Civic Intelligence

Magna Initiative Inc

EIN 82-0755689 • 501(c)3 • New York, NY

Profile

To foster future generations of entrepreneurship by providing more kids the opportunity to play in bands and create music. The organization strongly believes that a foundation of creativity, collaboration and the quest to inspire are at the core of any successful entrepreneur.

C/O Sason 225 West BroadwayNew York, NY 10013

n/A

Siviq Scores

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

Liabilities / Assets

60th percentile

0.00x

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

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

Liabilities / Revenue

62nd percentile

0.00x

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

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

Net Margin

38th percentile

-3.5%

Higher net margin than 38% of similar nonprofits.

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

Top Officer Pay

81st percentile

$0

Higher top officer pay than 81% of similar nonprofits.

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

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

Asset Growth

19th percentile

-54%

Faster asset growth than 19% of similar nonprofits.

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

Revenue Growth

21st percentile

-43%

Faster revenue growth than 21% of similar nonprofits.

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

Balance Sheet
Liabilities / Assets60th percentile

Assets

Down

$1,016

Down $1,213 (-54%) from 2017

Liabilities

Flat

$0

Flat from 2017

Net Assets

Down

$1,016

Down $1,213 (-54%) from 2017

Operations
Liabilities / Revenue62nd percentileNet Margin38th percentile

Revenue

Down

$35,000

Down $26,540 (-43%) from 2017

Expenses

Down

$36,213

Down $23,098 (-39%) from 2017

Net Income

Down

-$1,213

Down $3,442 (-154%) from 2017

Trend Graphs

Balance Sheet Trend

Asset Growth19th percentile

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

$3.0K$2.0K$1.0K$0Assets 2017: $2,229Liabilities 2017: $0Net Assets 2017: $2,2292017Assets 2018: $1,016Liabilities 2018: $0Net Assets 2018: $1,0162018

Highlighted filing

2018

Assets$1,016
Liabilities$0
Net Assets$1,016
Open 2018 Filing

Operations Trend

Revenue Growth21st percentile

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

$80K$60K$40K$20K$0-$20KRevenue 2017: $61,540Expenses 2017: $59,311Net Income 2017: $2,2292017Revenue 2018: $35,000Expenses 2018: $36,213Net Income 2018: -$1,2132018

Highlighted filing

2018

Revenue$35,000
Expenses$36,213
Net Income-$1,213
Open 2018 Filing

Filings

Most recent year

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

Open filing
Assets
$1,016
Liabilities
$0
Net assets
$1,016
Revenue
$35,000
Expenses
$36,213
Net income
-$1,213
Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2018Detailed filing. Detailed filing data is available for this year.$1.02$0.00$1.02$35.0$36.2$1.21
2017Detailed filing. Detailed filing data is available for this year.$2.23$0.00$2.23$61.5$59.3$2.23
Latest Filing Detail
Jump To
Filing Snapshot
Filing Period
Jan 1, 2018 to Dec 31, 2018
Signed
Nov 7, 2019
Return Version
2018v3.1
Gross Receipts
$35,000
Mission and Program Overview

Mission

To foster future generations of entrepreneurship by providing more kids the opportunity to play in bands and create music. The organization strongly believes that a foundation of creativity, collaboration and the quest to inspire are at the core of any successful entrepreneur.

Program Services

DescriptionGrantsExpenses
TO FOSTER FUTURE GENERATIONS OF ENTREPRENEURSHIP BY PROVIDING MORE KIDS THE OPPORTUNITY TO PLAY IN BANDS AND CREATE MUSIC. THE ORGANIZATION STRONGLY BELIEVES THAT A FOUNDATION OF CREATIVITY, COLLABORATION AND THE QUEST TO INSPIRE ARE AT THE CORE OF ANY SUCCESSFUL ENTREPRENEUR.$35,000$35,000
Compensation and Service Providers
Top Officer Pay81st percentile

Employees

NameTitleFull / Part TimeBaseOtherTotal
JOSHUA SASONDirector / President-$0--
ARI SASONDirector-$0--
Filing and Contact Details

Filer

Filer Name
Magna Initiative Inc
EIN
82-0755689
Phone
3474914240
Address
C/O SASON 225 WEST BROADWAY, NEW YORK, NY 10013

Signing Officer

Name
Joshua Sason
Title
Director/president
Phone
2126971000
Signed
2019-11-07
Discuss with paid preparer
Yes

Preparer

Firm
Citrin Cooperman & Co Llp
Address
529 FIFTH AVENUE, NEW YORK, NY 10017-4683
Preparer
Marvin Bader
Phone
2126971000
Supplemental Narrative

Additional Explanations

Form 990-ez, Part I, Line 10 - Grants and Similar Amounts Paid

“Activity classification: grant. Grantee name: berklee college of music inc. Grantee address: 1140 boylston street boston, ma 02215. Property description: cash. Date of gift: 03/21/18. Amount given: 20,000.”

