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EIN 85-4188860

Magnet Lending Corporation

IRS 501(c) type
501(c)(3)
Num. employees
0
City
Lansing
State
Michigan
Year formed
2020
Most recent tax filings
2023-12-01
NTEE code, primary
S31: Urban, Community Economic Development
Description
Magnet Lending Corporation promotes community development by providing low-cost, flexible financial loan products coupled with advisory services to create and preserve affordable housing and focused economic development for the benefit of low- and moderate-income individuals. Its programs include loan issuance, and it is located in Lansing, MI.
Related structure
Magnet Lending Corporation is a subordinate organization under Michigan Community Capital.
Total revenues
$4,238,819
2023
Total expenses
$178,499
2023
Total assets
$8,657,031
2023
Num. employees
0
2023

Program areas at Magnet Lending Corporation

Loan issuance

Personnel at Magnet Lending Corporation

NameTitleCompensation
Adrianne JenkinsChief Financial Officer and Chief Operating Officer$0
Marilyn CrowleyVice President of Development$0
Elisabeth AlexandrianVice President of Compliance$0
Brandon MillerDirector of Property Maintenance$0
Mary KingVice Chairperson$0
...and 4 more key personnel

Financials for Magnet Lending Corporation

RevenuesFYE 12/2023
Total grants, contributions, etc.$4,000,000
Program services$65,905
Investment income and dividends$172,914
Tax-exempt bond proceeds$0
Royalty revenue$0
Net rental income$0
Net gain from sale of non-inventory assets$0
Net income from fundraising events$0
Net income from gaming activities$0
Net income from sales of inventory$0
Miscellaneous revenues$0
Total revenues$4,238,819

Form 990s for Magnet Lending Corporation

Fiscal year endingDate received by IRSFormPDF link
2023-122024-11-12990View PDF
2022-122023-11-13990View PDF
2021-122022-11-07990View PDF
2020-122021-11-15990View PDF

Organizations like Magnet Lending Corporation

OrganizationLocationRevenue
Florida Opportunity FundOrlando, FL$3,329,239
Bside FundDenver, CO$1,297,055
PIDC-Community CapitalPhiladelphia, PA$11,497,750
PACE Finance CorporationLos Angeles, CA$1,408,934
Dorchester Bay Neighborhood Loan FundDorchester, MA$1,440,165
Finance Fund Capital CorporationColumbus, OH$11,763,121
Grow America FundNew York, NY$3,921,676
Economic Opportunities FundPhiladelphia, PA$1,077,528
Ohio Capital Finance CorporationColumbus, OH$18,182,307
Boston Community Capital Venture FundBoston, MA$7,927,140
Data update history
January 18, 2024
Posted financials
Added Form 990 for fiscal year 2022
January 11, 2024
Updated personnel
Identified 1 new personnel
November 25, 2023
Posted financials
Added Form 990 for fiscal year 2021
July 5, 2023
Updated personnel
Identified 5 new personnel
June 28, 2023
Posted financials
Added Form 990 for fiscal year 2020
Nonprofit Types
Business and community development organizationsChapter / child organizationsCharities
Issues
Community improvementEconomic development
Characteristics
Receives government fundingTax deductible donationsNo full-time employees
General information
Address
502 E Cesar E Chavez Ave Suite A
Lansing, MI 48906
Metro area
Lansing-East Lansing, MI
County
Ingham County, MI
Phone
(517) 334-0545
IRS details
EIN
85-4188860
Fiscal year end
December
Taxreturn type
Form 990
Year formed
2020
Eligible to receive tax-deductible contributions (Pub 78)
Yes
Categorization
NTEE code, primary
S31: Urban, Community Economic Development
NAICS code, primary
522120: Savings Institutions
Parent/child status
Subordinate organization
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