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Nonprofiteer
← MEMPHIS MUSEUMS INC

Form 990 for tax year 2024

Filed by MEMPHIS MUSEUMS INC.

Totals

Total revenue
$5,165,441
Total expenses
$5,702,066
Contributions and grants received
$3,058,175
Grants paid
$0
Program service revenue
$1,317,221
Investment income
$332,811
Other revenue
$457,234
Total assets, end of year
$9,143,732
Total liabilities, end of year
$587,982
Net assets or fund balances, end of year
$8,555,750
Program services expenses (Part IX)
$2,556,103
Management and general expenses
$2,886,209
Fundraising expenses
$259,754
Program service expenses (Part III)
$2,556,103

Program services were 44.8% 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.

  • 1b · Membership dues

    $61,233

  • 1f · All other contributions, gifts and grants

    $2,996,942

  • 2a · Program service revenue: ADMISSIONS

    total $1,063,784 · related or exempt $1,063,784

  • 2b · Program service revenue: PROGRAM SERVICES

    total $205,455 · related or exempt $205,455

  • 2c · Program service revenue: MISCELLANEOUS PROGRAM SERVICE

    total $47,982 · related or exempt $47,982

  • 3 · Investment income

    total $162,909 · excluded $162,909

  • 6a · Gross rents

    real property $395,251

  • 6b · Less rental expenses

    real property $3,566

  • 6c · Rental income or loss

    real property $391,685

  • 6d · Net rental income or loss

    total $391,685 · excluded $391,685

  • 7a · Gross sales of assets other than inventory

    securities $2,304,007

  • 7b · Less cost or other basis and sales expenses

    securities $2,134,105

  • 7c · Gain or loss

    securities $169,902

  • 7d · Net gain or loss

    total $169,902 · excluded $169,902

  • 8a · Fundraising events: gross income

    $151,785

  • 8b · Fundraising events: direct expenses

    $169,246

  • 8c · Net income from fundraising events

    total -$17,461 · excluded -$17,461

  • 10a · Gross sales of inventory

    $176,251

  • 10b · Cost of goods sold

    $93,241

  • 10c · Net income from sales of inventory

    total $83,010 · related or exempt $83,010

Functional expenses

Part IX, the statement of functional expenses.

  • 5 · Compensation of officers, directors and key employees

    total $216,058 · management and general $216,058

  • 7 · Other salaries and wages

    total $2,060,761 · program services $1,029,480 · management and general $864,788 · fundraising $166,493

  • 9 · Other employee benefits

    total $126,263 · program services $63,076 · management and general $52,986 · fundraising $10,201

  • 10 · Payroll taxes

    total $152,946 · program services $68,975 · management and general $72,696 · fundraising $11,275

  • 11f · Fees: investment management

    total $40,253 · management and general $40,253

  • 11g · Fees: other

    total $1,018,436 · program services $417,019 · management and general $577,897 · fundraising $23,520

  • 12 · Advertising and promotion

    total $70,672 · program services $70,672

  • 17 · Travel

    total $14,723 · program services $5,559 · management and general $9,164

  • 22 · Depreciation, depletion and amortization

    total $55,684 · program services $42,876 · management and general $12,808

  • 23 · Insurance

    total $195,765 · management and general $195,765

  • 24a · Other expenses: PROGRAM EXPENSES

    total $567,472 · program services $567,472

  • 24b · Other expenses: SECURITY SERVICES

    total $407,805 · program services $0 · management and general $404,048 · fundraising $3,757

  • 24c · Other expenses: TELEPHONE

    total $310,457 · program services $244,789 · management and general $59,856 · fundraising $5,812

  • 24d · Other expenses: JANITORIAL

    total $239,242 · program services $0 · management and general $205,597 · fundraising $33,645

  • 24e · All other expenses

    total $225,529 · program services $46,185 · management and general $174,293 · fundraising $5,051

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $979,677 · end of year $580,577

  • 2 · Savings and temporary cash investments

    beginning of year $374,795 · end of year $287,734

  • 4 · Accounts receivable

    beginning of year $63,250 · end of year $74,836

  • 8 · Inventories for sale or use

    beginning of year $53,342 · end of year $24,669

  • 9 · Prepaid expenses and deferred charges

    beginning of year $19,389

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

    $2,360,286

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

    $1,652,526

  • 10c · Land, buildings and equipment, net

    beginning of year $763,444 · end of year $707,760

  • 11 · Investments: publicly traded securities

    beginning of year $6,763,160 · end of year $7,443,084

  • 15 · Other assets

    beginning of year $27,085 · end of year $25,072

  • 17 · Accounts payable and accrued expenses

    beginning of year $131,619 · end of year $387,684

  • 19 · Deferred revenue

    beginning of year $160,273 · end of year $200,298

  • 27 · Net assets without donor restrictions

    beginning of year $4,643,343 · end of year $4,089,483

  • 28 · Net assets with donor restrictions

    beginning of year $4,108,907 · end of year $4,466,267

Mission and programs · 2024

Mission

THE PINK PALACE FAMILY OF MUSEUMS INSPIRES PEOPLE TO LEARN HOW HISTORY, SCIENCE, TECHNOLOGY, AND NATURE SHAPE THE MID-SOUTH. THROUGH RICH COLLECTIONS, THOUGHT-PROVOKING EXHIBITIONS, AND ENGAGING PROGRAMS, WE ENCOURAGE OUR DIVERSE COMMUNITY TO REFLECT (CONTINUED) (CONTINUED) ON THE PAST, UNDERSTAND THE PRESENT, AND INFLUENCE THE FUTURE.

