirectorTrusteeEmplGrp/AverageHrsPerWkDevotedToPosRt	3	2.00
IRS990EZ/OfficerDirectorTrusteeEmplGrp/CompensationAmt	0	0
IRS990EZ/OfficerDirectorTrusteeEmplGrp/CompensationAmt	1	0
IRS990EZ/OfficerDirectorTrusteeEmplGrp/CompensationAmt	2	0
IRS990EZ/OfficerDirectorTrusteeEmplGrp/CompensationAmt	3	0
IRS990EZ/OfficerDirectorTrusteeEmplGrp/PersonNm	0	KATHRYN JONES
IRS990EZ/OfficerDirectorTrusteeEmplGrp/PersonNm	1	JESSICA JOHNSON
IRS990EZ/OfficerDirectorTrusteeEmplGrp/PersonNm	2	JASON PHILLIPS
IRS990EZ/OfficerDirectorTrusteeEmplGrp/PersonNm	3	JOSH SULLIVAN
IRS990EZ/OfficerDirectorTrusteeEmplGrp/TitleTxt	0	CO-ARTISTIC
IRS990EZ/OfficerDirectorTrusteeEmplGrp/TitleTxt	1	CO-ARTISTIC
IRS990EZ/OfficerDirectorTrusteeEmplGrp/TitleTxt	2	PRESIDENT
IRS990EZ/OfficerDirectorTrusteeEmplGrp/TitleTxt	3	TREASURER
IRS990EZ/OperateHospitalInd	0	false
IRS990EZ/Organization501c3Ind	0	X
IRS990EZ/OrganizationDissolvedEtcInd	0	true
IRS990EZ/OrganizationHadUBIInd	0	false
IRS990EZ/OtherAssetsTotalDetail/BOYAmt	0	21554
IRS990EZ/OtherExpensesTotalAmt	0	22552
IRS990EZ/PartVIHghstPdCntrctProfSrvcTxt	0	NONE
IRS990EZ/PartVIOfCompOfHghstPdEmplTxt	0	NONE
IRS990EZ/PoliticalCampaignActyInd	0	false
IRS990EZ/PrimaryExemptPurposeTxt	0	THE MAGNETIC THEATRE SEEKS TO CONNECT ASHEVILLE AUDIENCES TO ORIGINAL, ARTIST-DRIVEN THEATRE. WE SUPPORT EMERGING LOCAL PLAYWRIGHTS AND PRODUCE EXCITING WORK THAT HAS NOT BEEN SEEN IN THIS REGION. WE WORK TO ENCOURAGE NEW PERSPECTIVES BY ILLUMINATING THE HUMAN CONDITION THROUGH DIVERSE, CHALLENGING PROJECTS AND CULTIVATING A PASSIONATE CREATIVE COMMUNITY.
IRS990EZ/ProgramServiceRevenueAmt	0	2850
IRS990EZ/ProgramSrvcAccomplishmentGrp/DescriptionProgramSrvcAccomTxt	0	MAINSTAGE SEASON, ACTING CLASSES, NEW PLAY DEVELOPMENT PROGRAM
IRS990EZ/ProgramSrvcAccomplishmentGrp/ProgramServiceExpensesAmt	0	16054
IRS990EZ/ProhibitedTaxShelterTransInd	0	false
IRS990EZ/RelatedOrganizationCtrlEntInd	0	false
IRS990EZ/SalariesOtherCompEmplBnftAmt	0	126
IRS990EZ/ScheduleBNotRequiredInd	0	X
IRS990EZ/SchoolOperatingInd	0	false
IRS990EZ/SubjectToProxyTaxInd	0	false
IRS990EZ/TanningServicesProvidedInd	0	false
IRS990EZ/TotalExpensesAmt	0	22678
IRS990EZ/TotalProgramServiceExpensesAmt	0	16054
IRS990EZ/TotalRevenueAmt	0	-17306
IRS990EZ/TransactionWithControlEntInd	0	false
IRS990EZ/TrnsfrExmptNonChrtblRltdOrgInd	0	false
IRS990EZ/TypeOfOrganizationCorpInd	0	X
IRS990EZ/WebsiteAddressTxt	0	THEMAGNETICTHEATRE.ORG
IRS990ScheduleA/GiftsGrantsContrisRcvd509Grp/CurrentTaxYearAmt	0	130
IRS990ScheduleA/GiftsGrantsContrisRcvd509Grp/CurrentTaxYearMinus1YearAmt	0	45188
IRS990ScheduleA/GiftsGrantsContrisRcvd509Grp/CurrentTaxYearMinus2YearsAmt	0	110322
IRS990ScheduleA/GiftsGrantsContrisRcvd509Grp/CurrentTaxYearMinus3YearsAmt	0	53326
IRS990ScheduleA/GiftsGrantsContrisRcvd509Grp/CurrentTaxYearMinus4YearsAmt	0	37792
IRS990ScheduleA/GiftsGrantsContrisRcvd509Grp/TotalAmt	0	246758
IRS990ScheduleA/GrossReceiptsAdmissionsGrp/CurrentTaxYearAmt	0	2850
