Friends Of The Memphis & Shelby County Public Libraries
- Assets
- $722.1k
- Revenue
- $292.9k
- Investments
- $329.2k
- Employees
- 0
- Location
- Memphis, TN
- Founding
- 02/1971
- Data as of
- 12/2022
- EIN
- 23-7099261
Organization Overview
Friends Of The Memphis & Shelby County Public Libraries is located in Memphis, TN. The organization was established in 1971. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Friends Of The Memphis & Shelby County Public Libraries is a 501(c)(3) and as such, is described as a "Charitable or Religous organization or a private foundation" by the IRS.
For the year ending 12/2022, Friends Of The Memphis & Shelby County Public Libraries generated $292.9k in total revenue. The organization has seen a slow decline revenue. Over the past 7 years, revenues have fallen by an average of (1.8%) each year. All expenses for the organization totaled $282.5k during the year ending 12/2022. As we would expect to see with falling revenues, expenses have declined by (4.3%) per year over the past 7 years. You can explore the organizations financials more deeply in the financial statements section below.
Form
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2022
Describe the Organization's Mission:
Part 3 - Line 1
TO PROMOTE THE IMPROVEMENT OF THE FACILITIES AND SERVICES OF MEMPHIS PUBLIC LIBRARIES.
Describe the Organization's Program Activity:
Part 3 - Line 4a
BOOK SALES- BOOK SALES OCCUR ONLINE AND LOCALLY TWICE PER YEAR IN MAY AND OCTOBER AND ON SITE IN THE SECOND EDITION BOOK STORE.
STAFF DEVELOPMENT- WORKSHOP AND CONFERENCES THAT STAFF ATTEND DURING THE YEAR. SCHOLARSHIPS, PROFESSIONAL CONFERENCES, AND TRAINING. EMPLOYEES ARE SPONSORED TO ATTEND LEADERSHIP MEMPHIS AND THE TENNESSEE LIBRARY ASSOCIATION CONFERENCE.
CLOUD901 IS A TEEN LEARNING SPACE. THE LEARNING AVAILABLE TO TEENS FREE OF CHARGE IS ROBOTICS, MUSIC, AND ALL FORMS OF ARTS (MUSIC, POETRY, SPEECH, ACTING). THE SPACE INCLUDES A RECORDING STUDIO, INCLUDING VIDEO, AND IS FREE OF CHARGE TO ALL TEENS. THIS SPACE IS FUNDED BY THE FOL AND THE LIBRARY FOUNDATION ALONG WITH GRANTS.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Carolyn Head North Branch Rep | Trustee | 2.5 | $0 |
Dennis Midgett Member At Large | Trustee | 1 | $0 |
Francis Offiong Member At Large | Trustee | 1 | $0 |
Jairo Aguilo Member At Large | Trustee | 1 | $0 |
Shirley Rice Levi Branch Rep | Trustee | 0 | $0 |
Stephanie Cage Hollywood Branch Rep | Trustee | 0 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $533 |
| Related organizations | $0 |
| Government grants | $0 |
| All other contributions, gifts, grants, and similar amounts not included above | $19,960 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $20,493 |
| Total Program Service Revenue | $315,641 |
| Investment income | -$44,512 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $0 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $292,914 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $217,167 |
| Grants and other assistance to domestic individuals. | $0 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $0 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $0 |
| Payroll taxes | $0 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $7,294 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $0 |
| Advertising and promotion | $0 |
| Office expenses | $5,796 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $0 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $0 |
| Insurance | $0 |
| All other expenses | $1,461 |
| Total functional expenses | $282,537 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $27,538 |
| Savings and temporary cash investments | $352,336 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $5,327 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $0 |
| Net Land, buildings, and equipment | $7,715 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $329,152 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $722,068 |
| Accounts payable and accrued expenses | $0 |
| Grants payable | $0 |
| Deferred revenue | $19,545 |
| Tax-exempt bond liabilities | $0 |
| Escrow or custodial account liability | $0 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
| Secured mortgages and notes payable | $0 |
| Unsecured mortgages and notes payable | $760 |
| Other liabilities | $134,823 |
| Total liabilities | $155,128 |
| Net assets without donor restrictions | $566,940 |
| Net assets with donor restrictions | $0 |
| Capital stock or trust principal, or current funds | $0 |
| Paid-in or capital surplus, or land, building, or equipment fund | $0 |
| Retained earnings, endowment, accumulated income, or other funds | $0 |
| Total liabilities and net assets/fund balances | $722,068 |