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Nonprofit · EIN 26-2530146

ACADEMIC MAGNET FOUNDATION

Also known as NONE

Tax-exempt (reinstated) · N CHARLESTON, SC 29405

Financials

$75K$85K2022$77K$69K2023$97K$79K2024
Revenue Expenses · by fiscal year end
Financials of ACADEMIC MAGNET FOUNDATION by year, from its e-filed returns
Year endedFormRevenueExpensesNet incomeTotal assetsLiabilitiesNet assets
July 31, 2025990-EZ$96,754$79,235$17,519$247,987$24,584$223,403
July 31, 2024990-EZ$76,784$68,687$8,097$224,031$18,147$205,884
July 31, 2023990-EZ$75,006$85,171-$10,165$206,723$8,936$197,787
Financial details: 990-EZ for the year ended July 31, 2025

Revenue

Contributions, gifts and grants
$92,142
Investment income
$4,879
Net gain from sales of assets
$2,799
Net income from fundraising events
-$3,066

Expenses

Compensation of officers, directors and key employees
$0
Professional fees and payments to contractors
$1,623
Other expenses
$77,612
Program services (functional)
$77,008

Balance sheet and other

Total assets, start of year
$224,031
Total assets, end of year
$247,987
Total liabilities, end of year
$24,584
Net assets, end of year
$223,403
Cash, savings and investments
$247,987
Gross receipts
$99,820

From the e-filed returns the IRS publishes as XML (latest three processing years; amended returns replace the original). PDF copies at the IRS.

Officers, directors and key employees

As listed on the 990-EZ for the year ended July 31, 2025, highest compensation first.

NameTitleHours / weekCompensation
CHAD TIPPEYTREASURER0$0
CHARLES CLAUSBOARD CHAIR0$0
JACOB PERIMUTTERPRINCIPAL0$0
JENNY HEICHELBECHSECRETARY0$0
ASHLEY WARNOCKBOARD MEMBER0$0
DANIEL FLESSASBOARD MEMBER0$0
NEVES RICHARDSBOARD MEMBER0$0
JESSICA BROWNINGBOARD MEMBER0$0
REBECCA MARTINBOARD MEMBER0$0
LYNN VAN TIEMBOARD MEMBER0$0
990-EZ for the year ended July 31, 2024: 9 people
NameTitleHours / weekCompensation
CHAD TIPPEYTREASURER0$0
CHARLES CLAUSBOARD CHAIR0$0
JACOB PERIMUTTERPRINCIPAL0$0
JAY MEYERSECRETARY0$0
HELEN ANN HARPERBOARD MEMBER0$0
JENNY HEICHELBECHBOARD MEMBER0$0
NEVES RICHARDSBOARD MEMBER0$0
JESSICA BROWNINGBOARD MEMBER0$0
MATT WINEBRENNERBOARD MEMBER0$0
990-EZ for the year ended July 31, 2023: 10 people
NameTitleHours / weekCompensation
CHAD TIPPEYTREASURER0$0
JASON DAIGLEBOARD CHAIR0$0
JACOB PERIMUTTERPRINCIPAL0$0
JAY MEYERSECRETARY0$0
CHARLES CLAUSBOARD MEMBER0$0
HELEN ANN HARPERBOARD MEMBER0$0
JENNY HEICHELBECHBOARD MEMBER0$0
NEVES RICHARDSBOARD MEMBER0$0
JESSICA BROWNINGBOARD MEMBER0$0
MATT WINEBRENNERBOARD MEMBER0$0

Address and contacts

Address (IRS master file)
5109A W ENTERPRISE ST, N CHARLESTON, SC 29405-4066
Signed the 990-EZ
CHARLES CLAUS, BOARD CHAIR
Phone
(843) 722-7330
Return prepared by
VERIS LLC

Mission

THE ACADEMIC MAGNET FOUNDATION (AMF) EXISTS TO SAFEGUARD THE MISSION OF ACADEMIC MAGNET HIGH SCHOOL (AMHS) WITH READILY AVAILABLE FINANCIAL BACKING AND HUMAN CAPITAL TO ENSURE THAT ITS STUDENTS ARE PREPARED TO THRIVE IN AN INCREASINGLY COMPETITIVE GLOBAL COMMUNITY. ACADEMIC MAGNET HIGH SCHOOL SEEKS TO DELIVER A RIGOROUS CURRICULUM, STATE-OF-THE-ART FACILITIES AND AN ENGAGING, COMMITTED FACULTY TO FOSTER LOVE OF SCHOLARSHIP, LEADERSHIP AND SOCIAL RESPONSIBILTY. BY PLANNING FOR AND RESPONDING TO THE DYNAMIC NEEDS OF OUR STUDENTS AND FACULTY, THE FOUNDATION'S VISION IS TO PRESERVE THE LONG-TERM EXCELLENCE OF THE AMHS COMMUNITY BY SUPPORTING LEADING-EDGE ACADEMIC AND ARTS ENRICHMENT OPPORTUNITIES AND PREPARE OUR STUDENTS TO BECOME SUCCESSFUL AND PRODUCTIVE CITIZENS OF THE WORLD. THE AMF'S RESOURCES, INCLUDING COMMUNITY AND BUSINESS PARTNERSHIPS, WILL PROVIDE DISCRETIONARY CAPITAL INDEPENDENT OF BUT TRANSPARENT TO THE CHARLESTON COUNTY SCHOOL DISTRICT.

