Civic Intelligence

Magnolia Educational & Research Foundation

EIN 95-4649884 • 501(c)3 • Los Angeles, CA

Pub. 78 Eligible

Profile

Our mission is to raise civically responsible scientific thinkers.mps is a network of 10 high-performing public charter schools that serves 3890 students in los angeles,orange,and san diego counties. The schools are authorized by the los angeles unified school district (4), los angeles county office of education (4), san diego unified school district (1) and the california department of education (1). For more than 15 years, mps has delivered high-quality education emphasizing science, technology, engineering, arts and math. U.s. News and world report and the washington post rank mps science academies among the top schools in the country.

250 E 1st St 1500Los Angeles, CA 90012

n/A

Siviq Scores

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

Liabilities / Assets

93rd percentile

1.00x

Higher debt load relative to assets than 93% of similar nonprofits.

501(c)3 • $50M-$100M nonprofits • Source year 2023

Liabilities / Revenue

85th percentile

2.16x

Higher debt load relative to revenue than 85% of similar nonprofits.

501(c)3 • $50M-$100M nonprofits • Source year 2023

Net Margin

1st percentile

-141%

Higher net margin than 1% of similar nonprofits.

501(c)3 • $50M-$100M nonprofits • Source year 2023

Top Officer Pay

Score unavailable

No value available

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

Asset Growth

38th percentile

2.9%

Faster asset growth than 38% of similar nonprofits.

501(c)3 • $50M-$100M nonprofits • Annualized from 2022 to 2023

Revenue Growth

3rd percentile

-52%

Faster revenue growth than 3% of similar nonprofits.

501(c)3 • $50M-$100M nonprofits • Annualized from 2022 to 2023

Assets

Up

$76,058,129

Up $6,948,648 (+10%) from 2023

Liabilities

Up

$72,312,052

Up $3,362,705 (+4.9%) from 2023

Net Assets

Up

$3,746,077

Up $3,585,943 (+2239%) from 2023

Revenue

Up

$84,399,638

Up $52,423,594 (+164%) from 2023

Expenses

Up

$78,564,322

Up $1,618,981 (+2.1%) from 2023

Net Income

Up

$5,835,316

Up $50,804,613 (+113%) from 2023

Trend Graphs

Balance Sheet Trend

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

$80M$60M$40M$20M$0Assets 2011: $5,145,788Liabilities 2011: $3,056,265Net Assets 2011: $2,089,5232011Assets 2012: $11,133,287Liabilities 2012: $10,114,934Net Assets 2012: $1,018,3532012Assets 2013: $11,766,972Liabilities 2013: $6,975,265Net Assets 2013: $4,791,7072013Assets 2014: $14,990,231Liabilities 2014: $5,010,058Net Assets 2014: $9,980,1732014Assets 2015: $24,530,921Liabilities 2015: $11,522,400Net Assets 2015: $13,008,5212015Assets 2016: $35,655,570Liabilities 2016: $15,034,166Net Assets 2016: $20,621,4042016Assets 2017: $36,286,395Liabilities 2017: $14,968,787Net Assets 2017: $21,317,6082017Assets 2018: $42,695,173Liabilities 2018: $16,137,053Net Assets 2018: $26,558,1202018Assets 2019: $45,409,410Liabilities 2019: $18,727,297Net Assets 2019: $26,682,1132019Assets 2020: $54,570,182Liabilities 2020: $25,927,332Net Assets 2020: $28,642,8502020Assets 2021: $60,566,625Liabilities 2021: $19,215,172Net Assets 2021: $41,351,4532021Assets 2022: $67,129,472Liabilities 2022: $21,880,275Net Assets 2022: $45,249,1972022Assets 2023: $69,109,481Liabilities 2023: $68,949,347Net Assets 2023: $160,1342023Assets 2024: $76,058,129Liabilities 2024: $72,312,052Net Assets 2024: $3,746,0772024

