Liabilities / Assets
86th percentile
Higher debt load relative to assets than 86% of similar nonprofits.
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.
Precomputed percentiles relative to similar nonprofits. These scores are descriptive rather than judgmental.
Liabilities / Assets
86th percentile
Higher debt load relative to assets than 86% of similar nonprofits.
Liabilities / Revenue
94th percentile
Higher debt load relative to revenue than 94% of similar nonprofits.
Net Margin
96th percentile
Higher net margin than 96% of similar nonprofits.
Top Officer Pay
Score unavailable
No filing with officer rows is available for this organization yet.
Asset Growth
97th percentile
Faster asset growth than 97% of similar nonprofits.
Revenue Growth
97th percentile
Faster revenue growth than 97% of similar nonprofits.
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
Most recent year
2024 • Form 990Detailed filing. Detailed filing data is available for this year.
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.
| Line | Beginning | End | Change |
|---|---|---|---|
| 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 | Book Value | Depreciation | Basis |
|---|---|---|---|
| Other Land Buildings | $5,062 | $563 | $5,625 |
| Investment Program Related Org | $5,150,119 | - | - |
| Name | Title |
|---|---|
| Mark Morante | Chairperson |
| Eric Hanna | PRESIDENT & CEO; DIRECTOR |
| Mary King | Vice Chairperson |
| Elisabeth Alexandrian | Vice President of Complian |
| Marilyn Chrumka | Vice President of Developm |
| Brad Heffner | Director |
| Doug Barcy | Director |
| Elissa Sangalli | Director |
| Jim Ananich | Director |
| Kara Wood | Director |
| Karl Dorshimer | Director |
| Maria Ventura | Director |
| Mark Mcdaniel | Director |
| Stephanie Osterland | Director |
| Brandon Miller | Director of Property Maint |
| Adrianne Jenkins | CFO / COO |
| Richard Hosey | Secretary |
| Jamie Schriner | Treasurer |
| Line Item | Amount |
|---|---|
| Other Expenses | $414,575 |
| Grants and Similar Amounts Paid | $0 |
| Professional Fundraising Fees | $0 |
| Salaries, Compensation, and Employee Benefits | $0 |
| Total Fundraising Expense | $0 |
| Line Item | Program | Management | Fundraising | Total |
|---|---|---|---|---|
| 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 |
| Line Item | Amount |
|---|---|
| Professional Fundraising Fees | $0 |
| Liability | Amount |
|---|---|
| Equity Equivalent Investment | $3,000,000 |
| Loan Project Deposits | $10,000 |
“Michigan community capital is the sole member of the filing organization”
“Unless otherwise determined by the member, all members of the board of directors of the member shall be appointed as directors of the corporation.”
“The member may amend, restate, or repeal the bylaws of the filing organization.”
“The board of directors is sent the 990 prior to filing and encouraged to respond with questions or concerns.”
“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.”
“Magnet lending corporation does not make its governing documents, conflict of interest policy, and financial statements available to the public.”
“Member distribution -4,662,713.”
This appendix keeps the raw XML leaves available for debugging and edge-case review. The human report above is the primary experience.
| Path | # | Value |
|---|---|---|
| IRS990/AccountantCompileOrReviewInd | 0 | 0 |
| IRS990/AccountsPayableAccrExpnssGrp/BOYAmt | 0 | 13033 |