990-EZ for the year ended July 31, 2025

Program accomplishments

  • TO PROVIDE FUNDING FOR CLASSROOM/FACULTY NEEDS/CURRICULUM ENRICHMENT/COLLEGE PREP ENHANCEMENT SERVICES
    Expenses $15,258
  • TO PROVIDE FUNDING FOR SUMMER SCHOLARS
    Expenses $19,677
  • TO PROVIDE FUNDING FOR FACULTY DEVELOPMENT
    Expenses $673
  • TO PROVIDE SCHOLARSHIP FUNDS TO FURTHER STUDENTS EDUCATION.
    Expenses $41,400
  • TO PROVIDE SUPPORT TO THE PARENTS AND TEACHERS 501C3 ORGANIZATION:PARTNERS IN EDUCATION

What it must file and when

IRS records say it files Form 990 or 990-EZ. Based on its last return; a smaller organization may file the 990-N. Its accounting year ends in July, so each return is due on the 15th day of the 5th month after that.

Tax yearYear endedDueIRS public records
2025July 31, 2026December 15, 2026Not due yet
2024July 31, 2025December 15, 2025990-EZ on file
2023July 31, 2024December 16, 2024990-EZ on file

File the 2025 990-EZ for ACADEMIC MAGNET FOUNDATION

Due December 15, 2026 · e-filed with the IRS by 990.tax, an IRS-authorized e-file provider

IRS record

EIN
26-2530146
Tax-exempt status
501(c)(3): Charitable, religious, educational or scientific organization
Foundation status
Publicly supported organization (170(b)(1)(A)(vi))
Donations deductible (Pub 78)
Public charity, 50% deduction limit
Exempt since
2014
Accounting year ends
July
Files
Form 990 or 990-EZ
Category (NTEE)
Education (B19)
Assets (IRS master file)
$247,987
Income (IRS master file)
$99,820

Revocation and reinstatement

Exemption revoked
May 15, 2011
Posted by the IRS
October 21, 2013
Reinstated
Effective May 15, 2011

From the IRS automatic revocation list: organizations that did not file a required return or e-Postcard for three consecutive years.

Filing history

FormYear endedRevenueExpensesAssetsReturn
990-EZJuly 2025$96,754$79,235$247,987XML
990-EZJuly 2024$76,784$68,687$224,031XML
990-EZJuly 2023$75,006$85,171$206,723XML
990-EZJuly 2022–––IRS
990-EZJuly 2021–––IRS
990-EZJuly 2020–––IRS
990-EZJuly 2019–––IRS

990-N: the IRS bulk file holds only the latest e-Postcard per organization; earlier years come from archived copies of that file since 2020 and can have gaps (the IRS e-Postcard search lists every one). 990, 990-EZ, 990-PF, 990-T: every e-filed return in the IRS e-file index since 2019; XML for the latest three processing years, amounts from the IRS Statistics of Income extracts before that. PDF copies and determination letters at the IRS (search EIN 26-2530146).

Questions about ACADEMIC MAGNET FOUNDATION

What is the EIN of ACADEMIC MAGNET FOUNDATION?
The employer identification number (EIN) of ACADEMIC MAGNET FOUNDATION is 26-2530146.
Is ACADEMIC MAGNET FOUNDATION tax-exempt?
Yes. The IRS revoked its exemption on May 15, 2011 and reinstated it effective May 15, 2011.
Are donations to ACADEMIC MAGNET FOUNDATION tax-deductible?
Yes. It is listed in IRS Publication 78 (Public charity, 50% deduction limit).
Which annual return does ACADEMIC MAGNET FOUNDATION file?
Form 990 or 990-EZ. Based on its last return; a smaller organization may file the 990-N.
When is the next return of ACADEMIC MAGNET FOUNDATION due?
The return for tax year 2025 (the year ending July 31, 2026) is due December 15, 2026. Form 8868 extends it by six months; the 990-N cannot be extended.
When did ACADEMIC MAGNET FOUNDATION last file with the IRS?
The latest return in the IRS public files is the 990-EZ for the year ended July 2025.
Who are the officers and directors of ACADEMIC MAGNET FOUNDATION?
The 990-EZ for the year ended July 31, 2025 lists 10 people; 0 received compensation from the organization.
How much revenue does ACADEMIC MAGNET FOUNDATION have?
On its 990-EZ for the year ended July 31, 2025 it reported revenue of $96,754, expenses of $79,235 and total assets of $247,987 at year end.

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