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Nonprofiteer
← MEMPHIS EDUCATION FUND INC

Form 990 for tax year 2023

Filed by MEMPHIS EDUCATION FUND INC.

This return was superseded by a later amendment. matched by us It is kept because history is preserved rather than replaced.

What the amendment changed

Compared with the latest return for 2023 , filed 17 November 2025. matched by us Only the Part I totals and the names listed in Part VII are compared. We relate returns by organization, tax year and form, and order them by each return's own timestamp; the filer's own "amended return" checkbox is a separate fact.

Total revenue
$3,481,558 changed to $3,781,184
Total expenses
$3,886,644 changed to $4,283,873
Contributions and grants received
$3,477,613 changed to $3,643,750
Grants paid
$2,094,520 changed to $2,587,390
Other revenue
$1,838 changed to $135,327
Total assets, end of year
$2,244,080 changed to $3,117,869
Total liabilities, end of year
$371,904 changed to $1,688,064
Net assets or fund balances, end of year
$1,872,176 changed to $1,429,805
Program services expenses
$3,189,418 changed to $3,038,502
Management and general expenses
$697,226 changed to $1,245,371
Program service expenses (Part III)
$3,189,418 changed to $3,038,502

Totals

Total revenue
$3,481,558
Total expenses
$3,886,644
Contributions and grants received
$3,477,613
Grants paid
$2,094,520
Program service revenue
$0
Investment income
$2,107
Other revenue
$1,838
Total assets, end of year
$2,244,080
Total liabilities, end of year
$371,904
Net assets or fund balances, end of year
$1,872,176
Program services expenses (Part IX)
$3,189,418
Management and general expenses
$697,226
Fundraising expenses
$0
Program service expenses (Part III)
$3,189,418

Program services were 82.1% of total expenses calculated — Part IX's program-services column over total expenses, both as filed.

Line items

Every line the filer filed in Parts VIII, IX and X, as filed and in filed order. Blank columns are left out, and the lines are not forced to add up to the totals above.

Revenue

Part VIII, the statement of revenue.

  • 1f · All other contributions, gifts and grants

    $3,477,613

  • 3 · Investment income

    total $2,107 · excluded $2,107

  • 6a · Gross rents

    real property $1,838

  • 6b · Less rental expenses

    real property $0

  • 6c · Rental income or loss

    real property $1,838

  • 6d · Net rental income or loss

    total $1,838 · excluded $1,838

Functional expenses

Part IX, the statement of functional expenses.

  • 1 · Grants to domestic organizations and governments

    total $2,035,520 · program services $2,035,520

  • 2 · Grants to domestic individuals

    total $59,000 · program services $59,000

  • 5 · Compensation of officers, directors and key employees

    total $255,084 · program services $114,788 · management and general $140,296

  • 7 · Other salaries and wages

    total $479,196 · program services $479,196

  • 9 · Other employee benefits

    total $34,869 · program services $28,207 · management and general $6,662

  • 10 · Payroll taxes

    total $24,585 · program services $19,887 · management and general $4,698

  • 11b · Fees: legal

    total $4,975 · program services $820 · management and general $4,155

  • 11c · Fees: accounting

    total $50,007 · management and general $50,007

  • 11g · Fees: other

    total $138,100 · program services $500 · management and general $137,600

  • 13 · Office expenses

    total $47,373 · program services $29 · management and general $47,344

  • 14 · Information technology

    total $65,514 · management and general $65,514

  • 16 · Occupancy

    total $362,991 · program services $272,243 · management and general $90,748

  • 17 · Travel

    total $6,026 · management and general $6,026

  • 19 · Conferences, conventions and meetings

    total $19,775 · management and general $19,775

  • 22 · Depreciation, depletion and amortization

    total $208,428 · program services $156,321 · management and general $52,107

  • 23 · Insurance

    total $27,169 · program services $20,377 · management and general $6,792

  • 24a · Other expenses: COMMUNICATION

    total $44,380 · management and general $44,380

  • 24b · Other expenses: STAFF RECRUITING & DEVE

    total $15,743 · management and general $15,743

  • 24c · Other expenses: LICENSES AND FEES

    total $2,645 · management and general $2,645

  • 24d · Other expenses: DISTRICT INNOVATIONS

    total $2,425 · program services $2,425

  • 24e · All other expenses

    total $2,839 · program services $105 · management and general $2,734

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $3,915,571 · end of year $1,413,947