| IRS990/AccountsPayableAccrExpnssGrp/EOYAmt | 0 | 33069 |
| IRS990/AccountsReceivableGrp/BOYAmt | 0 | 57053 |
| IRS990/AccountsReceivableGrp/EOYAmt | 0 | 57166 |
| IRS990/ActivitiesConductedPrtshpInd | 0 | 0 |
| IRS990/ActivityOrMissionDesc | 0 | 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. |
| IRS990/AdvertisingGrp/ProgramServicesAmt | 0 | 48 |
| IRS990/AdvertisingGrp/TotalAmt | 0 | 48 |
| IRS990/AnnualDisclosureCoveredPrsnInd | 0 | 1 |
| IRS990/AuditCommitteeInd | 0 | 0 |
| IRS990/BackupWthldComplianceInd | 0 | 1 |
| IRS990/BooksInCareOfDetail/BusinessName/BusinessNameLine1Txt | 0 | ANNIE JENKINS |
| IRS990/BooksInCareOfDetail/PhoneNum | 0 | 5173340545 |
| IRS990/BooksInCareOfDetail/USAddress/AddressLine1Txt | 0 | 502 E CESAR E CHAVEZ AVE SUITE A |
| IRS990/BooksInCareOfDetail/USAddress/CityNm | 0 | LANSING |
| IRS990/BooksInCareOfDetail/USAddress/StateAbbreviationCd | 0 | MI |
| IRS990/BooksInCareOfDetail/USAddress/ZIPCd | 0 | 48906 |
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| IRS990/BusinessRlnWithFamMemInd | 0 | 0 |
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| IRS990/CashNonInterestBearingGrp/EOYAmt | 0 | 4877185 |
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| IRS990/CompensationProcessOtherInd | 0 | 0 |
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| IRS990/ConservationEasementsInd | 0 | 0 |
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| IRS990/CYContributionsGrantsAmt | 0 | 1262654 |
| IRS990/CYGrantsAndSimilarPaidAmt | 0 | 0 |
| IRS990/CYInvestmentIncomeAmt | 0 | 476762 |
| IRS990/CYOtherExpensesAmt | 0 | 414575 |
| IRS990/CYOtherRevenueAmt | 0 | 0 |
| IRS990/CYProgramServiceRevenueAmt | 0 | 191580 |
| IRS990/CYRevenuesLessExpensesAmt | 0 | 1516421 |
| IRS990/CYSalariesCompEmpBnftPaidAmt | 0 | 0 |
| IRS990/CYTotalExpensesAmt | 0 | 414575 |
| IRS990/CYTotalFundraisingExpenseAmt | 0 | 0 |
| IRS990/CYTotalProfFndrsngExpnsAmt | 0 | 0 |
| IRS990/CYTotalRevenueAmt | 0 | 1930996 |
| IRS990/DecisionsSubjectToApprovaInd | 0 | 1 |
| IRS990/DeductibleArtContributionInd | 0 | 0 |
| IRS990/DeductibleNonCashContriInd | 0 | 0 |
| IRS990/DeferredRevenueGrp/BOYAmt | 0 | 4246 |
| IRS990/DeferredRevenueGrp/EOYAmt | 0 | 0 |
| IRS990/DelegationOfMgmtDutiesInd | 0 | 0 |
| IRS990/DepreciationDepletionGrp/ProgramServicesAmt | 0 | 4964 |
| IRS990/DepreciationDepletionGrp/TotalAmt | 0 | 4964 |
| IRS990/Desc | 0 | LOAN ISSUANCE |
| IRS990/DescribedInSection501c3Ind | 0 | 1 |
| IRS990/DisregardedEntityInd | 0 | 0 |
| IRS990/DocumentRetentionPolicyInd | 0 | 1 |
| IRS990/DonorAdvisedFundInd | 0 | 0 |
| IRS990/DonorRestrictionNetAssetsGrp/EOYAmt | 0 | 1277659 |
| IRS990/DonorRstrOrQuasiEndowmentsInd | 0 | 0 |
| IRS990/ElectionOfBoardMembersInd | 0 | 1 |
| IRS990/EmployeeCnt | 0 | 0 |
| IRS990/EngagedInExcessBenefitTransInd | 0 | 0 |
| IRS990/ExpenseAmt | 0 | 414575 |
| IRS990/FamilyOrBusinessRlnInd | 0 | 0 |
| IRS990/FederalGrantAuditRequiredInd | 0 | 0 |
| IRS990/FeesForServicesAccountingGrp/ProgramServicesAmt | 0 | 3500 |
| IRS990/FeesForServicesAccountingGrp/TotalAmt | 0 | 3500 |
| IRS990/FeesForServicesLegalGrp/ProgramServicesAmt | 0 | 26889 |
| IRS990/FeesForServicesLegalGrp/TotalAmt | 0 | 26889 |
| IRS990/FeesForServicesManagementGrp/ProgramServicesAmt | 0 | 240000 |
| IRS990/FeesForServicesManagementGrp/TotalAmt | 0 | 240000 |
| IRS990/ForeignActivitiesInd | 0 | 0 |
| IRS990/ForeignFinancialAccountInd | 0 | 0 |
| IRS990/ForeignOfficeInd | 0 | 0 |
| IRS990/Form8282PropertyDisposedOfInd | 0 | 0 |
