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Nonprofiteer
← MAGNET QALICB INC

Form 990 for tax year 2023

Filed by MAGNET QALICB INC.

Totals

Total revenue
$728,038
Total expenses
$1,044,527
Contributions and grants received
$0
Grants paid
$0
Program service revenue
$728,000
Investment income
$38
Other revenue
$0
Total assets, end of year
$15,033,840
Total liabilities, end of year
$15,464,035
Net assets or fund balances, end of year
-$430,195
Program services expenses (Part IX)
$0
Management and general expenses
$1,044,527
Fundraising expenses
$0
Program service expenses (Part III)
not reported

Program services were 0.0% 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.

  • 2a · Program service revenue: RENTAL REVENUE - MAGNE

    total $728,000 · related or exempt $728,000

  • 3 · Investment income

    total $38 · excluded $38

Functional expenses

Part IX, the statement of functional expenses.

  • 11a · Fees: management

    total $30,000 · management and general $30,000

  • 11g · Fees: other

    total $14,934 · management and general $14,934

  • 20 · Interest

    total $172,738 · management and general $172,738

  • 22 · Depreciation, depletion and amortization

    total $374,342 · management and general $374,342

  • 24a · Other expenses: FACILITIES

    total $452,513 · management and general $452,513

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $480,899 · end of year $464,135

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

    $15,210,383

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

    $640,678

  • 10c · Land, buildings and equipment, net

    beginning of year $14,944,046 · end of year $14,569,705

  • 17 · Accounts payable and accrued expenses

    beginning of year $42,839 · end of year $49,320

  • 24 · Unsecured notes and loans payable

    beginning of year $15,495,812 · end of year $15,414,715

  • 27 · Net assets without donor restrictions

    beginning of year -$113,706 · end of year -$430,195

Mission and programs · 2023

Mission

CONDUCTING OR SUPPORTING ACTIVITIES FOR THE PURPOSES OF INCREASING SUPPORT FOR MANUFACTURING ADVOCACY AND GROWTH NETWORK INC. (MAGNET,) INCREASING COMMUNITY INVOLVEMENT WITH AND SUPPORT FOR MAGNET, AND PROMOTING THE FACILITIES OF MAGNET, ACCEPTING AND EXPENDING FUNDS IN SUPPORT OF SUCH ACTIVITIES, AND DOING ALL THINGS NECESSARY OR APPROPRIATE IN ORDER TO ACCOMPLISH THE FOREGOING PURPOSES.

Activities or mission (Part I)

AN ORGANIZATION PROVIDING SUPPORT FOR MANUFACTURERS IN NORTHEAST OHIO

  • PROVIDING SUPPORT FOR MANUFACTURING ADVOCACY AND GROWTH NETWORK INC. (MAGNET,) INCREASING COMMUNITY INVOLVEMENT WITH AND SUPPORT FOR MAGNET, AND PROMOTING THE FACILITIES OF MAGNET, ACCEPTING AND EXPENDING FUNDS IN SUPPORT OF SUCH ACTIVITIES, AND DOING ALL THINGS NECESSARY OR APPROPRIATE IN ORDER TO ACCOMPLISH THE FOREGOING PURPOSES.

    Revenue $728,000

As filed on the 2023 return. The filer continues this part on Schedule O, which is not shown here.

Listed in Part VII

  • ETHAN KARP

    PRESIDENT & DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • EDWARD KNEITEL

    TREASURER & DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • LEE CHILCOTE

    SECRETARY & DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • THEODORE EINHORN

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • SCOTT M SIMON

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

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.

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.

Provenance

Return type
form_990
Tax year
2023
Filed
15 May 2025
IRS schema version
2023v6.0
Source object
202541359349309064

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