IRS990ScheduleA/GrossReceiptsAdmissionsGrp/CurrentTaxYearMinus1YearAmt	0	111224
IRS990ScheduleA/GrossReceiptsAdmissionsGrp/CurrentTaxYearMinus2YearsAmt	0	67735
IRS990ScheduleA/GrossReceiptsAdmissionsGrp/CurrentTaxYearMinus3YearsAmt	0	94840
IRS990ScheduleA/GrossReceiptsAdmissionsGrp/CurrentTaxYearMinus4YearsAmt	0	31539
IRS990ScheduleA/GrossReceiptsAdmissionsGrp/TotalAmt	0	308188
IRS990ScheduleA/InvestmentIncomeCYPct	0	0.00000
IRS990ScheduleA/InvestmentIncomePYPct	0	0.00000
IRS990ScheduleA/PubliclySupportedOrg509a2Ind	0	X
IRS990ScheduleA/PublicSupportCY509Pct	0	1.00000
IRS990ScheduleA/PublicSupportPY509Pct	0	1.00000
IRS990ScheduleA/PublicSupportTotal509Amt	0	554946
IRS990ScheduleA/ThirtyThrPctSuprtTestsCY509Ind	0	X
IRS990ScheduleA/Total509Grp/CurrentTaxYearAmt	0	2980
IRS990ScheduleA/Total509Grp/CurrentTaxYearMinus1YearAmt	0	156412
IRS990ScheduleA/Total509Grp/CurrentTaxYearMinus2YearsAmt	0	178057
IRS990ScheduleA/Total509Grp/CurrentTaxYearMinus3YearsAmt	0	148166
IRS990ScheduleA/Total509Grp/CurrentTaxYearMinus4YearsAmt	0	69331
IRS990ScheduleA/Total509Grp/TotalAmt	0	554946
IRS990ScheduleA/TotalSupportCalendarYearGrp/CurrentTaxYearAmt	0	2980
IRS990ScheduleA/TotalSupportCalendarYearGrp/CurrentTaxYearMinus1YearAmt	0	156412
IRS990ScheduleA/TotalSupportCalendarYearGrp/CurrentTaxYearMinus2YearsAmt	0	178057
IRS990ScheduleA/TotalSupportCalendarYearGrp/CurrentTaxYearMinus3YearsAmt	0	148166
IRS990ScheduleA/TotalSupportCalendarYearGrp/CurrentTaxYearMinus4YearsAmt	0	69331
IRS990ScheduleA/TotalSupportCalendarYearGrp/TotalAmt	0	554946
IRS990ScheduleN/AssetsDistributedInd	0	false
IRS990ScheduleN/BondsOutstandingInd	0	false
IRS990ScheduleN/DirectorOfSuccessorInd	0	false
IRS990ScheduleN/EmployeeOfSuccessorInd	0	false
IRS990ScheduleN/LiabilitiesPaidInd	0	false
IRS990ScheduleN/LiquidationOfAssetsTableGrp/LiquidationOfAssetsDetail/AssetsDistriOrExpnssPaidDesc	0	CLOSING DISTRIBUTION
IRS990ScheduleN/LiquidationOfAssetsTableGrp/LiquidationOfAssetsDetail/DistributionDt	0	2024-12-20
IRS990ScheduleN/LiquidationOfAssetsTableGrp/LiquidationOfAssetsDetail/EIN	0	842111512
IRS990ScheduleN/LiquidationOfAssetsTableGrp/LiquidationOfAssetsDetail/FairMarketValueOfAssetAmt	0	3351
IRS990ScheduleN/LiquidationOfAssetsTableGrp/LiquidationOfAssetsDetail/IRCSectionTxt	0	501 C-3
IRS990ScheduleN/LiquidationOfAssetsTableGrp/LiquidationOfAssetsDetail/PersonNm	0	ASHEVILLE FRINGE SOCIETY
IRS990ScheduleN/LiquidationOfAssetsTableGrp/LiquidationOfAssetsDetail/USAddress/AddressLine1Txt	0	8 BEDROCK LANE
IRS990ScheduleN/LiquidationOfAssetsTableGrp/LiquidationOfAssetsDetail/USAddress/CityNm	0	CANDLER
IRS990ScheduleN/LiquidationOfAssetsTableGrp/LiquidationOfAssetsDetail/USAddress/StateAbbreviationCd	0	NC
IRS990ScheduleN/LiquidationOfAssetsTableGrp/LiquidationOfAssetsDetail/USAddress/ZIPCd	0	28715
IRS990ScheduleN/OwnerOfSuccessorInd	0	false
IRS990ScheduleN/ReceiveCompensationInd	0	false
IRS990ScheduleN/RequiredToNotifyAGInd	0	false