Activities or mission (Part I)

TO INSPIRE PEOPLE TO LEARN HOW HISTORY, SCIENCE, TECHNOLOGY, AND NATURE SHAPE THE MID-SOUTH.

  • MEMPHIS MUSEUM EDUCATION PROGRAMS -- GIANT SCREEN THEATER FEATURING HISTORY, NATURAL HISTORY, AND SCIENCE FILMS; LICHTERMAN NATURE CENTER FEATURING INDOOR EXHIBITS AND OUTDOOR HABITATS WITH ENVIRONMENTAL EDUCATION PROGRAMS; PINK PALACE EDUCATION SCHOOL AND GENERAL AUDIENCE PROGRAMS; COON CREEK SCIENCE CENTER FOR SCHOOL GROUPS EVACAVATING 73 MILLION Y.O. FOSSILS INCLUDING UNIVERSITY RESEARCH AND TEACHER TRAINING IN PARTERSHIP WITH UNIV TN-MARTIN; SHARPE PLANETARIUM FEATURING EDUCATIONAL ASTROMONY-RELATED SHOW FOR THE PUBLIC AND SCHOOL GROUPS; AND HISTORIC PROPERTIES --EDUCATIONAL PROGRAMS AND GUIDED TOURS OF THE 1836 MAGEVNEY HOUSE AND THE 1852 MALLORY-NEELY HOUSE. PROGRAMS INCLUDE HISTORIC PRESERVATION PROJECTS; GUIDED TOURS INTERPRETING THE HOMES, THE PEOPLE WHO LIVED IN THEM, THE FURNISHINGS, CLOTHING, (CONTINUED) (CONTINUED) FOOD, AND SOCIAL HISTORY AS EXPERIENCED THROUGH THE RESIDENTS OF THE HOUSES. 332,905 PERSONS BENEFITTED.

    Expenses $1,270,409 · Revenue $1,107,028

  • PINK PALACE EXHIBITIONS -- PERMANENT EXHIBITIONS ABOUT THE CULTURAL HISTORY AND NATURAL HISTORY OF THE MID-SOUTH. TEMPORARY/TRAVELING EXHIBITIONS ABOUT SCIENCE, HISTORY, AND NATURAL HISTORY. 149,191 PERSONS BENEFITTED.

    Expenses $1,225,634 · Revenue $279,241

  • CURATORIAL SERVICES -- CONSERVATION AND PRESERVATION OF OVER 60,000 ARTIFACTS AND OBJECTS IN SUPPORT OF EDUCATION PROGRAMS AND EXHIBITIONS. 482,096 PERSONS BENEFITTED.

    Expenses $60,060 · Revenue $13,962

As filed on the 2024 return. The filer continues this part on Schedule O, which is not shown here.

Listed in Part VII

  • McKenzie Podesta

    GENERAL COUNSEL

    Total calculated
    $0
    Hours/week
    2

  • Jerry Goudy

    SECRETARY

    Total calculated
    $0
    Hours/week
    2

  • Jan Coleman

    TRUSTEE

    Total calculated
    $0
    Hours/week
    1

  • Gwyn Fisher

    VICE PRESIDENT

    Total calculated
    $0
    Hours/week
    2

  • Duncan Galbreath

    PRESIDENT

    Total calculated
    $0
    Hours/week
    2

  • Kyle Gowen

    TREASURER

    Total calculated
    $0
    Hours/week
    2

  • Sherry Hawkins

    TRUSTEE

    Total calculated
    $0
    Hours/week
    1

  • David Hunt

    TRUSTEE

    Total calculated
    $0
    Hours/week
    1

  • Jamila Smith-Young

    TRUSTEE

    Total calculated
    $0
    Hours/week
    1

  • Shannon Tucker

    TRUSTEE

    Total calculated
    $0
    Hours/week
    1

  • Jamey Maki

    TRUSTEE

    Total calculated
    $0
    Hours/week
    1

  • William Thompson

    EXECUTIVE DIRECTOR TILL 12/12/25

    Total calculated
    $209,635
    From this org
    $209,635
    From related orgs
    $0
    Other
    $0
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $209,635
    Bonus
    $0
    Other
    $0
    Deferred
    $0
    Nontaxable benefits
    $0
    Filer's total
    $209,635

  • Jeff King

    INTERIM EXEC. DIRECTOR BEG 12/12/25

    Total calculated
    $0
    Hours/week
    1

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

No itemized grants to organizations on this return.

Related organizations on this return

Schedule R Part II: tax-exempt organizations related to the filer by control. It does not record shared board members or money.

  • CITY OF MEMPHIS DIVISION OF PARK SERVICES

    501A · CITY GOVERNMENT · TN

    Directly controlled by DIVISION OF PARK SERVICES

Provenance

Return type
form_990
Tax year
2024
Filed
19 December 2025
IRS schema version
2024v5.2
Source object
202600139349301930

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