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Nonprofit · EIN 95-4307648

MAGBIT FOUNDATION

Tax-exempt · BEVERLY HILLS, CA 90212

Financials

$1.4M$850K2023$4.6M$2.2M2024
Revenue Expenses · by fiscal year end
Financials of MAGBIT FOUNDATION by year, from its e-filed returns
Year endedFormRevenueExpensesNet incomeTotal assetsLiabilitiesNet assets
December 31, 2024990$4,565,941$2,221,220$2,344,721$5,351,330$581$5,350,749
December 31, 2023990$1,407,554$850,390$557,164$3,009,129$3,101$3,006,028
Financial details: 990 for the year ended December 31, 2024

Revenue

Contributions, gifts and grants
$4,952,645
Program service revenue
$0
Investment income
$181,141
Net income from fundraising events
-$567,845
Other revenue
-$567,845

Expenses

Grants and similar amounts paid
$1,759,731
Compensation of officers, directors and key employees
$124,186
Salaries, compensation and benefits (total)
$346,858
Professional fundraising fees
$0
Legal fees
$9,183
Accounting fees
$5,540
Program services (functional)
$1,759,731
Management and general (functional)
$461,489

Balance sheet and other

Total assets, start of year
$3,009,129
Total assets, end of year
$5,351,330
Total liabilities, end of year
$581
Net assets, end of year
$5,350,749
Land, buildings and equipment
$7,480
Publicly traded securities
$1,948,507
Net assets without donor restrictions
$4,869,030
Net assets with donor restrictions
$481,719
Gross receipts
$5,133,786
Employees
1
Year formed
1991
State of legal domicile
CA

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.

NameTitleHours / weekCompensation
GINA ROFEEMEXECUTIVE DIREC
Trustee or director, Officer
40$124,186
Dora NazarianChairman
Trustee or director, Officer
1$0
Peter CohenVice President
Trustee or director, Officer
1$0
Doran AdhamiVice President
Trustee or director, Officer
1$0
Ebrahim SimhaeeChairman
Trustee or director, Officer
1$0
PAUL RAHIMIANTreasurer
Trustee or director, Officer
1$0
Hank DayaniPresident
Trustee or director, Officer
1$0
Emily KhaliliSecretary
Trustee or director, Officer
1$0
Tiffany Mikail BensadighVice President
Trustee or director, Officer
1$0
Josh SimhaeeTreasurer
Trustee or director, Officer
1$0
990 for the year ended December 31, 2023: 8 people
NameTitleHours / weekCompensation
GINA ROFEEMEXECUTIVE DIREC
Trustee or director, Officer
40$153,247
Dora NazarianChairman
Trustee or director, Officer
0$0
Peter CohenVice President
Trustee or director, Officer
0$0
Doran AdhamiVice President
Trustee or director, Officer
0$0
Ebrahim SimhaeeChairman
Trustee or director, Officer
0$0
PAUL RAHIMIANTreasurer
Trustee or director, Officer
1$0
Hank DayaniPresident
Trustee or director, Officer
0$0
Emily KhaliliSecretary
Trustee or director, Officer
0$0

Address and contacts

Address (IRS master file)
9420 WILSHIRE BLVD STE 400, BEVERLY HILLS, CA 90212-3151
Signed the 990
GINA ROFEEM, Executive Director
Phone
(310) 273-2233
Return prepared by
KELMAN & CHAN LLP

California records

California keeps its own records of charities and corporations. Search them by EIN 95-4307648 or by the name MAGBIT FOUNDATION.

Attorney General, Registry of Charities and Fundraisers
Registration status and filed reports (CT-TR-1, RRF-1)

Mission

THE SPECIFIC PURPOSE OF THE FOUNDATION IS TO PROVIDE AID TO AND TO SUPPORT JEWISH CAUSES AND CHARITIES.

990 for the year ended December 31, 2024

Program accomplishments

  • The "Israel at War and Iron Swords" campaigns proceeds are channeled to empower and uplift the Israeli community through verified and impactful initiatives and to the unattended cases of thousands of social workers whose daily job is to meet the impacted individuals, bereaved families of hostages, and injured and fallen soldiers in Israel.
    Expenses $1,492,131 · grants $1,492,131 · revenue $3,041,666
  • THE SPECIFIC PURPOSE OF THE FOUNDATION IS TO PROVIDE AID TO AND TO SUPPORT JEWISH CAUSES AND CHARITIES. TO CARRY OUT THE FOUNDATION'S EXEMPT PURPOSE, MAGBIT FOUNDATION HAS PROVIDED FUNDS TO MANY UNIVERSITIES AND COLLEGES.
    Expenses $267,600 · grants $267,600 · revenue $1,813,059

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 yearYear endedDueIRS public records
2025December 31, 2025May 15, 2026Not on file
2024December 31, 2024May 15, 2025990 on file
2023December 31, 2023May 15, 2024990 on file

IRS record

EIN
95-4307648
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
1991
Accounting year ends
December
Files
Form 990 or 990-EZ
Category (NTEE)
Unknown (Z99Z)
Assets (IRS master file)
$5,351,330
Income (IRS master file)
$5,133,786

Filing history

FormYear endedRevenueExpensesAssetsReturn
990December 2024$4,565,941$2,221,220$5,351,330IRS
990December 2023$1,407,554$850,390$3,009,129XML
990December 2022$1,679,698$501,357$2,448,864IRS
990December 2021–––IRS
990December 2020–––IRS
990December 2018–––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 95-4307648).

Questions about MAGBIT FOUNDATION

What is the EIN of MAGBIT FOUNDATION?
The employer identification number (EIN) of MAGBIT FOUNDATION is 95-4307648.
Is MAGBIT FOUNDATION tax-exempt?
Yes. The IRS lists it as tax-exempt under section 501(c)(3) since 1991.
Are donations to MAGBIT FOUNDATION tax-deductible?
Yes. It is listed in IRS Publication 78 (Public charity, 50% deduction limit).
Which annual return does MAGBIT 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 MAGBIT FOUNDATION 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 MAGBIT FOUNDATION last file with the IRS?
The latest return in the IRS public files is the 990 for the year ended December 2024.
Who are the officers and directors of MAGBIT FOUNDATION?
The 990 for the year ended December 31, 2024 lists 10 people; 1 received compensation from the organization, the highest $124,186 (GINA ROFEEM, EXECUTIVE DIREC).
How much revenue does MAGBIT FOUNDATION have?
On its 990 for the year ended December 31, 2024 it reported revenue of $4,565,941, expenses of $2,221,220 and total assets of $5,351,330 at year end.

Other nonprofits in BEVERLY HILLS

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