Civic Intelligence

Magnet Lending Corporation

EIN 85-4188860 • 501(c)3 • Lansing, MI

Profile

Magnet lending corporation is a michigan nonprofit formed to promote community and economic development, the creation of wealth and job opportunities, and to facilitate investment of private and public capital in the form of low-cost, flexible financial products, coupled with development services. Mlc's financial products and development services are designed to create and preserve affordable and attainable housing, invest in job-creating community-driven economic development projects, and promote the economic mobility of low- and moderate income residents and communities in the state of michigan.

502 E Cesar E Chavez Ave Suite ALansing, MI 48906

www.michigancommunitycapital.org

Siviq Scores

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

Liabilities / Assets

86th percentile

0.75x

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

501(c)3 • $10M-$25M nonprofits • Source year 2024

Liabilities / Revenue

94th percentile

5.30x

Higher debt load relative to revenue than 94% of similar nonprofits.

501(c)3 • $10M-$25M nonprofits • Source year 2024

Net Margin

96th percentile

79%

Higher net margin than 96% of similar nonprofits.

501(c)3 • $10M-$25M nonprofits • Source year 2024

Top Officer Pay

Score unavailable

No value available

No filing with officer rows is available for this organization yet.

Asset Growth

97th percentile

116%

Faster asset growth than 97% of similar nonprofits.

501(c)3 • $10M-$25M nonprofits • Annualized from 2022 to 2024

Revenue Growth

97th percentile

251%

Faster revenue growth than 97% of similar nonprofits.

501(c)3 • $10M-$25M nonprofits • Annualized from 2022 to 2024

Assets

Up

$13,606,021

Up $4,948,990 (+57%) from 2023

Liabilities

Up

$10,243,069

Up $8,505,790 (+490%) from 2023

Net Assets

Down

$3,362,952

Down $3,556,800 (-51%) from 2023

Revenue

Down

$1,930,996

Down $2,307,823 (-54%) from 2023

Expenses

Up

$414,575

Up $236,076 (+132%) from 2023

Net Income

Down

$1,516,421

Down $2,543,899 (-63%) from 2023

Trend Graphs

Balance Sheet Trend

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

$15M$10M$5.0M$0Assets 2020: $1,673,500Liabilities 2020: $158,271Net Assets 2020: $1,515,2292020Assets 2021: $1,694,322Liabilities 2021: $73,014Net Assets 2021: $1,621,3082021Assets 2022: $2,903,549Liabilities 2022: $16,418Net Assets 2022: $2,887,1312022Assets 2023: $8,657,031Liabilities 2023: $1,737,279Net Assets 2023: $6,919,7522023Assets 2024: $13,606,021Liabilities 2024: $10,243,069Net Assets 2024: $3,362,9522024

Highlighted filing

2024

Assets$13,606,021
Liabilities$10,243,069
Net Assets$3,362,952

Operations Trend

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

$6.0M$4.0M$2.0M$0Revenue 2020: $15,000Expenses 2020: $771Net Income 2020: $14,2292020Revenue 2021: $86,921Expenses 2021: $10,842Net Income 2021: $76,0792021Revenue 2022: $157,066Expenses 2022: $3,488Net Income 2022: $153,5782022Revenue 2023: $4,238,819Expenses 2023: $178,499Net Income 2023: $4,060,3202023Revenue 2024: $1,930,996Expenses 2024: $414,575Net Income 2024: $1,516,4212024

Highlighted filing

2024

Revenue$1,930,996
Expenses$414,575
Net Income$1,516,421

Filings

Latest Filing Detail
Jump To
Filing Snapshot
Filing Period
Jan 1, 2024 to Dec 31, 2024
Signed
Nov 3, 2025
Return Version
2024v5.2
Gross Receipts
$1,930,996
Mission and Program Overview

Mission

Mlc's primary mission is promoting community development by providing low-cost, flexible financial loan products coupled with advisory services to create and preserve affordable housing and focused economic development for the benefit of low- and moderate-income residents and communities throughout the state of michigan. Mlc's products and services provide flexible debt to projects located in markets that lack access to the financial products and capital necessary to facilitate the depth of development needed to spur and create long-term, comprehensive community transformation.

