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Nonprofiteer
← UNIVERSITY OF MEMPHIS FOUNDATION

Form 990 for tax year 2024

Filed by UNIVERSITY OF MEMPHIS FOUNDATION.

Totals

Total revenue
$66,402,207
Total expenses
$30,158,057
Contributions and grants received
$53,410,987
Grants paid
$28,528,195
Program service revenue
$4,550,859
Investment income
$8,440,361
Other revenue
$0
Total assets, end of year
$347,186,036
Total liabilities, end of year
$10,758,179
Net assets or fund balances, end of year
$336,427,857
Program services expenses (Part IX)
$28,549,850
Management and general expenses
$1,608,207
Fundraising expenses
$0
Program service expenses (Part III)
$28,549,850

Program services were 94.7% 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.

  • 1f · All other contributions, gifts and grants

    $53,410,987

  • 1g · Noncash contributions included above

    $2,127,619

  • 2a · Program service revenue: M CLUB MEMBERSHIP BENEFITS

    total $4,550,859 · related or exempt $4,550,859

  • 3 · Investment income

    total $7,198,653 · unrelated business $252,685 · excluded $6,945,968

  • 7a · Gross sales of assets other than inventory

    securities $5,569,733

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

    securities $4,328,025

  • 7c · Gain or loss

    securities $1,241,708

  • 7d · Net gain or loss

    total $1,241,708 · excluded $1,241,708

Functional expenses

Part IX, the statement of functional expenses.

  • 1 · Grants to domestic organizations and governments

    total $28,528,195 · program services $28,528,195

  • 5 · Compensation of officers, directors and key employees

    total $371,238 · management and general $371,238

  • 7 · Other salaries and wages

    total $258,834 · program services $21,655 · management and general $237,179

  • 8 · Pension plan contributions

    total $41,390 · management and general $41,390

  • 9 · Other employee benefits

    total $135,210 · management and general $135,210

  • 11b · Fees: legal

    total $280,029 · management and general $280,029

  • 11c · Fees: accounting

    total $49,599 · management and general $49,599

  • 11f · Fees: investment management

    total $335,232 · management and general $335,232

  • 11g · Fees: other

    total $34,426 · management and general $34,426

  • 13 · Office expenses

    total $73,895 · management and general $73,895

  • 16 · Occupancy

    total $198 · management and general $198

  • 17 · Travel

    total $14,923 · management and general $14,923

  • 19 · Conferences, conventions and meetings

    total $1,835 · management and general $1,835

  • 22 · Depreciation, depletion and amortization

    total $5,970 · management and general $5,970

  • 23 · Insurance

    total $26,983 · management and general $26,983

  • 24e · All other expenses

    total $100 · management and general $100

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $17,215,894 · end of year $21,456,929

  • 3 · Pledges and grants receivable

    beginning of year $33,656,953 · end of year $45,745,787

  • 7 · Other notes and loans receivable

    beginning of year $35,812 · end of year $36,110

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

    $29,848

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

    $8,614

  • 10c · Land, buildings and equipment, net

    beginning of year $27,204 · end of year $21,234

  • 11 · Investments: publicly traded securities

    beginning of year $183,712,873 · end of year $246,353,474

  • 12 · Investments: other securities

    beginning of year $29,013,360 · end of year $33,382,440

  • 15 · Other assets

    beginning of year $671,560 · end of year $190,062

  • 17 · Accounts payable and accrued expenses

    beginning of year $338,341 · end of year $196,827

  • 25 · Other liabilities

    beginning of year $18,725,421 · end of year $10,561,352

  • 27 · Net assets without donor restrictions

    beginning of year $7,596,302 · end of year $41,847,776

  • 28 · Net assets with donor restrictions

    beginning of year $237,673,592 · end of year $294,580,081

Mission and programs · 2024

Mission

THE FOUNDATION ACCEPTS, MANAGES, AND DISBURSES PRIVATE SUPPORT TO THE UNIVERSITY OF MEMPHIS.

  • THE FOUNDATION PROVIDES FUNDS FOR SCHOLARSHIPS, FELLOWSHIPS, ACADEMIC ENRICHMENT, AND VARIOUS OTHER PROGRAMS AND PROJECTS IN SUPPORT OF THE STUDENTS, FACULTY, STAFF AND MISSION OF THE UNIVERSITY OF MEMPHIS.

    Expenses $28,549,850 · Grants $28,528,195 · Revenue $4,550,859

As filed on the 2024 return.