| IRS990/Form990PartVIISectionAGrp/AverageHoursPerWeekRltdOrgRt | 0 | 45.00 |
| IRS990/Form990PartVIISectionAGrp/AverageHoursPerWeekRltdOrgRt | 1 | 1.00 |
| IRS990/Form990PartVIISectionAGrp/AverageHoursPerWeekRltdOrgRt | 2 | 1.00 |
| IRS990/Form990PartVIISectionAGrp/AverageHoursPerWeekRltdOrgRt | 3 | 1.00 |
| IRS990/Form990PartVIISectionAGrp/AverageHoursPerWeekRltdOrgRt | 4 | 1.00 |
| IRS990/Form990PartVIISectionAGrp/AverageHoursPerWeekRltdOrgRt | 5 | 1.00 |
| IRS990/Form990PartVIISectionAGrp/AverageHoursPerWeekRltdOrgRt | 6 | 1.00 |
| IRS990/Form990PartVIISectionAGrp/AverageHoursPerWeekRltdOrgRt | 7 | 1.00 |
| IRS990/Form990PartVIISectionAGrp/AverageHoursPerWeekRltdOrgRt | 8 | 1.00 |
| IRS990/Form990PartVIISectionAGrp/AverageHoursPerWeekRltdOrgRt | 9 | 1.00 |
| IRS990/Form990PartVIISectionAGrp/AverageHoursPerWeekRltdOrgRt | 10 | 1.00 |
| IRS990/Form990PartVIISectionAGrp/AverageHoursPerWeekRltdOrgRt | 11 | 1.00 |
| IRS990/Form990PartVIISectionAGrp/AverageHoursPerWeekRltdOrgRt | 12 | 1.00 |
| IRS990/Form990PartVIISectionAGrp/AverageHoursPerWeekRltdOrgRt | 13 | 1.00 |
| IRS990/Form990PartVIISectionAGrp/AverageHoursPerWeekRltdOrgRt | 14 | 45.00 |
| IRS990/Form990PartVIISectionAGrp/AverageHoursPerWeekRltdOrgRt | 15 | 45.00 |
| IRS990/Form990PartVIISectionAGrp/AverageHoursPerWeekRltdOrgRt | 16 | 45.00 |
| IRS990/Form990PartVIISectionAGrp/AverageHoursPerWeekRltdOrgRt | 17 | 40.00 |
| IRS990/Form990PartVIISectionAGrp/AverageHoursPerWeekRt | 0 | 2.00 |
| IRS990/Form990PartVIISectionAGrp/AverageHoursPerWeekRt | 1 | 1.00 |
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| IRS990/Form990PartVIISectionAGrp/AverageHoursPerWeekRt | 3 | 1.00 |
| IRS990/Form990PartVIISectionAGrp/AverageHoursPerWeekRt | 4 | 1.00 |
| IRS990/Form990PartVIISectionAGrp/AverageHoursPerWeekRt | 5 | 1.00 |
| IRS990/Form990PartVIISectionAGrp/AverageHoursPerWeekRt | 6 | 1.00 |
| IRS990/Form990PartVIISectionAGrp/AverageHoursPerWeekRt | 7 | 1.00 |
| IRS990/Form990PartVIISectionAGrp/AverageHoursPerWeekRt | 8 | 1.00 |
| IRS990/Form990PartVIISectionAGrp/AverageHoursPerWeekRt | 9 | 1.00 |
| IRS990/Form990PartVIISectionAGrp/AverageHoursPerWeekRt | 10 | 1.00 |
| IRS990/Form990PartVIISectionAGrp/AverageHoursPerWeekRt | 11 | 1.00 |
| IRS990/Form990PartVIISectionAGrp/AverageHoursPerWeekRt | 12 | 1.00 |
| IRS990/Form990PartVIISectionAGrp/AverageHoursPerWeekRt | 13 | 1.00 |
| IRS990/Form990PartVIISectionAGrp/AverageHoursPerWeekRt | 14 | 4.00 |
| IRS990/Form990PartVIISectionAGrp/AverageHoursPerWeekRt | 15 | 1.00 |
| IRS990/Form990PartVIISectionAGrp/AverageHoursPerWeekRt | 16 | 10.00 |
| IRS990/Form990PartVIISectionAGrp/AverageHoursPerWeekRt | 17 | 1.00 |
| IRS990/Form990PartVIISectionAGrp/IndividualTrusteeOrDirectorInd | 0 | X |
| IRS990/Form990PartVIISectionAGrp/IndividualTrusteeOrDirectorInd | 1 | X |
| IRS990/Form990PartVIISectionAGrp/IndividualTrusteeOrDirectorInd | 2 | X |
| IRS990/Form990PartVIISectionAGrp/IndividualTrusteeOrDirectorInd | 3 | X |
| IRS990/Form990PartVIISectionAGrp/IndividualTrusteeOrDirectorInd | 4 | X |
| IRS990/Form990PartVIISectionAGrp/IndividualTrusteeOrDirectorInd | 5 | X |
| IRS990/Form990PartVIISectionAGrp/IndividualTrusteeOrDirectorInd | 6 | X |
| IRS990/Form990PartVIISectionAGrp/IndividualTrusteeOrDirectorInd | 7 | X |
| IRS990/Form990PartVIISectionAGrp/IndividualTrusteeOrDirectorInd | 8 | X |
| IRS990/Form990PartVIISectionAGrp/IndividualTrusteeOrDirectorInd | 9 | X |
| IRS990/Form990PartVIISectionAGrp/IndividualTrusteeOrDirectorInd | 10 | X |
