Mg Financial Counseling Inc in Torrance, California (CA)
Table of contents:
| Mg Financial Counseling Inc | |
| Employer Identification Number (EIN) | 273655685 |
| Name of Organization | Mg Financial Counseling Inc |
| Address | 2548 W 235th St, Torrance, CA 90505-4203 |
| Subsection | Educational Organization, Charitable Organization |
| Ruling Date | 10/2011 |
| Deductibility | Contributions are deductible |
| Foundation | Organization that normally receives no more than one third of its support from gross investment income and unrelated business income and at the same time more than one third of its support from contributions, fees, and gross receipts related to exempt purposes |
| Organization | Corporation |
| Exempt Organization Status | Unconditional Exemption |
| Tax Period | 12/2013 |
| Assets | $1 to $9,999 |
| Income | $25,000 to $99,999 |
| Filing Requirement | 990 (all other) or 990EZ return |
| Asset Amount | $142 |
| Amount of Income | $53,924 |
| Form 990 Revenue Amount | $53,924 |
| National Taxonomy of Exempt Entities (NTEE) | Human Services - Multipurpose and Other: Financial Counseling, Money Management |
Non-representatives - add comments:
Amount of income in 2013: $53,924 (it was $87,957 in 2012)
| This organization: | $53,924 |
| Other organizations performing similar types of work: | $156,466 |
Assets in 2013: $142 (it was $8,947 in 2012)
| Mg Financial Counseling Inc: | $142 |
| Other organizations performing similar types of work: | $45,042 |
Expenses in 2013: $62,729
| Mg Financial Counseling Inc: | $62,729 |
| Other organizations performing similar types of work: | $135,428 |
Income to expenses ratio in 2013: 0.9
| This organization: | 0.9 |
| Other organizations performing similar types of work: | 1.3 |
Grants share in income in 2013: 0.0%
| Mg Financial Counseling Inc: | 0.0% |
| Other organizations performing similar types of work: | 90.6% |
Revenue for 2013
Support schedule
| Revenue, Expenses, and Changes in Net Assets or Fund Balances | |||
| 2011 | 2012 | 2013 | |
|---|---|---|---|
| Total revenue | $57,625 | $87,957 | $53,924 |
| Contributions, gifts, grants, and similar amounts received | $0 | $19,600 | $0 |
| Program service revenue including government fees and contracts | $57,624 | $68,355 | $53,923 |
| Membership dues and assessments | $0 | $0 | $0 |
| Investment income | $1 | $0 | $0 |
| Gain/Loss from sale of assets other than inventory | $0 | $0 | $0 |
| Net income/loss from gaming and fundraising events | $0 | $0 | $0 |
| Gross profit/loss from sales of inventory | $0 | $0 | $0 |
| Other revenue | $0 | $2 | $1 |
| Total expenses | $54,538 | $82,097 | $62,729 |
| Total net assets | $3,087 | $8,947 | $142 |
| Excess/Deficit for the year | $3,087 | $5,860 | $-8,805 |
| Net assets or fund balances at beginning of year | $0 | $3,087 | $8,947 |
| Other changes in net assets or fund balances | $0 | $0 | $0 |
| Net assets or fund balances at end of year | $8,947 | $142 | |
| Balance Sheets | |||
| 2011 | 2012 | 2013 | |
|---|---|---|---|
| Total assets | $3,087 | $8,947 | $142 |
| Total liabilities | $0 | $0 | $0 |
| Net assets or fund balances | $3,087 | $8,947 | $142 |
| Other Information | |||
| 2011 | 2012 | 2013 | |
|---|---|---|---|
| Did the organization engage in any significant activity not previously reported to the IRS? | No | No | |
| Were any significant changes made to the organizing or governing documents? | No | No | |
| Did the organization have unrelated business gross income of $1,000 or more during the year from business activities | No | No | No |
| Has the organization filed a Form 990-T for the year? | No | No | |
| Did the organization undergo a liquidation, dissolution, termination, or significant disposition of net assets during the year? | No | No | |
| Amount of political expenditures, direct or indirect | $0 | $0 | |
| Did the organization file Form 1120-POL for this year? | No | No | |
| Did the organization borrow from, or make any loans to, any officer, director, trustee, or key employee or were any such loans made in a prior year and still outstanding at the end of the tax year covered by this return? | No | No | |
| Total amount involved | $0 | $0 | |
| Initiation fees and capital contributions | $0 | $0 | $0 |
| Gross receipts for public use of club facilities | $0 | $0 | $0 |
