Grace Foundation Of Memphis Inc
- Assets
- $34.2m
- Revenue
- $1.3m
- Investments
- $32.5m
- Employees
- 0
- Location
- Memphis, TN
- Founding
- 05/1992
- Data as of
- 04/2022
- EIN
- 62-1469984
Organization Overview
Grace Foundation Of Memphis Inc is located in Memphis, TN. The organization was established in 1992. According to its NTEE Classification (T20) the organization is classified as: Private Grantmaking Foundations, under the broad grouping of Philanthropy, Voluntarism & Grantmaking Foundations and related organizations. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Grace Foundation Of Memphis 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 04/2022, Grace Foundation Of Memphis Inc generated $1.3m 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 (6.4%) each year. All expenses for the organization totaled $2.4m during the year ending 04/2022. You can explore the organizations financials more deeply in the financial statements section below.
Since 2020, Grace Foundation Of Memphis Inc has awarded 199 individual grants totaling $7,426,624. 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
990T
Mission & Program ActivityExcerpts From the 990T Filing
TAX YEAR
2022
Describe the Organization's Mission:
Part 3 - Line 1
THE PRIMARY EXEMPT PURPOSE OF THE ORGANIZATION IS TO ASSIST CHRISTIAN COMMUNITY FOUNDATION OF MEMPHIS AND THE MID-SOUTH, INC. IN CARRYING OUT ITS CHARITABLE MISSION.
Describe the Organization's Program Activity:
THE FOUNDATION'S ONLY PROGRAM IS TO RECEIVE AND ACCEPT PROPERTY TO BE USED EXCLUSIVELY FOR RELIGIOUS, CHARITABLE, SCIENTIFIC, LITERARY, OR EDUCATIONAL PURPOSES PRIMARILY IN AND FOR THE BENEFIT OF THE COMMUNITY OF MEMPHIS AND SHELBY COUNTY.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Harry L Smith Chairman Of The Board | 1 | $0 | |
Leslie Jones Secretary/treasurer | 1 | $0 | |
Mary Elizabeth Smith Vice Chairman Of The Board | 1 | $0 | |
Shana R South Chief Financial Officer | 1 | $0 | |
B Rex Jones President/chief Executive | 1 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Contributions, Gifts, Grants & Similar | $0 |
| Interest on Savings | $0 |
| Dividends & Interest | $723,343 |
| Net Rental Income | -$6,803 |
| Net Gain on Sale of Assets | $456,553 |
| Capital Gain Net Income | $439,918 |
| Net ST Capital Gain | $0 |
| Income Modifications | $0 |
| Profit on Inventory Sales | $0 |
| Other Income | $151,048 |
| Total Revenue | $1,330,944 |
| Statement of Expenses | |
|---|---|
| Compensation of officers, directors, trustees, etc | $0 |
| Other employee salaries and wages | $0 |
| Pension plans, employee benefits | $0 |
| Interest | $0 |
| Taxes | $52,000 |
| Depreciation | $0 |
| Occupancy | $0 |
| Travel, conferences, and meetings | $0 |
| Printing and publications | $0 |
| Other expenses | $76,779 |
| Total operating and administrative expenses | $392,234 |
| Contributions, gifts, grants paid | $1,989,984 |
| Total expenses and disbursements | $2,382,218 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $1,286,815 |
| Savings and temporary cash investments | $0 |
| Net Accounts receivable | $0 |
| Net Pledges Receivable | $0 |
| Grants receivable | $0 |
| Receivables from Officers, Directors, or Controlling Persons | $0 |
| Net other notes and loans receivable | $0 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $0 |
| Net Investments - land, buildings, equipment | $0 |
| Investments—mortgage loans | $0 |
| Investments—other | $1,747,578 |
| Net Land, buildings, and equipment | $0 |
| Other assets | $475,912 |
| Total assets | $34,214,951 |
| Accounts payable and accrued expenses | $3,037 |
| Grants payable | $0 |
| Deferred revenue | $0 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
| Mortgages and other notes payable | $0 |
| Other liabilities | $0 |
| Total liabilities | $3,037 |
Grants Awarded
Over the last fiscal year, Grace Foundation Of Memphis Inc has awarded $1,989,984 in support to 49 organizations.
| Grant Recipient | Amount |
|---|---|
Cordova, TN PURPOSE: PROGRAM SUPPORT | $1,200,000 |
Memphis, TN PURPOSE: SUPPORTED ORGANIZATION CONTRIBUTION TO DONOR ADVISED FUND | $200,000 |
BELLEVUE BAPTIST CHURCH PURPOSE: PROGRAM SUPPORT | $108,500 |
Hilliard, OH PURPOSE: PROGRAM SUPPORT | $100,000 |
Florence, AL PURPOSE: PROGRAM SUPPORT | $76,984 |
Memphis, TN PURPOSE: PROGRAM SUPPORT | $25,000 |
Grants Recieved
Over the last fiscal year, we have identified 1 grants that Grace Foundation Of Memphis Inc has recieved totaling $100,000.
| Awarding Organization | Amount |
|---|---|
Christian Community Foundation Of Memphis And The Mid-South Inc Memphis, TN PURPOSE: RELIGION | $100,000 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Bobbie Bailey Foundation Inc Tucker, GA | $24,485,053 | $1,564,197 |
Penner Family Foundation Bentonville, AR | $146,107,822 | $15,983,833 |
J R Hyde Iii Foundation Memphis, TN | $230,354,058 | $26,306,779 |
Yhwh Foundation Inc Carrollton, GA | $0 | $14,288,691 |
Bayer Fund St Louis, MO | $65,640,119 | $9,167,249 |
Humana Foundation Inc Louisville, KY | $467,311,073 | $9,744,567 |
C Kenneth And Dianne Wright Foundation Henrico, VA | $254,775 | $2,124,209 |
First Horizon Foundation Memphis, TN | $37,840,936 | $11,265,846 |
Families And Communities Rising Inc Durham, NC | $8,732,109 | $17,644,457 |
Charles A Cannon Charitable Trust N0 One Concord, NC | $132,429,020 | $9,552,538 |
Claude And Betty Harris Foundation Inc Louisville, KY | $58,528,117 | $25,952,323 |
Quality Senior Housing Foundation Of East Texas Inc Atlanta, GA | $68,762,519 | $14,924,948 |