Form 990 for tax year 2023

Filed by READ FOUNDATION.

What the amendment changed

Compared with the return it replaced , filed 15 May 2025. 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: $26,935,310
Total expenses: $21,514,811
Contributions and grants received: $6,505,172
Grants paid: $0
Program service revenue: $20,230,799
Investment income: $199,339
Other revenue: $0
Total assets, end of year: $36,592,577
Total liabilities, end of year: $20,716,804
Net assets or fund balances, end of year: $15,875,773
Program services expenses (Part IX): $16,618,877
Management and general expenses: $4,895,934
Fundraising expenses: $0
Program service expenses (Part III): $16,618,877

Program services were 77.2% 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)

$6,052,015
1f · All other contributions, gifts and grants

$453,157
2a · Program service revenue: PER PUPIL ALLOCATION REVENUE

total $19,786,147 · related or exempt $19,786,147
2b · Program service revenue: INTERNAL SCHOOL FUNDS

total $444,652 · related or exempt $444,652
3 · Investment income

total $199,339 · excluded $199,339

Functional expenses

Part IX, the statement of functional expenses.

5 · Compensation of officers, directors and key employees

total $161,449 · program services $137,079 · management and general $24,370
7 · Other salaries and wages

total $10,546,558 · program services $8,954,592 · management and general $1,591,966
8 · Pension plan contributions

total $717,868 · program services $609,508 · management and general $108,360
9 · Other employee benefits

total $1,533,505 · program services $1,302,028 · management and general $231,477
10 · Payroll taxes

total $837,875 · program services $711,401 · management and general $126,474
12 · Advertising and promotion

total $7,215 · program services $7,215
13 · Office expenses

total $1,862,126 · program services $23,998 · management and general $1,838,128
16 · Occupancy

total $2,127,899 · program services $2,042,783 · management and general $85,116
17 · Travel

total $653,345 · program services $596,398 · management and general $56,947
20 · Interest

total $693,863 · management and general $693,863
22 · Depreciation, depletion and amortization

total $1,145,713 · program services $1,109,349 · management and general $36,364
24a · Other expenses: SUPPLIES

total $384,627 · program services $317,038 · management and general $67,589
24b · Other expenses: INTERNAL SCHOOL FUNDS

total $296,438 · program services $296,438
24c · Other expenses: STAFF DEVELOPMENT

total $25,986 · management and general $25,986
24e · All other expenses

total $520,344 · program services $511,050 · management and general $9,294

Balance sheet

Part X, book values.

1 · Cash, non-interest-bearing

beginning of year $7,771,766 · end of year $10,440,421
3 · Pledges and grants receivable

beginning of year $1,001,757 · end of year $1,148,561
9 · Prepaid expenses and deferred charges

beginning of year $67,567 · end of year $159,848
10a · Land, buildings and equipment: cost or other basis

$17,451,613
10b · Land, buildings and equipment: accumulated depreciation

$4,228,879
10c · Land, buildings and equipment, net

beginning of year $10,868,114 · end of year $13,222,734
14 · Intangible assets

beginning of year $9,196,539 · end of year $8,521,937
15 · Other assets

beginning of year $3,190,724 · end of year $3,099,076
17 · Accounts payable and accrued expenses

beginning of year $1,341,314 · end of year $1,585,732
19 · Deferred revenue

beginning of year $783,197
23 · Secured mortgages and notes payable

beginning of year $9,988,040 · end of year $9,799,745
25 · Other liabilities

beginning of year $9,528,642 · end of year $9,331,327
27 · Net assets without donor restrictions

beginning of year $8,744,698 · end of year $14,096,296
28 · Net assets with donor restrictions

beginning of year $1,710,576 · end of year $1,779,477

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 $16,618,877 · Revenue $20,230,799

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

SECRETARY

Total calculated

$0

Hours/week

2
PATTY FARMER

TREASURER

Total calculated

$0

Hours/week

2
SAMUEL BEYHAN

EXEC DIRECTOR

Total calculated

$157,409

From this org

$123,797

From related orgs

$0

Other

$33,612

Hours/week

40
MUGIRE AYCI

ASST. EXEC DIRECTOR

Total calculated

$133,732

From this org

$100,987

From related orgs

$0

Other

$32,745

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: 11 February 2026
IRS schema version: 2023v6.0
Source object: 202600439349302020

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