Form 990-ez, Part I, Line 10 - Grants and Similar Amounts Paid

“Activity classification: grant. Grantee name: hofstra university. Grantee address: 1000 fulton ave hempstead, ny 11549. Property description: cash. Date of gift: 03/22/18. Amount given: 15,000. Total included on form 990-ez, line 10: 35,000.”

Raw XML Appendix130 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/ActivitiesNotPreviouslyRptInd00
IRS990EZ/AddressChangeInd0X
IRS990EZ/BooksInCareOfDetail/BusinessName/BusinessNameLine1Txt0THE ORGANIZATION
IRS990EZ/BooksInCareOfDetail/PhoneNum03474914240
IRS990EZ/BooksInCareOfDetail/USAddress/AddressLine1Txt0C/O SASON 225 WEST BROADWAY
IRS990EZ/BooksInCareOfDetail/USAddress/CityNm0NEW YORK
IRS990EZ/BooksInCareOfDetail/USAddress/StateAbbreviationCd0NY
IRS990EZ/BooksInCareOfDetail/USAddress/ZIPCd010013
IRS990EZ/CashSavingsAndInvestmentsGrp/BOYAmt02229
IRS990EZ/CashSavingsAndInvestmentsGrp/EOYAmt01016
IRS990EZ/ChgMadeToOrgnzngDocNotRptInd00
IRS990EZ/ContributionsGiftsGrantsEtcAmt035000
IRS990EZ/DirectIndirectPltclExpendAmt00
IRS990EZ/DonorAdvisedFndsInd00
IRS990EZ/EngagedInExcessBenefitTransInd00
IRS990EZ/ExcessOrDeficitForYearAmt0-1213
IRS990EZ/FeesAndOtherPymtToIndCntrctAmt01213
IRS990EZ/FiledScheduleAInd01
IRS990EZ/ForeignFinancialAccountInd00
IRS990EZ/ForeignOfficeInd00
IRS990EZ/Form990TotalAssetsGrp/BOYAmt02229
IRS990EZ/Form990TotalAssetsGrp/EOYAmt01016
IRS990EZ/GrantsAndSimilarAmountsPaidAmt035000
IRS990EZ/GrossReceiptsAmt035000
IRS990EZ/InfoInScheduleOPartIIIInd0X
IRS990EZ/InfoInScheduleOPartIInd0X
IRS990EZ/InfoInScheduleOPartVInd0X
IRS990EZ/LobbyingActivitiesInd00
IRS990EZ/MadeLoansToFromOfficersInd00
IRS990EZ/MethodOfAccountingCashInd0X
IRS990EZ/NetAssetsOrFundBalancesBOYAmt02229
IRS990EZ/NetAssetsOrFundBalancesEOYAmt01016
IRS990EZ/NetAssetsOrFundBalancesGrp/BOYAmt02229
IRS990EZ/NetAssetsOrFundBalancesGrp/EOYAmt01016
IRS990EZ/OfficerDirectorTrusteeEmplGrp/AverageHrsPerWkDevotedToPosRt03.00
IRS990EZ/OfficerDirectorTrusteeEmplGrp/AverageHrsPerWkDevotedToPosRt13.00
IRS990EZ/OfficerDirectorTrusteeEmplGrp/CompensationAmt00
IRS990EZ/OfficerDirectorTrusteeEmplGrp/CompensationAmt10
IRS990EZ/OfficerDirectorTrusteeEmplGrp/EmployeeBenefitProgramAmt00
IRS990EZ/OfficerDirectorTrusteeEmplGrp/EmployeeBenefitProgramAmt10
IRS990EZ/OfficerDirectorTrusteeEmplGrp/ExpenseAccountOtherAllwncAmt00
IRS990EZ/OfficerDirectorTrusteeEmplGrp/ExpenseAccountOtherAllwncAmt10
IRS990EZ/OfficerDirectorTrusteeEmplGrp/PersonNm0JOSHUA SASON
IRS990EZ/OfficerDirectorTrusteeEmplGrp/PersonNm1ARI SASON
IRS990EZ/OfficerDirectorTrusteeEmplGrp/TitleTxt0DIRECTOR / PRESIDENT
IRS990EZ/OfficerDirectorTrusteeEmplGrp/TitleTxt1DIRECTOR
IRS990EZ/OperateHospitalInd00
IRS990EZ/Organization501c3Ind0X
IRS990EZ/OrganizationDissolvedEtcInd00