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt	0	EXPENSES 1,297 246 INSURANCE 1,399 MERCHANT FEES/BANK CHARGE 736 PRODUCTION EXPENSES 6,801 SALES TAX 3,759 RENT AND FACILITY 1,007 DUES AND SUBSCRIPTIONS 1,955 CONCESSIONS 50 MEALS 50 OTHER PRODUCTION EXPENSES 633 CHARITABLE CONTRIBUTIONS 3,351 NON-INVESTMENT DEPRECIATION 1,268 TOTAL 22,552
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt	1	36,788 0 LESS ACCUMULATED DEPRECIATION 15,234 0 TOTAL 21,554 0
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt	2	PAYROLL LIABILITIES 0 0
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt	3	THE MAGNETIC THEATRE SEEKS TO CONNECT ASHEVILLE AUDIENCES TO ORIGINAL, ARTIST-DRIVEN THEATRE. WE SUPPORT EMERGING LOCAL PLAYWRIGHTS AND PRODUCE EXCITING WORK THAT HAS NOT BEEN SEEN IN THIS REGION. WE WORK TO ENCOURAGE NEW PERSPECTIVES BY ILLUMINATING THE HUMAN CONDITION THROUGH DIVERSE, CHALLENGING PROJECTS AND CULTIVATING A PASSIONATE CREATIVE COMMUNITY.
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc	0	FORM 990-EZ, PART I, LINE 16
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc	1	FORM 990-EZ, PART II, LINE 24
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc	2	FORM 990-EZ, PART II, LINE 26
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc	3	FORM 990-EZ, PART III
ReturnHeader/BuildTS	0	2025-03-06 01:10:19Z
ReturnHeader/BusinessOfficerGrp/DiscussWithPaidPreparerInd	0	true
ReturnHeader/BusinessOfficerGrp/PersonNm	0	JOSH SULLIVAN
ReturnHeader/BusinessOfficerGrp/PersonTitleTxt	0	TREASURER
ReturnHeader/BusinessOfficerGrp/PhoneNum	0	8282399250
ReturnHeader/BusinessOfficerGrp/SignatureDt	0	2025-05-20
ReturnHeader/Filer/BusinessName/BusinessNameLine1Txt	0	THE MAGNETIC THEATRE INC
ReturnHeader/Filer/BusinessNameControlTxt	0	MAGN
ReturnHeader/Filer/EIN	0	274033269
ReturnHeader/Filer/PhoneNum	0	8282399250
ReturnHeader/Filer/USAddress/AddressLine1Txt	0	34 ASPEN COURT
ReturnHeader/Filer/USAddress/CityNm	0	ASHEVILLE
ReturnHeader/Filer/USAddress/StateAbbreviationCd	0	NC
ReturnHeader/Filer/USAddress/ZIPCd	0	28806
ReturnHeader/IRSResponsiblePrtyInfoCurrInd	0	true
ReturnHeader/PreparerFirmGrp/PreparerFirmEIN	0	204142945
ReturnHeader/PreparerFirmGrp/PreparerFirmName/BusinessNameLine1Txt	0	SULLIVAN & SULLIVAN PLLC
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/AddressLine1Txt	0	41 CLAYTON ST STE 200
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/CityNm	0	ASHEVILLE
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/StateAbbreviationCd	0	NC
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/ZIPCd	0	288012423
ReturnHeader/PreparerPersonGrp/PhoneNum	0	8285759009
ReturnHeader/PreparerPersonGrp/PreparationDt	0	2025-05-20
ReturnHeader/PreparerPersonGrp/PreparerPersonNm	0	JOSH SULLIVAN
ReturnHeader/ReturnTs	0	2025-05-20T17:02:35-04:00
ReturnHeader/ReturnTypeCd	0	990EZ
ReturnHeader/TaxPeriodBeginDt	0	2024-01-01
ReturnHeader/TaxPeriodEndDt	0	2024-12-31
ReturnHeader/TaxYr	0	2024