Overview
What is Magnet Lending Corporation?
Magnet Lending Corporation is a nonprofit organization based in Michigan, committed to promoting community development. Their primary mission involves offering low-cost, flexible financial loan products accompanied by advisory services, aimed at creating and preserving affordable housing and fostering economic development for low- and moderate-income residents and communities. By providing these financial tools, Magnet Lending Corporation assists projects in markets that may lack the necessary financial products and capital, thereby facilitating comprehensive community transformation.
Official website here: www.michigancommunitycapital.org
Is Magnet Lending Corporation legitimate?
Magnet Lending Corporation is a legitimate nonprofit organization registered as a 501(c)(3) entity. Magnet Lending Corporation submitted a form 990, which is a tax form used by tax-exempt organizations in the U.S., indicating its operational transparency and adherence to regulatory requirements. Donations to this organization are tax deductible.
Heare are some key statistics you may want to consider:
Executive Compensation: $0
Professional Fundraising Fees: $0
Other Salaries and Wages: $0
For more financial information, click here
Official website here: www.michigancommunitycapital.org
What is the mission statement of Magnet Lending Corporation?
Magnet Lending Corporation's mission is centered around promoting community development. They achieve this by providing low-cost, flexible financial loan products and advisory services. The primary objective is to create and preserve affordable housing and stimulate economic development for low- and moderate-income residents and communities. This is done by offering flexible debt to projects in markets that lack the necessary financial products and capital to facilitate comprehensive community transformation, leading to long-term development.
Official website here: www.michigancommunitycapital.org
Who is the CEO of Magnet Lending Corporation?
Adrianne Jenkins is the President & Ceo; Director of Magnet Lending Corporation. The CEO's salary of Magnet Lending Corporation is $0 and their total compensation is $263,659.
Official website here: www.michigancommunitycapital.org
What is the revenue of Magnet Lending Corporation?
Magnet Lending Corporation's revenue in 2022 was $157,066.
Official website here: www.michigancommunitycapital.org
Who are the executives of Magnet Lending Corporation and what are their salaries?
Here are 15 key members and their salaries (Magnet Lending Corporation's CEO's salary is $0 and their total compensation is $263,659):
- Compensation: $0
- Related: $225,426
- Other: $38,233
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- Related: $184,864
- Other: $32,518
- Compensation: $0
- Related: $152,211
- Other: $27,641
- Compensation: $0
- Related: $116,156
- Other: $32,793
- Compensation: $0
- Related: $104,745
- Other: $20,097
Official website here: www.michigancommunitycapital.org
Where can I find the form 990 for Magnet Lending Corporation?
Magnet Lending Corporation's most recent form 990 was submitted in 2022 and can be accessed here.
Official website here: www.michigancommunitycapital.org
Learn more at the official website: www.michigancommunitycapital.org
Mission Statement of Magnet Lending Corporation
Magnet Lending Corporation, a nonprofit organization, is dedicated to promoting community development. Its primary mission involves providing low-cost, flexible financial loan products and advisory services to foster affordable housing and focused economic development for low- and moderate-income residents and communities across Michigan. The organization's offerings are designed to meet the needs of markets that lack the necessary financial products and capital for comprehensive community transformation. By offering flexible debt to projects, Magnet Lending Corporation seeks to spur long-term development, ultimately creating sustainable and comprehensive community enhancements.
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Impact
October, 2024
Magnet Lending Corporation (MLC) significantly influences community development in Michigan by offering low-cost, flexible financial loan products alongside advisory services aimed at creating and preserving affordable housing. By targeting low- and moderate-income residents, MLC plays a crucial role in enhancing economic development within communities that often struggle to access traditional financial resources.
MLC's focus on providing flexible debt for projects in underserved markets helps to bridge financial gaps, enabling the development of essential infrastructure and housing. This approach not only fosters immediate economic growth but also contributes to long-term community transformation. The advisory services offered by MLC further bolster these efforts, guiding projects towards best practices and ensuring that they meet the unique needs of their communities.
Ultimately, MLC's impact extends beyond simple financial provision; it actively promotes comprehensive community improvement and sustainable development, benefiting both individuals and communities throughout the state.
This information is meant to be a general summary of Magnet Lending Corporation. Please take the time to review official sources before making any decisions based upon the content provided here.
Financials
This financial information is from Propublica.
Other financial information:
This information is from the most recently submitted tax form from this organization, which was in 2022.
- Program Service Revenue: $157,066
- Gross Receipts: $157,066
Assets and Liabilities:
- Total Assets: $2,903,549
- Total Liabilities: $16,418
- Net Assets: $2,887,131
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Programs
Programs are reported by nonprofits in their tax forms and are normally their tax-exempt activities.
LOAN INTEREST INCOME
Revenue
$157,066
Organization Details
Founding Year
2020
Phone
(517) 334-0545Principal Officer
Adrianne Jenkins
Main Address
502 E CESAR E CHAVEZ AVE SUITE A, LANSING, MI, 48906
NTEE Category
Code: S31 - Community improvement
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