Memphis Music Foundation Inc

Nonprofit profile at a glance

EIN
200998238
IRS 990 coverage
2010–2013
Forms available
Form 990 2013
Location
Memphis, TN, USA
Phone
9015271029
Rating
69
Verdict
SUPPORTED
Rating confidence
Moderate
Sector
Arts, Culture, and Humanities

Official website

Reported finances

Revenue
$255,287
Expenses
$293,984
Assets
$21,641
Liabilities
$5,000

Source: IRS Form 990. Selected filing: tax year 2013. Amounts in USD.

Leadership & pay

15 people listed

Executive titles in this filing

  • DEAN DEYO (CEO)

Highest reported compensation

  • DEAN DEYO (CEO): $34,700 total reported compensation

Source: IRS Form 990. Selected filing: tax year 2013. Names and roles reflect this filing, not necessarily current officeholders.

Overview

Mission

Education and support of memphis area musicians, song-writers and music related entrepreneurs.

What it reported doing in 2013

Memphis music resource center - the center was opened in july 2008 and is open 6 days a week to serve memphis area musicians. In addition 52 workshops and co-sponsored events were held. 47,000 persons benefitted.

Operating model

Revenue model
Donor-supported. 98% of the money available for current operations came from contributions and gifts.
Distribution model
Direct operator. The filing allocates 98% 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

SUPPORTED - A large share of available resources goes toward mission work and the filed numbers largely add up. Some filing-based governance responses are negative or unanswered and revenue has declined or grown slowly.

Rating breakdown

  • Financial Efficiency: 67
  • Transparency & Controls: 86
  • Accountability: 79
  • Sustainability: 16
  • Growth: 0

Detailed rating inputs

Financial Efficiency

  • Mission deployment rate: 75.1%; rating input score 75
  • Program expense ratio: 65.3%; rating input score 65
  • Fundraising efficiency: $6.64 raised per $1 spent on fundraising; rating input score 30; 30th percentile among comparable filings

Transparency & Controls

  • Consistency checks: 93.3%; rating input score 93; 24th 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: 4 of 8 controls in place; rating input score 50
    • Conflict-of-interest policy: Pass
    • Whistleblower policy: Fail
    • Document-retention policy: Pass
    • CEO compensation review process: Fail
    • Other executive compensation review process: NotApplicable
    • Form 990 shared with the board: Fail
    • Board meeting minutes documented: Pass
    • Audit committee oversight: Fail
    • Independent financial-statement audit: Pass

Sustainability

  • Operating margin: -15.2%; rating input score 16; 16th percentile among comparable filings
  • Total-asset coverage ratio: 0.07; rating input score 5; 5th percentile among comparable filings
  • Liabilities to assets ratio: 0.23; rating input score 26; 26th percentile among comparable filings
  • Officer compensation ratio: 11.8%; rating input score 33; 33rd percentile among comparable filings

Growth

  • Program expense growth: Limited
  • Revenue growth: -27% per year; rating input score 0; 6th percentile among comparable filings
  • Asset growth: -54% per year; rating input score 0; 2nd percentile among comparable filings

Details

  • Where the money goes: 75.1% of revenue deployed · 65.3% of spending went to programs
  • Governance: 14 of 14 board members independent · 4 of 8 filing controls reported
  • Programs: 3 filed program accomplishments · $192K in reported program spending
  • Leadership: top reported pay $35K · 15 people listed
  • Consistency: 30 of 30 current checks pass
  • Schedules: 4 filed schedules · includes major donors
  • Filing history: 4 filing years from 2010 to 2013
  • Contacts: How to reach this organization
  • Money network: 1 filed money-flow record
  • 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.

  • Review — Accountability: Governance controls: 4 of 8 not reported.
  • High — Growth: Revenue growth scored 0/100.
  • Moderate — Financial Efficiency: Fundraising efficiency scored 30/100.
  • High — Sustainability: Operating margin scored 16/100.
  • High — Growth: Asset growth scored 0/100.
  • High — Sustainability: Total-asset coverage ratio scored 5/100.
  • High — Sustainability: Liabilities to assets ratio scored 26/100.
  • Moderate — Sustainability: Officer compensation ratio scored 33/100.