Memphis Teacher Residency Inc
- Assets
- $17.9m
- Revenue
- $6.7m
- Investments
- $0.0
- Employees
- 33
- Location
- Memphis, TN
- Founding
- 12/2009
- Data as of
- 05/2024
- EIN
- 26-4440905
Organization Overview
Memphis Teacher Residency Inc is located in Memphis, TN. The organization was established in 2009. According to its NTEE Classification (B82) the organization is classified as: Scholarships & Student Financial Aid, under the broad grouping of Education and related organizations. As of 05/2024, Memphis Teacher Residency Inc employed 33 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Memphis Teacher Residency 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 05/2024, Memphis Teacher Residency Inc generated $6.7m in total revenue. This represents relatively stable growth, over the past 9 years the organization has increased revenue by an average of 4.8% each year. All expenses for the organization totaled $5.4m during the year ending 05/2024. While expenses have increased by 3.7% per year over the past 9 years. They've been increasing with an increasing level of total revenue. 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
2024
Describe the Organization's Mission:
Part 3 - Line 1
AS A RESPONSE TO THE GOSPEL MANDATE TO LOVE OUR NEIGHBORS AS OURSELVES, THE ORGANIZATION WILL PROVIDE STUDENTS IN OUR PARTNER NEIGHBORHOODS WITH THE SAME, OR BETTER, QUALITY OF EDUCATION AS ANY CHILD IN MEMPHIS RECEIVES BY RECRUITING, TRAINING AND SUPPORTING EFFECTIVE TEACHERS WITHIN A CHRISTIAN CONTEXT.
Describe the Organization's Program Activity:
Part 3 - Line 4a
RECRUIT, EQUIPS, AND RETAINS EDUCATORS AND TEACHERS TO WORK WITHIN MEMPHIS, TENNESSEE UNDER-RESOURCED NEIGHBORHOODS AND PROVIDE THE OPPORTUNITY TO RECEIVE CLASSROOM LEARNING ALONG WITH PRACTICAL EXPERIENCE SINCE THE PROGRAM PARTICIPANTS ARE PAIRED WITH AN EXPERIENCED MENTOR-TEACHER IN THEIR CONTENT AREA FOR FOUR DAYS PER WEEK FOR AN ENTIRE SCHOOL YEAR. EACH SUCCESSFUL PARTICIPANT WILL RECEIVE ENDORSEMENTS FOR ELEMENTARY EDUCATION OR SECONDARY EDUCATION IN MATH, BIOLOGY, PHYSICS, CHEMISTRY, SPANISH, HISTORY OR ENGLISH. EACH SUCCESSFUL PARTICIPANT WILL RECEIVE THE FOLLOWING: : MASTERS OF ARTS IN TEACHING THROUGH CHRISTIAN BROTHERS UNIVERSITY : INTENSIVE CLASSROOM EXPERIENCE WITHIN MEMPHIS UNDER-RESOURCED NEIGHBORHOOD SCHOOLS : STATE OF TENNESSEE EDUCATOR LICENSE : LIVING AND HOUSING STIPEND FOR THE 12 MONTH TRAINING PERIOD : ON-GOING EVALUATION AND MENTORING : LEADERSHIP OPPORTUNITIESTHE ESTIMATED COST FOR EACH PARTICIPANT IN THE 12 MONTH TRAINING PROGRAM IS APPROXIMATELY $51,000. THE NUMBER OF PROGRAM PARTICIPANTS FOR THE YEAR ENDED MAY 31, 2024 IS 33.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Tom Marino Secretary | OfficerTrustee | 3 | $0 |
Dr Maxie Dunnam Director | Trustee | 1 | $0 |
Robert Montague Treasurer | OfficerTrustee | 3 | $0 |
David Harris Chairman | OfficerTrustee | 3 | $0 |
Dr Carol Johnson Director | Trustee | 1 | $0 |
David Brown Director | Trustee | 1 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $1,222,255 |
| All other contributions, gifts, grants, and similar amounts not included above | $3,513,589 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $4,735,844 |
| Total Program Service Revenue | $1,771,637 |
| Investment income | $158,330 |
| 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 | $6,665,811 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $0 |
| Grants and other assistance to domestic individuals. | $55,807 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $130,747 |
| Compensation of current officers, directors, key employees. | $117,672 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $2,202,841 |
| Pension plan accruals and contributions | $56,750 |
| Other employee benefits | $241,165 |
| Payroll taxes | $157,166 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $0 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $518,620 |
| Advertising and promotion | $0 |
| Office expenses | $179,987 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $506,077 |
| Travel | $28,575 |
| 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 | $219,479 |
| Insurance | $0 |
| All other expenses | $62,841 |
| Total functional expenses | $5,429,643 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $5,917,912 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $9,017 |
| Accounts receivable, net | $0 |
| 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 | $89,173 |
| Net Land, buildings, and equipment | $637,310 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $11,246,156 |
| Total assets | $17,899,568 |
| Accounts payable and accrued expenses | $70,845 |
| Grants payable | $0 |
| Deferred revenue | $0 |
| 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 | $0 |
| Other liabilities | $11,175,048 |
| Total liabilities | $11,245,893 |
| Net assets without donor restrictions | $5,040,303 |
| Net assets with donor restrictions | $1,613,372 |
| 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 | $17,899,568 |