| Did the organization engage in any section 4958 excess benefit transaction during the year, or did it engage in an excess benefit transaction in a prior year that has not been reported on any of its prior Forms 990 or 990-EZ? | No | No | |
| At any time during the tax year, was the organization a party to a prohibited tax shelter transaction? | No | No | |
| Reason for Public Charity Status (for 2013) | |
| The organization is not a private foundation because it is: | An organization that normally receives a substantial part of its support from a governmental unit or from the general public described in section 170(b)(1)(A)(vi) |
| Number of organizations supported | 0 |
| Sum of amounts of support | $0 |
| Support Schedule for Organizations Described in Sections 170(b)(1)(A)(iv) and 170(b)(1)(A)(vi) (for 2009 - 2013) | |
| 2009 - 2013 Total | |
|---|---|
| Public Support | $21,600 |
| Subtotal Support | $21,600 |
| Gifts, grants, contributions, and membership fees received | $21,600 |
| Tax revenues levied for the organization's benefit and either paid to or expended on its behalf | $0 |
| The value of services or facilities furnished by a governmental unit to the organization without charge | $0 |
| The portion of total contributions by each person (other than a governmental unit or publicly supported organization) that exceeds 2% of the total support | $0 |
| Total Support | $21,601 |
| Public Support | $21,600 |
| Gross income from interest, dividends, payments received on securities loans, rents, royalties and income from similar sources | $1 |
| Net income from unrelated business activities, whether or not the business is regularly carried on | $0 |
| Other income. Do not include gain or loss from the sale of capital assets | $0 |
| Gross receipts from related activities, etc. | $53,924 |
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| Organizations performing similar types of work | |||||
| Id | Name | Address | State | Established | Total Income |
|---|---|---|---|---|---|
| 1 | Access Counseling Inc | 633 W 5th St Ste 26001, Los Angeles, CA 90071-2005 | CA | 2013-03 | $3,426,113 |
| 2 | Abacus Credit Counseling | 17337 Ventura Blvd Ste 226, Encino, CA 91316-3999 | CA | 2009-12 | $2,592,547 |
| 3 | Ryli Institute Foundation | 20545 Whispering Oaks Dr, San Jose, CA 95120-3517 | CA | 2010-10 | $932,993 |
| 4 | Networth Television Productions Inc | 1550 Tiburon Blvd Ste G, Tiburon, CA 94920-2531 | CA | 2011-01 | $881,918 |
| 5 | Home Preservation & Prevention Inc | 3939 Long Beach Blvd, Long Beach, CA 90807 | CA | 2011-06 | $697,982 |
| 6 | Tsunami Enterprises | PO BOX 608, Ukiah, CA 95482-0608 | CA | 2003-06 | $594,348 |
| 7 | Usa Homeownership Foundation Inc, Veterans Assoaciation Of Real Estate Professionals | 462 Corona Mall Suite 102, Corona, CA 92879 | CA | 2012-11 | $317,856 |
| 8 | Jrt Foundation | 78457 Koslow Ct, Bermuda Dunes, CA 92203-8186 | CA | 2012-08 | $232,919 |
| 9 | Global One Development Center | 914 Westwood Blvd 535, Los Angeles, CA 90024 | CA | 2008-11 | $213,537 |
| 10 | Tri-Valley Housing Opportunity Center | 141 N Livermore Ave, Livermore, CA 94550-3117 | CA | 2007-10 | $202,886 |
| 11 | The Bill Payers Inc | 2064 Eastman Ave Ste 106, Ventura, CA 93003-7787 | CA | 1994-02 | $171,678 |
| 12 | Ascent Network | PO BOX 3351, Laguna Hills, CA 92654-3351 | CA | 2014-07 | $143,160 |
| 13 | Turning Point Financial Counseling | 1370 Brea Blvd Ste 245, Fullerton, CA 92835-4173 | CA | 1999-11 | $129,179 |
| 14 | Credit Counseling Bureau Of San Diego County | 3435 Camino Del Rio S Ste 119, San Diego, CA 92108-3910 | CA | 2001-07 | $129,131 |
| 15 | T&b Consultants | 16 Loganberry Ct, Sacramento, CA 95835-1329 | CA | 2012-06 | $116,063 |
| 16 | Center For Financial Empowerment | 12701 Schabarum Ave, Irwindale, CA 91706-6807 | CA | 2006-08 | $85,883 |
| 17 | Finance For People Ffs Inc | Po Box 907, Redwood Valley, CA 95470 | CA | 2009-07 | $84,809 |
| 18 | Community Payee Partnership | PO BOX 170464, San Francisco, CA 94117 | CA | 2011-08 | $81,968 |
| 19 | Mind Treasures | 11405 Legacy Terrace, San Diego, CA 92131 | CA | 2007-09 | $75,023 |
| 20 | D & L Representative Payee Services | Po Box 2675, Corona, CA 92878-2675 | CA | 2010-10 | $72,399 |
| Number of organizations performing similar types of work | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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| Total | 1,240 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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