| IRS990/Form990PartVIISectionAGrp/IndividualTrusteeOrDirectorInd | 11 | X |
| IRS990/Form990PartVIISectionAGrp/IndividualTrusteeOrDirectorInd | 12 | X |
| IRS990/Form990PartVIISectionAGrp/IndividualTrusteeOrDirectorInd | 13 | X |
| IRS990/Form990PartVIISectionAGrp/OfficerInd | 0 | X |
| IRS990/Form990PartVIISectionAGrp/OfficerInd | 1 | X |
| IRS990/Form990PartVIISectionAGrp/OfficerInd | 2 | X |
| IRS990/Form990PartVIISectionAGrp/OfficerInd | 3 | X |
| IRS990/Form990PartVIISectionAGrp/OfficerInd | 4 | X |
| IRS990/Form990PartVIISectionAGrp/OfficerInd | 5 | X |
| IRS990/Form990PartVIISectionAGrp/OfficerInd | 6 | X |
| IRS990/Form990PartVIISectionAGrp/OfficerInd | 7 | X |
| IRS990/Form990PartVIISectionAGrp/OfficerInd | 8 | X |
| IRS990/Form990PartVIISectionAGrp/OtherCompensationAmt | 0 | 39267 |
| IRS990/Form990PartVIISectionAGrp/OtherCompensationAmt | 1 | 0 |
| IRS990/Form990PartVIISectionAGrp/OtherCompensationAmt | 2 | 0 |
| IRS990/Form990PartVIISectionAGrp/OtherCompensationAmt | 3 | 0 |
| IRS990/Form990PartVIISectionAGrp/OtherCompensationAmt | 4 | 0 |
| IRS990/Form990PartVIISectionAGrp/OtherCompensationAmt | 5 | 0 |
| IRS990/Form990PartVIISectionAGrp/OtherCompensationAmt | 6 | 0 |
| IRS990/Form990PartVIISectionAGrp/OtherCompensationAmt | 7 | 0 |
| IRS990/Form990PartVIISectionAGrp/OtherCompensationAmt | 8 | 0 |
| IRS990/Form990PartVIISectionAGrp/OtherCompensationAmt | 9 | 0 |
| IRS990/Form990PartVIISectionAGrp/OtherCompensationAmt | 10 | 0 |
| IRS990/Form990PartVIISectionAGrp/OtherCompensationAmt | 11 | 0 |
| IRS990/Form990PartVIISectionAGrp/OtherCompensationAmt | 12 | 0 |
| IRS990/Form990PartVIISectionAGrp/OtherCompensationAmt | 13 | 0 |
| IRS990/Form990PartVIISectionAGrp/OtherCompensationAmt | 14 | 33371 |
| IRS990/Form990PartVIISectionAGrp/OtherCompensationAmt | 15 | 19740 |
| IRS990/Form990PartVIISectionAGrp/OtherCompensationAmt | 16 | 34087 |
| IRS990/Form990PartVIISectionAGrp/OtherCompensationAmt | 17 | 28496 |
| IRS990/Form990PartVIISectionAGrp/PersonNm | 0 | ERIC HANNA |
| IRS990/Form990PartVIISectionAGrp/PersonNm | 1 | MARK MORANTE |
| IRS990/Form990PartVIISectionAGrp/PersonNm | 2 | MARY KING |
| IRS990/Form990PartVIISectionAGrp/PersonNm | 3 | JAMIE SCHRINER |
| IRS990/Form990PartVIISectionAGrp/PersonNm | 4 | RICHARD HOSEY |
| IRS990/Form990PartVIISectionAGrp/PersonNm | 5 | KARL DORSHIMER |
| IRS990/Form990PartVIISectionAGrp/PersonNm | 6 | MARK MCDANIEL |
| IRS990/Form990PartVIISectionAGrp/PersonNm | 7 | ELISSA SANGALLI |
| IRS990/Form990PartVIISectionAGrp/PersonNm | 8 | MARIA VENTURA |
| IRS990/Form990PartVIISectionAGrp/PersonNm | 9 | KARA WOOD |
| IRS990/Form990PartVIISectionAGrp/PersonNm | 10 | DOUG BARCY |
| IRS990/Form990PartVIISectionAGrp/PersonNm | 11 | JIM ANANICH |
| IRS990/Form990PartVIISectionAGrp/PersonNm | 12 | STEPHANIE OSTERLAND |
| IRS990/Form990PartVIISectionAGrp/PersonNm | 13 | BRAD HEFFNER |
| IRS990/Form990PartVIISectionAGrp/PersonNm | 14 | ADRIANNE JENKINS |
| IRS990/Form990PartVIISectionAGrp/PersonNm | 15 | MARILYN CHRUMKA |
| IRS990/Form990PartVIISectionAGrp/PersonNm | 16 | ELISABETH ALEXANDRIAN |
| IRS990/Form990PartVIISectionAGrp/PersonNm | 17 | BRANDON MILLER |
| IRS990/Form990PartVIISectionAGrp/ReportableCompFromOrgAmt | 0 | 0 |
| IRS990/Form990PartVIISectionAGrp/ReportableCompFromOrgAmt | 1 | 0 |
| IRS990/Form990PartVIISectionAGrp/ReportableCompFromOrgAmt | 2 | 0 |
| IRS990/Form990PartVIISectionAGrp/ReportableCompFromOrgAmt | 3 | 0 |
