Memphis Land Bank Inc
- Assets
- $18.8m
- Revenue
- $908.6k
- Investments
- $1.0m
- Employees
- 41
- Location
- Memphis, TN
- Founding
- 09/2004
- Data as of
- 12/2021
- EIN
- 03-0482299
Organization Overview
Memphis Land Bank Inc is located in Memphis, TN. The organization was established in 2004. According to its NTEE Classification (S12) the organization is classified as: Fund Raising & Fund Distribution, under the broad grouping of Community Improvement & Capacity Building and related organizations. As of 12/2021, Memphis Land Bank Inc employed 41 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Memphis Land Bank Inc is a 501(c)(3) and as such, is described as a "Charitable or Religous organization or a private foundation" by the IRS.
For the year ending 12/2021, Memphis Land Bank Inc generated $908.6k in total revenue. This represents relatively stable growth, over the past 7 years the organization has increased revenue by an average of 2.7% each year. All expenses for the organization totaled $1.1m during the year ending 12/2021. While expenses have increased by 1.1% per year over the past 7 years. They've been increasing with an increasing level of total revenue. You can explore the organizations financials more deeply in the financial statements section below.
Form
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2021
Describe the Organization's Mission:
Part 3 - Line 1
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.
Describe the Organization's Program Activity:
Part 3 - Line 4a
ENGAGED IN THE CONSTRUCTION DEVELOPMENT AND MANAGEMENT OF SINGLE FAMILY AND DUPLEX LOW INCOME HOUSING TAX CREDIT PROPERTIES.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Owen L Reid Director Of Operations | Trustee | 40 | $147,027 |
Virginia A Francis Secretary/assistant Treasu | OfficerTrustee | 40 | $95,527 |
Luke Yancy IV Treasurer | OfficerTrustee | 1 | $0 |
J Martin Regan Jr President | OfficerTrustee | 5 | $0 |
Osie Lewis Director | Trustee | 1 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $241,647 |
| All other contributions, gifts, grants, and similar amounts not included above | $0 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $241,647 |
| Total Program Service Revenue | $397,812 |
| Investment income | $234,865 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $33,456 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $908,597 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $0 |
| Grants and other assistance to domestic individuals. | $0 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $242,554 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $1,953 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $36,746 |
| Payroll taxes | $18,293 |
| Fees for services: Management | $44,760 |
| Fees for services: Legal | $72,000 |
| Fees for services: Accounting | $47,652 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $7,955 |
| Fees for services: Other | $138,000 |
| Advertising and promotion | $0 |
| Office expenses | $2,876 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $48,078 |
| Travel | $2,371 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $2,789 |
| Insurance | $797 |
| All other expenses | $6,083 |
| Total functional expenses | $1,122,726 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $303,726 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $4,468,115 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $11,231,833 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $15,543 |
| Net Land, buildings, and equipment | $241,250 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $1,017,338 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $1,539,578 |
| Total assets | $18,817,383 |
| Accounts payable and accrued expenses | $10,990 |
| Grants payable | $0 |
| Deferred revenue | $329,294 |
| Tax-exempt bond liabilities | $0 |
| Escrow or custodial account liability | $0 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
| Secured mortgages and notes payable | $0 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $7,992,224 |
| Total liabilities | $8,332,508 |
| Net assets without donor restrictions | $10,484,875 |
| Net assets with donor restrictions | $0 |
| Capital stock or trust principal, or current funds | $0 |
| Paid-in or capital surplus, or land, building, or equipment fund | $0 |
| Retained earnings, endowment, accumulated income, or other funds | $0 |
| Total liabilities and net assets/fund balances | $18,817,383 |
Grants Recieved
Over the last fiscal year, we have identified 1 grants that Memphis Land Bank Inc has recieved totaling $26,175.
| Awarding Organization | Amount |
|---|---|
Silicon Valley Community Foundation Mountain View, CA PURPOSE: Environment | $26,175 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Access Ventures Inc Louisville, KY | $43,826,766 | $16,386,169 |
Lift Inc Tupelo, MS | $308,777 | $4,064,003 |
Act For Alexandria Alexandria, VA | $25,524,079 | $7,617,741 |
Mid-America Regional Council Community Services Corporation Kansas City, MO | $2,213,477 | $3,497,916 |
Memphis Land Bank Inc Memphis, TN | $18,817,383 | $908,597 |
Generating Income For Tomorrow Kansas City, MO | $295,787 | $1,133,745 |
Opportunity Alabama Inc Birmingham, AL | $476,898 | $802,784 |
Kc Air Show Charities Inc Kansas City, MO | $68,342 | $938,134 |
Mid-South Resource Conservation And Development Council Inc Montgomery, AL | $756,293 | $878,672 |
Heart Of America Redistribution Solutions And Support Sedalia, MO | $435,050 | $1,090,030 |
Nccco Foundation Inc Fairfax, VA | $88,363 | $507,000 |
Charlotte Regional Realtor Assoc Housing Opportunity Foundati Charlotte, NC | $2,010,464 | $461,132 |