Highlighted filing

2024

Assets$76,058,129
Liabilities$72,312,052
Net Assets$3,746,077

Operations Trend

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

$100M$50M$0-$50MRevenue 2011: $20,865,544Expenses 2011: $20,557,865Net Income 2011: $307,6792011Expenses 2012: $25,702,5592012Expenses 2013: $26,874,1322013Revenue 2014: $32,298,679Expenses 2014: $26,992,912Net Income 2014: $5,305,7672014Revenue 2015: $34,357,458Expenses 2015: $31,295,065Net Income 2015: $3,062,3932015Revenue 2016: $47,750,213Expenses 2016: $39,770,172Net Income 2016: $7,980,0412016Revenue 2017: $45,577,282Expenses 2017: $44,953,982Net Income 2017: $623,3002017Revenue 2018: $48,888,566Expenses 2018: $43,212,386Net Income 2018: $5,676,1802018Revenue 2019: $47,041,355Expenses 2019: $46,917,362Net Income 2019: $123,9932019Revenue 2020: $51,334,434Expenses 2020: $49,147,443Net Income 2020: $2,186,9912020Revenue 2021: $63,609,344Expenses 2021: $50,824,459Net Income 2021: $12,784,8852021Revenue 2022: $66,230,945Expenses 2022: $62,131,487Net Income 2022: $4,099,4582022Revenue 2023: $31,976,044Expenses 2023: $76,945,341Net Income 2023: -$44,969,2972023Revenue 2024: $84,399,638Expenses 2024: $78,564,322Net Income 2024: $5,835,3162024

Highlighted filing

2024

Revenue$84,399,638
Expenses$78,564,322
Net Income$5,835,316

Filings

Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2024Detailed filing. Detailed filing data is available for this year.$76.1$72.3$3.75$84.4$78.6$5.84
2023Detailed filing. Detailed filing data is available for this year.$69.1$68.9$0.16$32.0$76.9$45.0
2022Detailed filing. Detailed filing data is available for this year.$67.1$21.9$45.2$66.2$62.1$4.10
2021Detailed filing. Detailed filing data is available for this year.$60.6$19.2$41.4$63.6$50.8$12.8
2020Detailed filing. Detailed filing data is available for this year.$54.6$25.9$28.6$51.3$49.1$2.19
2019Detailed filing. Detailed filing data is available for this year.$45.4$18.7$26.7$47.0$46.9$0.12
2018Detailed filing. Detailed filing data is available for this year.$42.7$16.1$26.6$48.9$43.2$5.68
2017Detailed filing. Detailed filing data is available for this year.$36.3$15.0$21.3$45.6$45.0$0.62
2016Detailed filing. Detailed filing data is available for this year.$35.7$15.0$20.6$47.8$39.8$7.98
2015Detailed filing. Detailed filing data is available for this year.$24.5$11.5$13.0$34.4$31.3$3.06
2014Detailed filing. Detailed filing data is available for this year.$15.0$5.01$9.98$32.3$27.0$5.31
2013Facts available. Structured filing facts are available, but richer extracted sections are limited.$11.8$6.98$4.79$26.9
2012Facts available. Structured filing facts are available, but richer extracted sections are limited.$11.1$10.1$1.02$25.7
2011Summary only. Only limited summary data is available for this year.$5.15$3.06$2.09$20.9$20.6$0.31
Latest Filing Detail
Jump To
Filing Snapshot
Filing Period
Jul 1, 2023 to Jun 30, 2024
Signed
Jan 13, 2025
Return Version
2023v6.0
Gross Receipts
$84,399,638
Mission and Program Overview

Mission

Our mission is to raise civically responsible scientific thinkers.mps is a network of 10 high-performing public charter schools that serves 3890 students in los angeles,orange,santa clara and san diego counties. The schools are authorized by the los angeles unified school district (4), los angeles county office of education (4), san diego unified school district (1) and the california department of education (1). For more than 15 years, mps has delivered high-quality education emphasizing science, technology, engineering, arts and math. U.s. News and world report and the washington post rank mps science academies among the top schools in the country.

Merf operated eleven magnolia science academy (msa) kindergarten through grade twelve charter schools serving 3,890 students throughout california dedicated to inspiring students to choose career paths in science, technology, engineering, and math (stem), while providing a robust, standards-based education program within a supportive culture of excellence.

Balance Sheet Detail
LineBeginningEndChange
Assets
Cash and Non-Interest-Bearing Accounts$39,137,398$43,849,745▲ $4,712,347
Land, Buildings, and Equipment, Net$26,834,700$29,341,282▲ $2,506,582
Prepaid Expenses and Deferred Charges$349,445$581,649▲ $232,204
Total Assets$69,109,481$76,058,129▲ $6,948,648
Other Assets Total$2,787,938$2,285,453▼ $502,485
Liabilities
Accounts Payable and Accrued Expenses$45,140,371$49,904,987▲ $4,764,616
Unsecured Notes Loans Payable$17,340,855$16,551,798▼ $789,057
Mortgage Notes Payable Secured by Investment Property$3,774,168$3,754,036▼ $20,132
Other Liabilities$2,693,953$2,101,231▼ $592,722
Total Liabilities$68,949,347$72,312,052▲ $3,362,705
Net Assets / Fund Balance
Net Assets Without Donor Restrictions$160,134$3,746,077▲ $3,585,943
Total Net Assets Fund Balance$160,134$3,746,077▲ $3,585,943
Total Liabilities and Net Assets / Fund Balance$69,109,481$76,058,129▲ $6,948,648

