Memphis In May International Festival Inc
- Assets
- $4.7m
- Revenue
- $2.3m
- Investments
- $0.0
- Employees
- 15
- Location
- Memphis, TN
- Founding
- 12/1978
- Data as of
- 07/2021
- EIN
- 23-7308001
Organization Overview
Memphis In May International Festival Inc is located in Memphis, TN. The organization was established in 1978. According to its NTEE Classification (A20) the organization is classified as: Arts & Culture, under the broad grouping of Arts, Culture & Humanities and related organizations. As of 07/2021, Memphis In May International Festival Inc employed 15 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Memphis In May International Festival Inc 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 07/2021, Memphis In May International Festival Inc generated $2.3m in total revenue. This represents a relatively dramatic decline in revenue. Over the past 6 years, the organization has seen revenues fall by an average of (19.5%) each year. All expenses for the organization totaled $2.5m during the year ending 07/2021. As we would expect to see with falling revenues, expenses have declined by (18.8%) per year over the past 6 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
2021
Describe the Organization's Mission:
Part 3 - Line 1
MEMPHIS IN MAY INTERNATIONAL FESTIVAL, INC. WAS ORGANIZED FOR THE PURPOSE OF PROVIDING AND SUPPORTING RECREATIONAL, EDUCATIONAL, SOCIAL AND CULTURAL EVENTS AND ACTIVITIES, FOR THE CELEBRATION OF THE CITY OF MEMPHIS, PEOPLE OF MEMPHIS, AND THE PEOPLE OF OTHER CULTURES AND COUNTRIES OF THE WORLD BY INTRODUCING MEMPHIS TO THE WORLD AND THE WORLD TO MEMPHIS THROUGH THESE ANNUAL EVENTS AND ACTIVITIES THAT HONOR A SELECTED COUNTRY OF THE WORLD.
Describe the Organization's Program Activity:
Part 3 - Line 4a
PROVIDING AND SUPPORTING EVENTS AND ACTIVITIES FOR THE BEALE STREET MUSIC FESTIVAL (BSMF); PROVIDING AND SUPPORTING EVENTS AND ACTIVITIES FOR THE WORLD CHAMPIONSHIP BARBEQUE COOKING CONTEST (WCBCC); PROVIDING AND SUPPORTING EVENTS AND ACTIVITIES FOR THE SHELBY COUNTY CELEBRATION (SC) AND THE GREAT AMERICAN RIVER RUN (GARR); PROVIDING AND SUPPORTING INTERNATIONAL AND DIPLOMAT EVENTS AND ACTIVITIES THAT HONOR THE SELECTED COUNTRY (INTL) AND EDUCATION ACTIVITIES (ED), INCLUDING YEAR LONG SUPPORT FOR THE BSMF, WCBCC, GARR, INTL, EDUCATION AND VOLUNTEER EVENTS AND ACTIVITIES.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
James L Holt CEO And President | Officer | 40 | $269,182 |
Mack Weaver CFO And Executive Vice President | Officer | 40 | $131,166 |
Charles Ewing Chairman | OfficerTrustee | 2 | $0 |
Doug Browne Treasurer | OfficerTrustee | 2 | $0 |
Al Gossett Vice Chair | OfficerTrustee | 2 | $0 |
Bathsheba Sams Secretary | OfficerTrustee | 2 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $0 |
| All other contributions, gifts, grants, and similar amounts not included above | $1,056,285 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $1,056,285 |
| Total Program Service Revenue | $1,000,041 |
| Investment income | $53,930 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | -$313 |
| Net Gain/Loss on Asset Sales | $136,910 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $6,040 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $2,273,583 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $0 |
| 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. | $363,050 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $405,935 |
| Pension plan accruals and contributions | $63,941 |
| Other employee benefits | $70,864 |
| Payroll taxes | $58,379 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $18,294 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $25,830 |
| Fees for services: Other | $467,827 |
| Advertising and promotion | $38,946 |
| Office expenses | $123,499 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $86,735 |
| Travel | $4,902 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $30,828 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $100,374 |
| Insurance | $0 |
| All other expenses | $546 |
| Total functional expenses | $2,491,786 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $38,124 |
| Savings and temporary cash investments | $163,707 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $17,333 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $4,500 |
| Prepaid expenses and deferred charges | $99,569 |
| Net Land, buildings, and equipment | $1,946,958 |
| Investments—publicly traded securities | $2,407,312 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $4,677,503 |
| Accounts payable and accrued expenses | $257,877 |
| Grants payable | $0 |
| Deferred revenue | $815,560 |
| 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 | $1,121,260 |
| Unsecured mortgages and notes payable | $397,740 |
| Other liabilities | $0 |
| Total liabilities | $2,592,437 |
| Net assets without donor restrictions | $1,585,066 |
| Net assets with donor restrictions | $500,000 |
| 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 | $4,677,503 |
Grants Recieved
Over the last fiscal year, we have identified 2 grants that Memphis In May International Festival Inc has recieved totaling $13,300.
| Awarding Organization | Amount |
|---|---|
Smile 180 Foundation Nashville, TN PURPOSE: EVENT SPONSORSHIP | $12,000 |
Reynolds American Foundation Winston Salem, NC PURPOSE: CHARITABLE ACTIVITIES | $1,300 |
Endowment Analysis
| Beg. Balance | $500,000 |
| Ending Balance | $500,000 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Coalition To Salute Americas Heroes Foundation Leesburg, VA | $3,573,595 | $8,478,376 |
Center Of Creative Arts Saint Louis, MO | $22,497,336 | $9,712,696 |
Music City Inc Nashville, TN | $1,837,848 | $7,930,504 |
Crosstown Arts Memphis, TN | $38,457,214 | $4,680,625 |
John C Campbell Folk School Brasstown, NC | $20,488,128 | $4,524,565 |
Kranzberg Arts Foundation St Louis, MO | $18,112,007 | $6,602,930 |
Cafe 1040 Inc Alpharetta, GA | $1,445,364 | $4,184,740 |
Association Of American Voices Saint Louis, MO | $696,688 | $3,487,679 |
Memphis Equity Through Arts Meta Incorporated Memphis, TN | $5,874,530 | $7,164,597 |
Appalshop Inc Whitesburg, KY | $8,650,033 | $2,149,775 |
Memphis In May International Festival Inc Memphis, TN | $4,677,503 | $2,273,583 |
Safe States Alliance Atlanta, GA | $855,123 | $2,462,301 |