IRS990EZ/OrganizationHadUBIInd00
IRS990EZ/OtherChangesInNetAssetsAmt00
IRS990EZ/PartVIHghstPdCntrctProfSrvcTxt0NONE
IRS990EZ/PartVIOfCompOfHghstPdEmplTxt0NONE
IRS990EZ/PoliticalCampaignActyInd00
IRS990EZ/PrimaryExemptPurposeTxt0TO FOSTER FUTURE GENERATIONS OF ENTREPRENEURSHIP BY PROVIDING MORE KIDS THE OPPORTUNITY TO PLAY IN BANDS AND CREATE MUSIC. THE ORGANIZATION STRONGLY BELIEVES THAT A FOUNDATION OF CREATIVITY, COLLABORATION AND THE QUEST TO INSPIRE ARE AT THE CORE OF ANY SUCCESSFUL ENTREPRENEUR.
IRS990EZ/ProgramSrvcAccomplishmentGrp/DescriptionProgramSrvcAccomTxt0TO FOSTER FUTURE GENERATIONS OF ENTREPRENEURSHIP BY PROVIDING MORE KIDS THE OPPORTUNITY TO PLAY IN BANDS AND CREATE MUSIC. THE ORGANIZATION STRONGLY BELIEVES THAT A FOUNDATION OF CREATIVITY, COLLABORATION AND THE QUEST TO INSPIRE ARE AT THE CORE OF ANY SUCCESSFUL ENTREPRENEUR.
IRS990EZ/ProgramSrvcAccomplishmentGrp/GrantsAndAllocationsAmt035000
IRS990EZ/ProgramSrvcAccomplishmentGrp/ProgramServiceExpensesAmt035000
IRS990EZ/ProhibitedTaxShelterTransInd00
IRS990EZ/RelatedOrganizationCtrlEntInd00
IRS990EZ/SchoolOperatingInd00
IRS990EZ/StatesWhereCopyOfReturnIsFldCd0NY
IRS990EZ/SubjectToProxyTaxInd00
IRS990EZ/SumOfTotalLiabilitiesGrp/BOYAmt00
IRS990EZ/SumOfTotalLiabilitiesGrp/EOYAmt00
IRS990EZ/TanningServicesProvidedInd00
IRS990EZ/TaxImposedOnOrganizationMgrAmt00
IRS990EZ/TaxImposedUnderIRC4911Amt00
IRS990EZ/TaxImposedUnderIRC4912Amt00
IRS990EZ/TaxImposedUnderIRC4955Amt00
IRS990EZ/TaxReimbursedByOrganizationAmt00
IRS990EZ/TotalExpensesAmt036213
IRS990EZ/TotalProgramServiceExpensesAmt035000
IRS990EZ/TotalRevenueAmt035000
IRS990EZ/TrnsfrExmptNonChrtblRltdOrgInd00
IRS990EZ/TypeOfOrganizationCorpInd0X
IRS990EZ/WebsiteAddressTxt0N/A
IRS990ScheduleA/First5Years170Ind0X
IRS990ScheduleA/Form990ScheduleAPartVIGrp/ExplanationTxt0COLUMN (E)2017 REPRESENTS THE ORGANIZATION'S INITIAL SHORT PERIOD (3/9/2017 - 12/31/2017).
IRS990ScheduleA/Form990ScheduleAPartVIGrp/FormAndLineReferenceDesc0PART II, SECTION A
IRS990ScheduleA/GiftsGrantsContriRcvd170Grp/CurrentTaxYearAmt035000
IRS990ScheduleA/GiftsGrantsContriRcvd170Grp/CurrentTaxYearMinus1YearAmt061540
IRS990ScheduleA/GiftsGrantsContriRcvd170Grp/TotalAmt096540
IRS990ScheduleA/PublicOrganization170Ind0X
IRS990ScheduleA/PublicSupportTotal170Amt040057
IRS990ScheduleA/SubstantialContributorsTotAmt056483
IRS990ScheduleA/TotalCalendarYear170Grp/CurrentTaxYearAmt035000
IRS990ScheduleA/TotalCalendarYear170Grp/CurrentTaxYearMinus1YearAmt061540
IRS990ScheduleA/TotalCalendarYear170Grp/TotalAmt096540
IRS990ScheduleA/TotalSupportAmt096540
