Memphis Rise Academy Inc
- Assets
- $18.8m
- Revenue
- $10.5m
- Investments
- $0.0
- Employees
- 98
- Location
- Memphis, TN
- Founding
- 06/2014
- Data as of
- 06/2022
- EIN
- 46-1614425
Organization Overview
Memphis Rise Academy Inc is located in Memphis, TN. The organization was established in 2014. According to its NTEE Classification (B99) the organization is classified as: Education N.E.C., under the broad grouping of Education and related organizations. As of 06/2022, Memphis Rise Academy Inc employed 98 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Memphis Rise Academy 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 06/2022, Memphis Rise Academy Inc generated $10.5m in total revenue. This organization has experienced exceptional growth, as over the past 7 years, it has increased revenue by an average of 24.8% each year . All expenses for the organization totaled $9.6m during the year ending 06/2022. While expenses have increased by 25.2% 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
2022
Describe the Organization's Mission:
Part 3 - Line 1
TO PROVIDE STUDENTS IN GRADES 6-12 WITH AN EXCELLENT EDUCATION.
Describe the Organization's Program Activity:
Part 3 - Line 4a
OPERATION OF A PUBLIC CHARTER SCHOOL.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Jack Vuylsteke Strategic Advisor | 40 | $131,786 | |
Gus Connelly Executive Director | Officer | 40 | $104,986 |
Victor Evans Board Member | Trustee | 5 | $0 |
Oscar Romero Board Member | Trustee | 5 | $0 |
Josh Gettys Board Member | Trustee | 5 | $0 |
Syderek Watson Board Member | Trustee | 5 | $0 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Metro Construction Llc Construction | 6/29/17 | $307,163 |
Flemimg-associates-architects Pc Construction | 6/29/17 | $297,318 |
Durham School Services Transportation | 6/29/17 | $214,222 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $3,233,646 |
| All other contributions, gifts, grants, and similar amounts not included above | $30,085 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $3,263,731 |
| Total Program Service Revenue | $7,106,751 |
| Investment income | $185 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $0 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $10,468,134 |
| 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. | $101,909 |
| Compensation of current officers, directors, key employees. | $25,477 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $4,958,682 |
| Pension plan accruals and contributions | -$121,587 |
| Other employee benefits | $266,656 |
| Payroll taxes | $264,371 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $8,344 |
| Fees for services: Accounting | $86,700 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $242,579 |
| Advertising and promotion | $275 |
| Office expenses | $132,889 |
| Information technology | $266,941 |
| Royalties | $0 |
| Occupancy | $319,212 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $435,474 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $582,831 |
| Insurance | $0 |
| All other expenses | $281,019 |
| Total functional expenses | $9,572,999 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $1,199,140 |
| Savings and temporary cash investments | $210,036 |
| Pledges and grants receivable | $1,404,533 |
| Accounts receivable, net | $0 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $20,632 |
| Net Land, buildings, and equipment | $12,664,792 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $3,258,191 |
| Total assets | $18,757,324 |
| Accounts payable and accrued expenses | $248,141 |
| Grants payable | $0 |
| Deferred revenue | $0 |
| 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 | $11,426,281 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $1,861,483 |
| Total liabilities | $13,535,905 |
| Net assets without donor restrictions | $4,576,984 |
| Net assets with donor restrictions | $644,435 |
| 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 | $18,757,324 |