Magnificat Houses, Inc.
Meets Standards
Standards For Charity Accountability
Governance
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Board Oversight
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Board Size
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Board Meetings
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Board Compensation
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Conflict of Interest
Measuring Effectiveness
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Effectiveness Policy
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Effectiveness Report
Finances
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Program Expenses
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Fundraising Expenses
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Accumulating Funds
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Audit Report
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Detailed Expense Breakdown
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Accurate Expense Reporting
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Budget Plan
Fundraising & Info
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Truthful Materials
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Annual Report
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Website Disclosures
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Donor Privacy
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Cause Marketing Disclosures
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Complaints
Magnificat Houses, Inc. meets the 20 Standards for Charity Accountability.
Stated Purpose:
Magnificat Houses, Inc. is a welcoming community where those needing housing, food and mental health programs can grow in stability, productivity and independence.
Year, State Incorporated:
1968, TX
Magnificat Houses, Inc. houses homeless and chronically mentally ill of all ages in 16 large group homes with approximately 160 beds. They also feed 250-350 street people at their soup kitchen per day.
For the year ended June 30, 2024, Magnificat Houses, Inc.'s program expenses were:
| Program services | $3,052,790 |
| Total Program Expenses | $3,052,790 |
Chair of the Board
Mr. Robert Knight, Oil & Gas Engineer & Project Manager, Retired
Chair's Profession / Business Affiliation
Shell
Board Size
15
Paid Staff Size
29
Method(s) Used:
Direct mail appeals, Invitations to fund raising events, Print advertisements (newspapers, magazines, etc.), Grant proposals, Internet, Appeals via Social Media (Facebook, etc.), Other
This organization is tax-exempt under section 501(c)(3) of the Internal Revenue Code. It is eligible to receive contributions deductible as charitable donations for federal income tax purposes.
The following information is based on Magnificat Houses, Inc.'s audited financial statements - consolidated for the year ended June 30, 2024.
Source of Funds
| Cash and other financial assets | $1,540,988 |
| Nonfinancial assets | $1,138,873 |
| Land lease revenue (Note 7) | $306,442 |
| Resident rent | $275,406 |
| Net investment return | $250,108 |
| Thrift store revenue | $121,560 |
| Thrift store cost of goods sold | $-127,297 |
| Total Income | $3,506,080 |
Programs: 81% Fundraising: 9% Administrative: 10%
| Total Income | $3,506,080 |
| Total expenses: | $3,777,749 |
| Program expenses | $3,052,790 |
| Fundraising expenses | $337,637 |
| Administrative expenses | $387,322 |
| Other expenses | $0 |
| Income in Excess of Expenses | $-271,669 |
| Beginning Net Assets | $2,812,475 |
| Other Changes In Net Assets | $0 |
| Ending Net Assets | $2,540,806 |
| Total Liabilities | $4,207,096 |
| Total Assets | $6,747,902 |
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Standards Not Met
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Review in Progress
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Report completed by:
BBB of Greater Houston and South Texas