My Memphis Charitable Foundation

Nonprofit profile at a glance

EIN
621576628
IRS 990 coverage
2012–2018
Forms available
Form 990 2018
Location
Memphis, TN, USA
Phone
0901525898
Rating
47
Verdict
MIXED
Rating confidence
Moderate
Sector
Public Foundations

Reported finances

Revenue
$135,544
Expenses
$44,552
Assets
$0
Liabilities
$0

Source: IRS Form 990. Selected filing: tax year 2018. Amounts in USD.

Leadership & pay

6 people listed

People named in this filing

  • Pat Kerr Tigrett (Trustee)
  • Donald W Pemberton (Trustee)
  • Jim Kerr (Trustee)

Selected names, not a complete roster or a statement of current roles. Open leadership details for the complete filed list.

Source: IRS Form 990. Selected filing: tax year 2018. Names and roles reflect this filing, not necessarily current officeholders.

Overview

Mission

The Organization's primary purpose is to provide financial support for the preservation of Memphis' musical heritage, its musicians and technicians, the promotion of education and the advancement of healthcare and research.

What it reported doing in 2018

Honor and support Memphis musicians through the preservation of the historical significance of Memphis music, demonstration of its influence on all music genres and exposing and educating the public to the Memphis musicians and their industry.

Operating model

Revenue model
Donor-supported. 85% of the money available for current operations came from contributions and gifts.
Distribution model
Hybrid. The nonprofit split its reported program spending across 47% for direct work, and 53% for grants.

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: 17
  • Transparency & Controls: 78
  • Accountability: 60
  • Sustainability: 54
  • Growth: 40

Detailed rating inputs

Financial Efficiency

  • Mission deployment rate: 10.5%; rating input score 11
  • Program expense ratio: 32%; rating input score 32
  • Fundraising efficiency: Limited

Transparency & Controls

  • Consistency checks: 93.8%; rating input score 94; 25th percentile among comparable filings
  • Pay-setting controls: Limited
  • Foreign activity oversight: Limited
  • Grant itemization coverage: 100%; rating input score 100; 79th percentile among comparable filings
  • Major donor itemization: No; rating input score 0
  • Related-party transparency: Limited

Accountability

  • Independent voting board: 83.3%; rating input score 83; 21st percentile among comparable filings
  • Governance controls: 2 of 7 controls in place; rating input score 29
    • Conflict-of-interest policy: Fail
    • Whistleblower policy: Fail
    • Document-retention policy: Fail
    • CEO compensation review process: NotApplicable
    • Other executive compensation review process: NotApplicable
    • Form 990 shared with the board: Pass
    • Board meeting minutes documented: Pass
    • Audit committee oversight: Missing
    • Independent financial-statement audit: Fail

Sustainability

  • Operating margin: 67.1%; rating input score 97; 97th percentile among comparable filings
  • Total-asset coverage ratio: 0; rating input score 1; 1st percentile among comparable filings
  • Liabilities to assets ratio: Limited
  • Officer compensation ratio: 0%; rating input score 71; 71st percentile among comparable filings

Growth

  • Program expense growth: -6.3% per year; rating input score 0; 19th percentile among comparable filings
  • Revenue growth: 5.9% per year; rating input score 100; 63rd percentile among comparable filings
  • Asset growth: -33.9% per year; rating input score 0; 2nd percentile among comparable filings

Details

  • Where the money goes: 10.5% of revenue deployed · 32% of spending went to programs
  • Governance: 5 of 6 board members independent · 2 of 7 filing controls reported
  • Programs: 3 filed program accomplishments · $14K in reported program spending
  • Leadership: top reported pay $0 · 6 people listed
  • Consistency: 20 of 21 current checks pass · 1 finding to review
  • Schedules: 7 filed schedules · includes major donors and grants
  • Filing history: 7 filing years from 2012 to 2018
  • Contacts: How to reach this organization
  • Money network: 7 filed money-flow records
  • 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 11/100.
  • Moderate — Financial Efficiency: Program expense ratio scored 32/100.
  • High — Accountability: Governance controls: 4 of 6 not reported.
  • High — Transparency & Controls: Major donor itemization scored 0/100.
  • High — Growth: Program expense growth scored 0/100.
  • High — Sustainability: Total-asset coverage ratio scored 1/100.
  • High — Growth: Asset growth scored 0/100.
  • Moderate — Transparency & Controls: Schedule A contributions reconciliation did not reconcile in the filed values.