Form 990 for tax year 2023
Filed by MEMPHIS AREA CHAMBER OF COMMERCE.
Totals
- Total revenue
- $8,305,030
- Total expenses
- $8,607,830
- Contributions and grants received
- $6,354,530
- Grants paid
- $0
- Program service revenue
- $1,756,740
- Investment income
- $35,046
- Other revenue
- $158,714
- Total assets, end of year
- $6,347,879
- Total liabilities, end of year
- $4,118,121
- Net assets or fund balances, end of year
- $2,229,758
- Program services expenses (Part IX)
- not reported
- Management and general expenses
- not reported
- Fundraising expenses
- not reported
- Program service expenses (Part III)
- not reported
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
$1,397,821
-
1f · All other contributions, gifts and grants
$4,956,709
-
2a · Program service revenue: PROGRAM PARTNERSHIPS
total $1,163,608 · related or exempt $1,163,608
-
2b · Program service revenue: EVENT REVENUES
total $541,195 · related or exempt $541,195
-
2c · Program service revenue: COUNCIL FUNDING
total $50,000 · related or exempt $50,000
-
2d · Program service revenue: CHAMBER PRODUCTS
total $1,937 · related or exempt $1,937
-
3 · Investment income
total $35,046 · excluded $35,046
-
6a · Gross rents
real property $7,375
-
6b · Less rental expenses
real property $0
-
6c · Rental income or loss
real property $7,375
-
6d · Net rental income or loss
total $7,375 · related or exempt $7,375
-
11a · Other revenue: ECONOMIC IMPACT STUDY
total $70,000 · related or exempt $70,000
-
11b · Other revenue: AFFINITY PROGRAM/SPONS
total $44,555 · excluded $44,555
-
11c · Other revenue: MISCELLANEOUS
total $36,784 · related or exempt $36,784
-
11e · Other revenue, total
$151,339
Functional expenses
Part IX, the statement of functional expenses.
-
5 · Compensation of officers, directors and key employees
total $4,601,814
-
8 · Pension plan contributions
total $440,049
-
9 · Other employee benefits
total $407,563
-
10 · Payroll taxes
total $309,958
-
11c · Fees: accounting
total $42,810
-
11g · Fees: other
total $1,125,843
-
12 · Advertising and promotion
total $52,848
-
13 · Office expenses
total $69,834
-
14 · Information technology
total $125,908
-
16 · Occupancy
total $346,711
-
17 · Travel
total $268,328
-
19 · Conferences, conventions and meetings
total $328,270
-
22 · Depreciation, depletion and amortization
total $50,296
-
24a · Other expenses: AUDIO, VIDEO AND PRODUC
total $150,405
-
24b · Other expenses: DUES & SUBSCRIPTIONS
total $108,270
-
24c · Other expenses: SOFTWARE & LICENSES
total $97,022
-
24d · Other expenses: BANK FEES
total $54,051
-
24e · All other expenses
total $27,850
Balance sheet
Part X, book values.
-
1 · Cash, non-interest-bearing
beginning of year $1,285,125 · end of year $1,071,943
-
3 · Pledges and grants receivable
beginning of year $527,524 · end of year $148,085
-
9 · Prepaid expenses and deferred charges
beginning of year $8,833 · end of year $969
-
10a · Land, buildings and equipment: cost or other basis
$715,952
-
10b · Land, buildings and equipment: accumulated depreciation
$203,280
-
10c · Land, buildings and equipment, net
beginning of year $257,627 · end of year $512,672
-
11 · Investments: publicly traded securities
beginning of year $1,068,336 · end of year $1,212,995
-
15 · Other assets
beginning of year $3,556,114 · end of year $3,401,215
-
17 · Accounts payable and accrued expenses
beginning of year $834,419 · end of year $838,943
-
19 · Deferred revenue
beginning of year $6,194
-
25 · Other liabilities
beginning of year $3,445,783 · end of year $3,279,178
-
27 · Net assets without donor restrictions
beginning of year $2,417,163 · end of year $2,229,758
Mission and programs · 2023
Mission
TO SERVE OUR MEMBERS AND PARTNERS BY IMPROVING THE QUALITY OF LIFE THROUGH REGIONAL ECONOMIC PROSPERITY.
