Memphis Rock N Soul Museum Inc

Nonprofit profile at a glance

EIN
621632202
IRS 990 coverage
2010–2024
Forms available
Form 990 2024, Form 990-T 2020
Location
Memphis, TN, USA
Phone
9012052530
Rating
67
Verdict
SUPPORTED
Rating confidence
Standard
Sector
Museum, Museum Activities

Reported finances

Revenue
$1,606,649
Expenses
$1,360,298
Assets
$4,541,206
Liabilities
$753,752

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

Leadership & pay

23 people listed

Executive titles in this filing

  • John Doyle (Executive Director)

Highest reported compensation

  • John Doyle (Executive Director): $150,000 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 mission of the Memphis Rock N Soul Museum is to preserve and tell the is to preserve and tell the story of Memphis Music and to perpetuate its legacy

What it reported doing in 2024

The organization developed the Memphis Music Hall of Fame (The MMHOF) to honor Memphis world changing artists through an annual induction ceremony. MMHOF further expands MRNSMs mission of preserving & telling the story of Memphis Music and perpetuating its legacy though music education, new artist promotion, provides an encyclopedic educational resource of Memphis musical backbone, advances the citys musical brand, and builds community pride. MMHOF commemorates the musical accomplishments of the inductees to the HOF with an interactive gallery exhibition that allows gallery visitors access to full biographies, audio samples, educational lesson plans for student, and video clips of interviews, performances & video tributes. The gallery displays memorabilia from the inductees and promotes local emerging bands and musicians.

Operating model

Revenue model
Earned-program. 61% of the money available for current operations came from fees and other program revenue.
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

SUPPORTED - Most voting board members are independent and revenue comfortably covers expenses. Few specific pay-setting methods are documented in the filing; unanswered boxes are not proof of absence and fundraising costs are high for each dollar raised.

Rating breakdown

  • Financial Efficiency: 59
  • Transparency & Controls: 58
  • Accountability: 100
  • Sustainability: 63
  • Growth: 60

Detailed rating inputs

Financial Efficiency

  • Mission deployment rate: 64.2%; rating input score 64
  • Program expense ratio: 66.1%; rating input score 66
  • Fundraising efficiency: $3.15 raised per $1 spent on fundraising; rating input score 9; 9th percentile among comparable filings

Transparency & Controls

  • Consistency checks: 80%; rating input score 80; 0th 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: 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: 8 of 8 controls in place; rating input score 100
    • Conflict-of-interest policy: Pass
    • Whistleblower policy: Pass
    • Document-retention policy: Pass
    • CEO compensation review process: Pass
    • Other executive compensation review process: NotApplicable
    • Form 990 shared with the board: Pass
    • Board meeting minutes documented: Pass
    • Audit committee oversight: Pass
    • Independent financial-statement audit: Pass

Sustainability

  • Operating margin: 15.3%; rating input score 70; 70th percentile among comparable filings
  • Total-asset coverage ratio: 3.34; rating input score 77; 77th percentile among comparable filings
  • Liabilities to assets ratio: 0.17; rating input score 34; 34th percentile among comparable filings
  • Officer compensation ratio: 11%; rating input score 33; 33rd percentile among comparable filings

Growth

  • Program expense growth: -1.5% per year; rating input score 0; 13th percentile among comparable filings
  • Revenue growth: 6.2% per year; rating input score 100; 50th percentile among comparable filings
  • Asset growth: 4.1% per year; rating input score 100; 35th percentile among comparable filings

Details

  • Where the money goes: 64.2% of revenue deployed · 66.1% of spending went to programs
  • Governance: 22 of 22 board members independent · 8 of 8 filing controls reported
  • Programs: 2 filed program accomplishments · $899K in reported program spending
  • Leadership: top reported pay $150K · 23 people listed · 0 of 6 pay-setting controls reported
  • Consistency: 25 of 26 current checks pass · 1 finding to review
  • Schedules: 6 filed schedules · includes major donors and executive pay
  • Filing history: 14 filing years from 2010 to 2024
  • Contacts: How to reach this organization
  • Money network: 1 filed money-flow record
  • Related organizations: Filed and resolved organization relationships.
  • 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.
  • High — Financial Efficiency: Fundraising efficiency scored 9/100.
  • High — Growth: Program expense growth scored 0/100.
  • Review — Transparency & Controls: Schedule G fundraiser detail did not reconcile in the filed values.
  • Moderate — Sustainability: Liabilities to assets ratio scored 34/100.
  • Moderate — Sustainability: Officer compensation ratio scored 33/100.