  • 3 · Pledges and grants receivable

    end of year $171,428

  • 4 · Accounts receivable

    beginning of year $297,383 · end of year $749

  • 9 · Prepaid expenses and deferred charges

    end of year $75,000

  • 10a · Land, buildings and equipment: cost or other basis

    $2,079,965

  • 10b · Land, buildings and equipment: accumulated depreciation

    $1,497,009

  • 10c · Land, buildings and equipment, net

    beginning of year $1,233,096 · end of year $582,956

  • 17 · Accounts payable and accrued expenses

    beginning of year $168,816 · end of year $46,000

  • 18 · Grants payable

    beginning of year $192,699

  • 24 · Unsecured notes and loans payable

    beginning of year $67,790

  • 25 · Other liabilities

    beginning of year $597,549 · end of year $325,904

  • 27 · Net assets without donor restrictions

    beginning of year $2,250,984 · end of year $0

  • 28 · Net assets with donor restrictions

    beginning of year $2,168,212 · end of year $1,872,176

Mission and programs · 2023

Mission

TO WORK IN PARTNERSHIP WITH THE SHELBY COUNTY SCHOOL DISTRICT AND THE ACHIEVEMENT SCHOOL DISTRICT ON STRATEGIES THAT SUPPORT SCHOOL IMPROVEMENT, DEVELOPMENT, AND IMPLEMENTATION OF INITIATIVES FOCUSED ON INCREASING K-12 EDUCATIONAL OUTCOMES IN THE GREATER MEMPHIS, TN AREA.

Activities or mission (Part I)

ESTABLISHING INITIATIVES AND DEVELOPING STRATEGIES TO SUPPORT TEACHERS, SCHOOLS, AND COMMUNITY TO IMPROVE MEMPHIS PUBLIC EDUCATION.

  • DEVELOPMENT AND IMPLEMENTATION OF INITIATIVES FOCUSED ON INCREASING THE K-12 EDUCATIONAL OUTCOMES IN THE GREATER MEMPHIS, TENNESSEE AREA.

    Expenses $3,189,418 · Grants $2,094,520

As filed on the 2023 return.

Listed in Part VII

  • Terence Patterson

    CEO

    Total calculated
    $276,224
    From this org
    $255,084
    From related orgs
    $0
    Other
    $21,140
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $255,084
    Bonus
    $0
    Other
    $0
    Deferred
    $10,312
    Nontaxable benefits
    $10,828
    Filer's total
    $276,224

  • Teresa Sloyan

    BOARD MEMBER

    Total calculated
    $0
    Hours/week
    1

  • Michelle Armstrong

    BOARD MEMBER

    Total calculated
    $0
    Hours/week
    1

  • Dorsey Hopson

    BOARD MEMBER

    Total calculated
    $0
    Hours/week
    1

  • Timico Boykins-Cox

    TREASURER

    Total calculated
    $0
    Hours/week
    1

  • David Mansouri

    BOARD MEMBER

    Total calculated
    $0
    Hours/week
    1

  • Tomeka Hart

    BOARD MEMBER

    Total calculated
    $0
    Hours/week
    1

  • Darryl Cobb

    CHAIRMAN

    Total calculated
    $0
    Hours/week
    2

  • Venita M Doggett

    DIRECTOR OF ADVOCACY

    Total calculated
    $160,466
    From this org
    $143,774
    From related orgs
    $0
    Other
    $16,692
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $143,774
    Bonus
    $0
    Other
    $0
    Deferred
    $6,000
    Nontaxable benefits
    $10,692
    Filer's total
    $160,466

Compensation is as filed in Part VII: reportable pay from this organization and from related organizations, other compensation, and hours per week. The total, marked calculated, is our sum of the three dollar columns, with a blank column counted as $0; the form itself has no total. On a Form 990-EZ the columns are Part IV's instead, and on a Form 990-PF Part VIII's — compensation, contributions to benefit plans, and expense account — and the total sums those. A Schedule J breakdown is as filed: base pay, bonus, other, deferred compensation and nontaxable benefits from this organization, with any from related organizations beside each, and the filer's own total. It is shown with the Part VII listing of the same name on the same return. The form gives no key between the two, so that pairing is ours, and is marked matched by us.

Schedule J

Answered yes

  • 3 · Approval by the board or compensation committee

Answered no

  • 4a · Severance or change-of-control payment
  • 4b · Supplemental nonqualified retirement plan
  • 4c · Equity-based compensation arrangement
  • 5a · Pay contingent on this organization's revenues
  • 5b · Pay contingent on a related organization's revenues
  • 6a · Pay contingent on this organization's net earnings
  • 6b · Pay contingent on a related organization's net earnings
  • 7 · Other non-fixed payments
  • 8 · Paid under the initial-contract exception

Part I's answers as filed. A line not listed was left unanswered; on lines 1a and 3 that means the box was not checked.

Grants on this return

The 10 largest by cash amount. The API serves every itemized grant.

Provenance

Return type
form_990
Tax year
2023
Filed
14 November 2024
IRS schema version
2023v5.1
Source object
202433209349304723

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