Memphis Bioworks Foundation
- Assets
- $6.1m
- Revenue
- $2.3k
- Investments
- $0.0
- Employees
- 0
- Location
- Memphis, TN
- Founding
- 02/2002
- Data as of
- 12/2022
- EIN
- 62-1858660
Organization Overview
Memphis Bioworks Foundation, operating under the name Memphis Biotech Foundation, is located in Memphis, TN. The organization was established in 2002. According to its NTEE Classification (H05) the organization is classified as: Research Institutes & Public Policy Analysis, under the broad grouping of Medical Research and related organizations. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Memphis Biotech Foundation 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 12/2022, Memphis Biotech Foundation generated $2.3k in total revenue. This represents a relatively dramatic decline in revenue. Over the past 8 years, the organization has seen revenues fall by an average of (63.8%) each year. All expenses for the organization totaled $19.1k during the year ending 12/2022. You can explore the organizations financials more deeply in the financial statements section below.
Since 2014, Memphis Biotech Foundation has awarded 146 individual grants totaling $12,267,602. 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
THE FOUNDATION IS EXECUTING A STRATEGIC BUSINESS PLAN THAT LEVERAGES THE COMPETITIVE STRENGTHS WITHIN THE REGION WHILE EXPANDING THE INFRASTRUCTURE, EDUCATIONAL OPPORTUNITIES, AND ENTREPRENEUR SUPPORT NEEDED TO EXPAND BIOSCIENCE INDUSTRIES.
Describe the Organization's Program Activity:
Part 3 - Line 4a
LEAD ECONOMIC DEVELOPMENT PROGRAMS FOCUSED ON DEVELOPING INFRASTRUCTURE, EDUCATION/WORKFORCE, AND ENTREPRENEURSHIP IN THE LIFE SCIENCES AND INDUSTRIAL BIOSCIENCE AREAS.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Lorie Jernigan President | OfficerTrustee | 2 | $0 |
Corie Rivers Secretary And Treasurer | OfficerTrustee | 2 | $0 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Lab Four Career Training Institute Dol Grant Subcontractor | 12/30/19 | $935,823 |
Concorde Career College Inc Dol Grant Subcontractor | 12/30/19 | $191,408 |
Southwest Tennessee Community College Dol Grant Subcontractor | 12/30/19 | $215,414 |
Seedco Dol Grant Subcontractor | 12/30/19 | $112,471 |
Tn College Of Applied Technology Dol Grant Subcontractor | 12/30/19 | $106,237 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $0 |
| All other contributions, gifts, grants, and similar amounts not included above | $0 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $0 |
| Total Program Service Revenue | $0 |
| Investment income | $0 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $0 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $2,258 |
| 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. | $0 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $0 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $0 |
| Payroll taxes | $0 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $1,268 |
| Fees for services: Accounting | $2,300 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $14,000 |
| Advertising and promotion | $0 |
| Office expenses | $218 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $0 |
| Travel | $0 |
| 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 | $0 |
| Insurance | $0 |
| All other expenses | $1,339 |
| Total functional expenses | $19,125 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $0 |
| Savings and temporary cash investments | $670,390 |
| Pledges and grants receivable | $443,049 |
| Accounts receivable, net | $228,515 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $2,773,983 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $0 |
| Net Land, buildings, and equipment | $0 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $1,964,848 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $6,080,785 |
| Accounts payable and accrued expenses | $75,168 |
| 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 | $21,757 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $0 |
| Total liabilities | $96,925 |
| Net assets without donor restrictions | $5,912,960 |
| Net assets with donor restrictions | $70,900 |
| 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 | $6,080,785 |
Grants Awarded
Over the last fiscal year, Memphis Bioworks Foundation has awarded $273,002 in support to 10 organizations.
| Grant Recipient | Amount |
|---|---|
CAREER ACADEMY LLC PURPOSE: FLOW THROUGH DOL GRANT | $22,550 |
CODE CREW PURPOSE: FLOW THROUGH DOL GRANT | $10,375 |
CONCORDE CAREER COLLEGE INC PURPOSE: FLOW THROUGH DOL GRANT | $66,714 |
LAB FOUR CAREER TRAINING INSTITUTE PURPOSE: FLOW THROUGH DOL GRANT | $14,039 |
LAUNCHPAD CAREERS INC PURPOSE: FLOW THROUGH DOL GRANT | $12,401 |
SOUTHWEST TN COMMUNITY COLLEGE PURPOSE: FLOW THROUGH DOL GRANT | $13,821 |