Magbit Foundation

Charity Navigator Rating: 52%, One-Star out of Four Star rating

The Magbit Foundation has received a low rating of 52%, indicating significant areas for improvement in terms of accountability and financial practices. While the foundation boasts a fully independent board with no material diversion of assets and a favorable liabilities to assets ratio, there are notable shortcomings that have impacted its overall score.

Financially, the organization allocates 59.36% of its expenses to programs, which is moderately acceptable; however, the lack of a financial statement review or compilation significantly detracts from its financial credibility. Additionally, the absence of key policies, such as conflict of interest and whistleblower policies, raises concerns about governance and transparency.

Moreover, the foundation's failure to list its website on tax forms and the lack of publicly available board meeting minutes contribute to a perception of opacity. These limitations suggest that while the foundation has strengths in certain governance aspects, it must address significant weaknesses to enhance trust and accountability with its stakeholders.

This AI summary has been generated from information found on Charity Navigator.

Magbit Foundation is a legitimate nonprofit organization registered as a 501(c)(3) entity. Magbit Foundation 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: $120,000
Professional Fundraising Fees: $0
Other Salaries and Wages: $0

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