Memphis Land Bank Inc

Nonprofit profile at a glance

EIN
030482299
IRS 990 coverage
2013–2024
Forms available
Form 990 2024
Location
Memphis, TN, USA
Phone
9015904821
Rating confidence
Limited
Sector
Fund Raising and Fund Distribution

Reported finances

Revenue
$-512,596
Expenses
$756,086
Assets
$19,049,091
Liabilities
$9,801,744

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

Leadership & pay

5 people listed

Executive titles in this filing

  • J MARTIN REGAN JR (PRESIDENT)

Highest reported compensation

  • OWEN L REID (DIRECTOR OF OPERATIONS): $185,588 total reported compensation
  • VIRGINIA A FRANCIS (SECRETARY/ASSISTANT TREASU): $183,283 total reported compensation

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

Overview

Mission

To acquire, construct, develop, lease, manage, operate, sell and otherwise deal with safe, decent, and affordable housing, in particular, assisting the local housing authority in providing housing to low and very low income families and individuals in the city of memphis, Tennessee.

What it reported doing in 2024

Engaged in the construction development and management of single family and duplex low income housing tax credit properties.

Operating model

Revenue model
No positive adjusted resources. The filing reports no positive adjusted operating resources.
Distribution model
Direct operator. The filing allocates 100% of reported program-service expenses outside its grant, affiliate-payment, and member-benefit lines. This expense classification does not rule out separately announced grant awards.

The verdict

- The available evidence is not sufficient to produce an overall rating for this filing. This is not a warning sign.

Rating breakdown

  • Financial Efficiency: 68
  • Transparency & Controls: 60
  • Accountability: 55
  • Sustainability: 32
  • Growth: 20

Detailed rating inputs

Financial Efficiency

  • Mission deployment rate: Limited
  • Program expense ratio: 90.6%; rating input score 91
  • Fundraising efficiency: Limited

Transparency & Controls

  • Consistency checks: 92.9%; rating input score 93; 25th percentile among comparable filings
  • Pay-setting controls: 0 of 6 controls in place; rating input score 0
    • Compensation committee: Missing
    • Independent consultant: Missing
    • Other Form 990s reviewed: Missing
    • Written employment contract: Missing
    • Compensation survey or study: Missing
    • Board or committee approval: Missing
  • Foreign activity oversight: Limited
  • Grant itemization coverage: Limited
  • Major donor itemization: Limited
  • Related-party transparency: Limited

Accountability

  • Independent voting board: 40%; rating input score 40; 19th percentile among comparable filings
  • Governance controls: 6 of 8 controls in place; rating input score 75
    • Conflict-of-interest policy: Pass
    • Whistleblower policy: Pass
    • Document-retention policy: Pass
    • CEO compensation review process: NotApplicable
    • Other executive compensation review process: Pass
    • Form 990 shared with the board: Fail
    • Board meeting minutes documented: Pass
    • Audit committee oversight: Fail
    • Independent financial-statement audit: Pass

Sustainability

  • Operating margin: -247.5%; rating input score 11; 11th percentile among comparable filings
  • Total-asset coverage ratio: 25.19; rating input score 83; 83rd percentile among comparable filings
  • Liabilities to assets ratio: 0.51; rating input score 10; 10th percentile among comparable filings
  • Officer compensation ratio: 48.8%; rating input score 7; 7th percentile among comparable filings

Growth

  • Program expense growth: -4.9% per year; rating input score 0; 38th percentile among comparable filings
  • Revenue growth: -17.9% per year; rating input score 0; 21st percentile among comparable filings
  • Asset growth: 0.4% per year; rating input score 100; 43rd percentile among comparable filings

Details

  • Where the money goes: 90.6% of spending went to programs
  • Governance: 2 of 5 board members independent · 6 of 8 filing controls reported
  • Programs: 1 filed program accomplishment · $685K in reported program spending
  • Leadership: top reported pay $186K · 5 people listed · 0 of 6 pay-setting controls reported
  • Consistency: 26 of 27 current checks pass · 1 finding to review
  • Schedules: 6 filed schedules · includes executive pay
  • Filing history: 11 filing years from 2013 to 2024
  • Contacts: How to reach this organization
  • Money network: 2 filed money-flow records
  • Related organizations: 14 filed related-organization links
  • 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 — Transparency & Controls: Pay-setting controls scored 0/100.
  • Moderate — Accountability: Independent voting board scored 40/100.
  • High — Sustainability: Operating margin scored 11/100.
  • Review — Accountability: Governance controls: 2 of 8 not reported.
  • High — Growth: Program expense growth scored 0/100.
  • High — Growth: Revenue growth scored 0/100.
  • Review — Transparency & Controls: Schedule R controlled transactions itemized did not reconcile in the filed values.
  • High — Sustainability: Officer compensation ratio scored 7/100.
  • High — Sustainability: Liabilities to assets ratio scored 10/100.