Civic Intelligence

Magnificent 7 Foundation Inc.

990 • Fiscal year 2018 • EIN 47-5461489

Jan 01, 2018 to Dec 31, 2018 • Filed on Oct 08, 2019

Organization Profile
3731 W South Jordan Pkw Ste 102-505South Jordan, UT 84009

(385) 800-8570

Siviq Scores

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

Liabilities / Assets

57th percentile

0.00x

Tied with the lowest-debt nonprofits in its peer group.

2018 filings • 501(c)3 • <$500k nonprofits • Source year 2018

Liabilities / Revenue

56th percentile

0.00x

Tied with the lowest-debt nonprofits in its peer group.

2018 filings • 501(c)3 • <$500k nonprofits • Source year 2018

Net Margin

97th percentile

85%

Higher net margin than 97% of similar nonprofits.

2018 filings • 501(c)3 • <$500k nonprofits • Source year 2018

Top Officer Pay

76th percentile

$0

Higher top officer pay than 76% of similar nonprofits.

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

2018 filings • 501(c)3 • <$500k nonprofits • Source year 2018

Asset Growth

13th percentile

-35%

Faster asset growth than 13% of similar nonprofits.

2018 filings • 501(c)3 • <$500k nonprofits • Annualized from 2017 to 2018

Revenue Growth

57th percentile

5.8%

Faster revenue growth than 57% of similar nonprofits.

2018 filings • 501(c)3 • <$500k nonprofits • Annualized from 2017 to 2018

Balance Sheet
Liabilities / Assets57th percentile

Assets

Down

$9,218

Down $4,927 (-35%) from 2017

Net Assets

Down

$9,218

Down $2,515 (-21%) from 2017

Liabilities

Down

$0

Down $2,412 (-100%) from 2017

Revenue And Expenses
Liabilities / Revenue56th percentileNet Margin97th percentile

Revenue

Up

$23,706

Up $1,305 (+5.8%) from 2017

Expenses

Down

$3,533

Down $6,240 (-64%) from 2017

Net Income

Up

$20,173

Up $7,545 (+60%) from 2017

Historical Trend

Balance Sheet Trend

Asset Growth13th percentile

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

$15K$10K$5.0K$0-$5.0KAssets 2014: $1Liabilities 2014: $0Net Assets 2014: $02014Assets 2015: $1Liabilities 2015: $0Net Assets 2015: $02015Assets 2016: $0Liabilities 2016: $0Net Assets 2016: $02016Assets 2017: $14,145Liabilities 2017: $2,412Net Assets 2017: $11,7332017Assets 2018: $9,218Liabilities 2018: $0Net Assets 2018: $9,2182018Assets 2019: $672Liabilities 2019: $1,999Net Assets 2019: -$1,3272019Assets 2020: $172Liabilities 2020: $1,999Net Assets 2020: -$1,8272020Assets 2021: $357Liabilities 2021: $1,999Net Assets 2021: -$1,6422021Assets 2022: $0Liabilities 2022: $1,999Net Assets 2022: -$1,9992022Assets 2023: $0Liabilities 2023: $1,999Net Assets 2023: -$1,9992023Assets 2024: $0Liabilities 2024: $1,999Net Assets 2024: -$1,9992024

Highlighted filing

2018

Assets$9,218
Liabilities$0
Net Assets$9,218
Open 2018 Filing

Operations Trend

Revenue Growth57th percentile

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

$30K$20K$10K$0-$10KRevenue 2014: $0Expenses 2014: $0Net Income 2014: $02014Revenue 2015: $0Expenses 2015: $0Net Income 2015: $02015Revenue 2016: $895Expenses 2016: $895Net Income 2016: $02016Revenue 2017: $22,401Expenses 2017: $9,773Net Income 2017: $12,6282017Revenue 2018: $23,706Expenses 2018: $3,533Net Income 2018: $20,1732018Revenue 2019: $120Expenses 2019: $4,165Net Income 2019: -$4,0452019Revenue 2020: $0Expenses 2020: $500Net Income 2020: -$5002020Revenue 2021: $1,000Expenses 2021: $815Net Income 2021: $1852021Revenue 2022: $0Expenses 2022: $357Net Income 2022: -$3572022Revenue 2023: $0Expenses 2023: $0Net Income 2023: $02023Revenue 2024: $0Expenses 2024: $0Net Income 2024: $02024

Highlighted filing

2018

Revenue$23,706
Expenses$3,533
Net Income$20,173
Open 2018 Filing
Jump To
Filing Snapshot
Filing Period
Jan 1, 2018 to Dec 31, 2018
Signed
Oct 8, 2019
Return Version
2018v3.1
Gross Receipts
$23,706
Mission and Program Overview

Mission

The magnificent 7 is inspired by a movie from the 1970's about assisting those less fortunate in times of needs. With the influence of more than 7 individuals, you are able to make a difference in those lives to overcame many challenges. The purpose of the magnificent 7 foundation is to assist those with hunger, housing and training needs in the local community.

