Vibrant Memphis Inc
- Assets
- $19.9m
- Revenue
- $2.8m
- Investments
- $0.0
- Employees
- 20
- Location
- Memphis, TN
- Founding
- 06/2017
- Data as of
- 12/2021
- EIN
- 82-0904035
Organization Overview
Vibrant Memphis Inc, operating under the name Epicenter, is located in Memphis, TN. The organization was established in 2017. 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. As of 12/2021, Epicenter employed 20 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Epicenter 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, Epicenter generated $2.8m in total revenue. This represents relatively stable growth, over the past 5 years the organization has increased revenue by an average of 2.4% each year. All expenses for the organization totaled $3.7m during the year ending 12/2021. 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
2021
Describe the Organization's Mission:
Part 3 - Line 1
CREATES A JUST, INCLUSIVE, AND GROWING REGIONAL ECONOMY BY DRIVING STRATEGY AND MEASURING IMPACT AMONG A NETWORK OF PARTNERS TO INCREASE SUPPORT TO NEW AND EXISTING ENTREPRENEURS IN CONVERTING IDEAS TO BUSINESSES, DEVELOPING TALENT, ATTRACTING CAPITAL, AND ACQUIRING CUSTOMERS.
Describe the Organization's Program Activity:
Part 3 - Line 4a
PROVIDING A FULL-RANGE OF ENTREPRENEURIAL SUPPORT SERVICES INCLUDING MENTORSHIP AND EXECUTIVES IN RESIDENCE, BOOT CAMP TRAINING, INCUBATION AND COWORKING, ATTRACTION OF NEW DEBT AND EQUITY CAPITAL, NETWORKING AND EVENTS, CORPORATE AND CUSTOMER ENGAGEMENT. WORKING WITH PARTNERS TO STRENGTHEN THE ENTREPRENEURIAL ECOSYSTEM SO THAT AVAILABLE RESOURCES ARE DEPLOYED EFFECTIVELY. SERVICES DESIGNED TO BRING BENEFITS OF ECONOMIC DEVELOPMENT TO ALL RESIDENTS OF MEMPHIS EQUITABLY, WITH DIVERSITY AND INCLUSION A CRITICAL PART OF ALL THAT EPICENTER DOES.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Russell Ingram Secretary & COO | OfficerTrustee | 40 | $150,000 |
Jessica Taveau President & CEO | OfficerTrustee | 40 | $149,743 |
David Waddell Chairman | OfficerTrustee | 5 | $0 |
Richard Smith Vice Chair | OfficerTrustee | 3 | $0 |
Spence Wilson Jr Treasurer | OfficerTrustee | 2 | $0 |
Shea Flinn Director | Trustee | 2 | $0 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Bg Management Llc | 12/30/19 | $176,960 |
Mass Economics | 12/30/19 | $124,225 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $857,966 |
| All other contributions, gifts, grants, and similar amounts not included above | $1,836,716 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $2,694,682 |
| Total Program Service Revenue | $63,668 |
| Investment income | $11,438 |
| 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 | $2,783,167 |
| 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. | $299,744 |
| Compensation of current officers, directors, key employees. | $149,936 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $1,368,623 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $0 |
| Payroll taxes | $0 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $8,215 |
| Fees for services: Accounting | $76,000 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $0 |
| Advertising and promotion | $135,473 |
| Office expenses | $10,657 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $235,501 |
| Travel | $49,778 |
| 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 | $7,374 |
| Total functional expenses | $3,673,138 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $12,699,549 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $4,163,394 |
| Accounts receivable, net | $0 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $225,000 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $20,525 |
| Net Land, buildings, and equipment | $12,754 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $505,000 |
| Intangible assets | $0 |
| Other assets | $2,254,664 |
| Total assets | $19,880,886 |
| Accounts payable and accrued expenses | $125,495 |
| 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 | $4,019,955 |
| Total liabilities | $4,145,450 |
| Net assets without donor restrictions | $10,045,436 |
| Net assets with donor restrictions | $5,690,000 |
| 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 | $19,880,886 |
Grants Awarded
Over the last fiscal year, Vibrant Memphis Inc has awarded $30,000 in support to 2 organizations.
| Grant Recipient | Amount |
|---|---|
RENAISSANCE SERVICES GROUP PURPOSE: BUSINESS PLAN COMPETITION PRIZE | $20,000 |
Memphis, TN PURPOSE: COMPETITION PRIZE | $10,000 |
Grants Recieved
Over the last fiscal year, we have identified 4 grants that Vibrant Memphis Inc has recieved totaling $1,661,553.
| Awarding Organization | Amount |
|---|---|
Community Foundation Of Greater Memphis Inc Memphis, TN PURPOSE: GENERAL OPERATIONAL SUPPORT | $555,000 |
American Online Giving Foundation Inc Newark, DE PURPOSE: GENERAL SUPPORT | $443,401 |
Massmutual Foundation Inc Springfield, MA PURPOSE: EXEMPT PURPOSE | $443,152 |
Tennessee Technology Development Corporation Nashville, TN PURPOSE: PROGRAM EXPENSES FOR ENTREPRENEUR CENTER | $220,000 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
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 |
Chattanooga Area Convention And Visitors Bureau Inc Chattanooga, TN | $6,892,228 | $12,124,566 |
Nash-Edgecombe Economic Development Inc Rocky Mount, NC | $2,214,551 | $9,450,498 |
Convention & Visitors Bureau Of Greater Kansas City Kansas City, MO | $12,878,337 | $11,432,355 |
Alexandria Economic Development Partnership Inc Alexandria, VA | $1,919,174 | $9,268,061 |