Form 990 for tax year 2024
Filed by MAGNOLIA EDUCATIONAL & RESEARCH FOUNDATION.
Totals
- Total revenue
- $86,364,539
- Total expenses
- $84,439,598
- Contributions and grants received
- $86,261,072
- Grants paid
- $478,327
- Program service revenue
- $0
- Investment income
- $103,467
- Other revenue
- $0
- Total assets, end of year
- $100,711,421
- Total liabilities, end of year
- $92,111,932
- Net assets or fund balances, end of year
- $8,599,489
- Program services expenses (Part IX)
- $54,642,205
- Management and general expenses
- $29,797,393
- Fundraising expenses
- $0
- Program service expenses (Part III)
- $54,642,205
Program services were 64.7% 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)
$79,683,275
-
1f · All other contributions, gifts and grants
$6,577,797
-
3 · Investment income
total $103,467 · excluded $103,467
Functional expenses
Part IX, the statement of functional expenses.
-
1 · Grants to domestic organizations and governments
total $478,327 · program services $478,327
-
5 · Compensation of officers, directors and key employees
total $940,473 · program services $375,370 · management and general $565,103
-
7 · Other salaries and wages
total $39,798,942 · program services $25,902,847 · management and general $13,896,095
-
9 · Other employee benefits
total $5,829,881 · program services $5,749,844 · management and general $80,037
-
10 · Payroll taxes
total $10,507,575 · program services $7,637,780 · management and general $2,869,795
-
11b · Fees: legal
total $361,708 · management and general $361,708
-
11c · Fees: accounting
total $92,772 · management and general $92,772
-
11g · Fees: other
total $2,968,416 · management and general $2,968,416
-
12 · Advertising and promotion
total $430,891 · management and general $430,891
-
13 · Office expenses
total $1,085,081 · program services $483,980 · management and general $601,101
-
14 · Information technology
total $537,360 · program services $537,360
-
16 · Occupancy
total $6,123,837 · program services $254,554 · management and general $5,869,283
-
17 · Travel
total $203,550 · management and general $203,550
-
19 · Conferences, conventions and meetings
total $9,974 · management and general $9,974
-
20 · Interest
total $2,611,841 · program services $2,611,841
-
22 · Depreciation, depletion and amortization
total $1,248,283 · program services $1,248,283
-
23 · Insurance
total $794,648 · management and general $794,648
-
24a · Other expenses: STUDENT ACTIVITIES
total $2,201,047 · program services $2,201,047
-
24b · Other expenses: SPECIAL EDUCATION
total $1,842,896 · program services $1,842,896
-
24c · Other expenses: AMORTIZATION - RIGHT OF
total $1,576,254 · program services $1,576,254
-
24d · Other expenses: BOOKS AND OTHER MATERIA
total $1,007,173 · program services $1,007,173
-
24e · All other expenses
total $3,788,669 · program services $2,734,649 · management and general $1,054,020
Balance sheet
Part X, book values.
-
1 · Cash, non-interest-bearing
beginning of year $43,849,745 · end of year $25,753,619
-
4 · Accounts receivable
end of year $10,555,437
-
9 · Prepaid expenses and deferred charges
beginning of year $581,649 · end of year $566,747
-
10a · Land, buildings and equipment: cost or other basis
$68,550,880
-
10b · Land, buildings and equipment: accumulated depreciation
$12,285,020
-
10c · Land, buildings and equipment, net
beginning of year $29,341,282 · end of year $56,265,860
-
13 · Investments: program-related
end of year $2,928,471
-
15 · Other assets
beginning of year $2,285,453 · end of year $4,641,287
-
17 · Accounts payable and accrued expenses
beginning of year $49,904,987 · end of year $9,055,698
-
23 · Secured mortgages and notes payable
beginning of year $3,754,036 · end of year $13,454,189
-
24 · Unsecured notes and loans payable
beginning of year $16,551,798 · end of year $13,739,916
-
25 · Other liabilities
beginning of year $2,101,231 · end of year $55,862,129
-
27 · Net assets without donor restrictions
beginning of year $3,746,077 · end of year $8,599,489
Mission and programs · 2024
Mission
MAGNOLIA PUBLIC SCHOOLS PROVIDES A COLLEGE PREPARATORY EDUCATIONAL PROGRAM EMPHASIZING SCIENCE, TECHNOLOGY, ENGINEERING, ARTS, AND MATHEMATICS (STEAM) IN A SAFE ENVIRONMENT THAT CULTIVATES RESPECT FOR SELF AND OTHERS.
Activities or mission (Part I)
MAGNOLIA PUBLIC SCHOOLS PROVIDES A COLLEGE PREPARATORY EDUCATIONAL PROGRAM IN A SAFE ENVIRONMENT.
-
MAGNOLIA EDUCATIONAL AND RESEARCH FOUNDATION (MERF) OPERATES TEN MAGNOLIA SCIENCE ACADEMIES (MSA) SERVING 3,794 STUDENTS IN GRADES KINDERGARTEN THROUGH TWELVE THROUGHOUT CALIFORNIA. THE ORGANIZATION IS 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. TO ENSURE STUDENTS HAVE THE TOOLS TO SUCCEED, THE ORGANIZATION OFFER THE FOLLOWING PROGRAMS, WHICH ARE MOSTLYFREE OF CHARGE:-ACADEMIC PROGRAMS-STUDENT SUPPORT PROGRAMS-AFTER SCHOOL PROGRAMS-PARENT INVOLVEMENT PROGRAMS
Expenses $54,642,205 · Grants $478,327
As filed on the 2024 return. The filer continues this part on Schedule O, which is not shown here.
