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Nonprofiteer
← MAGIC JOHNSON FOUNDATION

Form 990 for tax year 2023

Filed by MAGIC JOHNSON FOUNDATION.

Totals

Total revenue
$1,092,927
Total expenses
$299,535
Contributions and grants received
$1,092,927
Grants paid
$190,000
Program service revenue
$0
Investment income
$0
Other revenue
$0
Total assets, end of year
$949,025
Total liabilities, end of year
$125,745
Net assets or fund balances, end of year
$823,280
Program services expenses (Part IX)
$285,032
Management and general expenses
$14,503
Fundraising expenses
$0
Program service expenses (Part III)
$285,032

Program services were 95.2% 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.

  • 1f · All other contributions, gifts and grants

    $1,092,927

Functional expenses

Part IX, the statement of functional expenses.

  • 1 · Grants to domestic organizations and governments

    total $135,000 · program services $135,000

  • 2 · Grants to domestic individuals

    total $55,000 · program services $55,000

  • 11b · Fees: legal

    total $2,728 · management and general $2,728

  • 11c · Fees: accounting

    total $3,338 · management and general $3,338

  • 12 · Advertising and promotion

    total $4,035 · management and general $4,035

  • 13 · Office expenses

    total $977 · management and general $977

  • 23 · Insurance

    total $3,350 · management and general $3,350

  • 24a · Other expenses: HOLIDAY EVENT EXPENSES

    total $95,032 · program services $95,032

  • 24b · Other expenses: TAXES AND LICENSES

    total $75 · management and general $75

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $29,888 · end of year $924,025

  • 4 · Accounts receivable

    beginning of year $0 · end of year $25,000

  • 17 · Accounts payable and accrued expenses

    beginning of year $0 · end of year $98,245

  • 18 · Grants payable

    beginning of year $0 · end of year $27,500

  • 29 · Capital stock, trust principal or current funds

    beginning of year $0 · end of year $0

  • 30 · Paid-in or capital surplus, or land, building or equipment fund

    beginning of year $0 · end of year $0

  • 31 · Retained earnings, endowment or other funds

    beginning of year $29,888 · end of year $823,280

Mission and programs · 2023

Mission

THE SPECIFIC PURPOSE OF THIS CORPORATION IS TO INITIATE AND SUPPORT PROGRAMS THAT HELP TO SERVE UNDERSERVED COMMUNITIES AND ENHANCE THE LIVES OF UNDERPRIVILEGED AND NEEDY INDIVIDUALS, AND TO INITIATE AND SUPPORT CHARITABLE PROGRAMS THAT FURTHER THE HEALTH AND EDUCATION OF THE PUBLIC.

  • HOLIDAY HOPE: PROVIDED HOLIDAY JOY TO FAMILIES IN NEED. MUCH NEEDED RESOURCES (FOOD, CLOTHES, TOY, BOOKS)

    Expenses $228,882 · Grants $135,000

  • THE EARVIN JOHNSON, SR. SCHOLARSHIP FUND: THE PROGRAM IS DESIGNED TO PROVIDE SUPPORT FOR DESERVING AFRICAN AMERICAN INCOMING FRESHMAN AT MICHIGAN STATE UNIVERSITY WHO EXEMPLIFY A STRONG COMMITMENT FOR ACADEMIC ACHIEVEMENT BUT FACE SOCIO-ECONOMIC CONDITIONS THAT HINDER THEM FROM REACHING THEIR FULL POTENTIAL.

    Expenses $55,000 · Grants $55,000

  • MAGIC OF CHRISTMAS INITIATIVE: THE PROGRAM IS DESIGNED TO PROVIDE SUPPORT, HOPE, AND A SENSE OF COMMUNITY TO THOSE IN NEED. OUR GOAL IS TO SPREAD JOY AND ALLEVIATE SOME OF THESE BURDENS FOR FAMILIES DURING THE HOLIDAYS.

    Expenses $1,150

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

Listed in Part VII

  • Earvin Johnson Jr

    BOARD CHAIR, PRESIDENT, DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • Kawanna Brown

    TREASURER, DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • Earletha Johnson

    SECRETARY, 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

Provenance

Return type
form_990
Tax year
2023
Filed
28 October 2024
IRS schema version
2023v5.1
Source object
202423099349302482

Check it against the return as filed: the GivingTuesday Data Lake hosts a public copy of the original XML.

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