Memphis Education Fund Inc
- Assets
- $2.5m
- Revenue
- $6.0m
- Investments
- $0.0
- Employees
- 7
- Location
- Memphis, TN
- Founding
- 04/2016
- Data as of
- 12/2020
- EIN
- 47-3660677
Organization Overview
Memphis Education Fund Inc is located in Memphis, TN. The organization was established in 2016. According to its NTEE Classification (B90) the organization is classified as: Educational Services, under the broad grouping of Education and related organizations. As of 12/2020, Memphis Education Fund Inc employed 7 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Memphis Education Fund 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 12/2020, Memphis Education Fund Inc generated $6.0m 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 (21.8%) each year. All expenses for the organization totaled $8.6m during the year ending 12/2020. As we would expect to see with falling revenues, expenses have declined by (16.3%) per year over the past 6 years. You can explore the organizations financials more deeply in the financial statements section below.
Since 2015, Memphis Education Fund Inc has awarded 120 individual grants totaling $63,603,855. If you would like to learn more about the grant giving history of this organization, scroll down to the grant profile section of this page.
Form
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2020
Describe the Organization's Mission:
Part 3 - Line 1
ESTABLISHING INITIATIVES AND DEVELOPING STRATEGIES TO ENHANCE PERFORMANCE LEVELS OF PUBLIC SCHOOLS IN THE GREATER MEMPHIS TENNESSEE AREA.
Describe the Organization's Program Activity:
Part 3 - Line 4a
DEVELOPMENT AND IMPLEMENTATION OF INITIATIVES FOCUSED ON INCREASING THE K-12 EDUCATIONAL OUTCOMES IN THE GREATER MEMPHIS, TENNESSEE AREA.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Terence Patterson CEO | OfficerTrustee | 40 | $228,294 |
Tosha D Downey Director Of Advocacy | Officer | 40 | $183,413 |
Darryl Cobb Chairman | OfficerTrustee | 2 | $0 |
Teresa Sloyan Board Member | Trustee | 1 | $0 |
Kevin Huffman Board Member | Trustee | 1 | $0 |
Timico Boykins Board Member | Trustee | 1 | $0 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Blackline Capital Strategy Group Llc Consulting Services | 12/30/18 | $116,000 |
Crosstown Master Tenant Llc Building Rental | 12/30/18 | $307,764 |
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 | $5,931,000 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $5,931,000 |
| Total Program Service Revenue | $0 |
| Investment income | $1,046 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $23,665 |
| 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 | $5,955,711 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $5,602,450 |
| Grants and other assistance to domestic individuals. | $1,444,250 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $395,392 |
| Compensation of current officers, directors, key employees. | $217,466 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $189,167 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $2,204 |
| Payroll taxes | $37,678 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $25,846 |
| Fees for services: Accounting | $12,895 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $88,241 |
| Advertising and promotion | $0 |
| Office expenses | $34,100 |
| Information technology | $19,972 |
| Royalties | $0 |
| Occupancy | $291,635 |
| Travel | $4,552 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $10,563 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $227,624 |
| Insurance | $20,681 |
| All other expenses | $777 |
| Total functional expenses | $8,604,088 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $747,241 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $557,252 |
| 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 | $0 |
| Net Land, buildings, and equipment | $1,232,105 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $2,536,598 |
| Accounts payable and accrued expenses | $459,475 |
| Grants payable | $936,012 |
| 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 | $67,790 |
| Other liabilities | $442,724 |
| Total liabilities | $1,906,001 |
| Net assets without donor restrictions | $630,597 |
| 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 | $2,536,598 |
Grants Awarded
Over the last fiscal year, Memphis Education Fund Inc has awarded $5,602,450 in support to 27 organizations.
| Grant Recipient | Amount |
|---|---|
New York, NY PURPOSE: EDUCATIONAL SUPPORT | $1,900,000 |
New York, NY PURPOSE: EDUCATIONAL SUPPORT | $652,000 |
Nashville, TN PURPOSE: EDUCATIONAL SUPPORT | $525,000 |
Memphis, TN PURPOSE: EDUCATIONAL SUPPORT | $450,000 |
New York, NY PURPOSE: EDUCATIONAL SUPPORT | $445,000 |
New York, NY PURPOSE: EDUCATIONAL SUPPORT | $400,000 |
Grants Recieved
Over the last fiscal year, we have identified 5 grants that Memphis Education Fund Inc has recieved totaling $3,408,666.
| Awarding Organization | Amount |
|---|---|
City Fund Beaverton, OR PURPOSE: OPERATING SUPPORT | $1,550,000 |
J R Hyde Iii Foundation Memphis, TN PURPOSE: SUPPORT FOR POLICY AND ADVOCACY TO IMPROVE SCS-ASD K-12 STUDENT OUTCOMES; SUPPORT FOR EDUCATION PIONEERS' ESSER SPECIAL RESEARCH ASSOCIATE COLLABORATION | $775,833 |
Community Foundation Of Greater Memphis Inc Memphis, TN PURPOSE: GENERAL OPERATIONAL SUPPORT | $597,833 |
Tennessee State Collaborative On Reforming Education Nashville, TN PURPOSE: AWARD | $385,000 |
Bill & Melinda Gates Foundation Seattle, WA PURPOSE: K-12 EDUCATION | $100,000 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Duke Corporate Education Durham, NC | $27,489,390 | $18,675,614 |
University Of North Georgia Foundation Inc Dahlonega, GA | $101,168,345 | $9,379,486 |
Cape Fear Tutoring Inc Wilmington, NC | $2,173,027 | $16,040,654 |
Southern Assoc Of Colleges And Schools Commission On Colleges Inc Decatur, GA | $21,107,199 | $13,477,936 |
White Hall Enrichment Advancement Team Hayneville, AL | $52,157 | $11,823,582 |
National Association For College Admission Counseling Inc Arlington, VA | $22,607,858 | $9,863,408 |
North Mississippi Education Consortion University, MS | $2,578,004 | $9,299,460 |
Memphis Education Fund Inc Memphis, TN | $2,536,598 | $5,955,711 |
The Cottage School Educational Resource Center Inc Roswell, GA | $19,413,651 | $9,463,796 |
Pencil Foundation Nashville, TN | $3,991,693 | $7,143,023 |
Edreports Org Inc Durham, NC | $5,799,627 | $6,182,160 |
American School Counselor Association Alexandria, VA | $7,066,172 | $7,522,290 |