Nonprofit · EIN 88-2834792
MAGNET QALICB INC
Tax-exempt · CLEVELAND, OH 44103
Financials
| Year ended | Form | Revenue | Expenses | Net income | Total assets | Liabilities | Net assets |
|---|---|---|---|---|---|---|---|
| June 30, 2025 | 990 | $742,596 | $1,169,765 | -$427,169 | $14,476,218 | $15,333,582 | -$857,364 |
| June 30, 2024 | 990 | $728,038 | $1,044,527 | -$316,489 | $15,033,840 | $15,464,035 | -$430,195 |
| June 30, 2023 | 990 | $2,427,747 | $2,541,453 | -$113,706 | $15,424,945 | $15,538,651 | -$113,706 |
Financial details: 990 for the year ended June 30, 2025
Revenue
- Contributions, gifts and grants
- $0
- Program service revenue
- $742,560
- Investment income
- $36
- Other revenue
- $0
Expenses
- Grants and similar amounts paid
- $140,000
- Salaries, compensation and benefits (total)
- $0
- Professional fundraising fees
- $0
- Depreciation
- $384,778
- Program services (functional)
- $140,000
- Management and general (functional)
- $1,029,765
Balance sheet and other
- Total assets, start of year
- $15,033,840
- Total assets, end of year
- $14,476,218
- Total liabilities, end of year
- $15,333,582
- Net assets, end of year
- -$857,364
- Land, buildings and equipment
- $14,184,926
- Net assets without donor restrictions
- -$857,364
- Gross receipts
- $742,596
- Employees
- 0
- Volunteers
- 0
- Year formed
- 2022
- State of legal domicile
- OH
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 June 30, 2025, highest compensation first.
| Name | Title | Hours / week | Compensation | From related orgs | Other / benefits |
|---|---|---|---|---|---|
| ETHAN KARP | PRESIDENT & DIRECTOR Trustee or director, Officer | 1 | $0 | $559,167 | $37,193 |
| EDWARD KNEITEL | TREASURER & DIRECTOR (THROUGH 4/7/25) Trustee or director, Officer | 1 | $0 | $177,708 | $14,160 |
| DANIEL JACOBY | TREASURER & DIRECTOR (AS OF 4/7/25) Trustee or director, Officer | 1 | $0 | $34,722 | $1,088 |
| LEE CHILCOTE | SECRETARY & DIRECTOR Trustee or director, Officer | 1 | $0 | $0 | $0 |
| THEODORE EINHORN | DIRECTOR Trustee or director | 1 | $0 | $0 | $0 |
| SCOTT M SIMON | DIRECTOR Trustee or director | 1 | $0 | $0 | $0 |
990 for the year ended June 30, 2024: 5 people
| Name | Title | Hours / week | Compensation |
|---|---|---|---|
| ETHAN KARP | PRESIDENT & DIRECTOR Trustee or director, Officer | 1 | $0 |
| EDWARD KNEITEL | TREASURER & DIRECTOR Trustee or director, Officer | 1 | $0 |
| LEE CHILCOTE | SECRETARY & DIRECTOR Trustee or director, Officer | 1 | $0 |
| THEODORE EINHORN | DIRECTOR Trustee or director | 1 | $0 |
| SCOTT M SIMON | DIRECTOR Trustee or director | 1 | $0 |
990 for the year ended June 30, 2023: 5 people
| Name | Title | Hours / week | Compensation | From related orgs | Other / benefits |
|---|---|---|---|---|---|
| ETHAN KARP | PRESIDENT & DIRECTOR Trustee or director, Officer | 1 | $0 | $441,912 | $27,427 |
| EDWARD KNEITEL | TREASURER & DIRECTOR Trustee or director, Officer | 1 | $0 | $123,324 | $6,688 |
| LEE CHILCOTE | SECRETARY & DIRECTOR Trustee or director, Officer | 1 | $0 | $0 | $0 |
| THEODORE EINHORN | DIRECTOR Trustee or director | 1 | $0 | $0 | $0 |
| SCOTT M SIMON | DIRECTOR Trustee or director | 1 | $0 | $0 | $0 |
Address and contacts
- Address (IRS master file)
- 1800 E 63RD ST, CLEVELAND, OH 44103-3833
- Principal officer (990 for 2024)
- DANIEL JACOBY, 1800 EAST 63RD STREET, CLEVELAND, OH 44103
- Signed the 990
- DANIEL JACOBY, TREASURER
- Phone
- (216) 543-1222
- Return prepared by
- BOBER MARKEY FEDOROVICH & COMPANY
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.
Program accomplishments
- 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.Expenses $140,000 · grants $140,000 · revenue $742,560
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 June, so each return is due on the 15th day of the 5th month after that.
| Tax year | Year ended | Due | IRS public records |
|---|---|---|---|
| 2025 | June 30, 2026 | November 16, 2026 | Not due yet |
| 2024 | June 30, 2025 | November 17, 2025 | 990 on file |
| 2023 | June 30, 2024 | November 15, 2024 | 990 on file |
IRS record
- EIN
- 88-2834792
- Tax-exempt status
- 501(c)(3): Charitable, religious, educational or scientific organization
- Foundation status
- Supporting organization, Type I
- Donations deductible (Pub 78)
- Supporting organization, 50% limit
- Exempt since
- 2023
- Accounting year ends
- June
- Files
- Form 990 or 990-EZ
- Category (NTEE)
- Community improvement and capacity building (S11)
- Assets (IRS master file)
- $14,476,218
- Income (IRS master file)
- $742,596
Filing history
| Form | Year ended | Revenue | Expenses | Assets | Return |
|---|---|---|---|---|---|
| 990 | June 2025 | $742,596 | $1,169,765 | $14,476,218 | IRS |
| 990 | June 2024 | $728,038 | $1,044,527 | $15,033,840 | IRS |
| 990 | June 2023 | $2,427,747 | $2,541,453 | $15,424,945 | XML |
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 88-2834792).
Questions about MAGNET QALICB INC
- What is the EIN of MAGNET QALICB INC?
- The employer identification number (EIN) of MAGNET QALICB INC is 88-2834792.
- Is MAGNET QALICB INC tax-exempt?
- Yes. The IRS lists it as tax-exempt under section 501(c)(3) since 2023.
- Are donations to MAGNET QALICB INC tax-deductible?
- Yes. It is listed in IRS Publication 78 (Supporting organization, 50% limit).
- Which annual return does MAGNET QALICB INC 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 QALICB INC due?
- The return for tax year 2025 (the year ending June 30, 2026) is due November 16, 2026. Form 8868 extends it by six months; the 990-N cannot be extended.
- When did MAGNET QALICB INC last file with the IRS?
- The latest return in the IRS public files is the 990 for the year ended June 2025.
- Who is the principal officer of MAGNET QALICB INC?
- The 990 for the year ended June 30, 2025 names DANIEL JACOBY.
- Who are the officers and directors of MAGNET QALICB INC?
- The 990 for the year ended June 30, 2025 lists 6 people; 0 received compensation from the organization.
- How much revenue does MAGNET QALICB INC have?
- On its 990 for the year ended June 30, 2025 it reported revenue of $742,596, expenses of $1,169,765 and total assets of $14,476,218 at year end.
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All nonprofits in CLEVELAND · Ohio · Community improvement and capacity building