-
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.
-
MARKETING THE BUSINESS ATTRIBUTES OF THE SERVICE AREA.
-
SUPPORTING NEEDS OF SPECIFIC SPECIAL PROJECTS THAT ENHANCE THE ECONOMIC COMMUNITY.
-
DEVELOPMENT AND IMPLEMENTATION OF LONG RANGE ECONOMIC STRATEGIES
As filed on the 2023 return. The filer continues this part on Schedule O, which is not shown here.
Listed in Part VII
-
Doug BrowneDOUG BROWNE
CHAIRMAN
- Total calculated
- $0
- Hours/week
- 1
-
Willie GregoryWILLIE GREGORY
PAST CHAIRMAN
- Total calculated
- $0
- Hours/week
- 1
-
Greg DuckettGREG DUCKETT
VICE CHAIRMAN
- Total calculated
- $0
- Hours/week
- 1
-
Duncan WilliamsDUNCAN WILLIAMS
VICE CHAIRMAN
- Total calculated
- $0
- Hours/week
- 1
-
Jason YarbroJASON YARBRO
SECRETARY
- Total calculated
- $0
- Hours/week
- 1
-
David WaddellDAVID WADDELL
FINANCE CHAIR
- Total calculated
- $0
- Hours/week
- 1
-
Ben AdamsBEN ADAMS
EXECUTIVE COMMITTEE MEMBER
- Total calculated
- $0
- Hours/week
- 1
-
Tammy LocascioTAMMY LOCASCIO
EXECUTIVE COMMITTEE MEMBER
- Total calculated
- $0
- Hours/week
- 1
-
David MayDAVID MAY
EXECUTIVE COMMITTEE MEMBER
- Total calculated
- $0
- Hours/week
- 1
-
Tom NewbernTOM NEWBERN
EXECUTIVE COMMITTEE MEMBER
- Total calculated
- $0
- Hours/week
- 1
-
Richard SmithRICHARD SMITH
EXECUTIVE COMMITTEE MEMBER
- Total calculated
- $0
- Hours/week
- 1
-
Jozelle BookerJOZELLE BOOKER
DIRECTOR
- Total calculated
- $0
- Hours/week
- 1
-
Scott BrockmanSCOTT BROCKMAN
DIRECTOR
- Total calculated
- $0
- Hours/week
- 1
-
Eric BrownERIC BROWN
DIRECTOR
- Total calculated
- $0
- Hours/week
- 1
-
Tyrone BurroughsTYRONE BURROUGHS
DIRECTOR
- Total calculated
- $0
- Hours/week
- 1
-
Michael CristalMICHAEL CRISTAL
DIRECTOR
- Total calculated
- $0
- Hours/week
- 1
-
Bill Dunavant IIIBILL DUNAVANT III
DIRECTOR
- Total calculated
- $0
- Hours/week
- 1
-
Craig GaffinCRAIG GAFFIN
DIRECTOR
- Total calculated
- $0
- Hours/week
- 1
-
Jason GillumJASON GILLUM
DIRECTOR
- Total calculated
- $0
- Hours/week
- 1
-
Tracy HallTRACY HALL
DIRECTOR
- Total calculated
- $0
- Hours/week
- 1
-
Kevin KaneKEVIN KANE
DIRECTOR
- Total calculated
- $0
- Hours/week
- 1
-
Daphne LargeDAPHNE LARGE
DIRECTOR
- Total calculated
- $0
- Hours/week
- 1
-
Jason LittleJASON LITTLE
DIRECTOR
- Total calculated
- $0
- Hours/week
- 1
-
Neely Mallory IIINEELY MALLORY III
DIRECTOR
- Total calculated
- $0
- Hours/week
- 1
-
Stacy McCallSTACY MCCALL
DIRECTOR
- Total calculated
- $0
- Hours/week
- 1
-
Doug McGowenDOUG MCGOWEN
DIRECTOR
- Total calculated
- $0
- Hours/week
- 1
-
Russell NenonRUSSELL NENON
DIRECTOR
- Total calculated
- $0
- Hours/week
- 1
-
Michael ScarbroughMICHAEL SCARBROUGH
DIRECTOR
- Total calculated
- $0
- Hours/week
- 1
-
Jessica TaveauJESSICA TAVEAU
DIRECTOR
- Total calculated
- $0
- Hours/week
- 1
-
Blair TaylorBLAIR TAYLOR
DIRECTOR
- Total calculated
- $0
- Hours/week
- 1
-
Michael UgwuekeMICHAEL UGWUEKE
DIRECTOR
- Total calculated
- $0
- Hours/week
- 1
-
John WebbJOHN WEBB
DIRECTOR
- Total calculated
- $0
- Hours/week
- 1
-