| IRS990/Form990PartVIISectionAGrp/ReportableCompFromOrgAmt | 4 | 0 |
| IRS990/Form990PartVIISectionAGrp/ReportableCompFromOrgAmt | 5 | 0 |
| IRS990/Form990PartVIISectionAGrp/ReportableCompFromOrgAmt | 6 | 0 |
| IRS990/Form990PartVIISectionAGrp/ReportableCompFromOrgAmt | 7 | 0 |
| IRS990/Form990PartVIISectionAGrp/ReportableCompFromOrgAmt | 8 | 0 |
| IRS990/Form990PartVIISectionAGrp/ReportableCompFromOrgAmt | 9 | 0 |
| IRS990/Form990PartVIISectionAGrp/ReportableCompFromOrgAmt | 10 | 0 |
| IRS990/Form990PartVIISectionAGrp/ReportableCompFromOrgAmt | 11 | 0 |
| IRS990/Form990PartVIISectionAGrp/ReportableCompFromOrgAmt | 12 | 0 |
| IRS990/Form990PartVIISectionAGrp/ReportableCompFromOrgAmt | 13 | 0 |
| IRS990/Form990PartVIISectionAGrp/ReportableCompFromOrgAmt | 14 | 0 |
| IRS990/Form990PartVIISectionAGrp/ReportableCompFromOrgAmt | 15 | 0 |
| IRS990/Form990PartVIISectionAGrp/ReportableCompFromOrgAmt | 16 | 0 |
| IRS990/Form990PartVIISectionAGrp/ReportableCompFromOrgAmt | 17 | 0 |
| IRS990/Form990PartVIISectionAGrp/ReportableCompFromRltdOrgAmt | 0 | 265619 |
| IRS990/Form990PartVIISectionAGrp/ReportableCompFromRltdOrgAmt | 1 | 0 |
| IRS990/Form990PartVIISectionAGrp/ReportableCompFromRltdOrgAmt | 2 | 0 |
| IRS990/Form990PartVIISectionAGrp/ReportableCompFromRltdOrgAmt | 3 | 0 |
| IRS990/Form990PartVIISectionAGrp/ReportableCompFromRltdOrgAmt | 4 | 0 |
| IRS990/Form990PartVIISectionAGrp/ReportableCompFromRltdOrgAmt | 5 | 0 |
| IRS990/Form990PartVIISectionAGrp/ReportableCompFromRltdOrgAmt | 6 | 0 |
| IRS990/Form990PartVIISectionAGrp/ReportableCompFromRltdOrgAmt | 7 | 0 |
| IRS990/Form990PartVIISectionAGrp/ReportableCompFromRltdOrgAmt | 8 | 0 |
| IRS990/Form990PartVIISectionAGrp/ReportableCompFromRltdOrgAmt | 9 | 0 |
| IRS990/Form990PartVIISectionAGrp/ReportableCompFromRltdOrgAmt | 10 | 0 |
| IRS990/Form990PartVIISectionAGrp/ReportableCompFromRltdOrgAmt | 11 | 0 |
| IRS990/Form990PartVIISectionAGrp/ReportableCompFromRltdOrgAmt | 12 | 0 |
| IRS990/Form990PartVIISectionAGrp/ReportableCompFromRltdOrgAmt | 13 | 0 |
| IRS990/Form990PartVIISectionAGrp/ReportableCompFromRltdOrgAmt | 14 | 207862 |
| IRS990/Form990PartVIISectionAGrp/ReportableCompFromRltdOrgAmt | 15 | 171463 |
| IRS990/Form990PartVIISectionAGrp/ReportableCompFromRltdOrgAmt | 16 | 130606 |
| IRS990/Form990PartVIISectionAGrp/ReportableCompFromRltdOrgAmt | 17 | 127404 |
| IRS990/Form990PartVIISectionAGrp/TitleTxt | 0 | PRESIDENT & CEO; DIRECTOR |
| IRS990/Form990PartVIISectionAGrp/TitleTxt | 1 | CHAIRPERSON |
| IRS990/Form990PartVIISectionAGrp/TitleTxt | 2 | VICE CHAIRPERSON |
| IRS990/Form990PartVIISectionAGrp/TitleTxt | 3 | TREASURER |
| IRS990/Form990PartVIISectionAGrp/TitleTxt | 4 | SECRETARY |
| IRS990/Form990PartVIISectionAGrp/TitleTxt | 5 | DIRECTOR |
| IRS990/Form990PartVIISectionAGrp/TitleTxt | 6 | DIRECTOR |
| IRS990/Form990PartVIISectionAGrp/TitleTxt | 7 | DIRECTOR |
| IRS990/Form990PartVIISectionAGrp/TitleTxt | 8 | DIRECTOR |
| IRS990/Form990PartVIISectionAGrp/TitleTxt | 9 | DIRECTOR |
| IRS990/Form990PartVIISectionAGrp/TitleTxt | 10 | DIRECTOR |
| IRS990/Form990PartVIISectionAGrp/TitleTxt | 11 | DIRECTOR |
| IRS990/Form990PartVIISectionAGrp/TitleTxt | 12 | DIRECTOR |
| IRS990/Form990PartVIISectionAGrp/TitleTxt | 13 | DIRECTOR |
| IRS990/Form990PartVIISectionAGrp/TitleTxt | 14 | CFO / COO |
| IRS990/Form990PartVIISectionAGrp/TitleTxt | 15 | VICE PRESIDENT OF DEVELOPM |
| IRS990/Form990PartVIISectionAGrp/TitleTxt | 16 | VICE PRESIDENT OF COMPLIAN |
