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Nonprofiteer
← MAGNOLIA PROPERTIES MANAGEMENT INC

Form 990 for tax year 2024

Filed by MAGNOLIA PROPERTIES MANAGEMENT INC.

Totals

Total revenue
$604,452
Total expenses
$7,039,867
Contributions and grants received
$478,327
Grants paid
$0
Program service revenue
$4,807,390
Investment income
$149,461
Other revenue
-$4,830,726
Total assets, end of year
$125,639,592
Total liabilities, end of year
$71,293,616
Net assets or fund balances, end of year
$54,345,976
Program services expenses (Part IX)
$6,961,192
Management and general expenses
$78,675
Fundraising expenses
$0
Program service expenses (Part III)
$6,961,192

Program services were 98.9% of total expenses calculated — Part IX's program-services column over total expenses, both as filed.

Line items

Every line the filer filed in Parts VIII, IX and X, as filed and in filed order. Blank columns are left out, and the lines are not forced to add up to the totals above.

Revenue

Part VIII, the statement of revenue.

  • 1d · Related organizations

    $478,327

  • 2a · Program service revenue: LEASE REVENUE

    total $4,807,390 · related or exempt $4,807,390

  • 3 · Investment income

    total $149,461 · excluded $149,461

  • 11a · Other revenue: EXTINGUISHMENT OF DEBT

    total -$1,221,729 · excluded -$1,221,729

  • 11b · Other revenue: SALES-TYPE LEASE LOSS

    total -$3,608,997 · excluded -$3,608,997

  • 11e · Other revenue, total

    -$4,830,726

Functional expenses

Part IX, the statement of functional expenses.

  • 11g · Fees: other

    total $10,248 · management and general $10,248

  • 16 · Occupancy

    total $235,000 · program services $235,000

  • 20 · Interest

    total $4,385,918 · program services $4,385,918

  • 22 · Depreciation, depletion and amortization

    total $859,565 · program services $859,565

  • 24a · Other expenses: AMORTIZATION

    total $1,365,457 · program services $1,365,457

  • 24b · Other expenses: CAPITAL OUTLAY

    total $115,252 · program services $115,252

  • 24c · Other expenses: COST OF ISSUANCE

    total $68,427 · management and general $68,427

Balance sheet

Part X, book values.

  • 2 · Savings and temporary cash investments

    beginning of year $4,530,713 · end of year $20,540,386

  • 7 · Other notes and loans receivable

    end of year $3,540,002

  • 10a · Land, buildings and equipment: cost or other basis

    $47,360,162

  • 10b · Land, buildings and equipment: accumulated depreciation

    $5,161,469

  • 10c · Land, buildings and equipment, net

    beginning of year $52,419,278 · end of year $42,198,693

  • 11 · Investments: publicly traded securities

    end of year $11,613,448

  • 15 · Other assets

    beginning of year $50,084,275 · end of year $47,747,063

  • 20 · Tax-exempt bond liabilities

    beginning of year $26,438,241 · end of year $27,105,075

  • 23 · Secured mortgages and notes payable

    beginning of year $25,515,737 · end of year $41,181,550

  • 25 · Other liabilities

    beginning of year $450,034 · end of year $3,006,991

  • 27 · Net assets without donor restrictions

    beginning of year $54,630,254 · end of year $54,345,976

Mission and programs · 2024

Mission

TO PROVIDE EDUCATIONAL FACILITIES FOR THE MAGNOLIA PUBLIC SCHOOLS

  • TO OWN, LEASE AND FINANCE EDUCATIONAL FACILITIES FOR THE CHARTER SCHOOLS OPERATED BY MAGNOLIA PUBLIC SCHOOLS.

    Expenses $6,961,192 · Revenue $4,807,390

As filed on the 2024 return.

Listed in Part VII

  • Rabbi Haim Beliak

    DIRECTOR

    Total calculated
    $0
    Hours/week
    2

  • Mekan Muhammedov

    CHAIR

    Total calculated
    $0
    Hours/week
    2 + 2 related

  • Sandra Covarrubias

    DIRECTOR

    Total calculated
    $0
    Hours/week
    2 + 2 related

  • Alfredo Rubalcava

    CEO

    Total calculated
    $287,563
    From this org
    $0
    From related orgs
    $267,271
    Other
    $20,292
    Hours/week
    2 + 40 related

    Schedule J breakdown matched by us

    Base
    $0 + $267,271 related
    Bonus
    $0
    Other
    $0
    Deferred
    $0
    Nontaxable benefits
    $0 + $20,292 related
    Filer's total
    $0 + $287,563 related