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt0ACTIVITY CLASSIFICATION: GRANT. GRANTEE NAME: BERKLEE COLLEGE OF MUSIC INC. GRANTEE ADDRESS: 1140 BOYLSTON STREET BOSTON, MA 02215. PROPERTY DESCRIPTION: CASH. DATE OF GIFT: 03/21/18. AMOUNT GIVEN: 20,000.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt1ACTIVITY CLASSIFICATION: GRANT. GRANTEE NAME: HOFSTRA UNIVERSITY. GRANTEE ADDRESS: 1000 FULTON AVE HEMPSTEAD, NY 11549. PROPERTY DESCRIPTION: CASH. DATE OF GIFT: 03/22/18. AMOUNT GIVEN: 15,000. TOTAL INCLUDED ON FORM 990-EZ, LINE 10: 35,000.
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc0FORM 990-EZ, PART I, LINE 10 - GRANTS AND SIMILAR AMOUNTS PAID
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc1FORM 990-EZ, PART I, LINE 10 - GRANTS AND SIMILAR AMOUNTS PAID
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.
ReturnHeader/BuildTS02020-01-14 16:20:31Z
ReturnHeader/BusinessOfficerGrp/DiscussWithPaidPreparerInd01
ReturnHeader/BusinessOfficerGrp/PersonNm0JOSHUA SASON
ReturnHeader/BusinessOfficerGrp/PersonTitleTxt0DIRECTOR/PRESIDENT
ReturnHeader/BusinessOfficerGrp/PhoneNum02126971000
ReturnHeader/BusinessOfficerGrp/SignatureDt02019-11-07
ReturnHeader/Filer/BusinessName/BusinessNameLine1Txt0MAGNA INITIATIVE INC
ReturnHeader/Filer/BusinessNameControlTxt0MAGN
ReturnHeader/Filer/EIN0820755689
ReturnHeader/Filer/PhoneNum03474914240
ReturnHeader/Filer/USAddress/AddressLine1Txt0C/O SASON 225 WEST BROADWAY
ReturnHeader/Filer/USAddress/CityNm0NEW YORK
ReturnHeader/Filer/USAddress/StateAbbreviationCd0NY
ReturnHeader/Filer/USAddress/ZIPCd010013
ReturnHeader/FilingSecurityInformation/AtSubmissionCreationDeviceId0E39278BDB0CBA9B28506B4082882B9105CE13EA5
ReturnHeader/FilingSecurityInformation/AtSubmissionFilingDeviceId06FB329598E64641DB2A7F3CE79277000BB0AD825
ReturnHeader/FilingSecurityInformation/FilingLicenseTypeCd0P
ReturnHeader/FilingSecurityInformation/IPAddress/IPv4AddressTxt038.108.113.34
ReturnHeader/FilingSecurityInformation/IPDt02019-11-07
ReturnHeader/FilingSecurityInformation/IPTimezoneCd0ES
ReturnHeader/FilingSecurityInformation/IPTm015:10:42
ReturnHeader/PreparerFirmGrp/PreparerFirmEIN0222428965
ReturnHeader/PreparerFirmGrp/PreparerFirmName/BusinessNameLine1Txt0CITRIN COOPERMAN & CO LLP
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/AddressLine1Txt0529 FIFTH AVENUE
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/CityNm0NEW YORK
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/StateAbbreviationCd0NY
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/ZIPCd0100174683
ReturnHeader/PreparerPersonGrp/PhoneNum02126971000
ReturnHeader/PreparerPersonGrp/PreparationDt02019-11-07
ReturnHeader/PreparerPersonGrp/PreparerPersonNm0MARVIN BADER
ReturnHeader/ReturnTs02019-11-11T11:18:02-06:00
ReturnHeader/ReturnTypeCd0990EZ
ReturnHeader/TaxPeriodBeginDt02018-01-01
ReturnHeader/TaxPeriodEndDt02018-12-31
ReturnHeader/TaxYr02018

Document Assets

No mirrored PDF or thumbnail assets are attached yet.