Form 990 for tax year 2022
Filed by MEMPHIS OPPORTUNITY SCHOLARSHIP TR INC.
Totals
- Total revenue
- $1,847,486
- Total expenses
- $1,403,489
- Contributions and grants received
- $1,781,629
- Grants paid
- $1,018,543
- Program service revenue
- $0
- Investment income
- $110,303
- Other revenue
- -$44,446
- Total assets, end of year
- $7,501,630
- Total liabilities, end of year
- $0
- Net assets or fund balances, end of year
- $7,501,630
- Program services expenses (Part IX)
- $1,018,543
- Management and general expenses
- $283,960
- Fundraising expenses
- $100,986
- Program service expenses (Part III)
- $1,018,543
Program services were 72.6% 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.
-
1c · Fundraising events
$196,500
-
1f · All other contributions, gifts and grants
$1,585,129
-
3 · Investment income
total $123,425 · excluded $123,425
-
7a · Gross sales of assets other than inventory
securities $708,071
-
7b · Less cost or other basis and sales expenses
securities $721,193
-
7c · Gain or loss
securities -$13,122
-
7d · Net gain or loss
total -$13,122 · excluded -$13,122
-
8a · Fundraising events: gross income
$19,299
-
8a · Fundraising events: contributions included on line 1c
$196,500
-
8b · Fundraising events: direct expenses
$63,745
-
8c · Net income from fundraising events
total -$44,446 · excluded -$44,446
Functional expenses
Part IX, the statement of functional expenses.
-
2 · Grants to domestic individuals
total $1,018,543 · program services $1,018,543
-
5 · Compensation of officers, directors and key employees
total $127,800 · management and general $51,120 · fundraising $76,680
-
7 · Other salaries and wages
total $119,946 · management and general $119,946
-
9 · Other employee benefits
total $17,037 · management and general $11,388 · fundraising $5,649
-
10 · Payroll taxes
total $21,078 · management and general $15,212 · fundraising $5,866
-
11c · Fees: accounting
total $9,200 · management and general $9,200
-
11g · Fees: other
total $2,215 · management and general $2,215
-
12 · Advertising and promotion
total $12,791 · fundraising $12,791
-
13 · Office expenses
total $5,594 · management and general $5,594
-
16 · Occupancy
total $12,000 · management and general $12,000
-
23 · Insurance
total $1,214 · management and general $1,214
-
24a · Other expenses: TECHNOLOGY
total $26,541 · management and general $26,541
-
24b · Other expenses: DEVELOPMENT
total $20,706 · management and general $20,706
-
24c · Other expenses: POSTAGE
total $4,973 · management and general $4,973
-
24d · Other expenses: PROGRAM EXPENSE
total $2,524 · management and general $2,524
-
24e · All other expenses
total $1,327 · management and general $1,327
Balance sheet
Part X, book values.
-
1 · Cash, non-interest-bearing
beginning of year $1,945,048 · end of year $1,540,107
-
3 · Pledges and grants receivable
beginning of year $2,069,666 · end of year $2,053,938
-
9 · Prepaid expenses and deferred charges
beginning of year $624 · end of year $624
-
11 · Investments: publicly traded securities
beginning of year $3,048,100 · end of year $3,884,791
-
15 · Other assets
beginning of year $17,982 · end of year $22,170
-
27 · Net assets without donor restrictions
beginning of year $7,022,500 · end of year $7,392,710
-
28 · Net assets with donor restrictions
beginning of year $58,920 · end of year $108,920
Mission and programs · 2022
Mission
OUR MISSION IS TO GIVE PARENTS THE OPPORTUNITY TO CHOOSE THE MOST APPROPRIATE SCHOOL FOR THEIR CHILDREN. BY PROVIDING EDUCATIONAL OPPORTUNITIES TO FAMILIES IN NEED, MOST SEEKS TO PROMOTE EXCELLENCE IN EDUCATION.
Activities or mission (Part I)
PROVIDE EDUCATIONAL OPPORTUNITIES AND ASSISTANCE TO CHILDREN WHO ARE UNABLE TO ACHIEVE THE SAME OR HAVE DIFFICULTY DOING SO FOR FINANCIAL REASONS. THE MAIN FORM OF ASSISTANCE PROVIDED BY MOST IS SCHOLARSHIPS TO HELP STUDENTS FROM LOW-INCOME FAMILIES HAVE THE OPPORTUNITY TO ATTEND PRIVATE SCHOOLS IN THE MEMPHIS AREA THAT CHARGE TUITION.
-
PROVIDE EDUCATIONAL OPPORTUNITIES AND ASSITANCE TO CHILDREN WHO ARE UNABLE TO ACHIEVE THE SAME OR HAVE DIFFICULTY DOING SO FOR FINANCIAL REASONS. THE MAIN FORM OF ASSITANCE PROVIDED BY MOST IS SCHOLARSHIPS TO HELP STUDENTS FROM LOW-INCOME FAMILIES HAVE THE OPPORTUNITY TO ATTEND PRIVATE SCHOOLS IN THE MEMPHIS AREA THAT CHARGE TUITION.
Expenses $1,018,543 · Grants $1,018,543
As filed on the 2022 return.
Listed in Part VII
-
ALEXIS S FABER
BOARD CHAIR
- Total calculated
- $0
- Hours/week
- 1
-
E CARL KRAUSNICK JR
DIRECTOR
- Total calculated
- $0
- Hours/week
- 1
-
ELKAN SCHEIDT
DIRECTOR
- Total calculated
- $0
- Hours/week
- 1
-
NICK GOETZE
DIRECTOR
- Total calculated
- $0
- Hours/week
- 1
-
TRENT D WILLIAMSON
DIRECTOR
- Total calculated
- $0
- Hours/week
- 1
-
ELLIS L HAGUEWOOD
DIRECTOR
- Total calculated
- $0
- Hours/week
- 1
-
MARY SCHELL
DIRECTOR
- Total calculated
- $0
- Hours/week
- 1
-
KATHERINE T DICKINSON
DIRECTOR
- Total calculated
- $0
- Hours/week
- 1
-
HAL FOGELMAN
DIRECTOR
- Total calculated
- $0
- Hours/week
- 1
-
KEITH MCBRIDE II
DIRECTOR
- Total calculated
- $0
- Hours/week
- 1
-
CALVIN SULLIVAN
DIRECTOR
- Total calculated
- $0
- Hours/week
- 1
-
BOB SOLMSON
DIRECTOR
- Total calculated
- $0
- Hours/week
- 1
-
ABBEY S COWENS
EXECUTIVE DIRECTOR
- Total calculated
- $118,419
- From this org
- $109,077
- From related orgs
- $0
- Other
- $9,342
- Hours/week
- 40
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.
Grants on this return
No itemized grants to organizations on this return.
Provenance
- Return type
- form_990
- Tax year
- 2022
- Filed
- 4 December 2023
- IRS schema version
- 2022v5.0
- Source object
- 202343399349300734
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