Civic Intelligence

Magic City Acceptance Academy Charter School

990 • Fiscal year 2022 • EIN 85-4034546

Oct 01, 2021 to Sep 30, 2022 • Filed on Aug 08, 2023

Organization Profilewww.magiccityacceptanceacademy.org
205 32nd StreetBirmingham, AL 35222

(205) 322-4197

Siviq Scores

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

Liabilities / Assets

91st percentile

0.89x

Higher debt load relative to assets than 91% of similar nonprofits.

2022 filings • 501(c)3 • $5M-$10M nonprofits • Source year 2022

Liabilities / Revenue

86th percentile

1.23x

Higher debt load relative to revenue than 86% of similar nonprofits.

2022 filings • 501(c)3 • $5M-$10M nonprofits • Source year 2022

Net Margin

26th percentile

-3.2%

Higher net margin than 26% of similar nonprofits.

2022 filings • 501(c)3 • $5M-$10M nonprofits • Source year 2022

Top Officer Pay

22nd percentile

$0

Higher top officer pay than 22% of similar nonprofits.

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

2022 filings • 501(c)3 • $5M-$10M nonprofits • Source year 2022

Asset Growth

99th percentile

889%

Faster asset growth than 99% of similar nonprofits.

2022 filings • 501(c)3 • $5M-$10M nonprofits • Annualized from 2021 to 2022

Revenue Growth

98th percentile

508%

Faster revenue growth than 98% of similar nonprofits.

2022 filings • 501(c)3 • $5M-$10M nonprofits • Annualized from 2021 to 2022

Balance Sheet
Liabilities / Assets91st percentile

Assets

Up

$5,890,697

Up $5,295,059 (+889%) from 2021

Net Assets

Up

$648,160

Up $52,522 (+8.8%) from 2021

Liabilities

Up

$5,242,537

Up $5,242,537 from 2021

Revenue And Expenses
Liabilities / Revenue86th percentileNet Margin26th percentile

Revenue

Up

$4,269,299

Up $3,567,646 (+508%) from 2021

Expenses

Up

$4,404,689

Up $4,298,674 (+4055%) from 2021

Net Income

Down

-$135,390

Down $731,028 (-123%) from 2021

Historical Trend

Balance Sheet Trend

Asset Growth99th percentile

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

$20M$10M$0-$10MAssets 2021: $595,638Liabilities 2021: $0Net Assets 2021: $595,6382021Assets 2022: $5,890,697Liabilities 2022: $5,242,537Net Assets 2022: $648,1602022Assets 2023: $4,907,351Liabilities 2023: $5,826,799Net Assets 2023: -$919,4482023Assets 2024: $18,564,280Liabilities 2024: $19,939,596Net Assets 2024: -$1,375,3162024

Highlighted filing

2022

Assets$5,890,697
Liabilities$5,242,537
Net Assets$648,160
Open 2022 Filing

Operations Trend

Revenue Growth98th percentile

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

$10M$5.0M$0-$5.0MRevenue 2021: $701,653Expenses 2021: $106,015Net Income 2021: $595,6382021Revenue 2022: $4,269,299Expenses 2022: $4,404,689Net Income 2022: -$135,3902022Revenue 2023: $4,006,761Expenses 2023: $5,574,369Net Income 2023: -$1,567,6082023Revenue 2024: $7,019,114Expenses 2024: $7,474,982Net Income 2024: -$455,8682024

Highlighted filing

2022

Revenue$4,269,299
Expenses$4,404,689
Net Income-$135,390
Open 2022 Filing
Jump To
Filing Snapshot
Filing Period
Oct 1, 2021 to Sep 30, 2022
Signed
Aug 8, 2023
Return Version
2021v4.2
Gross Receipts
$4,269,299
Mission and Program Overview

Mission

The Magic City Acceptance Academy (MCAA) facilitates a community in which all learners are empowered to embrace education, achieve individual success, and take ownership of their future in a positive learning environment.

The Magic City Acceptance Academy facilitates a community in which all learners are empowered to embrace education, achieve individual success, and take ownership of their future in a brave, LGBTQ-affirming learning environment.

