Magbit Foundation
The specific purpose of the foundation is to provide aid to and to support jewish causes and charities.
Magbit Foundation at a glance
In short: Magbit Foundation gave $71K across 6 grants in 2024 (avg $12K), top state California. Source: 2024 IRS Form 990.
- Annual giving (2024)
- $70,500
- -53.0% vs 2023
- Grants made (2024)
- 6
- -25.0% vs 2023
- Average grant
- $11,750
- -37.3% vs 2023
- Median grant
- $11,500
- Total assets
- $5,351,330
- +77.8% vs 2023
- Primary geography
- California (35% of itemized 2024 grant dollars)
- Latest 990 filing
- Form 990, 2024 View filing
Data from IRS Form 990, 2024; updated September 2026.
Who Magbit Foundation funds
How this funder distributes its grants
Top Recipients
Top 6 recipients in 2024
The largest 2024 recipient was Massachusetts Institute of Te ($15K). Together the top 6 received $71K.
Grant Size Distribution
42 grants across all recorded years
The most common grant size was under $50K: 38 grants of 42 (90%).
Geographic Focus
Where this funder awards grants
Grant Distribution by State
Share of 2024 grant dollars across all 6 itemized grants.
Cities
How Magbit Foundation gives
- Giving fell 49% from 2021 to 2024. Method
From the foundation's IRS Form 990 filings. Methodology.
Giving History
Giving Over Time
Total grant dollars and number of grants per year
From 2020 to 2024, annual grant giving ranged from $69K (2022) to $627K (2020). In 2024 it made 6 grants totaling $71K.
Grants by year
Grant recipients and amounts by year
| Recipient | Purpose | Amount |
|---|---|---|
| Massachusetts Institute of Te Cambridge, MA | — | $15,000 |
| UC Regents Oakland, CA | — | $15,000 |
| Creighton University Omaha, NE | — | $13,000 |
| Chamberlain University Palatine, IL | — | $10,000 |
| Stanford University Redwood City, CA | — | $10,000 |
| University of Colorado Aurora, CO | — | $7,500 |
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Financial History
Multi-year comparison from IRS filings
| Filing year | Total Assets | Revenue | Expenses | Grants paid | Grants | Net Investment Income |
|---|---|---|---|---|---|---|
| 2024 | $5,351,330 | $4,565,941 | $2,221,220 | $70,500 | 6 | $181,141 |
| 2023 | $3,009,129 | $1,407,554 | $850,390 | $150,000 | 8 | $73,140 |
| 2022 | $2,448,864 | $1,679,698 | $501,357 | $69,000 | 4 | $-20,587 |
| 2021 | $1,273,743 | $100,182 | $400,623 | $138,000 | 10 | $1,780 |
| 2020 | $1,572,243 | $139,133 | $914,775 | $627,270 | 14 | $21,278 |
About Magbit Foundation
Based on IRS filings
Magbit Foundation is a public charity, based in Beverly Hills, CA. IRS filing data is available from 2020 through 2024. As of 2024, the organization holds $5.4M in total assets. In 2024, it awarded 6 grants totaling $71K. Net investment income was $181K.
Leadership & Key People
Officers and directors from IRS filings
Magbit Foundation is led by Gina Rofeem, Executive Director on every filing since 2020; 1 of 10 officers listed in 2024 is compensated.
Officers on the 2024 filing
Gina Rofeem
Executive Director
On filings since 2020
40 hrs/week
$145K (2020) → $124K (2024)
Hank Dayani
President
On filings since 2023
1 hr/week
No compensation reported
Dora Nazarian
Chairman
On filings since 2023
1 hr/week
No compensation reported
Ebrahim Simhaee
Chairman
On filings since 2023
1 hr/week
No compensation reported
Paul Rahimian
Treasurer
On filings since 2020
1 hr/week
No compensation reported
Doran Adhami
Vice President
On filings since 2023
1 hr/week
No compensation reported
Emily Khalili
Secretary
On filings since 2023
1 hr/week
No compensation reported
Peter Cohen
Vice President
On filings since 2023
1 hr/week
No compensation reported
Josh Simhaee
Treasurer
New on the 2024 filing
1 hr/week
No compensation reported
Tiffany Mikail Bensadigh
Vice President
New on the 2024 filing
1 hr/week
No compensation reported
Former officers (6)
- Former: Arielle Mokhtarzadeh (2020–2022) — Secretary
- Former: Avi Cohen (2020–2022) — Vice President
- Former: Behrooz Broukhim MD (2020–2022) — Chairman
- Former: Benjamin Nazarian (2020–2022) — Chairman
- Former: Daniel Manzoor-Mandel (2020–2022) — Vice President
- Former: Sasha Farahi (2020–2022) — President
Data from IRS Form 990 filings, 2020–2024. "On filings since" is the earliest filing we hold that lists the person; hours are average hours per week as reported.
Compensation Overview
From 2024 IRS filing
The highest reported compensation on the 2024 filing was $124K, to Gina Rofeem (Executive Direc).
Frequently asked questions about Magbit Foundation
How much does Magbit Foundation give each year?
Magbit Foundation gave $71K across 6 grants in 2024, according to its 2024 IRS Form 990. In 2023 it gave $150K across 8 grants.
What is Magbit Foundation's typical grant size?
Magbit Foundation's median grant in 2024 was $11,500, and its average grant was $11,750, across 6 grants on its 2024 IRS Form 990.
Where does Magbit Foundation give grants?
Magbit Foundation's top state is California, with 35% of the grant dollars itemized on its 2024 IRS Form 990. The next largest states were Massachusetts (21%) and Nebraska (18%).
Who are Magbit Foundation's largest grantees?
Magbit Foundation's largest 2024 grantees include Massachusetts Institute of Te ($15,000), UC Regents ($15,000) and Creighton University ($13,000), according to its 2024 IRS Form 990. Together they received 61% of its itemized 2024 grant dollars.
How large is Magbit Foundation?
Magbit Foundation reported $5.4M in total assets on its 2024 IRS Form 990. Its revenue that year was $4.6M.
What is Magbit Foundation's EIN?
Magbit Foundation's EIN (Employer Identification Number) is 95-4307648. IRS Form 990 filing data is available on this page for 2020–2024.
Data last updated September 2026. Sourced from IRS Form 990 filings.
Data update history
(6)
When this profile's IRS filing data changed on Grantable
- Updated Form 990 for fiscal year 2020 (received by the IRS November 15, 2021)
- Updated Form 990 for fiscal year 2021 (received by the IRS November 15, 2022)
- Updated Form 990 for fiscal year 2022 (received by the IRS November 10, 2023)
- Updated Form 990 for fiscal year 2023 (received by the IRS November 14, 2024)
- Updated Form 990 for fiscal year 2024 (received by the IRS November 17, 2025)
- IRS filings on file for fiscal years 2020–2024
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Figures come from Magbit Foundation's IRS filings (methodology). AI-written summaries, news items and logos are not covered by the open licence. Spot an error? Email hello@grantable.co.
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