Memphis College Of Art
- Assets
- $723.3k
- Revenue
- $5.6m
- Investments
- $0.0
- Employees
- 55
- Location
- Memphis, TN
- Founding
- 01/1947
- Data as of
- 06/2020
- EIN
- 62-0544854
Organization Overview
Memphis College Of Art is located in Memphis, TN. The organization was established in 1947. According to its NTEE Classification (B40) the organization is classified as: Higher Education, under the broad grouping of Education and related organizations. As of 06/2022, Memphis College Of Art employed 55 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Memphis College Of Art 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 06/2020, Memphis College Of Art generated $5.6m 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 (14.9%) each year. All expenses for the organization totaled $5.3m during the year ending 06/2020. As we would expect to see with falling revenues, expenses have declined by (16.7%) per year over the past 6 years. You can explore the organizations financials more deeply in the financial statements section below.
Form
990EZ
Mission & Program ActivityExcerpts From the 990EZ Filing
TAX YEAR
2020
Describe the Organization's Program Activity:
Part 3
EDUCATIONAL INSTRUCTIONS FOR STUDENTS IN DEGREE PROGRAMS AND CONTINUING EDUCATION COURSES FOR ADDITIONAL STUDENTS.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Lisa Zyriek CFO | 1 | $36,000 | |
Laura Hine President | 1 | $1,400 | |
Henry Doggrell Board Chair | 1 | $0 | |
Gary Backaus Board Member | 1 | $0 | |
Allison Braswell Board Member | 1 | $0 | |
Cecil Humphreys Board Member | 1 | $0 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Windstream Internet Service | 6/29/20 | $150,731 |
Peacock Poplar Llc Rent | 6/29/20 | $220,000 |
Windstream Internet Service | 6/29/20 | $150,731 |
Peacock Poplar Llc Rent | 6/29/20 | $220,000 |
Peacock Poplar Llc Rent | 6/29/20 | $220,000 |
Windstream Internet Service | 6/29/20 | $150,731 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Total Revenue from Contributions, Gifts, Grants & Similar | $54,506 |
| Investment income | $13,779 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $3,608,940 |
| Net Income from Fundraising Events | $169,358 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $409 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $5,588,063 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic individuals. | $606,372 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $427,506 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $1,456,046 |
| Pension plan accruals and contributions | $32,853 |
| Other employee benefits | $107,511 |
| Payroll taxes | $132,040 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $41,909 |
| Fees for services: Accounting | $86,289 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $1,803 |
| Advertising and promotion | $2,891 |
| Office expenses | $175,187 |
| Information technology | $293,743 |
| Royalties | $0 |
| Occupancy | $310,180 |
| Travel | $5 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $795 |
| Interest | $295 |
| Payments to affiliates | $397,067 |
| Depreciation, depletion, and amortization | $0 |
| Insurance | $115,482 |
| All other expenses | $0 |
| Total functional expenses | $5,326,632 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $132,656 |
| Savings and temporary cash investments | $569,238 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $21,435 |
| 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 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $723,329 |
| Accounts payable and accrued expenses | $0 |
| 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 | $421,000 |
| Total liabilities | $421,000 |
| Net assets without donor restrictions | $0 |
| 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 |
| Total liabilities and net assets/fund balances | $302,329 |
Grants Recieved
Over the last fiscal year, we have identified 1 grants that Memphis College Of Art has recieved totaling $30,500.
| Awarding Organization | Amount |
|---|---|
Community Foundation Of Greater Memphis Inc Memphis, TN PURPOSE: GENERAL OPERATIONAL SUPPORT | $30,500 |
Endowment Analysis
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Carolina University WinstonSalem, NC | $16,856,188 | $13,786,116 |
Institute For The Psychological Sciences Sterling, VA | $8,909,677 | $11,624,455 |
Richmont Graduate University Chattanooga, TN | $8,373,056 | $7,234,181 |
Memphis College Of Art Memphis, TN | $723,329 | $5,588,063 |
Atlanta General Education Center Inc Norcross, GA | $3,508,771 | $4,772,601 |
Kentucky Mountain Bible College Incorporated Jackson, KY | $9,330,725 | $2,960,534 |
Project Discovery Inc Roanoke, VA | $402,058 | $1,230,095 |
Association Of Independent Kentucy College And Universities Inc Frankfort, KY | $2,396,023 | $1,175,464 |
Missourian Publishing Assn Inc Columbia, MO | $128,213 | $1,005,599 |
California University Of Management& Sciences Fairfax, VA | $6,334,873 | $769,746 |
Huntsville Baptist Institute Inc Huntsville, AL | $1,531,999 | $1,030,360 |
Jung Tao School Of Classical Chinese Medicine Sugar Grove, NC | $1,307,787 | $1,203,439 |