Magnet lending corporation is a michigan nonprofit formed to promote community and economic development, the creation of wealth and job opportunities, and to facilitate investment of private and public capital in the form of low-cost, flexible financial products, coupled with development services. Mlc's financial products and development services are designed to create and preserve affordable and attainable housing, invest in job-creating community-driven economic development projects, and promote the economic mobility of low- and moderate income residents and communities in the state of michigan.

Balance Sheet Detail
LineBeginningEndChange
Assets
Investments Program Related$5,560,627$5,150,119▼ $410,508
Cash and Non-Interest-Bearing Accounts$1,244,465$4,877,185▲ $3,632,720
Other Notes and Loans Receivable, Net$1,790,208$3,493,681▲ $1,703,473
Accounts Receivable$57,053$57,166▲ $113
Pledges and Grants Receivable$0$17,428▲ $17,428
Prepaid Expenses and Deferred Charges$4,678$5,380▲ $702
Land, Buildings, and Equipment, Net$0$5,062▲ $5,062
Total Assets$8,657,031$13,606,021▲ $4,948,990
Liabilities
Mortgage Notes Payable Secured by Investment Property$1,700,000$7,200,000▲ $5,500,000
Other Liabilities$20,000$3,010,000▲ $2,990,000
Accounts Payable and Accrued Expenses$13,033$33,069▲ $20,036
Deferred Revenue$4,246$0▼ $4,246
Total Liabilities$1,737,279$10,243,069▲ $8,505,790
Net Assets / Fund Balance
Net Assets Without Donor Restrictions$6,919,752$2,085,293▼ $4,834,459
Net Assets With Donor Restrictions-$1,277,659-
Total Net Assets Fund Balance$6,919,752$3,362,952▼ $3,556,800
Total Liabilities and Net Assets / Fund Balance$8,657,031$13,606,021▲ $4,948,990

Asset Categories

AssetBook ValueDepreciationBasis
Other Land Buildings$5,062$563$5,625
Investment Program Related Org$5,150,119--
Compensation and Service Providers

Board Members and Trustees

NameTitle
Mark MoranteChairperson
Eric HannaPRESIDENT & CEO; DIRECTOR
Mary KingVice Chairperson
Elisabeth AlexandrianVice President of Complian
Marilyn ChrumkaVice President of Developm
Brad HeffnerDirector
Doug BarcyDirector
Elissa SangalliDirector
Jim AnanichDirector
Kara WoodDirector
Karl DorshimerDirector
Maria VenturaDirector
Mark McdanielDirector
Stephanie OsterlandDirector
Brandon MillerDirector of Property Maint
Adrianne JenkinsCFO / COO
Richard HoseySecretary
Jamie SchrinerTreasurer
Revenue and Support

Revenue Composition

Contributions and Grants
$1,262,654
Program Service Revenue
$191,580
Investment Income
$476,762
Other Revenue
$0
Change in Net Assets
$1,516,421
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$414,575
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 Management$240,000--$240,000
Interest$128,183--$128,183
Fees for Services Legal$26,889--$26,889
Information Technology$9,424--$9,424
Depreciation Depletion$4,964--$4,964
Fees for Services Accounting$3,500--$3,500
Advertising$48--$48
Other Expenses$20--$20
Total Functional Expenses$414,575$0$0$414,575
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
Equity Equivalent Investment$3,000,000
Loan Project Deposits$10,000
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
No
Annual disclosure for covered persons
Yes
Audit committee
No
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
Yes
Key decisions subject to board approval
Yes
Management duties delegated
No

Governance Explanations

Form 990, Part VI, Section A, Line 6

Michigan community capital is the sole member of the filing organization

Form 990, Part VI, Section A, Line 7A

Unless otherwise determined by the member, all members of the board of directors of the member shall be appointed as directors of the corporation.

Form 990, Part VI, Section A, Line 7B

The member may amend, restate, or repeal the bylaws of the filing organization.

Form 990, Part VI, Section B, Line 11B

The board of directors is sent the 990 prior to filing and encouraged to respond with questions or concerns.

Form 990, Part VI, Section B, Line 12C

Annual meeting requires affirmation of conflicts policy and all meetings require disclosure of personal conflict. If it is determined that a board member has a conflict, that board member abstains from voting on the issue where the conflict exists.

Form 990, Part VI, Section C, Line 19

Magnet lending corporation does not make its governing documents, conflict of interest policy, and financial statements available to the public.