Asset Categories

AssetBook ValueDepreciationBasis
Buildings$19,441,866$4,581,558$24,023,424
Equipment$672,641$5,897,749$6,570,390
Leasehold Improvements$4,849,021$557,432$5,406,453
Other Land Buildings$4,377,754-$4,377,754
Compensation and Service Providers

Employees

NameTitleFull / Part TimeBaseOtherTotal
Alfredo RubalcavaCEOFT$255,694$18,663$274,357
Erdinc AcarDeputy SuperintendentFT$190,890$18,663$209,553
David E YilmazChief Accountability OfficFT$183,994$18,663$202,657
Suat AcarChief Operating OfficeFT$181,949$18,663$200,612
Steve BudhrajaChief Financial OfficerFT$187,269$12,442$199,711
Patrick Anton OntiverosChief Facility OfficerFT$190,935$6,979$197,914
Brenda LopezChief External OfficerFT$167,781$18,663$186,444
Turan CaferSenior ControllerFT$149,312$33,444$182,756

Board Members and Trustees

Highest Paid Contractors

ContractorServicesLocationCompensation
Riders ExpressStudent TransportationPO BOX 923548, Sylmar, CA 91392$525,686
Revenue and Support

Revenue Composition

Contributions and Grants
$75,816,762
Program Service Revenue
$0
Investment Income
$65,249
Other Revenue
$8,517,627
Change in Net Assets
$5,835,316

Audited Revenue Reconciliation

Revenue per Audited Statements
$84,399,638
Revenue Not Reported on Financial Statements
$0
Revenue Not Reported on Form 990
$0
Total Revenue per Audited Statements
$84,399,638
Total Revenue per Form 990
$84,399,638
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Salaries, Compensation, and Employee Benefits$51,715,343
Other Expenses$26,848,979
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Other Salaries and Wages$24,287,877$11,806,701-$36,094,578
Payroll Taxes$7,297,340$2,581,633-$9,878,973
Occupancy$411,752$6,695,780-$7,107,532
Other Employee Benefits$5,001,670$68,140-$5,069,810
All Other Expenses$2,224,554$1,047,849-$3,272,403
Fees for Services Other-$3,164,359-$3,164,359
Interest$2,761,435--$2,761,435
Depreciation Depletion$1,684,083--$1,684,083
Office Expenses$615,401$514,870-$1,130,271
Other Expenses$1,092,460--$1,092,460
Insurance-$694,991-$694,991
Current Officers, Directors, Trustees, and Key Employees$274,357$397,625-$671,982
Information Technology$482,712--$482,712
Advertising-$404,280-$404,280
Travel-$172,199-$172,199
Fees for Services Accounting-$10,409-$10,409
Conferences and Meetings-$146-$146
Total Functional Expenses$51,005,340$27,558,982$0$78,564,322

Audited Expense Reconciliation

Line ItemAmount
Expenses per Audited Statements$78,564,322
Total Expenses per Audited Statements$78,564,322
Total Expenses per Form 990$78,564,322
Expenses Not Reported on Financial Statements$0
Expenses Not Reported on Form 990$0
Fundraising, Events, and Gaming
Fundraising activities
Yes
Gaming activities
No
Professional fundraiser used
No

Fundraising and Gaming Totals

Line ItemAmount
Fundraising Direct Expenses$0
Fundraising Gross Income$0
Professional Fundraising Fees$0

Fundraising Events

EventGross ReceiptsGross RevenueDirect ExpensesNet Income
The Big Give$49,000---
Total Events$49,000---
Political and Lobbying Activity
Political campaign activity
No
Lobbying activity
No
Subject to proxy tax
No
Debt and Bond Financing

Other Reported Liabilities

LiabilityAmount
Operating Lease Liability$1,059,938
Finance Lease Liability$1,041,293
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
Yes
Other officer compensation reviewed
Yes
Conflict-of-interest policy
Yes
Audited financial statements prepared
Yes
Key decisions subject to board approval
No
Management duties delegated
No

Governance Explanations

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

Officers reviewed the return and will share with the board at the next regularly scheduled meeting.

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

All board members, executive staff and principals are required to submit reports that document any possible conflicts of interest using the form 700 as required by our oversight agency.

Form 990, Part VI, Section B, Line 15

The compensation committee which is a subcommittee of the board of directors sets the compensation for the top officials. Key employee compensation is set by the ceo.

Form 990, Part VI, Section C, Line 18

All tax returns are maintained at the corporate office and are available upon request.

Form 990, Part VI, Section C, Line 19

All governing documents are maintained at the corporate office and are available upon request.