| IRS990/Form990PartVIISectionAGrp/TitleTxt | 17 | DIRECTOR OF PROPERTY MAINT |
| IRS990/Form990ProvidedToGvrnBodyInd | 0 | 1 |
| IRS990/FormationYr | 0 | 2020 |
| IRS990/FormerOfcrEmployeesListedInd | 0 | 0 |
| IRS990/FSAuditedBasisGrp/ConsolidatedBasisFinclStmtInd | 0 | X |
| IRS990/FSAuditedInd | 0 | 1 |
| IRS990/FundraisingActivitiesInd | 0 | 0 |
| IRS990/GamingActivitiesInd | 0 | 0 |
| IRS990/GoverningBodyVotingMembersCnt | 0 | 14 |
| IRS990/GovernmentGrantsAmt | 0 | 1262654 |
| IRS990/GrantsToIndividualsInd | 0 | 0 |
| IRS990/GrantsToOrganizationsInd | 0 | 0 |
| IRS990/GrantToRelatedPersonInd | 0 | 0 |
| IRS990/GrossReceiptsAmt | 0 | 1930996 |
| IRS990/GroupReturnForAffiliatesInd | 0 | 0 |
| IRS990/IncludeFIN48FootnoteInd | 0 | 0 |
| IRS990/IndependentAuditFinclStmtInd | 0 | 0 |
| IRS990/IndependentVotingMemberCnt | 0 | 13 |
| IRS990/IndivRcvdGreaterThan100KCnt | 0 | 0 |
| IRS990/IndoorTanningServicesInd | 0 | 0 |
| IRS990/InfoInScheduleOPartIIIInd | 0 | X |
| IRS990/InfoInScheduleOPartVIInd | 0 | X |
| IRS990/InfoInScheduleOPartXIInd | 0 | X |
| IRS990/InformationTechnologyGrp/ProgramServicesAmt | 0 | 9424 |
| IRS990/InformationTechnologyGrp/TotalAmt | 0 | 9424 |
| IRS990/InterestGrp/ProgramServicesAmt | 0 | 128183 |
| IRS990/InterestGrp/TotalAmt | 0 | 128183 |
| IRS990/InvestmentIncomeGrp/ExclusionAmt | 0 | 476762 |
| IRS990/InvestmentIncomeGrp/TotalRevenueColumnAmt | 0 | 476762 |
| IRS990/InvestmentInJointVentureInd | 0 | 0 |
| IRS990/InvestmentsProgramRelatedGrp/BOYAmt | 0 | 5560627 |
| IRS990/InvestmentsProgramRelatedGrp/EOYAmt | 0 | 5150119 |
| IRS990/IRPDocumentCnt | 0 | 3 |
| IRS990/IRPDocumentW2GCnt | 0 | 0 |
| IRS990/LandBldgEquipAccumDeprecAmt | 0 | 563 |
| IRS990/LandBldgEquipBasisNetGrp/BOYAmt | 0 | 0 |
| IRS990/LandBldgEquipBasisNetGrp/EOYAmt | 0 | 5062 |
| IRS990/LandBldgEquipCostOrOtherBssAmt | 0 | 5625 |
| IRS990/LegalDomicileStateCd | 0 | MI |
| IRS990/LoanOutstandingInd | 0 | 0 |
| IRS990/LobbyingActivitiesInd | 0 | 0 |
| IRS990/LocalChaptersInd | 0 | 0 |
| IRS990/MaterialDiversionOrMisuseInd | 0 | 0 |
| IRS990/MembersOrStockholdersInd | 0 | 1 |
| IRS990/MethodOfAccountingAccrualInd | 0 | X |
| IRS990/MinutesOfCommitteesInd | 0 | 1 |
| IRS990/MinutesOfGoverningBodyInd | 0 | 1 |
| IRS990/MissionDesc | 0 | 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. |
| IRS990/MoreThan5000KToIndividualsInd | 0 | 0 |
| IRS990/MoreThan5000KToOrgInd | 0 | 0 |
| IRS990/MortgNotesPyblScrdInvstPropGrp/BOYAmt | 0 | 1700000 |
| IRS990/MortgNotesPyblScrdInvstPropGrp/EOYAmt | 0 | 7200000 |
| IRS990/NetAssetsOrFundBalancesBOYAmt | 0 | 6919752 |
| IRS990/NetAssetsOrFundBalancesEOYAmt | 0 | 3362952 |
| IRS990/NetUnrelatedBusTxblIncmAmt | 0 | 0 |
| IRS990/NetUnrlzdGainsLossesInvstAmt | 0 | -410508 |
| IRS990/NoDonorRestrictionNetAssetsGrp/BOYAmt | 0 | 6919752 |
| IRS990/NoDonorRestrictionNetAssetsGrp/EOYAmt | 0 | 2085293 |
| IRS990/NondeductibleContributionsInd | 0 | 0 |
| IRS990/OfficerMailingAddressInd | 0 | 0 |
| IRS990/OperateHospitalInd | 0 | 0 |
| IRS990/Organization501c3Ind | 0 | X |
| IRS990/OrganizationFollowsFASB117Ind | 0 | X |
| IRS990/OtherChangesInNetAssetsAmt | 0 | -4662713 |
| IRS990/OtherExpensesGrp/Desc | 0 | BANK FEES |
| IRS990/OtherExpensesGrp/Desc | 1 | MEMBERSHIP FEES |
| IRS990/OtherExpensesGrp/Desc | 2 | ANNUAL REPORTS EXPENSE |
| IRS990/OtherExpensesGrp/ProgramServicesAmt | 0 | 798 |
| IRS990/OtherExpensesGrp/ProgramServicesAmt | 1 | 749 |
| IRS990/OtherExpensesGrp/ProgramServicesAmt | 2 | 20 |
