Magic City Acceptance Academy Charter Sc

EIN: 854034546 501(c)(3) Education

Birmingham, AL

Total Revenue
$7,019,114
Total Expenses
$7,474,982
Total Assets
$18,564,280
Net Assets
$-1,375,316
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Tuckman-Chang Vulnerability Assessment

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Financial Trends

Organization Details

Formation Year
2020
Legal Domicile
AL
Principal Officer
Dr Patton Furman
Phone
2059613204
Tax Period
2023-10-01 to 2024-09-30

MAGIC CITY ACCEPTANCE ACADEMY, founded in 2020, is a small nonprofit in the Education sector that reported $702K in total revenue in fiscal year 2020. The organization ran a surplus of $596K, a strong 85% operating margin.

Mission

The Magic City Acceptance Academy (MCAA) facilitates a community in which all learners are empowered to embrace education, achieve individual success, and take ownership of their future in a positive learning environment.

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Trantor Score

Financial Health & Payment Capacity Assessment (FICO Scale: 300–850)

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Liquidity (40%) • Solvency (30%) • Sustainability (20%) • Efficiency (10%)

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Financial Overview (2023)

Revenue Breakdown

Contributions & Grants $7,019,114
Program Service Revenue $0
Investment Income $0
Other Revenue $0
TOTAL REVENUE $7,019,114

Expense Breakdown

Grants Paid $0
Salaries & Benefits $4,625,852
Fundraising Expenses $0
Program Expenses $6,617,273
Other Expenses $2,849,130
TOTAL EXPENSES $7,474,982

Year-over-Year Comparison

2023 2022 Change
Revenue $7,019,114 $4,006,761 +0.8%
Expenses $7,474,982 $5,574,369 +0.3%
Net Income $-455,868 $-1,567,608 -0.7%
Key Indicators
✗ Grants to Organizations ✗ Grants to Individuals ✗ Lobbying ✗ Political Activity ✗ Foreign Activities ✗ Donor Advised Fund ✓ Schedule B Required
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Financial Health Indicators

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Governance

Voting Members
12
Independent Members
10
Employees
104
Volunteers
N/A

Governance Policies

✓ Conflict of Interest Policy
✗ Whistleblower Policy
✗ Document Retention Policy

Special Practices & Reported Activities

✓ Operated a School
✗ Operated a Hospital
✗ Provided First Class Travel
✗ Reported Conflict of Interest
✗ Reported Asset Diversion
✗ Excess Benefit Transaction
✗ Made Political Expenditures
✗ Engaged in Lobbying
✗ Operated Donor Advised Fund
✗ Maintained Art Collections
✗ Filed Form 720

Compensation of Officers, Directors & Key Employees

Total Officers
4
$0
Total Directors
12
$162,656
Key Employees
0
$0
Highest Compensated
0
reported
Name Title Hours/Week Role Reportable Comp Other Comp Total
Dr Patton Furman Principal and Superintendent 40.00
Director
$112,285 $0 $112,285
Dr Karen Musgrove CEO 10.00
Director
$50,371 $0 $50,371
Dr Larry Contri Board Chair 1.00
Officer Director
$0 $0 $0
Ezra Shine EdD Vice Chair 1.00
Officer Director
$0 $0 $0
Cece Lacey Kennedy Secretary 1.00
Officer Director
$0 $0 $0
Dr Tracee Synco Executive Committee 1.00
Officer Director
$0 $0 $0
Dr Tommy Bice Member 1.00
Director
$0 $0 $0
Jody Thrash Member 1.00
Director
$0 $0 $0
Jim Wilson Esq Member 1.00
Director
$0 $0 $0
Kaamilya Mahdi Member 1.00
Director
$0 $0 $0
Amber Lopez Martinez Member 1.00
Director
$0 $0 $0
Abbas Merchant Member 1.00
Director
$0 $0 $0
Note: Compensation data is self-reported by the organization on their Form 990. "Reportable Comp" includes salary, bonuses, and other reportable compensation from the organization and related organizations. "Other Comp" includes benefits, deferred compensation, and non-taxable benefits.

Historical Data

Year Revenue Expenses Assets Net Income
2024 $7,019,114 $7,474,982 $18,564,280 $-455,868
2023 $4,006,761 $5,574,369 $4,907,351 $-1,567,608
2022 $4,269,299 $4,404,689 $5,890,697 $-135,390
2022 $4,269,299 $4,404,689 $5,890,697 $-135,390
2021 $701,653 $106,015 $595,638 $595,638
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