  • Steve Budhraja

    CFO/TREASURER

    Total calculated
    $218,694
    From this org
    $0
    From related orgs
    $205,166
    Other
    $13,528
    Hours/week
    2 + 40 related

    Schedule J breakdown matched by us

    Base
    $0 + $205,166 related
    Bonus
    $0
    Other
    $0
    Deferred
    $0
    Nontaxable benefits
    $0 + $13,528 related
    Filer's total
    $0 + $218,694 related

  • Erdinc Acar

    DEPUTY SUPERINTENDENT

    Total calculated
    $235,642
    From this org
    $0
    From related orgs
    $215,350
    Other
    $20,292
    Hours/week
    2 + 40 related

    Schedule J breakdown matched by us

    Base
    $0 + $215,350 related
    Bonus
    $0
    Other
    $0
    Deferred
    $0
    Nontaxable benefits
    $0 + $20,292 related
    Filer's total
    $0 + $235,642 related

  • Patrick Ontiveros

    SECRETARY

    Total calculated
    $217,904
    From this org
    $0
    From related orgs
    $197,612
    Other
    $20,292
    Hours/week
    2 + 40 related

    Schedule J breakdown matched by us

    Base
    $0 + $197,612 related
    Bonus
    $0
    Other
    $0
    Deferred
    $0
    Nontaxable benefits
    $0 + $20,292 related
    Filer's total
    $0 + $217,904 related

Compensation is as filed in Part VII: reportable pay from this organization and from related organizations, other compensation, and hours per week. The total, marked calculated, is our sum of the three dollar columns, with a blank column counted as $0; the form itself has no total. On a Form 990-EZ the columns are Part IV's instead, and on a Form 990-PF Part VIII's — compensation, contributions to benefit plans, and expense account — and the total sums those. A Schedule J breakdown is as filed: base pay, bonus, other, deferred compensation and nontaxable benefits from this organization, with any from related organizations beside each, and the filer's own total. It is shown with the Part VII listing of the same name on the same return. The form gives no key between the two, so that pairing is ours, and is marked matched by us.

Schedule J

Answered yes

None.

Answered no

  • 4a · Severance or change-of-control payment
  • 4b · Supplemental nonqualified retirement plan
  • 4c · Equity-based compensation arrangement
  • 5a · Pay contingent on this organization's revenues
  • 5b · Pay contingent on a related organization's revenues
  • 6a · Pay contingent on this organization's net earnings
  • 6b · Pay contingent on a related organization's net earnings
  • 7 · Other non-fixed payments
  • 8 · Paid under the initial-contract exception

The filer's explanations (Part III)

PART I, LINE 3
THE ORGANIZATION DOES NOT ESTABLISH THE COMPENSATION OF THE CEO.. COMPENSATION IS DETERMINED BY A RELATED ORGANIZATION, MAGNOLIA EDUCATION AND RESEARCH FOUNDATION.

Part I's answers as filed. A line not listed was left unanswered; on lines 1a and 3 that means the box was not checked.

Grants on this return

No itemized grants to organizations on this return.

Related organizations on this return

Schedule R Part II: tax-exempt organizations related to the filer by control. It does not record shared board members or money.

Taxable family on this return

Schedule R Parts I, III and IV, as filed. These record ownership and control, not shared board members or money moved.

Disregarded entities

Part I: entities that legally are the filer and file no return of their own.

  • MPM SHERMAN WAY LLC

    PROPERTY HOLDING LLC · CA · income -$223,298 · assets $33,757,962

    Directly controlled by MAGNOLIA PROPERTIES MANAGEMENT

  • MPM SANTA ANA LLC

    PROPERTY HOLDING LLC · CA · income $154,086 · assets $8,893,076

    Directly controlled by MAGNOLIA PROPERTIES MANAGEMENT

  • MPM SAN DIEGO LLC

    PROPERTY HOLDING LLC · CA · income $238,971 · assets $17,476,423

    Directly controlled by MAGNOLIA PROPERTIES MANAGEMENT

  • MPM SHERMAN WINNETKA LLC

    PROPERTY HOLDING LLC · CA · income $235,000 · assets $0

    Directly controlled by MAGNOLIA PROPERTIES MANAGEMENT

  • MPM 16600 VANOWEN STREET LLC

    PROPERTY HOLDING LLC · CA · income $226,141 · assets $32,898,903

    Directly controlled by MAGNOLIA PROPERTIES MANAGEMENT

  • MPM 18120 SHERMAN WAY

    PROPERTY HOLDING LLC · CA · income $0 · assets $0

    Directly controlled by MAGNOLIA PROPERTIES MANAGEMENT

Provenance

Return type
form_990
Tax year
2024
Filed
13 May 2026
IRS schema version
2024v5.5
Source object
202601349349302025

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