Form 990 Part VII Section A Column F

The organization participates in the public employee retirement system of california and state teachers retirement system, defined benefit plans, due to the size and varied participants in this plan the actuarial value is not calculated on a per employee basis. No amount is included in column f for a reasonable estimate of the increase in actuarial value.

Filing and Contact Details

Filer

Filer Name
Magnolia Educational and Research
EIN
95-4649884
Phone
7148925066
Address
250 E 1ST ST 1500, LOS ANGELES, CA 90012

Signing Officer

Name
Steve Budhraja
Title
CFO
Phone
7148925066
Signed
2025-01-13
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Steve Budhraja
Formed
2005
Legal Domicile
CA
Voting Board Members
6
Independent Board Members
6
Employees
0
Volunteers
0

Preparer

Firm
Eide Bailly Llp
Address
10681 FOOTHILL BLVD STE 300, RANCHO CUCAMONGA, CA 91730-3831
Preparer
Catherine L Gray CPA
Phone
9094664410
Supplemental Narrative

Additional Explanations

FORM 990, PART XI, LINE 9:

Intercompany transfers -2,249,373.

Financial Statement Notes

PART X, LINE 2:

Management believes that the organization has appropriate support for any tax positions taken affecting its annual filing requirements, and as such, does not have any uncertain tax positions that are material to the financial statements. The organization would recognize future accrued interest and penalties related to unrecognized tax benefits and liabilities in income tax expense if such interest and penalties are incurred.

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IRS990/Form990PartVIISectionAGrp/TitleTxt1DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt2VICE CHAIR
IRS990/Form990PartVIISectionAGrp/TitleTxt3DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt4CHAIR
IRS990/Form990PartVIISectionAGrp/TitleTxt5DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt6CEO
IRS990/Form990PartVIISectionAGrp/TitleTxt7CHIEF FINANCIAL OFFICER
IRS990/Form990PartVIISectionAGrp/TitleTxt8CHIEF FACILITY OFFICER
IRS990/Form990PartVIISectionAGrp/TitleTxt9CHIEF OPERATING OFFICE
IRS990/Form990PartVIISectionAGrp/TitleTxt10DEPUTY SUPERINTENDENT
IRS990/Form990PartVIISectionAGrp/TitleTxt11CHIEF ACCOUNTABILITY OFFIC
IRS990/Form990PartVIISectionAGrp/TitleTxt12CHIEF EXTERNAL OFFICER
IRS990/Form990PartVIISectionAGrp/TitleTxt13SENIOR CONTROLLER
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IRS990/MissionDesc0OUR MISSION IS TO RAISE CIVICALLY RESPONSIBLE SCIENTIFIC THINKERS.MPS IS A NETWORK OF 10 HIGH-PERFORMING PUBLIC CHARTER SCHOOLS THAT SERVES 3890 STUDENTS IN LOS ANGELES,ORANGE,AND SAN DIEGO COUNTIES. THE SCHOOLS ARE AUTHORIZED BY THE LOS ANGELES UNIFIED SCHOOL DISTRICT (4), LOS ANGELES COUNTY OFFICE OF EDUCATION (4), SAN DIEGO UNIFIED SCHOOL DISTRICT (1) AND THE CALIFORNIA DEPARTMENT OF EDUCATION (1). FOR MORE THAN 15 YEARS, MPS HAS DELIVERED HIGH-QUALITY EDUCATION EMPHASIZING SCIENCE, TECHNOLOGY, ENGINEERING, ARTS AND MATH. U.S. NEWS AND WORLD REPORT AND THE WASHINGTON POST RANK MPS SCIENCE ACADEMIES AMONG THE TOP SCHOOLS IN THE COUNTRY.
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IRS990ScheduleD/SupplementalInformationDetail/ExplanationTxt0MANAGEMENT BELIEVES THAT THE ORGANIZATION HAS APPROPRIATE SUPPORT FOR ANY TAX POSITIONS TAKEN AFFECTING ITS ANNUAL FILING REQUIREMENTS, AND AS SUCH, DOES NOT HAVE ANY UNCERTAIN TAX POSITIONS THAT ARE MATERIAL TO THE FINANCIAL STATEMENTS. THE ORGANIZATION WOULD RECOGNIZE FUTURE ACCRUED INTEREST AND PENALTIES RELATED TO UNRECOGNIZED TAX BENEFITS AND LIABILITIES IN INCOME TAX EXPENSE IF SUCH INTEREST AND PENALTIES ARE INCURRED.
IRS990ScheduleD/SupplementalInformationDetail/FormAndLineReferenceDesc0PART X, LINE 2:
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IRS990ScheduleG/FundraisingEventInformationGrp/CharitableContributionsTotAmt049000

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