MAGNOLIA FCU COMMUNITY DEVELOPMENT CORPORATION
AI Summary
Magnolia FCU Community Development Corporation, identified by EIN 93-2642865, is a nonprofit organization dedicated to promoting economic development in economically distressed communities. With a mission focused on providing loan capital and development resources, it engages in activities such as lending to businesses and supporting community development initiatives. Operating with a budget of $57.5K and total revenue of $100.5K in 2024, the organization is in the process of becoming a certified Community Development Financial Institution (CDFI) by the U.S. Department of Treasury. For more information, visit www.magfedcu.org/magnoliacdc.
Mission Statement
Formed to promote community development by providing loan capital and development resources in economically distressed communities. Such activities of the Corporation may include, but not be limited to: investing in, lending to, or providing technical assistance to businesses and organizations in economically distressed communities; investing in or providing loans to support commercial and residential properties located in economically distressed communities; investing in, lending to, or providing technical assistance to organizations such as Community Development Entities or Community Development Financial Institutions engaged in activities that promote community development in low income or economically distressed communities. The Corporation is an emerging Community Development Financial Institution (CDFI) and intends to become a certified CDFI by the U.S. Department of Treasury.
Cause Areas
1
Economic development
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Charity Verification Snapshot
IRS EO Business Master File Status
Listed as tax-exempt
IRS Pub 78 Status
Eligible for tax-deductible gifts
IRS Revocation Status
Not in Automatic Revocation of Exemption List
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Frequently Asked Questions
What is MAGNOLIA FCU COMMUNITY DEVELOPMENT CORPORATION’s budget?
In 2024, MAGNOLIA FCU COMMUNITY DEVELOPMENT CORPORATION reported an annual operating budget of around $58 thousand. More detailed financial information is available to registered users.
What causes does MAGNOLIA FCU COMMUNITY DEVELOPMENT CORPORATION support?
MAGNOLIA FCU COMMUNITY DEVELOPMENT CORPORATION supports work in Economic development.
Where does MAGNOLIA FCU COMMUNITY DEVELOPMENT CORPORATION operate?
MAGNOLIA FCU COMMUNITY DEVELOPMENT CORPORATION is headquartered in Jackson, MS.