Nonprofit · EIN 85-4188860
MAGNET LENDING CORPORATION
Tax-exempt · LANSING, MI 48906
Financials
| Year ended | Form | Revenue | Expenses | Net income | Total assets | Liabilities | Net assets |
|---|---|---|---|---|---|---|---|
| December 31, 2024 | 990 | $1,930,996 | $414,575 | $1,516,421 | $13,606,021 | $10,243,069 | $3,362,952 |
| December 31, 2023 | 990 | $4,238,819 | $178,499 | $4,060,320 | $8,657,031 | $1,737,279 | $6,919,752 |
Financial details: 990 for the year ended December 31, 2024
Revenue
- Contributions, gifts and grants
- $1,262,654
- of which government grants
- $1,262,654
- Program service revenue
- $191,580
- Investment income
- $476,762
- Other revenue
- $0
Expenses
- Grants and similar amounts paid
- $0
- Salaries, compensation and benefits (total)
- $0
- Professional fundraising fees
- $0
- Legal fees
- $26,889
- Accounting fees
- $3,500
- Depreciation
- $4,964
- Program services (functional)
- $414,575
Balance sheet and other
- Total assets, start of year
- $8,657,031
- Total assets, end of year
- $13,606,021
- Total liabilities, end of year
- $10,243,069
- Net assets, end of year
- $3,362,952
- Land, buildings and equipment
- $5,062
- Net assets without donor restrictions
- $2,085,293
- Net assets with donor restrictions
- $1,277,659
- Gross receipts
- $1,930,996
- Employees
- 0
- Volunteers
- 0
- Year formed
- 2020
- State of legal domicile
- MI
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 for the year ended December 31, 2024, highest compensation first.
| Name | Title | Hours / week | Compensation | From related orgs | Other / benefits |
|---|---|---|---|---|---|
| ERIC HANNA | PRESIDENT & CEO; DIRECTOR Trustee or director, Officer | 2 | $0 | $265,619 | $39,267 |
| ADRIANNE JENKINS | CFO / COO Officer | 4 | $0 | $207,862 | $33,371 |
| MARILYN CHRUMKA | VICE PRESIDENT OF DEVELOPM Officer | 1 | $0 | $171,463 | $19,740 |
| ELISABETH ALEXANDRIAN | VICE PRESIDENT OF COMPLIAN Officer | 10 | $0 | $130,606 | $34,087 |
| BRANDON MILLER | DIRECTOR OF PROPERTY MAINT Officer | 1 | $0 | $127,404 | $28,496 |
| MARK MORANTE | CHAIRPERSON Trustee or director, Officer | 1 | $0 | $0 | $0 |
| MARY KING | VICE CHAIRPERSON Trustee or director, Officer | 1 | $0 | $0 | $0 |
| JAMIE SCHRINER | TREASURER Trustee or director, Officer | 1 | $0 | $0 | $0 |
| RICHARD HOSEY | SECRETARY Trustee or director, Officer | 1 | $0 | $0 | $0 |
| KARL DORSHIMER | DIRECTOR Trustee or director | 1 | $0 | $0 | $0 |
| MARK MCDANIEL | DIRECTOR Trustee or director | 1 | $0 | $0 | $0 |
| ELISSA SANGALLI | DIRECTOR Trustee or director | 1 | $0 | $0 | $0 |
| MARIA VENTURA | DIRECTOR Trustee or director | 1 | $0 | $0 | $0 |
| KARA WOOD | DIRECTOR Trustee or director | 1 | $0 | $0 | $0 |
| DOUG BARCY | DIRECTOR Trustee or director | 1 | $0 | $0 | $0 |
3 more people on this return
| Name | Title | Hours / week | Compensation |
|---|---|---|---|
| JIM ANANICH | DIRECTOR Trustee or director | 1 | $0 |
| STEPHANIE OSTERLAND | DIRECTOR Trustee or director | 1 | $0 |
| BRAD HEFFNER | DIRECTOR Trustee or director | 1 | $0 |
990 for the year ended December 31, 2023: 18 people
| Name | Title | Hours / week | Compensation | From related orgs | Other / benefits |
|---|---|---|---|---|---|
| ERIC HANNA | PRESIDENT & CEO; DIRECTOR Trustee or director, Officer | 2 | $0 | $244,209 | $37,435 |
| ADRIANNE JENKINS | CFO / COO Officer | 4 | $0 | $196,456 | $33,133 |
| MARILYN CHRUMKA | VICE PRESIDENT OF DEVELOPM Officer | 1 | $0 | $162,190 | $18,619 |
| ELISABETH ALEXANDRIAN | VICE PRESIDENT OF COMPLIAN Officer | 10 | $0 | $121,320 | $32,645 |
| BRANDON MILLER | DIRECTOR OF PROPERTY MAINT Officer | 1 | $0 | $119,111 | $26,666 |
| MARK MORANTE | CHAIRPERSON Trustee or director, Officer | 1 | $0 | $0 | $0 |
| MARY KING | VICE CHAIRPERSON Trustee or director, Officer | 1 | $0 | $0 | $0 |
| JAMIE SCHRINER | TREASURER Trustee or director, Officer | 1 | $0 | $0 | $0 |
| RICHARD HOSEY | SECRETARY Trustee or director, Officer | 1 | $0 | $0 | $0 |
