Arts Memphis
- Assets
- $27.1m
- Revenue
- $4.8m
- Investments
- $21.7m
- Employees
- 8
- Location
- Memphis, TN
- Founding
- 09/1967
- Data as of
- 06/2022
- EIN
- 62-0693547
Organization Overview
Arts Memphis is located in Memphis, TN. The organization was established in 1967. According to its NTEE Classification (A26) the organization is classified as: Arts & Humanities Councils & Agencies, under the broad grouping of Arts, Culture & Humanities and related organizations. As of 06/2022, Arts Memphis employed 8 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Arts Memphis 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, Arts Memphis generated $4.8m in total revenue. This represents relatively stable growth, over the past 7 years the organization has increased revenue by an average of 9.7% each year. All expenses for the organization totaled $3.5m during the year ending 06/2022. While expenses have increased by 0.8% per year over the past 7 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.
Since 2015, Arts Memphis has awarded 361 individual grants totaling $15,228,894. 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
SUSTAINING MEMPHIS' WORLD-RENOWNED CULTURAL VITALITY AND STRENGTHENING LOCAL COMMUNITIES
Describe the Organization's Program Activity:
Part 3 - Line 4a
OPERATING SUPPORT GRANTS: ARTSMEMPHIS, THROUGH THIS CORNERSTONE GRANT PROGRAM, NURTURES SMALL, COMMUNITY-BASED ARTS ORGANIZATIONS AND SUPPORTS LARGER ORGANIZATIONS THAT CREATE THE SEEDS FOR NEW INITIATIVES AND LEND STABILITY TO THE OVERALL ARTS LANDSCAPE. ARTSMEMPHIS SEEKS TO ENABLE ALL EFFECTIVE ARTS ORGANIZATIONS TO SUCCEED. WE RECOGNIZE THAT UNRESTRICTED OPERATING SUPPORT IS THE MOST VALUABLE FUNDING THAT AN ARTS ORGANIZATION CAN RECEIVE AND THE MOST DIFFICULT TYPE OF FUNDING TO RAISE.
RECOVERY FUND: THE PURPOSE OF THESE GRANTS, IS TO PROVIDE FUNDING TO INDIVIDUAL ARTISTS AND ARTS ORGANIZATIONS TO FACILITATE RECOVERY FROM THE COVID-19 PANDEMIC.
ENHANCEMENT GRANTS: THE PURPOSE OF THESE GRANTS, WHICH COME FROM A SPECIFIC FUND OF OUR ENDOWMENT, IS TO BUILD AN ORGANIZATION'S LONG-TERM CAPACITY, INCREASE LONG-TERM EARNED INCOME STREAMS, CATALYZE AND ASSIST AN ORGANIZATION IN GOING TO THE NEXT LEVEL, AND/OR FUND VENTURE CAPITAL/RISK-TAKING INITIATIVES WITH POTENTIAL FOR RETURN ON INVESTMENT AND BROAD COMMUNITY IMPACT.
PROJECT GRANTS: THESE GRANTS ARE GIVEN TO GRANTEES FOR SPECIFIC PROJECTS EXECUTED BY THE GRANTEES. THESE GRANTS INCLUDE:ARTSFIRST - (FUNDED BY FIRST HORIZON FOUNDATION AND ADMINISTERED BY ARTSMEMPHIS) - ARTSFIRST GRANTS ENRICH THE ARTS IN MEMPHIS. FUNDING IS DETERMINED BY A GRANT PANEL COMPOSED OF FIRST HORIZON FOUNDATION REPRESENTATIVES.ARTSZONE - (FUNDED BY AUTOZONE AND ADMINISTERED BY ARTSMEMPHIS) - ARTSZONE GRANTS ENRICH THE ARTS IN MEMPHIS. FUNDING IS DETERMINED BY A GRANT PANEL COMPOSED OF AUTOZONE REPRESENTATIVES.BELZ FAMILY FOUNDATION GRANTS - (FUNDED BY THE BELZ FOUNDATION)ARTS BUILD COMMUNITIES - (FUNDED BY TENNESSEE ARTS COMMISSION) - ABC GRANTS PROVIDE SUPPORT FOR PROJECTS THAT BROADEN ACCESS TO ARTS EXPERIENCES, ADDRESS COMMUNITY QUALITY OF LIFE ISSUES THROUGH THE ARTS, OR ENHANCE THE SUSTAINABILITY OF ASSET-BASED CULTURAL ENTERPRISES.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Elizabeth Rouse President & Chief Executiv | Officer | 40 | $151,534 |
Tracy Lauritzen Wright Chief Operating Officer | Officer | 40 | $98,250 |
Ellen Lester Former Chief Financial Officer | Officer | 30 | $63,134 |
Julie Wiklund Chief Financial Officer | Officer | 40 | $33,435 |
Russ Wigginton Vice-Chair, Board Of Direc | OfficerTrustee | 0 | $0 |
Kathy Gale Uhlhorn Chair, Board Of Directors | OfficerTrustee | 0 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $2,047,380 |
| All other contributions, gifts, grants, and similar amounts not included above | $2,511,089 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $4,558,469 |
| Total Program Service Revenue | $0 |
| Investment income | $71,994 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $175,979 |
| Net Income from Fundraising Events | $42,993 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $4,849,435 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $2,466,751 |