Balance Sheet Detail
LineBeginningEndChange
Assets
Cash and Non-Interest-Bearing Accounts$14,145$9,218▼ $4,927
Total Assets$14,145$9,218▼ $4,927
Liabilities
Accounts Payable and Accrued Expenses$2,412--
Total Liabilities$2,412$0▼ $2,412
Net Assets / Fund Balance
Unrestricted Net Assets$11,733$9,218▼ $2,515
Total Net Assets Fund Balance$11,733$9,218▼ $2,515
Total Liabilities and Net Assets / Fund Balance$14,145$9,218▼ $4,927
Compensation and Service Providers
Top Officer Pay76th percentile

Board Members and Trustees

NameTitle
Matthew AtkinsonPresident
Revenue and Support

Revenue Composition

Contributions and Grants
$23,706
Program Service Revenue
$0
Investment Income
$0
Other Revenue
$0
All Other Contributions
$23,706
Change in Net Assets
$20,173
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$3,533
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0
Salaries, Compensation, and Employee Benefits$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Fees for Services Other-$2,749-$2,749
Fees for Services Legal$765--$765
Office Expenses-$19-$19
Total Functional Expenses$765$2,768$0$3,533
Fundraising, Events, and Gaming
Fundraising activities
No
Gaming activities
No
Professional fundraiser used
No

Fundraising and Gaming Totals

Line ItemAmount
Professional Fundraising Fees$0
Political and Lobbying Activity
Political campaign activity
No
Lobbying activity
No
Subject to proxy tax
No
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
No
Backup withholding compliance
No
Business relationship with family members
No
Business relationship with organization members
No
Material changes to governing documents
No
Compensation from other sources disclosed
No
CEO compensation reviewed
No
Other officer compensation reviewed
No
Conflict-of-interest policy
No
Audited financial statements prepared
No
Key decisions subject to board approval
No
Management duties delegated
No

Governance Explanations

Form 990, Page 6, Part VI, Line 11B

“No review was or will be conducted.”

Form 990, Page 6, Part VI, Line 19

“Upon request the organization will provide a copy of the governing documents.”

Filing and Contact Details

Filer

Filer Name
Magnificent 7 Foundation Inc
EIN
47-5461489
Address
3731 W SOUTH JORDAN PKW STE 102-505, SOUTH JORDAN, UT 84009

Signing Officer

Name
Matthew Atkinson
Title
President
Phone
8016719367
Signed
2019-10-08

Organization Details

Principal Officer
Matthew Atkinson
Voting Board Members
1
Independent Board Members
0
Employees
0

Preparer

Firm
Clyde W Jones Pllc
Address
1443 W 800 N STE 301, OREM, UT 84057-2883
Preparer
Clyde W Jones CPA
Phone
8016556010
Supplemental Narrative

Additional Explanations

FORM 990 - ORGANIZATION'S MISSION

“The magnificent 7 is inspired by a movie from the 1970's about assisting those less fortunate in times of needs. With the influence of more than 7 individuals, you are able to make a difference in those lives to overcame many challenges. The purpose of the magnificent 7 foundation is to assist those with hunger, housing and training needs in the local community.”

Form 990, Page 2, Part III, Line 4D

“The magnificent 7 is inspired by a movie from the 1970's about assisting those less fortunate in times of needs. With the influence of more than 7 individuals, you are able to make a difference in those lives to overcame many challenges. The purpose of the magnificent 7 foundation is to assist those with hunger, housing and training needs in the local community.”

Form 990, Part IX, Line 11G

“Bank charges 0 19 0 dues 0 102 0 fund raising 0 2,628 0 total 0 2,749 0”

Form 990, Part XI, Line 9

“DONATIONS GIVEN -22,688”

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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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IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt3UPON REQUEST THE ORGANIZATION WILL PROVIDE A COPY OF THE GOVERNING DOCUMENTS.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt4BANK CHARGES 0 19 0 DUES 0 102 0 FUND RAISING 0 2,628 0 TOTAL 0 2,749 0
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt5DONATIONS GIVEN -22,688
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc0FORM 990 - ORGANIZATION'S MISSION
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ReturnHeader/TaxPeriodEndDt02018-12-31
ReturnHeader/TaxYr02018

Document Assets

No mirrored PDF or thumbnail assets are attached yet.

Filings

Displayed year

2018 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$9,218
Liabilities
$0
Net assets
$9,218
Revenue
$23,706
Expenses
$3,533
Net income
$20,173
Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2024Detailed filing. Detailed filing data is available for this year.$0.00$2.00$2.00$0.00$0.00$0.00
2023Detailed filing. Detailed filing data is available for this year.$0.00$2.00$2.00$0.00$0.00$0.00
2022Detailed filing. Detailed filing data is available for this year.$0.00$2.00$2.00$0.00$0.36$0.36
2021Detailed filing. Detailed filing data is available for this year.$0.36$2.00$1.64$1.00$0.82$0.19
2020Detailed filing. Detailed filing data is available for this year.$0.17$2.00$1.83$0.00$0.50$0.50
2019Detailed filing. Detailed filing data is available for this year.$0.67$2.00$1.33$0.12$4.17$4.05
2018Detailed filing. Detailed filing data is available for this year.$9.22$0.00$9.22$23.7$3.53$20.2
2017Detailed filing. Detailed filing data is available for this year.$14.1$2.41$11.7$22.4$9.77$12.6
2016Detailed filing. Detailed filing data is available for this year.$0.00$0.00$0.00$0.90$0.90$0.00
2015Summary only. Only limited summary data is available for this year.$0.00$0.00$0.00$0.00$0.00$0.00
2014Summary only. Only limited summary data is available for this year.$0.00$0.00$0.00$0.00$0.00$0.00