Spence Wilson JrSPENCE WILSON JR
DIRECTOR
- Total calculated
- $0
- Hours/week
- 1
-
James Townsend IIIJAMES TOWNSEND III
PRESIDENT AND CEO
- Total calculated
- $374,627
- From this org
- $325,812
- From related orgs
- $0
- Other
- $48,815
- Hours/week
- 40
Schedule J breakdown matched by us
- Base
- $325,812
- Bonus
- $0
- Other
- $0
- Deferred
- $32,214
- Nontaxable benefits
- $16,601
- Filer's total
- $374,627
-
Ted FerrisTED FERRIS
SR. VP AND CAO
- Total calculated
- $276,233
- From this org
- $236,159
- From related orgs
- $0
- Other
- $40,074
- Hours/week
- 40
Schedule J breakdown matched by us
- Base
- $236,159
- Bonus
- $0
- Other
- $0
- Deferred
- $23,477
- Nontaxable benefits
- $16,597
- Filer's total
- $276,233
-
Leland BurressLELAND BURRESS
MEMBERSHIP- SALES
- Total calculated
- $147,700
- From this org
- $119,598
- From related orgs
- $0
- Other
- $28,102
- Hours/week
- 40
-
Nancy CoffeeNANCY COFFEE
SR. VP OF CHAIRMAN CIRCLE
- Total calculated
- $487,163
- From this org
- $428,205
- From related orgs
- $0
- Other
- $58,958
- Hours/week
- 40
Schedule J breakdown matched by us
- Base
- $428,205
- Bonus
- $0
- Other
- $0
- Deferred
- $42,360
- Nontaxable benefits
- $16,598
- Filer's total
- $487,163
-
Amanda DanielsAMANDA DANIELS
SR. VP COMMUNICATION & PROGRAMMING
- Total calculated
- $205,301
- From this org
- $187,079
- From related orgs
- $0
- Other
- $18,222
- Hours/week
- 40
Schedule J breakdown matched by us
- Base
- $187,079
- Bonus
- $0
- Other
- $0
- Deferred
- $18,118
- Nontaxable benefits
- $104
- Filer's total
- $205,301
-
Gwyn FisherGWYN FISHER
ECONOMIC DEVDELOPMENT CHIEF
- Total calculated
- $219,673
- From this org
- $198,362
- From related orgs
- $0
- Other
- $21,311
- Hours/week
- 40
Schedule J breakdown matched by us
- Base
- $198,362
- Bonus
- $0
- Other
- $0
- Deferred
- $15,000
- Nontaxable benefits
- $6,311
- Filer's total
- $219,673
-
Lisa Lovell-AyresLISA LOVELL-AYRES
DIRECTOR OF CC ENGAGEMENT
- Total calculated
- $122,597
- From this org
- $111,055
- From related orgs
- $0
- Other
- $11,542
- Hours/week
- 40
-
Susan MaynorSUSAN MAYNOR
VP OF ECONOMIC DEVELOPMENT
- Total calculated
- $152,708
- From this org
- $133,533
- From related orgs
- $0
- Other
- $19,175
- Hours/week
- 40
Schedule J breakdown matched by us
- Base
- $133,533
- Bonus
- $0
- Other
- $0
- Deferred
- $12,915
- Nontaxable benefits
- $6,260
- Filer's total
- $152,708
-
Tecora MurrayTECORA MURRAY
EXECUTIVE DIRECTOR OF GMERGE
- Total calculated
- $166,600
- From this org
- $138,354
- From related orgs
- $0
- Other
- $28,246
- Hours/week
- 40
Schedule J breakdown matched by us
- Base
- $138,354
- Bonus
- $0
- Other
- $0
- Deferred
- $11,823
- Nontaxable benefits
- $16,423
- Filer's total
- $166,600
-
Troy ParkesTROY PARKES
DIRECTOR OF BUSINESS DEVELOPMENT
- Total calculated
- $120,073
- From this org
- $108,512
- From related orgs
- $0
- Other
- $11,561
- Hours/week
- 40
-
Blake PayneBLAKE PAYNE
MEMBERSHIP- SALES
- Total calculated
- $122,316
- From this org
- $110,726