| Grants and other assistance to domestic individuals. | $53,500 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $346,353 |
| Compensation of current officers, directors, key employees. | $111,889 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $133,052 |
| Pension plan accruals and contributions | $13,165 |
| Other employee benefits | $17,343 |
| Payroll taxes | $37,392 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $26,407 |
| 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 | $9,077 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $71,794 |
| Travel | $3,401 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $765 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $21,283 |
| Insurance | $11,086 |
| All other expenses | $49,811 |
| Total functional expenses | $3,461,047 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $0 |
| Savings and temporary cash investments | $1,442,478 |
| Pledges and grants receivable | $3,947,280 |
| 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 | $11,755 |
| Net Land, buildings, and equipment | $9,758 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $21,724,927 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $27,136,198 |
| Accounts payable and accrued expenses | $100,661 |
| Grants payable | $202,250 |
| Deferred revenue | $66,250 |
| 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 | $5,159,405 |
| Total liabilities | $5,528,566 |
| Net assets without donor restrictions | $15,798,071 |
| Net assets with donor restrictions | $5,809,561 |
| 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 | $27,136,198 |
Grants Awarded
Over the last fiscal year, Arts Memphis has awarded $1,941,000 in support to 45 organizations.
| Grant Recipient | Amount |
|---|---|
Memphis, TN PURPOSE: OPERATING SUPPORT & RECOVERY | $279,000 |
Memphis, TN PURPOSE: OPERATING SUPPORT & ENHANCEMENT | $143,000 |
Memphis, TN PURPOSE: OPERATING SUPPORT, ENHANCEMENT, & RECOVERY | $118,000 |
Memphis, TN PURPOSE: OPERATING SUPPORT | $85,000 |
Memphis, TN PURPOSE: RECOVERY SUPPORT | $77,000 |
Memphis, TN PURPOSE: OPERATING SUPPORT, ENHANCEMENT, & RECOVERY | $73,750 |
Grants Recieved
Over the last fiscal year, we have identified 19 grants that Arts Memphis has recieved totaling $6,301,214.
| Awarding Organization | Amount |
|---|---|
Plough Foundation Memphis, TN PURPOSE: PROGRAM SUPPORT | $2,500,000 |
Plough Foundation Memphis, TN PURPOSE: PROGRAM SUPPORT | $2,500,000 |
J R Hyde Iii Foundation Memphis, TN PURPOSE: SUPPORT FOR GENERAL OPERATIONS & THE ARTS RECOVERY FUND | $350,300 |
Community Foundation Of Greater Memphis Inc Memphis, TN PURPOSE: GENERAL OPERATIONAL SUPPORT | $298,209 |
Kresge Foundation Troy, MI PURPOSE: PROJECT SUPPORT FOR THE ARTSMEMPHIS RECOVERY AND RESILIENCE FUND. | $250,000 |
Kresge Foundation Troy, MI PURPOSE: PROJECT SUPPORT FOR THE ARTSMEMPHIS RECOVERY AND RESILIENCE FUND. | $250,000 |
Endowment Analysis
| Beg. Balance | $21,981,721 |
| Earnings | -$1,923,795 |
| Admin Expense | $551,617 |
| Net Contributions | $2,494,385 |
| Other Expense | $275,767 |
| Ending Balance | $21,724,927 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Mid-America Arts Alliance Kansas City, MO | $12,444,344 | $5,873,119 |
Arts Memphis Memphis, TN | $27,136,198 | $4,849,435 |
Regional Cultural & Performing Arts Development Commission St Louis, MO | $5,092,606 | $4,539,915 |
Arts Council Incorporated Winston-Salem Arts Council Winstonsalem, NC | $15,705,377 | $2,746,354 |
Arts Council Inc Huntsville, AL | $1,324,347 | $2,576,236 |
North Carolina Humanities Council Charlotte, NC | $2,197,159 | $2,458,418 |
Arts Council Of Fayetteville Fayetteville, NC | $3,779,003 | $2,578,724 |
United Arts Council Of Raleigh And Wake County Inc Raleigh, NC | $1,299,106 | $2,647,753 |
The Art League Inc Alexandria, VA | $1,163,966 | $1,385,812 |
Durham Arts Council Inc Durham, NC | $657,218 | $2,110,368 |
Arts & Education Council Of Greater St Louis St Louis, MO | $3,607,788 | $2,239,386 |
Alabama Humanities Foundation Birmingham, AL | $1,112,119 | $1,988,298 |