Civic Intelligence

Magnificent 7 Foundation Inc.

990 • Fiscal year 2020 • EIN 47-5461489

Jan 01, 2020 to Dec 31, 2020 • Filed on Sep 15, 2021

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

99th percentile

11.62x

Higher debt load relative to assets than 99% of similar nonprofits.

2020 filings • 501(c)3 • <$500k nonprofits • Source year 2020

Liabilities / Revenue

Score unavailable

No value available

Liabilities-to-revenue requires both liabilities and revenue on this filing.

Source year 2020

Net Margin

Score unavailable

No value available

Net margin requires both revenue and expenses on this filing.

Source year 2020

Top Officer Pay

76th percentile

$0

Higher top officer pay than 76% of similar nonprofits.

2020 filings • 501(c)3 • <$500k nonprofits • Source year 2020

Asset Growth

5th percentile

-74%

Faster asset growth than 5% of similar nonprofits.

2020 filings • 501(c)3 • <$500k nonprofits • Annualized from 2019 to 2020

Revenue Growth

2nd percentile

-100%

Faster revenue growth than 2% of similar nonprofits.

2020 filings • 501(c)3 • <$500k nonprofits • Annualized from 2019 to 2020

Balance Sheet
Liabilities / Assets99th percentile

Assets

Down

$172

Down $500 (-74%) from 2019

Net Assets

Down

-$1,827

Down $500 (-38%) from 2019

Liabilities

Flat

$1,999

Flat from 2019

Revenue And Expenses
Liabilities / RevenueScore unavailableNet MarginScore unavailable

Revenue

Down

$0

Down $120 (-100%) from 2019

Expenses

Down

$500

Down $3,665 (-88%) from 2019

Net Income

Up

-$500

Up $3,545 (+88%) from 2019

Historical Trend

Balance Sheet Trend

Asset Growth5th 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

2020

Assets$172
Liabilities$1,999
Net Assets-$1,827
Open 2020 Filing

Operations Trend

Revenue Growth2nd 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

2020

Revenue$0
Expenses$500
Net Income-$500
Open 2020 Filing
Jump To
Filing Snapshot
Filing Period
Jan 1, 2020 to Dec 31, 2020
Signed
Sep 15, 2021
Return Version
2020v4.0
Gross Receipts
$0
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$672$172▼ $500
Total Assets$672$172▼ $500
Liabilities
Accounts Payable and Accrued Expenses$1,999$1,999→ $0
Total Liabilities$1,999$1,999→ $0
Net Assets / Fund Balance
Net Assets Without Donor Restrictions$-1,327$-1,827▼ $500
Total Net Assets Fund Balance$-1,327$-1,827▼ $500
Total Liabilities and Net Assets / Fund Balance$672$172▼ $500
Compensation and Service Providers
Top Officer Pay76th percentile

Board Members and Trustees

NameTitle
Matthew AtkinsonPresident
Revenue and Support

Revenue Composition

Contributions and Grants
$0
Program Service Revenue
$0
Investment Income
$0
Other Revenue
$0
Change in Net Assets
$-500
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$500
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 Accounting-$500-$500
Total Functional Expenses$0$500$0$500
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 35% controlled entity
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
2021-09-15

Organization Details

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

Preparer

Firm
Equitable Accounting Services LLC
Address
144 N 1590 E, SPANISH FORK, UT 84660-5843
Preparer
Lee K Roberts CPA
Phone
8016608585
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 XI, Line 9

“DONATIONS GIVEN 0”

Raw XML Appendix222 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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IRS990/IRPDocumentCnt00
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IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt2NO REVIEW WAS OR WILL BE CONDUCTED.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt3UPON REQUEST THE ORGANIZATION WILL PROVIDE A COPY OF THE GOVERNING DOCUMENTS.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt4DONATIONS GIVEN 0
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ReturnHeader/BuildTS02022-09-23 18:48:47Z
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ReturnHeader/BusinessOfficerGrp/PersonTitleTxt0PRESIDENT
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ReturnHeader/BusinessOfficerGrp/SignatureDt02021-09-15
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ReturnHeader/Filer/BusinessNameControlTxt0MAGN
ReturnHeader/Filer/EIN0475461489
ReturnHeader/Filer/USAddress/AddressLine1Txt03731 W SOUTH JORDAN PKW STE 102-505
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ReturnHeader/Filer/USAddress/StateAbbreviationCd0UT
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ReturnHeader/PreparerPersonGrp/PhoneNum08016608585
ReturnHeader/PreparerPersonGrp/PreparationDt02021-09-15
ReturnHeader/PreparerPersonGrp/PreparerPersonNm0LEE K ROBERTS CPA
ReturnHeader/ReturnTs02021-09-16T23:09:45-05:00
ReturnHeader/ReturnTypeCd0990
ReturnHeader/SigningOfficerGrp/PersonFullName/PersonFirstNm0MATTHEW
ReturnHeader/SigningOfficerGrp/PersonFullName/PersonLastNm0ATKINSON
ReturnHeader/TaxPeriodBeginDt02020-01-01
ReturnHeader/TaxPeriodEndDt02020-12-31
ReturnHeader/TaxYr02020

Document Assets

No mirrored PDF or thumbnail assets are attached yet.

Filings

Displayed year

2020 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$172
Liabilities
$1,999
Net assets
-$1,827
Revenue
$0
Expenses
$500
Net income
-$500
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