Filing and Contact Details

Filer

Filer Name
Magnet Lending Corporation
EIN
85-4188860
Phone
5173340545
Address
502 E CESAR E CHAVEZ AVE SUITE A, LANSING, MI 48906

Signing Officer

Name
Adrianne Jenkins
Title
CFO / COO
Phone
5173340545
Signed
2025-11-03
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Adrianne Jenkins
Formed
2020
Legal Domicile
Mi
Voting Board Members
14
Independent Board Members
13
Employees
0
Volunteers
0

Preparer

Firm
Plante & Moran Pllc
Address
2601 CAMBRIDGE CT STE 300, AUBURN HILLS, MI 48326
Preparer
David Lowenthal
Phone
2483757100
Supplemental Narrative

Additional Explanations

FORM 990, PART XI, LINE 9:

Member distribution -4,662,713.

Raw XML AppendixShowing 400 of 628 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/ActivityOrMissionDesc0MAGNET LENDING CORPORATION IS A MICHIGAN NONPROFIT FORMED TO PROMOTE COMMUNITY AND ECONOMIC DEVELOPMENT, THE CREATION OF WEALTH AND JOB OPPORTUNITIES, AND TO FACILITATE INVESTMENT OF PRIVATE AND PUBLIC CAPITAL IN THE FORM OF LOW-COST, FLEXIBLE FINANCIAL PRODUCTS, COUPLED WITH DEVELOPMENT SERVICES. MLC'S FINANCIAL PRODUCTS AND DEVELOPMENT SERVICES ARE DESIGNED TO CREATE AND PRESERVE AFFORDABLE AND ATTAINABLE HOUSING, INVEST IN JOB-CREATING COMMUNITY-DRIVEN ECONOMIC DEVELOPMENT PROJECTS, AND PROMOTE THE ECONOMIC MOBILITY OF LOW- AND MODERATE INCOME RESIDENTS AND COMMUNITIES IN THE STATE OF MICHIGAN.
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IRS990/Form990PartVIISectionAGrp/PersonNm1MARK MORANTE
IRS990/Form990PartVIISectionAGrp/PersonNm2MARY KING
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IRS990/Form990PartVIISectionAGrp/TitleTxt0PRESIDENT & CEO; DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt1CHAIRPERSON
IRS990/Form990PartVIISectionAGrp/TitleTxt2VICE CHAIRPERSON
IRS990/Form990PartVIISectionAGrp/TitleTxt3TREASURER
IRS990/Form990PartVIISectionAGrp/TitleTxt4SECRETARY
IRS990/Form990PartVIISectionAGrp/TitleTxt5DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt6DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt7DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt8DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt9DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt10DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt11DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt12DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt13DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt14CFO / COO
IRS990/Form990PartVIISectionAGrp/TitleTxt15VICE PRESIDENT OF DEVELOPM
IRS990/Form990PartVIISectionAGrp/TitleTxt16VICE PRESIDENT OF COMPLIAN
IRS990/Form990PartVIISectionAGrp/TitleTxt17DIRECTOR OF PROPERTY MAINT
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IRS990/FormationYr02020
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IRS990/MissionDesc0MAGNET LENDING CORPORATION IS A MICHIGAN NONPROFIT FORMED TO PROMOTE COMMUNITY AND ECONOMIC DEVELOPMENT, THE CREATION OF WEALTH AND JOB OPPORTUNITIES, AND TO FACILITATE INVESTMENT OF PRIVATE AND PUBLIC CAPITAL IN THE FORM OF LOW-COST, FLEXIBLE FINANCIAL PRODUCTS, COUPLED WITH DEVELOPMENT SERVICES. MLC'S FINANCIAL PRODUCTS AND DEVELOPMENT SERVICES ARE DESIGNED TO CREATE AND PRESERVE AFFORDABLE AND ATTAINABLE HOUSING, INVEST IN JOB-CREATING COMMUNITY-DRIVEN ECONOMIC DEVELOPMENT PROJECTS, AND PROMOTE THE ECONOMIC MOBILITY OF LOW- AND MODERATE INCOME RESIDENTS AND COMMUNITIES IN THE STATE OF MICHIGAN.
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IRS990ScheduleA/Form990ScheduleAPartVIGrp/ExplanationTxt02020 WAS MAGNET LENDING FIRST YEAR OF OPERATIONS. THE BEGINNING OPERATIONS DATE WAS DECEMBER 17, 2020.
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