Listed in Part VII

  • DR BILL HARDGRAVE

    DIRECTOR

    Total calculated
    $736,452
    From this org
    $0
    From related orgs
    $711,906
    Other
    $24,546
    Hours/week
    1 + 39 related

    Schedule J breakdown matched by us

    Base
    $0 + $681,306 related
    Bonus
    $0
    Other
    $0 + $30,600 related
    Deferred
    $0 + $650 related
    Nontaxable benefits
    $0 + $23,896 related
    Filer's total
    $0 + $736,452 related

  • RENE BUSTAMANTE

    DIRECTOR

    Total calculated
    $377,097
    From this org
    $0
    From related orgs
    $323,219
    Other
    $53,878
    Hours/week
    1 + 39 related

    Schedule J breakdown matched by us

    Base
    $0 + $292,119 related
    Bonus
    $0
    Other
    $0 + $31,100 related
    Deferred
    $0 + $30,573 related
    Nontaxable benefits
    $0 + $23,305 related
    Filer's total
    $0 + $377,097 related

  • DAVID TATE

    PRESIDENT

    Total calculated
    $0
    Hours/week
    1

  • JOHN WILFONG

    VICE PRESIDENT

    Total calculated
    $0
    Hours/week
    1

  • GLYNNA CHRISTIAN

    VICE PRESIDENT ELECT

    Total calculated
    $0
    Hours/week
    1

  • TANYA HART

    TREASURER

    Total calculated
    $0
    Hours/week
    1

  • REGINALD PORTER

    SECRETARY

    Total calculated
    $0
    Hours/week
    1

  • FRED TOWLER

    IMMEDIATE PAST PRESIDENT

    Total calculated
    $0
    Hours/week
    1 + 1 related

  • SUDHIR AGRAWAL

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • MARK CHRISTOPHER

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • HOLLY GOUGHNOUR

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • LAURALAN GRISONI

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • DAPHNE LARGE

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • JOHN MICKEY ROBINSON

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • DOUGLAS SCARBORO

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • DAVID SCULLY

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • MONICA WHARTON

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • HARRY SMITH

    DIRECTOR (THRU 12/31/24)

    Total calculated
    $0
    Hours/week
    1

  • HOLLY FORD

    FOUNDATION CEO

    Total calculated
    $204,378
    From this org
    $174,099
    From related orgs
    $0
    Other
    $30,279
    Hours/week
    30 + 10 related

    Schedule J breakdown matched by us

    Base
    $173,199
    Bonus
    $300
    Other
    $600
    Deferred
    $18,721
    Nontaxable benefits
    $11,558
    Filer's total
    $204,378

  • MARK NICELL

    FOUNDATION CBO

    Total calculated
    $159,117
    From this org
    $145,153
    From related orgs
    $0
    Other
    $13,964
    Hours/week
    30 + 10 related

    Schedule J breakdown matched by us

    Base
    $143,553
    Bonus
    $1,000
    Other
    $600
    Deferred
    $13,964
    Nontaxable benefits
    $0
    Filer's total
    $159,117

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

The filer's explanations (Part III)

PART I, LINE 3
ALL PAID FOUNDATION POSITIONS ARE SUBJECTED TO AN INDEPENDENT SALARY REVIEW BY STATE OF TENNESSEE PERSONNEL IN ACCORDANCE WITH STATE OF TENNESSEE POLICIES AND PROCEDURES. ALL FOUNDATION EMPLOYEES ARE LEASED FROM THE UNIVERSITY OF MEMPHIS ('UNIVERSITY'). THE FOUNDATION BOARD ('BOARD') DETERMINES THE ROLES, RESPONSIBILITIES AND QUALIFICATION REQUIREMENTS FOR EACH LEASED EMPLOYEE AND ASSESSES COMPENSATION BASED ON MARKET DEMANDS FOR SUCH TALENT. EACH FOUNDATION EMPLOYEE IS CATEGORIZED IN A UNIVERSITY PAY BAND BASED ON TASKS, EXPERIENCE AND QUALIFICATION REQUIREMENTS. THE PAY BAND INDICATES A SALARY RANGE WHICH SHOULD BE REFLECTIVE OF THE BOARD'S ASSESSMENT. THE BOARD DETERMINES COMPENSATION FOR THE FOUNDATION CEO.

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

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
30 April 2026
IRS schema version
2024v5.5
Source object
202611219349301956

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