Memphis Rock-N-Soul Inc
- Assets
- $2.2m
- Revenue
- $568.2k
- Investments
- $116.0k
- Employees
- 16
- Location
- Memphis, TN
- Founding
- 06/1996
- Data as of
- 12/2020
- EIN
- 62-1632202
Organization Overview
Memphis Rock-N-Soul Inc is located in Memphis, TN. The organization was established in 1996. According to its NTEE Classification (A50) the organization is classified as: Museums, under the broad grouping of Arts, Culture & Humanities and related organizations. As of 12/2020, Memphis Rock-N-Soul Inc employed 16 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Memphis Rock-N-Soul 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 12/2020, Memphis Rock-N-Soul Inc generated $568.2k 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 (9.0%) each year. All expenses for the organization totaled $892.0k during the year ending 12/2020. As we would expect to see with falling revenues, expenses have declined by (4.3%) per year over the past 6 years. 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
2020
Describe the Organization's Mission:
Part 3 - Line 1
THE MISSION OF THE MEMPHIS ROCK 'N' SOUL MUSEUM IS TO PRESERVE AND TELL THE STORY OF MEMPHIS MUSIC AND TO PERPETUATE ITS LEGACY.
Describe the Organization's Program Activity:
Part 3 - Line 4a
THE MEMPHIS ROCK 'N' SOUL MUSEUM ("MRNS") OPERATES AND MAINTAINS A MUSEUM AND EXHIBITION HALL, CREATED BY THE SMITHSONIAN INSTITUTE, THAT PORTRAYS THE BIRTH OF ROCK AND SOUL MUSIC AND TELLS THE STORY OF MUSICAL PIONEERS WHO CREATED THE MUSIC.
THE ORGANIZATION DEVELOPED THE MEMPHIS MUSIC HALL OF FAME (THE "MMHOF") TO HONOR MEMPHIS' WORLD-CHANGING ARTISTS THROUGH AN ANNUAL INDUCTION CEREMONY. MMHOF FURTHER EXPANDS MRNSM'S MISSION OF PRESERVING AND TELLING THE STORY OF MEMPHIS MUSIC AND PERPETUATING ITS LEGACY THROUGH MUSIC EDUCATION, NEW ARTIST PROMOTION, PROVIDES AN ENCYCLOPEDIC EDUCATIONAL RESOURCE OF MEMPHIS' MUSICAL BACKBONE, ADVANCES THE CITY'S MUSICAL BRAND, AND BUILDS COMMUNITY PRIDE. MMHOF COMMEMORATES THE MUSICAL ACCOMPLISHMENTS OF THE INDUCTEES TO THE HALL OF FAME WITH AN INTERACTIVE GALLERY EXHIBITION THAT ALLOWS GALLERY VISITORS ACCESS TO FULL BIOGRAPHIES, AUDIO SAMPLES, EDUCATIONAL LESSON PLANS FOR STUDENTS, AND VIDEO CLIPS OF INTERVIEWS, PERFORMANCES AND VIDEO TRIBUTES. THE GALLERY ALSO DISPLAYS MEMORABILIA FROM THE INDUCTEES AND PROMOTES LOCAL EMERGING BANDS AND MUSICIANS.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
John Doyle Executive Director | Officer | 40 | $121,333 |
Gretchen Mclennon Secretary | OfficerTrustee | 4 | $0 |
Mack Weaver Vice Chairperson | OfficerTrustee | 4 | $0 |
Mia Bowen Chairperson | OfficerTrustee | 4 | $0 |
Barry Leff Past Chairperson | Trustee | 2 | $0 |
J W Gibson Director | Trustee | 2 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Total Revenue from Contributions, Gifts, Grants & Similar | $365,647 |
| Investment income | $3,176 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $3,250 |
| Net Gain/Loss on Asset Sales | $3,153 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $17,809 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $568,217 |
| Statement of Expenses | |
|---|---|
| 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. | $115,266 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $218,720 |
| Pension plan accruals and contributions | $1,821 |
| Other employee benefits | $0 |
| Payroll taxes | $27,890 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $12,298 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $1,130 |
| Fees for services: Other | $12,164 |
| Advertising and promotion | $17,266 |
| Office expenses | $12,017 |
| Information technology | $9,566 |
| Royalties | $0 |
| Occupancy | $15,750 |
| Travel | $5,893 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $202,426 |
| Insurance | $21,476 |
| All other expenses | $0 |
| Total functional expenses | $891,958 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $252,260 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $24,358 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $20,472 |
| Prepaid expenses and deferred charges | $0 |
| Investments—publicly traded securities | $57,078 |
| Investments—other securities | $116,016 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $2,189,014 |
| Accounts payable and accrued expenses | $22,653 |
| 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 | $150,000 |
| Other liabilities | $0 |
| Total liabilities | $172,653 |
| 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 | $2,016,361 |
Grants Recieved
Over the last fiscal year, we have identified 1 grants that Memphis Rock-N-Soul Inc has recieved totaling $22,500.
| Awarding Organization | Amount |
|---|---|
Arts Memphis Memphis, TN PURPOSE: OPERATING SUPPORT & RECOVERY | $22,500 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Crosswater Canyon Inc Petersburg, KY | $131,093,453 | $43,029,126 |
Country Music Foundation Inc Nashville, TN | $103,507,163 | $14,152,198 |
Johnny Morris Wonders Of Wildlife Foundation Springfield, MO | $84,645,334 | $34,583,902 |
Barber Vintage Motorsports Museum Birmingham, AL | $96,854,317 | $20,184,084 |
National Corvette Museum Foundation Inc Bowling Green, KY | $80,229,990 | $15,403,313 |
Mariners Museum Newport News, VA | $159,780,245 | $10,021,200 |
National Center For Civil And Humanrights Inc Atlanta, GA | $28,909,465 | $12,210,926 |
Tennessee Golf Foundation Franklin, TN | $24,594,928 | $7,116,069 |
Atlanta Hall Management Inc Atlanta, GA | $34,614,233 | $3,372,998 |
Discovery Park Of America Inc Union City, TN | $88,157,973 | $11,219,580 |
Kentucky Derby Museum Corporation Louisville, KY | $35,033,343 | $10,633,125 |
Tennessee State Museum Foundation Nashville, TN | $6,574,867 | $116,981 |