Memphis Chamber Foundation

Nonprofit profile at a glance

EIN
237057855
IRS 990 coverage
2010–2024
Forms available
Form 990 2024
Location
Memphis, TN, USA
Phone
9015433535
Rating
49
Verdict
MIXED
Rating confidence
Moderate
Sector
Housing Development, Construction, Management

Official website

Reported finances

Revenue
$478,745
Expenses
$755,261
Assets
$1,921,631
Liabilities
$188,977

Source: IRS Form 990. Selected filing: tax year 2024. Amounts in USD.

Leadership & pay

8 people listed

Executive titles in this filing

  • TED TOWNSEND (PRESIDENT)

Highest reported compensation

  • TED TOWNSEND (PRESIDENT): $721,613 total reported compensation
  • TED FERRIS (TREASURER): $342,354 total reported compensation

Source: IRS Form 990. Selected filing: tax year 2024. Names and roles reflect this filing, not necessarily current officeholders.

Overview

Mission

The advancement of education or science lessening the burdens of government; lessening of neighborhood tensions; elimination of prejudice and discrimination, and combating community deterioration. Also, promotion of the advancement and diffusion of knowledge and understanding of economics, finance, education and training, science and technology as they relate to the community, the region, and their problems and opportunities, through 1) the undertaking of studies and research, compilation of results, and publication therof through any appropriate media; 2) the conduct of training courses, seminars, discussion groups, forums, panels, or lectures, and the like; 3) any activity which tends to promote understanding, unification, or improved relationship between different economic or ethnic groups.

What it reported doing in 2024

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.

Operating model

Revenue model
Donor-supported. 73% of the money available for current operations came from contributions and gifts.
Distribution model
No current program activity. The filing reports no program spending for the current year.

The verdict

MIXED - The filed numbers largely add up and most voting board members are independent. A relatively small share of available resources goes toward mission work and a relatively small share of total spending goes to programs.

Rating breakdown

  • Financial Efficiency: 0
  • Transparency & Controls: 100
  • Accountability: 82
  • Sustainability: 27
  • Growth: 20

Detailed rating inputs

Financial Efficiency

  • Mission deployment rate: 0%; rating input score 0
  • Program expense ratio: 0%; rating input score 0
  • Fundraising efficiency: Limited

Transparency & Controls

  • Consistency checks: 100%; rating input score 100; 64th percentile among comparable filings
  • Pay-setting controls: Limited
  • Foreign activity oversight: Limited
  • Grant itemization coverage: Limited
  • Major donor itemization: Yes; rating input score 100
  • Related-party transparency: Limited

Accountability

  • Independent voting board: 100%; rating input score 100; 63rd percentile among comparable filings
  • Governance controls: 5 of 9 controls in place; rating input score 56
    • Conflict-of-interest policy: Pass
    • Whistleblower policy: Fail
    • Document-retention policy: Fail
    • CEO compensation review process: Fail
    • Other executive compensation review process: Fail
    • Form 990 shared with the board: Pass
    • Board meeting minutes documented: Pass
    • Audit committee oversight: Pass
    • Independent financial-statement audit: Pass

Sustainability

  • Operating margin: -57.8%; rating input score 4; 4th percentile among comparable filings
  • Total-asset coverage ratio: 2.54; rating input score 65; 65th percentile among comparable filings
  • Liabilities to assets ratio: 0.1; rating input score 26; 26th percentile among comparable filings
  • Officer compensation ratio: 12.8%; rating input score 26; 26th percentile among comparable filings

Growth

  • Program expense growth: -5.8% per year; rating input score 0; 16th percentile among comparable filings
  • Revenue growth: -18.6% per year; rating input score 0; 3rd percentile among comparable filings
  • Asset growth: 3% per year; rating input score 100; 38th percentile among comparable filings

Details

  • Where the money goes: 0% of revenue deployed · 0% of spending went to programs
  • Governance: 7 of 7 board members independent · 5 of 9 filing controls reported
  • Programs: 1 filed program accomplishment
  • Leadership: top reported pay $722K · 8 people listed
  • Consistency: 18 of 18 current checks pass
  • Schedules: 6 filed schedules · includes major donors
  • Filing history: 14 filing years from 2010 to 2024
  • Contacts: How to reach this organization
  • Related organizations: 1 filed related-organization link
  • Grant readiness: Federal tax and exclusion status, award history, and grant-maker relationships.
  • People: Everyone the filings name, and which of them the filings identify by more than a name.

Key Signals

Signals prioritize questions for review. They are not findings of misconduct.

  • High — Financial Efficiency: Mission deployment rate scored 0/100.
  • High — Financial Efficiency: Program expense ratio scored 0/100.
  • Review — Accountability: Governance controls: 4 of 9 not reported.
  • High — Sustainability: Operating margin scored 4/100.
  • High — Growth: Program expense growth scored 0/100.
  • High — Growth: Revenue growth scored 0/100.
  • High — Sustainability: Liabilities to assets ratio scored 26/100.
  • High — Sustainability: Officer compensation ratio scored 26/100.