Balance Sheet Detail
LineBeginningEndChange
Assets
Cash and Non-Interest-Bearing Accounts$595,638$1,210,976▲ $615,338
Accounts Receivable$159,452$228,101▲ $68,649
Total Assets$783,550$5,890,697▲ $5,107,147
Other Assets Total$28,460$4,451,620▲ $4,423,160
Liabilities
Other Liabilities-$5,076,146-
Accounts Payable and Accrued Expenses-$166,391-
Total Liabilities$0$5,242,537▲ $5,242,537
Net Assets / Fund Balance
Net Assets Without Donor Restrictions$783,550$648,160▼ $135,390
Total Net Assets Fund Balance$783,550$648,160▼ $135,390
Total Liabilities and Net Assets / Fund Balance$783,550$5,890,697▲ $5,107,147

Asset Categories

AssetBook ValueDepreciationBasis
Other Assets Org$2,084,260--
Compensation and Service Providers
Top Officer Pay22nd percentile

Board Members and Trustees

NameTitle
Dr Karen MusgroveCEO
Revenue and Support

Revenue Composition

Contributions and Grants
$4,269,299
Program Service Revenue
$0
Investment Income
$0
Other Revenue
$0
Change in Net Assets
$-135,390

Audited Revenue Reconciliation

Revenue per Audited Statements
$4,269,299
Total Revenue per Audited Statements
$4,269,299
Total Revenue per Form 990
$4,269,299
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Salaries, Compensation, and Employee Benefits$3,461,367
Other Expenses$943,322
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Other Salaries and Wages$2,151,551--$2,151,551
Other Employee Benefits$873,046--$873,046
Payroll Taxes$277,709--$277,709
Fees for Services Management-$233,378-$233,378
All Other Expenses$215,213--$215,213
Pension Plan Contributions$159,061--$159,061
Occupancy$65,938--$65,938
Conferences and Meetings$60,119--$60,119
Other Expenses$41,861$940-$41,861
Office Expenses$37,692--$37,692
Advertising-$19,695-$19,695
Insurance-$6,050-$6,050
Total Functional Expenses$4,144,626$260,063$0$4,404,689

Audited Expense Reconciliation

Line ItemAmount
Expenses per Audited Statements$4,404,689
Total Expenses per Audited Statements$4,404,689
Total Expenses per Form 990$4,404,689
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
Debt and Bond Financing

Other Reported Liabilities

LiabilityAmount
Net Pension Liability$2,147,000
Deferred Inflows Opeb$1,478,022
Net Opeb Liability$1,266,489
Deferred Inflows Pension$125,000
Payroll Taxes Payable$59,635
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
No
Annual disclosure for covered persons
Yes
Audit committee
Yes
Backup withholding compliance
Yes
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
Yes
Audited financial statements prepared
No
Key decisions subject to board approval
No
Management duties delegated
No

Governance Explanations

Form 990 governing body review Part VI line 11

“BOARD GIVEN COPY OF 990”

Governing documents etc available to public Part VI line 19

“AVAILABLE UPON REQUEST”

Filing and Contact Details

Filer

Filer Name
Magic City Acceptance Academy
EIN
85-4034546
Address
205 32ND STREET, Birmingham, AL 35222

Signing Officer

Name
Karen Musgrove
Title
CEO
Phone
2053224197
Signed
2023-08-08
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Dr Karen Musgrove
Formed
2020
Legal Domicile
Al
Voting Board Members
7
Independent Board Members
7
Employees
25

Preparer

Firm
Kellum Wilson and Associates Pc
Address
3825 LORNA RD STE 212, HOOVER, AL 35244
Preparer
John W Kellum Iii
Phone
2059425424
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Document Assets

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Filings

Displayed year

2022 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$5,890,697
Liabilities
$5,242,537
Net assets
$648,160
Revenue
$4,269,299
Expenses
$4,404,689
Net income
-$135,390
Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2024Facts available. Structured filing facts are available, but richer extracted sections are limited.$18.6$19.9$1.38$7.02$7.47$0.46
2023XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$4.91$5.83$0.92$4.01$5.57$1.57
2022Detailed filing. Detailed filing data is available for this year.$5.89$5.24$0.65$4.27$4.40$0.14
2021XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$0.60$0.00$0.60$0.70$0.11$0.60
Peer Organizations

Similar nonprofits based on the same Siviq industry and scale cohort. 2022 filings • 501(c)3 • $5M-$10M nonprofits