| IRS990/OtherExpensesGrp/TotalAmt | 0 | 798 |
| IRS990/OtherExpensesGrp/TotalAmt | 1 | 749 |
| IRS990/OtherExpensesGrp/TotalAmt | 2 | 20 |
| IRS990/OtherLiabilitiesGrp/BOYAmt | 0 | 20000 |
| IRS990/OtherLiabilitiesGrp/EOYAmt | 0 | 3010000 |
| IRS990/OthNotesLoansReceivableNetGrp/BOYAmt | 0 | 1790208 |
| IRS990/OthNotesLoansReceivableNetGrp/EOYAmt | 0 | 3493681 |
| IRS990/PartialLiquidationInd | 0 | 0 |
| IRS990/PayPremiumsPrsnlBnftCntrctInd | 0 | 0 |
| IRS990/PledgesAndGrantsReceivableGrp/BOYAmt | 0 | 0 |
| IRS990/PledgesAndGrantsReceivableGrp/EOYAmt | 0 | 17428 |
| IRS990/PoliticalCampaignActyInd | 0 | 0 |
| IRS990/PrepaidExpensesDefrdChargesGrp/BOYAmt | 0 | 4678 |
| IRS990/PrepaidExpensesDefrdChargesGrp/EOYAmt | 0 | 5380 |
| IRS990/PrincipalOfficerNm | 0 | ADRIANNE JENKINS |
| IRS990/ProfessionalFundraisingInd | 0 | 0 |
| IRS990/ProgramServiceRevenueGrp/BusinessCd | 0 | 531390 |
| IRS990/ProgramServiceRevenueGrp/Desc | 0 | LOAN INTEREST INCOME |
| IRS990/ProgramServiceRevenueGrp/RelatedOrExemptFuncIncomeAmt | 0 | 191580 |
| IRS990/ProgramServiceRevenueGrp/TotalRevenueColumnAmt | 0 | 191580 |
| IRS990/ProhibitedTaxShelterTransInd | 0 | 0 |
| IRS990/PYBenefitsPaidToMembersAmt | 0 | 0 |
| IRS990/PYContributionsGrantsAmt | 0 | 4000000 |
| IRS990/PYExcessBenefitTransInd | 0 | 0 |
| IRS990/PYGrantsAndSimilarPaidAmt | 0 | 0 |
| IRS990/PYInvestmentIncomeAmt | 0 | 172914 |
| IRS990/PYOtherExpensesAmt | 0 | 178499 |
| IRS990/PYOtherRevenueAmt | 0 | 0 |
| IRS990/PYProgramServiceRevenueAmt | 0 | 65905 |
| IRS990/PYRevenuesLessExpensesAmt | 0 | 4060320 |
| IRS990/PYSalariesCompEmpBnftPaidAmt | 0 | 0 |
| IRS990/PYTotalExpensesAmt | 0 | 178499 |
| IRS990/PYTotalProfFndrsngExpnsAmt | 0 | 0 |
| IRS990/PYTotalRevenueAmt | 0 | 4238819 |
| IRS990/QuidProQuoContributionsInd | 0 | 0 |
| IRS990/RcvFndsToPayPrsnlBnftCntrctInd | 0 | 0 |
| IRS990/ReconcilationRevenueExpnssAmt | 0 | 1516421 |
| IRS990/RegularMonitoringEnfrcInd | 0 | 1 |
| IRS990/RelatedEntityInd | 0 | 1 |
| IRS990/RelatedOrganizationCtrlEntInd | 0 | 1 |
| IRS990/ReportInvestmentsOtherSecInd | 0 | 0 |
| IRS990/ReportLandBuildingEquipmentInd | 0 | 1 |
| IRS990/ReportOtherAssetsInd | 0 | 0 |
| IRS990/ReportOtherLiabilitiesInd | 0 | 1 |
| IRS990/ReportProgramRelatedInvstInd | 0 | 1 |
| IRS990/RevenueAmt | 0 | 191580 |
| IRS990ScheduleA/AmountsRcvdDsqlfyPersonGrp/TotalAmt | 0 | 0 |
| IRS990ScheduleA/First5Years509Ind | 0 | X |
| IRS990ScheduleA/Form990ScheduleAPartVIGrp/ExplanationTxt | 0 | 2020 WAS MAGNET LENDING FIRST YEAR OF OPERATIONS. THE BEGINNING OPERATIONS DATE WAS DECEMBER 17, 2020. |
| IRS990ScheduleA/Form990ScheduleAPartVIGrp/FormAndLineReferenceDesc | 0 | SCHEDULE A SHORT YEAR |
| IRS990ScheduleA/GiftsGrantsContrisRcvd509Grp/CurrentTaxYearAmt | 0 | 1262654 |
| IRS990ScheduleA/GiftsGrantsContrisRcvd509Grp/CurrentTaxYearMinus1YearAmt | 0 | 4000000 |
| IRS990ScheduleA/GiftsGrantsContrisRcvd509Grp/TotalAmt | 0 | 5262654 |
| IRS990ScheduleA/GrossInvestmentIncome509Grp/CurrentTaxYearAmt | 0 | 476762 |
| IRS990ScheduleA/GrossInvestmentIncome509Grp/CurrentTaxYearMinus1YearAmt | 0 | 172914 |
| IRS990ScheduleA/GrossInvestmentIncome509Grp/TotalAmt | 0 | 649676 |
| IRS990ScheduleA/GrossReceiptsAdmissionsGrp/CurrentTaxYearAmt | 0 | 191580 |
| IRS990ScheduleA/GrossReceiptsAdmissionsGrp/CurrentTaxYearMinus1YearAmt | 0 | 65905 |
| IRS990ScheduleA/GrossReceiptsAdmissionsGrp/CurrentTaxYearMinus2YearsAmt | 0 | 157066 |
