Memphis Tomorrow
- Assets
- $404.0k
- Revenue
- $1.0m
- Investments
- $0.0
- Employees
- 1
- Location
- Memphis, TN
- Founding
- 01/2002
- Data as of
- 12/2021
- EIN
- 62-1867308
Organization Overview
Memphis Tomorrow is located in Memphis, TN. The organization was established in 2002. According to its NTEE Classification (S30) the organization is classified as: Economic Development, under the broad grouping of Community Improvement & Capacity Building and related organizations. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Memphis Tomorrow 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 12/2021, Memphis Tomorrow generated $1.0m in total revenue. The organization has seen a slow decline revenue. Over the past 7 years, revenues have fallen by an average of (2.3%) each year. All expenses for the organization totaled $929.0k during the year ending 12/2021. As we would expect to see with falling revenues, expenses have declined by (5.0%) per year over the past 7 years. You can explore the organizations financials more deeply in the financial statements section below.
Since 2014, Memphis Tomorrow has awarded 28 individual grants totaling $5,493,894. 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
2021
Describe the Organization's Mission:
Part 3 - Line 1
MEMPHIS TOMORROW IS AN ASSOCIATION OF CEOS OF MEMPHIS' LARGEST BUSINESSES WORKING TO PROMOTE OPPORTUNITY AND QUALITY OF LIFE FOR ALL MEMPHIANS THROUGH COLLECTIVE ACTION AND PUBLIC-PRIVATE PARTNERSHIPS.
Describe the Organization's Program Activity:
Part 3 - Line 4a
MEMPHIS TOMORROW FOUNDED AND HAS CONTINUED TO INVEST IN MEMPHIS BRAND INITIATIVE WITH THE GOAL TO PROMOTE AWARENESS OF MEMPHIS/SHELBY COUNTY AS A GREAT DESTINATION FOR TOURISTS, TALENT AND COMMERCE. THE EFFORT HAS BEEN ENORMOUSLY SUCCESSFUL BY ALL METRICS AND CONTINUES TO EXCEED GOALS AND EXPECTATIONS.
MEMPHIS TOMORROW CONTRIBUTED FUNDING TO THE MEMPHIS SHELBY CRIME COMMISSION FOR PURPOSES OF GENERAL OPERATING EXPENSES, DIGITAL MARKETING AND WEBSITE EXPENSES, AND A PUBLIC OPINION SURVEY, ALL TO SUPPORT THE DEVELOPMENT AND IMPLEMENTATION OF THE SAFE COMMUNITY PLAN.
MEMPHIS TOMORROW SUPPORTED AN INCENTIVE PROGRAM BY THE CITY OF MEMPHIS TO ENCOURAGE RESIDENTS TO GET THEIR COVID 19 VACCINATIONS. THE PRIZE WAS A VEHICLE VALUED AT 30,000.
MEMPHIS TOMORROW SUPPORTS A VARIETY OF OTHER EFFORTS INCLUDING BUT NOT LIMITED TO CRADLE-TO-CAREER EDUCATION PROGRAMS AND INITIATIVES AND ECONOMIC DEVELOPMENT INITIATIVES ALL IN SUPPORT OF FOSTERING OPPORTUNITY AND QUALITY OF LIFE FOR ALL MEMPHIANS.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Blair Taylor President | OfficerTrustee | 40 | $266,046 |
Johnny B Moore Jr Secretary/tr | OfficerTrustee | 1 | $0 |
Mark Sutton Vice Chairma | OfficerTrustee | 1 | $0 |
John Alexander Director | Trustee | 1 | $0 |
H Eric Bolton Jr Director | Trustee | 1 | $0 |
John Carson Director | Trustee | 1 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $1,000,000 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $0 |
| All other contributions, gifts, grants, and similar amounts not included above | $30,000 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $1,030,000 |
| 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 | $1,030,000 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $425,000 |
| 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. | $266,046 |
| Compensation of current officers, directors, key employees. | $53,209 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $0 |
| Pension plan accruals and contributions | $9,142 |
| Other employee benefits | $34,838 |
| Payroll taxes | $12,731 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $30,819 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $94,988 |
| Advertising and promotion | $0 |
| Office expenses | $10,944 |
| Information technology | $9,310 |
| Royalties | $0 |
| Occupancy | $30,523 |
| 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 | $207 |
| Insurance | $4,435 |
| All other expenses | $0 |
| Total functional expenses | $928,983 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $392,596 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $0 |
| 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 | $4,393 |
| Net Land, buildings, and equipment | $4,288 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $2,750 |
| Total assets | $404,027 |
| Accounts payable and accrued expenses | $6,745 |
| 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 | $0 |
| Other liabilities | $0 |
| Total liabilities | $6,745 |
| Net assets without donor restrictions | $397,282 |
| 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 |
| Retained earnings, endowment, accumulated income, or other funds | $0 |
| Total liabilities and net assets/fund balances | $404,027 |
Grants Awarded
Over the last fiscal year, Memphis Tomorrow has awarded $425,000 in support to 3 organizations.
| Grant Recipient | Amount |
|---|---|
Memphis, TN PURPOSE: OPERATIONS | $250,000 |
Memphis, TN PURPOSE: OPERATIONS | $125,000 |
Memphis, TN PURPOSE: OPERATIONS | $50,000 |
Grants Recieved
Over the last fiscal year, we have identified 2 grants that Memphis Tomorrow has recieved totaling $60,000.
| Awarding Organization | Amount |
|---|---|
J R Hyde Iii Foundation Memphis, TN PURPOSE: 2021 MEMBERSHIP DUES | $50,000 |
Community Foundation Of Greater Memphis Inc Memphis, TN PURPOSE: GENERAL OPERATIONAL SUPPORT | $10,000 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Central Arkansas Development Council Benton, AR | $22,711,775 | $63,852,394 |
Southern Mississippi Planning And Development District Inc Gulfport, MS | $44,385,657 | $33,837,059 |
Metro Atlanta Host Committee Inc Atlanta, GA | $222,399 | $14,582,853 |
Economic Development Partnership Of North Carolina Inc Raleigh, NC | $8,246,221 | $25,900,688 |
Mississippi County Arkansas Economic Opportunity Commission In Blytheville, AR | $4,387,153 | $19,452,667 |
South Alabama Regional Planning Commission Mobile, AL | $10,162,715 | $18,722,811 |
Atlanta Convention & Vistors Bureau Inc Atlanta, GA | $20,280,984 | $17,066,911 |
Memphis Convention And Visitors Bureau Memphis, TN | $38,589,779 | $17,172,027 |
St Louis Economic Development Partnership Saint Louis, MO | $27,235,860 | $13,883,018 |
Purchase Area Development District Inc Mayfield, KY | $0 | $14,269,202 |
Tennessee Technology Development Corporation Nashville, TN | $18,062,853 | $12,109,273 |
Riverfront Development Corporation Memphis, TN | $39,591,502 | $20,233,137 |