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Form 990 for tax year 2023

Filed by READ FOUNDATION.

This return was superseded by a later amendment.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 11 February 2026. 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
$26,201,905 changed to $26,935,310
Total expenses
$21,749,016 changed to $21,514,811
Contributions and grants received
$5,648,401 changed to $6,505,172
Program service revenue
$19,836,817 changed to $20,230,799
Investment income
$0 changed to $199,339
Other revenue
$716,687 changed to $0
Total assets, end of year
$37,129,287 changed to $36,592,577
Total liabilities, end of year
$22,221,124 changed to $20,716,804
Net assets or fund balances, end of year
$14,908,163 changed to $15,875,773
Program services expenses
$11,281,250 changed to $16,618,877
Management and general expenses
$10,467,766 changed to $4,895,934
Program service expenses (Part III)
$11,281,250 changed to $16,618,877

Listed under a different title

  • Dr Ismail Fidan: BOARD MEMBER then SECRETARY

Totals

Total revenue
$26,201,905
Total expenses
$21,749,016
Contributions and grants received
$5,648,401
Grants paid
$0
Program service revenue
$19,836,817
Investment income
$0
Other revenue
$716,687
Total assets, end of year
$37,129,287
Total liabilities, end of year
$22,221,124
Net assets or fund balances, end of year
$14,908,163
Program services expenses (Part IX)
$11,281,250
Management and general expenses
$10,467,766
Fundraising expenses
$0
Program service expenses (Part III)
$11,281,250

Program services were 51.9% 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)

    $1,782,131

  • 1f · All other contributions, gifts and grants

    $3,866,270

  • 2a · Program service revenue: PER PUPIL ALLOCATION REVENUE

    total $19,786,147 · related or exempt $19,786,147

  • 2b · Program service revenue: CHARGES FOR SERVICES

    total $50,670 · related or exempt $50,670

  • 11a · Other revenue: OTHER INCOME

    total $716,687 · related or exempt $716,687

  • 11e · Other revenue, total

    $716,687

Functional expenses

Part IX, the statement of functional expenses.

  • 5 · Compensation of officers, directors and key employees

    total $218,360 · management and general $218,360

  • 7 · Other salaries and wages

    total $13,014,823 · program services $9,956,726 · management and general $3,058,097

  • 10 · Payroll taxes

    total $758,240 · program services $560,865 · management and general $197,375

  • 12 · Advertising and promotion

    total $4,916 · management and general $4,916

  • 13 · Office expenses

    total $2,820,486 · program services $4,097 · management and general $2,816,389

  • 16 · Occupancy

    total $3,116,259 · management and general $3,116,259

  • 17 · Travel

    total $17,914 · program services $16,441 · management and general $1,473

  • 20 · Interest

    total $697,540 · management and general $697,540

  • 24a · Other expenses: SUPPLIES

    total $370,603 · program services $237,571 · management and general $133,032

  • 24b · Other expenses: STAFF DEVELOPMENT

    total $32,111 · management and general $32,111

  • 24e · All other expenses

    total $697,764 · program services $505,550 · management and general $192,214

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $7,771,766 · end of year $10,533,420

  • 3 · Pledges and grants receivable

    beginning of year $1,001,757 · end of year $1,001,757

  • 9 · Prepaid expenses and deferred charges

    beginning of year $67,567 · end of year $67,567

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

    $16,897,048

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

    $3,757,768

  • 10c · Land, buildings and equipment, net

    beginning of year $10,868,114 · end of year $13,139,280

  • 14 · Intangible assets

    beginning of year $9,196,539 · end of year $9,196,539

  • 15 · Other assets

    beginning of year $3,190,724 · end of year $3,190,724

  • 17 · Accounts payable and accrued expenses

    beginning of year $1,341,314 · end of year $2,614,098

  • 19 · Deferred revenue

    beginning of year $783,197

  • 23 · Secured mortgages and notes payable

    beginning of year $9,988,040 · end of year $9,830,419

  • 25 · Other liabilities

    beginning of year $9,528,642 · end of year $9,776,607

  • 27 · Net assets without donor restrictions

    beginning of year $8,744,698 · end of year $14,608,629

  • 28 · Net assets with donor restrictions

    beginning of year $1,710,576 · end of year $299,534

Mission and programs · 2023

Mission

THE MISSION OF MEMPHIS SCHOOL OF EXCELLENCE IS TO PROVIDE A SAFE AND COLLABORATIVE ENVIRONMENT WHICH WILL CULTIVATE THE ACADEMIC AND SOCIAL DEVELOPMENT OF ITS STUDENTS BY EMPHASIZING MATH, SCIENCE, AND TECHNOLOGY FOR THE PURPOSE OF STUDENTS SETTING AND MEETING HIGHER EDUCATION GOALS.

Activities or mission (Part I)

TO PROVIDE A SAFE AND COLLABORATIVE ENVIRONMENT WHICH WILL CULTIVATE THE ACADEMIC AND SOCIAL DEVELOPMENT OF ITS STUDENTS BY EMPHASIZING MATH, SCIENCE, AND TECHNOLOGY FOR THE PURPOSE OF STUDENTS SETTING AND MEETING HIGHER EDUCATION GOALS.

  • A PUBLIC CHARTER SCHOOL PROVIDING EDUCATIONAL OPPORTUNITIES TO THE SURROUNDING COMMUNITY.

    Expenses $11,281,250 · Revenue $20,553,504

As filed on the 2023 return. The filer continues this part on Schedule O, which is not shown here.

Listed in Part VII

  • Dr Cem Akkus

    BOARD MEMBER

    Total calculated
    $0
    Hours/week
    2

  • Dr David C Akdemir

    BOARD MEMBER

    Total calculated
    $0
    Hours/week
    2

  • Dr Richard E Potts

    PRESIDENT

    Total calculated
    $0
    Hours/week
    2

  • Veda V T Cherry

    VICE-PRESIDENT

    Total calculated
    $0
    Hours/week
    2

  • Dr Ismail Fidan

    BOARD MEMBER

    Total calculated
    $0
    Hours/week
    2

  • Patty Farmer

    TREASURER

    Total calculated
    $0
    Hours/week
    2

  • Samuel Beyhan

    EXEC DIRECTOR

    Total calculated
    $117,373
    From this org
    $117,373
    From related orgs
    $0
    Other
    $0
    Hours/week
    40

  • Mugire Ayci

    ASST. EXEC DIRECTOR

    Total calculated
    $100,987
    From this org
    $100,987
    From related orgs
    $0
    Other
    $0
    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
2023
Filed
15 May 2025
IRS schema version
2023v6.0
Source object
202531359349307008

Check it against the return as filed: the GivingTuesday Data Lake hosts a public copy of the original XML.

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