| KARL DORSHIMER | DIRECTOR Trustee or director | 1 | $0 | $0 | $0 |
| MARK MCDANIEL | DIRECTOR Trustee or director | 1 | $0 | $0 | $0 |
| ELISSA SANGALLI | DIRECTOR Trustee or director | 1 | $0 | $0 | $0 |
| MARIA VENTURA | DIRECTOR Trustee or director | 1 | $0 | $0 | $0 |
| KARA WOOD | DIRECTOR Trustee or director | 1 | $0 | $0 | $0 |
| DOUG BARCY | DIRECTOR Trustee or director | 1 | $0 | $0 | $0 |
| JIM ANANICH | DIRECTOR Trustee or director | 1 | $0 | $0 | $0 |
| STEPHANIE OSTERLAND | DIRECTOR Trustee or director | 1 | $0 | $0 | $0 |
| BRAD HEFFNER | DIRECTOR Trustee or director | 1 | $0 | $0 | $0 |
Address and contacts
- Address (IRS master file)
- 502 E CESAR E CHAVEZ AVE SUITE A, LANSING, MI 48906-4437
- Principal officer (990 for 2024)
- ADRIANNE JENKINS, 502 E CESAR E CHAVEZ AVE SUITE A, LANSING, MI 48906
- Signed the 990
- ADRIANNE JENKINS, CFO / COO
- Phone
- (517) 334-0545
- Return prepared by
- PLANTE & MORAN PLLC
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.
Program accomplishments
- LOAN ISSUANCEExpenses $414,575 · revenue $191,580
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 December, so each return is due on the 15th day of the 5th month after that.
| Tax year | Year ended | Due | IRS public records |
|---|---|---|---|
| 2025 | December 31, 2025 | May 15, 2026 | Not on file |
| 2024 | December 31, 2024 | May 15, 2025 | 990 on file |
| 2023 | December 31, 2023 | May 15, 2024 | 990 on file |
IRS record
- EIN
- 85-4188860
- Tax-exempt status
- 501(c)(3): Charitable, religious, educational or scientific organization
- Foundation status
- Publicly supported organization (509(a)(2))
- Donations deductible (Pub 78)
- Public charity, 50% deduction limit
- Exempt since
- 2021
- Accounting year ends
- December
- Files
- Form 990 or 990-EZ
- Category (NTEE)
- Community improvement and capacity building (S31)
- Assets (IRS master file)
- $13,606,021
- Income (IRS master file)
- $1,930,996
Filing history
| Form | Year ended | Revenue | Expenses | Assets | Return |
|---|---|---|---|---|---|
| 990 | December 2024 | $1,930,996 | $414,575 | $13,606,021 | XML |
| 990 | December 2023 | $4,238,819 | $178,499 | $8,657,031 | XML |
| 990 | December 2022 | $157,066 | $3,488 | $2,903,549 | IRS |
| 990 | December 2021 | – | – | – | IRS |
| 990 | December 2020 | – | – | – | 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 85-4188860).
Questions about MAGNET LENDING CORPORATION
- What is the EIN of MAGNET LENDING CORPORATION?
- The employer identification number (EIN) of MAGNET LENDING CORPORATION is 85-4188860.
- Is MAGNET LENDING CORPORATION tax-exempt?
- Yes. The IRS lists it as tax-exempt under section 501(c)(3) since 2021.
- Are donations to MAGNET LENDING CORPORATION tax-deductible?
- Yes. It is listed in IRS Publication 78 (Public charity, 50% deduction limit).
- Which annual return does MAGNET LENDING CORPORATION 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 MAGNET LENDING CORPORATION due?
- The return for tax year 2025 (the year ending December 31, 2025) is due May 15, 2026. Form 8868 extends it by six months; the 990-N cannot be extended.
- When did MAGNET LENDING CORPORATION last file with the IRS?
- The latest return in the IRS public files is the 990 for the year ended December 2024.
- Who is the principal officer of MAGNET LENDING CORPORATION?
- The 990 for the year ended December 31, 2024 names ADRIANNE JENKINS.
- Who are the officers and directors of MAGNET LENDING CORPORATION?
- The 990 for the year ended December 31, 2024 lists 18 people; 0 received compensation from the organization.
- How much revenue does MAGNET LENDING CORPORATION have?
- On its 990 for the year ended December 31, 2024 it reported revenue of $1,930,996, expenses of $414,575 and total assets of $13,606,021 at year end.
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All nonprofits in LANSING · Michigan · Community improvement and capacity building