Memphis Center City Development Corporation
- Assets
- $10.8m
- Revenue
- $143.1k
- Investments
- $2.1m
- Employees
- 0
- Location
- Memphis, TN
- Founding
- 12/1978
- Data as of
- 06/2022
- EIN
- 58-1330667
Organization Overview
Memphis Center City Development Corporation is located in Memphis, TN. The organization was established in 1978. According to its NTEE Classification (S20) the organization is classified as: Community & Neighborhood Development, under the broad grouping of Community Improvement & Capacity Building and related organizations. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Memphis Center City Development Corporation 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 06/2022, Memphis Center City Development Corporation generated $143.1k in total revenue. This represents a relatively dramatic decline in revenue. Over the past 7 years, the organization has seen revenues fall by an average of (48.7%) each year. All expenses for the organization totaled $1.7m during the year ending 06/2022. You can explore the organizations financials more deeply in the financial statements section below.
Since 2015, Memphis Center City Development Corporation has awarded 122 individual grants totaling $11,061,144. 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
2022
Describe the Organization's Mission:
Part 3 - Line 1
ASSIST PRIVATE DEVELOPMENT PROJECTS
Describe the Organization's Program Activity:
Part 3 - Line 4a
TO ASSIST PRIVATE DEVELOPMENT PROJECTS.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Michael B Chance Chairman | Trustee | 4 | $0 |
Julie Lansky Secretary | Trustee | 4 | $0 |
Demar Roberts Board Member | Trustee | 4 | $0 |
Elizabeth Low Board Member | Trustee | 4 | $0 |
Anton Mack Board Member | Trustee | 4 | $0 |
Carl Person Board Member | Trustee | 4 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $100,000 |
| All other contributions, gifts, grants, and similar amounts not included above | $0 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $100,000 |
| Total Program Service Revenue | $18,110 |
| Investment income | $25,030 |
| 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 | $143,140 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $1,443,094 |
| 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 | $0 |
| 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 | $115 |
| 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 | $880 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $43,913 |
| Insurance | $13,127 |
| All other expenses | $0 |
| Total functional expenses | $1,715,061 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $5,386,540 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $115,297 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $1,955,942 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $7,394 |
| Net Land, buildings, and equipment | $1,257,096 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $2,063,410 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $10,785,679 |
| Accounts payable and accrued expenses | $162,124 |
| 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 | $125,502 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $0 |
| Total liabilities | $287,626 |
| Net assets without donor restrictions | $1,856,125 |
| Net assets with donor restrictions | $8,641,928 |
| 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 | $10,785,679 |
Grants Awarded
Over the last fiscal year, Memphis Center City Development Corporation has awarded $1,432,487 in support to 16 organizations.
| Grant Recipient | Amount |
|---|---|
MAJESTIC AMERICAN BAR & GRILL LLC PURPOSE: Exterior Improvement | $23,700 |
CONCOURSE INC-BLUEFIN RESTAURANT PURPOSE: Exterior Improv. | $14,978 |
RICHARD A MROCH PURPOSE: Exterior Improv. | $8,611 |
UNITY PROPERTIES INC PURPOSE: Exterior Improv. | $60,000 |
SARAH MANIJKE CAI PURPOSE: Exterior Improv. | $9,100 |
BLIND BEAR MEMPHIS LLC PURPOSE: Exterior Improv. | $5,249 |