Totals
- Total revenue
- $4,238,819
- Total expenses
- $178,499
- Contributions and grants received
- $4,000,000
- Grants paid
- $0
- Program service revenue
- $65,905
- Investment income
- $172,914
- Other revenue
- $0
- Total assets, end of year
- $8,657,031
- Total liabilities, end of year
- $1,737,279
- Net assets or fund balances, end of year
- $6,919,752
- Program services expenses (Part IX)
- $178,499
- Management and general expenses
- $0
- Fundraising expenses
- $0
- Program service expenses (Part III)
- $178,499
Program services were 100.0% 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.
-
1e · Government grants (contributions)
$4,000,000
-
2a · Program service revenue: LOAN INTEREST INCOME
total $65,905 · related or exempt $65,905
-
3 · Investment income
total $172,914 · excluded $172,914
Functional expenses
Part IX, the statement of functional expenses.
-
11a · Fees: management
total $150,000 · program services $150,000
-
11b · Fees: legal
total $3,231 · program services $3,231
-
11c · Fees: accounting
total $3,300 · program services $3,300
-
11g · Fees: other
total $600 · program services $600
-
12 · Advertising and promotion
total $24 · program services $24
-
14 · Information technology
total $3,342 · program services $3,342
-
20 · Interest
total $13,742 · program services $13,742
-
22 · Depreciation, depletion and amortization
total $1,583 · program services $1,583
-
24a · Other expenses: BANK FEES
total $1,907 · program services $1,907
-
24b · Other expenses: MEMBERSHIP FEES
total $750 · program services $750
-
24c · Other expenses: ANNUAL REPORTS EXPENSE
total $20 · program services $20
Balance sheet
Part X, book values.
-
1 · Cash, non-interest-bearing
beginning of year $1,456,335 · end of year $1,244,465
-
4 · Accounts receivable
beginning of year $65,729 · end of year $57,053
-
7 · Other notes and loans receivable
beginning of year $1,381,485 · end of year $1,790,208
-
9 · Prepaid expenses and deferred charges
beginning of year $0 · end of year $4,678
-
13 · Investments: program-related
beginning of year $0 · end of year $5,560,627
-
17 · Accounts payable and accrued expenses
beginning of year $10,900 · end of year $13,033
-
19 · Deferred revenue
beginning of year $5,518 · end of year $4,246
-
23 · Secured mortgages and notes payable
beginning of year $0 · end of year $1,700,000
-
24 · Unsecured notes and loans payable
beginning of year $0
-
25 · Other liabilities
beginning of year $0 · end of year $20,000
-
27 · Net assets without donor restrictions
beginning of year $2,887,131 · end of year $6,919,752
Mission and programs · 2023
Mission
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.
-
LOAN ISSUANCE
Expenses $178,499 · Revenue $65,905
As filed on the 2023 return. The filer continues this part on Schedule O, which is not shown here.
Listed in Part VII
-
Eric HannaERIC HANNA
PRESIDENT & CEO; DIRECTOR
- Total calculated
- $281,644
- From this org
- $0
- From related orgs
- $244,209
- Other
- $37,435
- Hours/week
- 2 + 45 related
Schedule J breakdown matched by us
- Base
- $0 + $244,209 related
- Bonus
- $0
- Other
- $0
- Deferred
- $0 + $17,522 related
- Nontaxable benefits
- $0 + $19,913 related
- Filer's total
- $0 + $281,644 related
-
Mark MoranteMARK MORANTE
CHAIRPERSON
- Total calculated
- $0
- Hours/week
- 1 + 1 related
-
Mary KingMARY KING
VICE CHAIRPERSON
- Total calculated
- $0
- Hours/week
- 1 + 1 related
-
Jamie SchrinerJAMIE SCHRINER
TREASURER
- Total calculated
- $0
- Hours/week
- 1 + 1 related
-
Richard HoseyRICHARD HOSEY
SECRETARY
- Total calculated
- $0
- Hours/week
- 1 + 1 related
-
Karl DorshimerKARL DORSHIMER
DIRECTOR
- Total calculated
- $0
- Hours/week
- 1 + 1 related
-
Mark McDanielMARK MCDANIEL
DIRECTOR
- Total calculated
- $0
- Hours/week
- 1 + 1 related
-
Elissa SangalliELISSA SANGALLI
DIRECTOR
- Total calculated
- $0
- Hours/week
- 1 + 1 related
-
Maria VenturaMARIA VENTURA
DIRECTOR
- Total calculated
- $0
- Hours/week
- 1 + 1 related
-
Kara WoodKARA WOOD
DIRECTOR
- Total calculated
- $0
- Hours/week
- 1 + 1 related
-
Doug BarcyDOUG BARCY
DIRECTOR
- Total calculated
- $0
- Hours/week
- 1 + 1 related
-
Jim AnanichJIM ANANICH
DIRECTOR
- Total calculated
- $0
- Hours/week
- 1 + 1 related
-
Stephanie OsterlandSTEPHANIE OSTERLAND
DIRECTOR
- Total calculated
- $0
- Hours/week
- 1 + 1 related
-
Brad HeffnerBRAD HEFFNER
DIRECTOR
- Total calculated
- $0
- Hours/week
- 1 + 1 related
-
Adrianne JenkinsADRIANNE JENKINS
CFO / COO
- Total calculated
- $229,589
- From this org
- $0
- From related orgs
- $196,456
- Other
- $33,133
- Hours/week
- 4 + 45 related
Schedule J breakdown matched by us
- Base
- $0 + $196,456 related
- Bonus
- $0
- Other
- $0
- Deferred
- $0 + $18,956 related
- Nontaxable benefits
- $0 + $14,177 related
- Filer's total
- $0 + $229,589 related
-
Marilyn ChrumkaMARILYN CHRUMKA
VICE PRESIDENT OF DEVELOPM
- Total calculated
- $180,809
- From this org
- $0
- From related orgs
- $162,190
- Other
- $18,619
- Hours/week
- 1 + 45 related
Schedule J breakdown matched by us
- Base
- $0 + $162,190 related
- Bonus
- $0
- Other
- $0
- Deferred
- $0 + $8,418 related
- Nontaxable benefits
- $0 + $10,201 related
- Filer's total
- $0 + $180,809 related
-
Elisabeth AlexandrianELISABETH ALEXANDRIAN
VICE PRESIDENT OF COMPLIAN
- Total calculated
- $153,965
- From this org
- $0
- From related orgs
- $121,320
- Other
- $32,645
- Hours/week
- 10 + 45 related
Schedule J breakdown matched by us
- Base
- $0 + $121,320 related
- Bonus
- $0
- Other
- $0
- Deferred
- $0 + $19,118 related
- Nontaxable benefits
- $0 + $13,527 related
- Filer's total
- $0 + $153,965 related
-
Brandon MillerBRANDON MILLER
DIRECTOR OF PROPERTY MAINT
- Total calculated
- $145,777
- From this org
- $0
- From related orgs
- $119,111
- Other
- $26,666
- Hours/week
- 1 + 40 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
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.
-
501(C)(3) · AFFORDABLE HOUSING AND COMMUNITY DEVELOPMENT · MI
Provenance
- Return type
- form_990
- Tax year
- 2023
- Filed
- 5 November 2024
- IRS schema version
- 2023v5.1
- Source object
- 202403179349304805
Check it against the return as filed: the GivingTuesday Data Lake hosts a public copy of the original XML.
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