Listed in Part VII
-
Sandra CovarrubiasSANDRA COVARRUBIAS
VICE CHAIR
- Total calculated
- $0
- Hours/week
- 2 + 2 related
-
Mekan MuhammedovMEKAN MUHAMMEDOV
CHAIR
- Total calculated
- $0
- Hours/week
- 2 + 2 related
-
Umit Yapenel PhDUMIT YAPENEL PHD
DIRECTOR
- Total calculated
- $0
- Hours/week
- 2
-
Diane GonzalezDIANE GONZALEZ
DIRECTOR
- Total calculated
- $0
- Hours/week
- 2
-
Salih Dikbas Ph DSALIH DIKBAS PH D
DIRECTOR
- Total calculated
- $0
- Hours/week
- 2
-
Alfredo RubalcavaALFREDO RUBALCAVA
CEO
- Total calculated
- $287,563
- From this org
- $267,271
- From related orgs
- $0
- Other
- $20,292
- Hours/week
- 40 + 2 related
Schedule J breakdown matched by us
- Base
- $267,271
- Bonus
- $0
- Other
- $0
- Deferred
- $0
- Nontaxable benefits
- $20,292
- Filer's total
- $287,563
-
Steve BudhrajaSTEVE BUDHRAJA
CHIEF FINANCIAL OFFICER
- Total calculated
- $218,694
- From this org
- $205,166
- From related orgs
- $0
- Other
- $13,528
- Hours/week
- 40 + 2 related
Schedule J breakdown matched by us
- Base
- $205,166
- Bonus
- $0
- Other
- $0
- Deferred
- $0
- Nontaxable benefits
- $13,528
- Filer's total
- $218,694
-
Erdinc AcarERDINC ACAR
DEPUTY SUPERINTENDENT
- Total calculated
- $235,642
- From this org
- $215,350
- From related orgs
- $0
- Other
- $20,292
- Hours/week
- 40
Schedule J breakdown matched by us
- Base
- $215,350
- Bonus
- $0
- Other
- $0
- Deferred
- $0
- Nontaxable benefits
- $20,292
- Filer's total
- $235,642
-
Gokhan SerceGOKHAN SERCE
CHIEF ACADEMIC OFFICER
- Total calculated
- $198,574
- From this org
- $187,492
- From related orgs
- $0
- Other
- $11,082
- Hours/week
- 40
Schedule J breakdown matched by us
- Base
- $187,492
- Bonus
- $0
- Other
- $0
- Deferred
- $0
- Nontaxable benefits
- $11,082
- Filer's total
- $198,574
-
Patrick Anton OntiverosPATRICK ANTON ONTIVEROS
CHIEF FACILITY OFFICER
- Total calculated
- $217,904
- From this org
- $197,612
- From related orgs
- $0
- Other
- $20,292
- Hours/week
- 40 + 2 related
Schedule J breakdown matched by us
- Base
- $197,612
- Bonus
- $0
- Other
- $0
- Deferred
- $0
- Nontaxable benefits
- $20,292
- Filer's total
- $217,904
-
Suat AcarSUAT ACAR
CHIEF OPERATING OFFICER
- Total calculated
- $220,945
- From this org
- $200,653
- From related orgs
- $0
- Other
- $20,292
- Hours/week
- 40
Schedule J breakdown matched by us
- Base
- $200,653
- Bonus
- $0
- Other
- $0
- Deferred
- $0
- Nontaxable benefits
- $20,292
- Filer's total
- $220,945
-
David E YilmazDAVID E YILMAZ
CHIEF ACCOUNTABILITY OFFICER
- Total calculated
- $214,316
- From this org
- $194,024
- From related orgs
- $0
- Other
- $20,292
- Hours/week
- 40
Schedule J breakdown matched by us
- Base
- $194,024
- Bonus
- $0
- Other
- $0
- Deferred
- $0
- Nontaxable benefits
- $20,292
- Filer's total
- $214,316
-
Dr Brenda OlivaresDR BRENDA OLIVARES
CHIEF EXTERNAL OFFICER
- Total calculated
- $189,907
- From this org
- $169,615
- From related orgs
- $0
- Other
- $20,292
- Hours/week
- 40
Schedule J breakdown matched by us
- Base
- $169,615
- Bonus
- $0
- Other
- $0
- Deferred
- $0
- Nontaxable benefits
- $20,292
- Filer's total
- $189,907
-
Yezenia Del CarpioYEZENIA DEL CARPIO
CHIEF PEOPLE OFFICER
- Total calculated
- $210,145
- From this org
- $181,791
- From related orgs
- $0
- Other
- $28,354
- Hours/week
- 40
Schedule J breakdown matched by us
- Base
- $181,791
- Bonus
- $0
- Other
- $0
- Deferred
- $8,062
- Nontaxable benefits
- $20,292
- Filer's total
- $210,145
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
- 3 · Approval by the board or compensation committee
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
-
MAGNOLIA PROPERTIES MANAGEMENT INC
$478,327
FOR USE IN FOUNDATION PROGRAMS
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.
-
MAGNOLIA PROPERTIES MANAGEMENT
501(C)(3) · EDUCATIONAL FACILITIES · CA · controlled entity
Directly controlled by MAGNOLIA EDUCATIONAL AND RESEARCH FOUNDATION
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.
-
PROPERTY HOLDING LLC · CA · income $23,982 · assets $3,560,424
Directly controlled by MAGNOLIA EDUCATIONAL AND RESEARCH FOUNDATION
Provenance
- Return type
- form_990
- Tax year
- 2024
- Filed
- 12 May 2026
- IRS schema version
- 2024v5.5
- Source object
- 202601339349307600
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