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Nonprofiteer
← MEMPHIS CHAMBER FOUNDATION

Form 990 for tax year 2024

Filed by MEMPHIS CHAMBER FOUNDATION.

Totals

Total revenue
$478,745
Total expenses
$755,261
Contributions and grants received
$754,096
Grants paid
$0
Program service revenue
$0
Investment income
-$275,351
Other revenue
$0
Total assets, end of year
$1,921,631
Total liabilities, end of year
$188,977
Net assets or fund balances, end of year
$1,732,654
Program services expenses (Part IX)
$0
Management and general expenses
$755,261
Fundraising expenses
$0
Program service expenses (Part III)
not reported

Program services were 0.0% 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.

  • 1e · Government grants (contributions)

    $188,976

  • 1f · All other contributions, gifts and grants

    $565,120

  • 3 · Investment income

    total $21,115 · excluded $21,115

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

    other assets $296,466

  • 7c · Gain or loss

    other assets -$296,466

  • 7d · Net gain or loss

    total -$296,466 · related or exempt -$296,466

Functional expenses

Part IX, the statement of functional expenses.

  • 11g · Fees: other

    total $254,097 · management and general $254,097

  • 12 · Advertising and promotion

    total $400,000 · management and general $400,000

  • 22 · Depreciation, depletion and amortization

    total $961 · management and general $961

  • 24a · Other expenses: BAD DEBT EXPENSE

    total $100,000 · management and general $100,000

  • 24b · Other expenses: MISCELLANEOUS

    total $203 · management and general $203

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $962,008 · end of year $1,057,038

  • 3 · Pledges and grants receivable

    beginning of year $1,237,720 · end of year $802,863

  • 4 · Accounts receivable

    beginning of year $2,501 · end of year $61,398

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

    $27,452

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

    $27,120

  • 10c · Land, buildings and equipment, net

    beginning of year $1,293 · end of year $332

  • 15 · Other assets

    beginning of year $296,466 · end of year $0

  • 17 · Accounts payable and accrued expenses

    beginning of year $70,769 · end of year $188,977

  • 27 · Net assets without donor restrictions

    beginning of year $310,839 · end of year $34,323

  • 28 · Net assets with donor restrictions

    beginning of year $2,118,380 · end of year $1,698,331

Mission and programs · 2024

Mission

THE ADVANCEMENT OF EDUCATION OR SCIENCE LESSENING THE BURDENS OF GOVERNMENT; LESSENING OF NEIGHBORHOOD TENSIONS; ELIMINATION OF PREJUDICE AND DISCRIMINATION, AND COMBATING COMMUNITY DETERIORATION. ALSO, PROMOTION OF THE ADVANCEMENT AND DIFFUSION OF KNOWLEDGE AND UNDERSTANDING OF ECONOMICS, FINANCE, EDUCATION AND TRAINING, SCIENCE AND TECHNOLOGY AS THEY RELATE TO THE COMMUNITY, THE REGION, AND THEIR PROBLEMS AND OPPORTUNITIES, THROUGH 1) THE UNDERTAKING OF STUDIES AND RESEARCH, COMPILATION OF RESULTS, AND PUBLICATION THEROF THROUGH ANY APPROPRIATE MEDIA; 2) THE CONDUCT OF TRAINING COURSES, SEMINARS, DISCUSSION GROUPS, FORUMS, PANELS, OR LECTURES, AND THE LIKE; 3) ANY ACTIVITY WHICH TENDS TO PROMOTE UNDERSTANDING, UNIFICATION, OR IMPROVED RELATIONSHIP BETWEEN DIFFERENT ECONOMIC OR ETHNIC GROUPS.

  • ECONOMIC DEVELOPMENT OF THE STANDARD METROPOLITAN STATISTICAL AREA FOCUSING ON SHELBY COUNTY, TN. SERVICE TO THE GENERAL BUSINESS COMMUNITY TO DEVELOP A STRONG ECONOMIC CLIMATE FOR THE AREA SERVICED.

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

Listed in Part VII

  • Willie Gregory

    CHAIRMAN

    Total calculated
    $0
    Hours/week
    1

  • Gregory Duckett

    SECRETARY

    Total calculated
    $0
    Hours/week
    1

  • Ted Ferris

    TREASURER

    Total calculated
    $342,354
    From this org
    $0
    From related orgs
    $295,127
    Other
    $47,227
    Hours/week
    1

    Schedule J breakdown matched by us

    Base
    $0 + $295,127 related
    Bonus
    $0
    Other
    $0
    Deferred
    $0 + $28,263 related
    Nontaxable benefits
    $0 + $18,964 related
    Filer's total
    $0 + $342,354 related

  • Dotty Giusti

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • Ruby Hancock

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • Anthony Norris

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • Duncan Williams

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • Ted Townsend

    PRESIDENT

    Total calculated
    $721,613
    From this org
    $0
    From related orgs
    $671,801
    Other
    $49,812
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $0 + $671,801 related
    Bonus
    $0
    Other
    $0
    Deferred
    $0 + $30,500 related
    Nontaxable benefits
    $0 + $19,312 related
    Filer's total
    $0 + $721,613 related

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

None.

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.

Provenance

Return type
form_990
Tax year
2024
Filed
13 November 2025
IRS schema version
2024v5.2
Source object
202533219349315963

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