| IRS990ScheduleA/GrossReceiptsAdmissionsGrp/CurrentTaxYearMinus3YearsAmt | 0 | 86921 |
| IRS990ScheduleA/GrossReceiptsAdmissionsGrp/CurrentTaxYearMinus4YearsAmt | 0 | 15000 |
| IRS990ScheduleA/GrossReceiptsAdmissionsGrp/TotalAmt | 0 | 516472 |
| IRS990ScheduleA/InvestmentIncomeAndUBTIGrp/CurrentTaxYearAmt | 0 | 476762 |
| IRS990ScheduleA/InvestmentIncomeAndUBTIGrp/CurrentTaxYearMinus1YearAmt | 0 | 172914 |
| IRS990ScheduleA/InvestmentIncomeAndUBTIGrp/TotalAmt | 0 | 649676 |
| IRS990ScheduleA/PubliclySupportedOrg509a2Ind | 0 | X |
| IRS990ScheduleA/PublicSupportTotal509Amt | 0 | 5779126 |
| IRS990ScheduleA/SubstAndDsqlfyPrsnsTotGrp/TotalAmt | 0 | 0 |
| IRS990ScheduleA/SubstantialContributorsAmtGrp/TotalAmt | 0 | 0 |
| IRS990ScheduleA/Total509Grp/CurrentTaxYearAmt | 0 | 1454234 |
| IRS990ScheduleA/Total509Grp/CurrentTaxYearMinus1YearAmt | 0 | 4065905 |
| IRS990ScheduleA/Total509Grp/CurrentTaxYearMinus2YearsAmt | 0 | 157066 |
| IRS990ScheduleA/Total509Grp/CurrentTaxYearMinus3YearsAmt | 0 | 86921 |
| IRS990ScheduleA/Total509Grp/CurrentTaxYearMinus4YearsAmt | 0 | 15000 |
| IRS990ScheduleA/Total509Grp/TotalAmt | 0 | 5779126 |
| IRS990ScheduleA/TotalSupportCalendarYearGrp/CurrentTaxYearAmt | 0 | 1930996 |
| IRS990ScheduleA/TotalSupportCalendarYearGrp/CurrentTaxYearMinus1YearAmt | 0 | 4238819 |
| IRS990ScheduleA/TotalSupportCalendarYearGrp/CurrentTaxYearMinus2YearsAmt | 0 | 157066 |
| IRS990ScheduleA/TotalSupportCalendarYearGrp/CurrentTaxYearMinus3YearsAmt | 0 | 86921 |
| IRS990ScheduleA/TotalSupportCalendarYearGrp/CurrentTaxYearMinus4YearsAmt | 0 | 15000 |
| IRS990ScheduleA/TotalSupportCalendarYearGrp/TotalAmt | 0 | 6428802 |
| IRS990ScheduleB/ContributorInformationGrp/ContributorBusinessName/BusinessNameLine1 | 0 | RESTRICTED |
| IRS990ScheduleB/ContributorInformationGrp/ContributorNum | 0 | RESTRICTED |
| IRS990ScheduleB/ContributorInformationGrp/ContributorUSAddress/AddressLine1 | 0 | RESTRICTED |
| IRS990ScheduleB/ContributorInformationGrp/ContributorUSAddress/AddressLine2 | 0 | RESTRICTED |
| IRS990ScheduleB/ContributorInformationGrp/ContributorUSAddress/City | 0 | RESTRICTED |
| IRS990ScheduleB/ContributorInformationGrp/ContributorUSAddress/State | 0 | RESTRICTED |
| IRS990ScheduleB/ContributorInformationGrp/ContributorUSAddress/ZIPCode | 0 | RESTRICTED |
| IRS990ScheduleB/ContributorInformationGrp/TotalContributionsAmt | 0 | RESTRICTED |
| IRS990/ScheduleBRequiredInd | 0 | 1 |
| IRS990ScheduleD/InvstProgramRelatedOrgGrp/BookValueAmt | 0 | 5150119 |
| IRS990ScheduleD/InvstProgramRelatedOrgGrp/Desc | 0 | NORTHERN TRUST - CORPORATE / GOVERNMENT BONDS |
| IRS990ScheduleD/InvstProgramRelatedOrgGrp/MethodValuationCd | 0 | C |
| IRS990ScheduleD/OtherLandBuildingsGrp/BookValueAmt | 0 | 5062 |
| IRS990ScheduleD/OtherLandBuildingsGrp/DepreciationAmt | 0 | 563 |
| IRS990ScheduleD/OtherLandBuildingsGrp/OtherCostOrOtherBasisAmt | 0 | 5625 |
| IRS990ScheduleD/OtherLiabilitiesOrgGrp/Amt | 0 | 10000 |
| IRS990ScheduleD/OtherLiabilitiesOrgGrp/Amt | 1 | 3000000 |
| IRS990ScheduleD/OtherLiabilitiesOrgGrp/Desc | 0 | LOAN PROJECT DEPOSITS |
| IRS990ScheduleD/OtherLiabilitiesOrgGrp/Desc | 1 | EQUITY EQUIVALENT INVESTMENT |
| IRS990ScheduleD/TotalBookValueLandBuildingsAmt | 0 | 5062 |
| IRS990ScheduleD/TotalBookValueProgramRltdAmt | 0 | 5150119 |
| IRS990ScheduleD/TotalLiabilityAmt | 0 | 3010000 |
| IRS990ScheduleJ/AnyNonFixedPaymentsInd | 0 | 0 |
| IRS990ScheduleJ/CompBasedOnRevenueOfFlngOrgInd | 0 | 0 |
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