Literacy Mid South Inc
- Assets
- $1.9m
- Revenue
- $2.7m
- Investments
- $0.0
- Employees
- 109
- Location
- Memphis, TN
- Founding
- 12/1975
- Data as of
- 06/2023
- EIN
- 62-0960143
Organization Overview
Literacy Mid South Inc is located in Memphis, TN. The organization was established in 1975. According to its NTEE Classification (B60) the organization is classified as: Adult Education, under the broad grouping of Education and related organizations. As of 06/2023, Literacy Mid South Inc employed 109 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Literacy Mid South 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 06/2023, Literacy Mid South Inc generated $2.7m in total revenue. This organization has experienced exceptional growth, as over the past 8 years, it has increased revenue by an average of 14.5% each year . All expenses for the organization totaled $2.7m during the year ending 06/2023. While expenses have increased by 18.4% per year over the past 8 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
2023
Describe the Organization's Mission:
Part 3 - Line 1
TO PROVIDE ACCESS TO LITERACY RESOURCES FOR LEARNERS OF ALL AGES AND BACKGROUNDS.
Describe the Organization's Program Activity:
Part 3 - Line 4a
READING AND TUTORING PROGRAMS IN THE MID-SOUTH.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Dr Chandra Alston Chair | OfficerTrustee | 1 | $0 |
Katherine Bryan Director | Trustee | 1 | $0 |
John Barker Director | Trustee | 1 | $0 |
Crystal Cook Director | Trustee | 1 | $0 |
Edith Gnanadass Director | Trustee | 1 | $0 |
Dr Jeanne Hermann-Petrin Director | Trustee | 1 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $23,370 |
| Related organizations | $0 |
| Government grants | $1,937,292 |
| All other contributions, gifts, grants, and similar amounts not included above | $728,562 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $2,689,224 |
| Total Program Service Revenue | $0 |
| Investment income | $13,729 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $1,409 |
| Net Income from Fundraising Events | -$5,970 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $2,698,392 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $0 |
| 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. | $120,000 |
| Compensation of current officers, directors, key employees. | $12,000 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $1,383,662 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $202,043 |
| Payroll taxes | $0 |
| Fees for services: Management | $212,805 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $47,200 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $5,241 |
| Fees for services: Other | $0 |
| Advertising and promotion | $0 |
| Office expenses | $14,007 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $36,202 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $12,693 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $7,848 |
| Insurance | $0 |
| All other expenses | $0 |
| Total functional expenses | $2,673,772 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $439,123 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $666,888 |
| 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 | $18,263 |
| Net Land, buildings, and equipment | $48,843 |
| Investments—publicly traded securities | $708,344 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $33,975 |
| Total assets | $1,915,436 |
| Accounts payable and accrued expenses | $52,469 |
| 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 | $525,278 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $33,975 |
| Total liabilities | $611,722 |
| Net assets without donor restrictions | $1,118,714 |
| Net assets with donor restrictions | $185,000 |
| 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 | $1,915,436 |