- From related orgs
- $0
- Other
- $11,590
- Hours/week
- 40
-
Robert ReckerROBERT RECKER
PRESIDENT OF CBI
- Total calculated
- $181,591
- From this org
- $153,637
- From related orgs
- $0
- Other
- $27,954
- Hours/week
- 40
Schedule J breakdown matched by us
- Base
- $153,637
- Bonus
- $0
- Other
- $0
- Deferred
- $15,749
- Nontaxable benefits
- $12,205
- Filer's total
- $181,591
-
Amity SchuylerAMITY SCHUYLER
SVP WORKFORCE DEVELOPMENT
- Total calculated
- $237,658
- From this org
- $210,856
- From related orgs
- $0
- Other
- $26,802
- Hours/week
- 40
Schedule J breakdown matched by us
- Base
- $210,856
- Bonus
- $0
- Other
- $0
- Deferred
- $20,512
- Nontaxable benefits
- $6,290
- Filer's total
- $237,658
-
Dequanda SmithDEQUANDA SMITH
SPONSORSHIP SALES
- Total calculated
- $198,451
- From this org
- $164,908
- From related orgs
- $0
- Other
- $33,543
- Hours/week
- 40
Schedule J breakdown matched by us
- Base
- $164,908
- Bonus
- $0
- Other
- $0
- Deferred
- $17,002
- Nontaxable benefits
- $16,541
- Filer's total
- $198,451
-
Christopher StewartCHRISTOPHER STEWART
VP OF FINANCE
- Total calculated
- $130,203
- From this org
- $103,609
- From related orgs
- $0
- Other
- $26,594
- Hours/week
- 40
-
Vera TerrellVERA TERRELL
MEMBERSHIP- SALES
- Total calculated
- $127,035
- From this org
- $109,725
- From related orgs
- $0
- Other
- $17,310
- Hours/week
- 40
-
Bobby WhiteBOBBY WHITE
CHIEF PUBLIC POLICY
- Total calculated
- $209,297
- From this org
- $175,072
- From related orgs
- $0
- Other
- $34,225
- Hours/week
- 40
Schedule J breakdown matched by us
- Base
- $175,072
- Bonus
- $0
- Other
- $0
- Deferred
- $17,634
- Nontaxable benefits
- $16,591
- Filer's total
- $209,297
-
Sondra Y Willis-HowellSONDRA Y WILLIS-HOWELL
VP TALENT DEVELOPMENT
- Total calculated
- $142,645
- From this org
- $118,245
- From related orgs
- $0
- Other
- $24,400
- Hours/week
- 40
-
Diamond YoungDIAMOND YOUNG
DIRECTOR OF MARKETING
- Total calculated
- $109,154
- From this org
- $100,185
- From related orgs
- $0
- Other
- $8,969
- 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. 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
- 1a · Health or social club dues or initiation fees
- 1b · Written policy on the line-1a expenses
- 3 · Compensation committee
- 3 · Independent compensation consultant
- 3 · Form 990 of other organizations
- 3 · Written employment contract
- 3 · Compensation survey or study
- 3 · Approval by the board or compensation committee
Answered no
- 2 · Substantiation required before reimbursing expenses
- 4a · Severance or change-of-control payment
- 4b · Supplemental nonqualified retirement plan
- 4c · Equity-based compensation arrangement
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.
-
501(C)(3) · EDUCATION AND RESEARCH TO SUPPORT ECONOMIC DEVELOPMENT PLANNING · TN
Provenance
- Return type
- form_990
- Tax year
- 2023
- Filed
- 2 October 2024
- IRS schema version
- 2023v5.1
- Source object
- 202413169349304416
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