Magnolia Charitable Foundation

FLUSHING, NY EIN: 27-6620623

Magnolia Charitable Foundation is a private foundation focused on Philanthropy, Voluntarism & Grantmaking, based in FLUSHING, NY. IRS filing data is available from 2020 through 2024. As of 2024, the organization holds $4.1M in total assets. In 2024, it awarded 4 grants totaling $231K. Net investment income was $351K.

Financial Overview

From 2024 IRS Form 990-PF · View filing

Total Assets

$4.1M

+2.8% YoY

Annual Giving

$231K

+653.4% YoY

Grant Count

+100.0% YoY

Avg Grant Size

$58K

+276.7% YoY

Under IRS private-foundation payout rules, Magnolia Charitable Foundation reported a distributable amount of $201K for 2024 — the minimum it must pay out in qualifying distributions.

About Magnolia Charitable Foundation

Based on IRS filings

Focus Areas

Philanthropy, Voluntarism & Grantmaking

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Geographic Focus

Where this funder awards grants

Grant Distribution by State

New York $1.0M (100%)

States

New York

Cities

Flushing

Financial History

Multi-year comparison from IRS filings

Revenue

Expenses

Qualifying Distributions

Net Investment Income

Metric	2024	2023	2022
Total Assets	$4,136,270	$4,022,331	$3,687,261
Revenue	$355,190	$393,697	$546,044
Expenses	$241,251	$58,627	$453,696
Qualifying Distributions	$231,475	$31,547	$404,567
Net Investment Income	$351,485	$374,192	$544,669
Distributable Amount	$200,506	$200,095	$220,241

Giving Over Time

Total grant dollars and number of grants per year

Grant Insights

How this funder distributes its grants

Top Recipients

Top 4 recipients in 2024

Grant Size Distribution

14 grants across all recorded years

Giving History

Grant recipients and amounts by year

Among its reported 2024 grants, the largest include Rabbinical Seminary of America ($150,000), Keren Mugein Imoisheya ($60,000), Al Kanfei Nisharim ($20,150).

Recipient	Purpose	Amount
AL KANFEI NISHARIM FLUSHING, NY	RELIGIOUS PURPOSES	$20,150
KEREN MUGEIN IMOISHEYA FLUSHING, NY	RELIGIOUS PURPOSES	$60,000
RABBINICAL SEMINARY OF AMERICA FLUSHING, NY	RELIGIOUS PURPOSES	$150,000
MISC QUALIFYING CONTRIBUTIONS UNDER 1000 FLUSHING, NY	RELIGIOUS PURPOSES	$550

Leadership & Key People

Officers and directors from IRS filings

Compensation Overview

From 2024 IRS filing

From 2024 filing

Name	Title	Hours	Compensation
SELIG K SOLOMON	PRESIDENT	3	—
DAVID Z SOLOMON	TREASURER	1	—

Subject Areas

Focus areas based on grantmaking activity

Philanthropy, Voluntarism & Grantmaking

Frequently Asked Questions

What is Magnolia Charitable Foundation?

Magnolia Charitable Foundation is a private foundation focused on Philanthropy, Voluntarism & Grantmaking, based in FLUSHING, NY. It holds $4.1M in total assets as of 2024.

How large is Magnolia Charitable Foundation?

As of 2024, Magnolia Charitable Foundation holds $4.1M in total assets with $355K in annual revenue. It awarded 4 grants totaling $231K in 2024.

Where does Magnolia Charitable Foundation operate?

Magnolia Charitable Foundation has awarded grants in New York.

What size grants does Magnolia Charitable Foundation award?

In 2024, Magnolia Charitable Foundation awarded 4 grants totaling $231K — an average of about $58K per grant, based on its IRS Form 990 filings.

How much is Magnolia Charitable Foundation required to give away each year?

Private foundations must generally distribute about 5% of their assets annually. For 2024, Magnolia Charitable Foundation reported a distributable amount of $201K on its IRS Form 990-PF — the minimum it must pay out in qualifying distributions.

What is Magnolia Charitable Foundation's EIN?

Magnolia Charitable Foundation's EIN (Employer Identification Number) is 27-6620623. IRS Form 990 filing data is available on this page for 2020–2024.