Memphis Center City Development Corporation
- Assets
- $10.8m
- Revenue
- $2.9m
- Investments
- $2.3m
- Employees
- 0
- Location
- Memphis, TN
- Founding
- 12/1978
- Data as of
- 06/2021
- EIN
- 58-1330667
Organization Overview
Memphis Center City Development Corporation is located in Memphis, TN. The organization was established in 1978. According to its NTEE Classification (S20) the organization is classified as: Community & Neighborhood Development, under the broad grouping of Community Improvement & Capacity Building and related organizations. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Memphis Center City Development Corporation 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 06/2021, Memphis Center City Development Corporation generated $2.9m in total revenue. This represents a relatively dramatic decline in revenue. Over the past 6 years, the organization has seen revenues fall by an average of (24.3%) each year. All expenses for the organization totaled $2.5m during the year ending 06/2021. You can explore the organizations financials more deeply in the financial statements section below.
Since 2015, Memphis Center City Development Corporation has awarded 105 individual grants totaling $9,438,219. If you would like to learn more about the grant giving history of this organization, scroll down to the grant profile section of this page.
Form
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2021
Describe the Organization's Mission:
Part 3 - Line 1
ASSIST PRIVATE DEVELOPMENT PROJECTS
Describe the Organization's Program Activity:
Part 3 - Line 4a
TO ASSIST PRIVATE DEVELOPMENT PROJECTS.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Michael B Chance Chairman | OfficerTrustee | 4 | $0 |
Julie Lansky Secretary | OfficerTrustee | 4 | $0 |
Ray Brown Treasurer | OfficerTrustee | 4 | $0 |
Paul Young President/ceo | Officer | 40 | $0 |
Sharon Leicham Board Member | Trustee | 4 | $0 |
Carl Person Board Member | Trustee | 4 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $2,054,452 |
| All other contributions, gifts, grants, and similar amounts not included above | $371,850 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $2,426,302 |
| Total Program Service Revenue | $31,503 |
| Investment income | $419,696 |
| 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 | $2,877,501 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $2,278,738 |
| 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. | $0 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $0 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $0 |
| Payroll taxes | $0 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $0 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $0 |
| Advertising and promotion | $0 |
| Office expenses | $0 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $0 |
| Travel | $0 |
| 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 | $0 |
| Insurance | $6,031 |
| All other expenses | $0 |
| Total functional expenses | $2,513,457 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $6,187,378 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $61,170 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $1,920,840 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $2,914 |
| Net Land, buildings, and equipment | $327,519 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $2,301,049 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $10,800,870 |
| Accounts payable and accrued expenses | $14,504 |
| 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 | $0 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $0 |
| Total liabilities | $14,504 |
| Net assets without donor restrictions | $10,786,366 |
| 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 | $10,800,870 |
Grants Awarded
Over the last fiscal year, Memphis Center City Development Corporation has awarded $1,496,400 in support to 31 organizations.
| Grant Recipient | Amount |
|---|---|
99-105 FRONT STREET LLC PURPOSE: COVID 19 | $649,627 |
MALCO THEATRES INC PURPOSE: COIVD 19 | $125,000 |
372 S MAIN LLC PURPOSE: COVID 19 | $80,000 |
CRUNKE LLC PURPOSE: COVID 19 | $74,750 |
MONROE ASSOCIATES LLC PURPOSE: COVID 19 | $60,000 |
KAREN ADAMS PURPOSE: COVID 19 | $60,000 |
Grants Recieved
Over the last fiscal year, we have identified 1 grants that Memphis Center City Development Corporation has recieved totaling $10,000.
| Awarding Organization | Amount |
|---|---|
J R Hyde Iii Foundation Memphis, TN PURPOSE: SUPPORT FOR MADISON PARK CAPITAL IMPROVEMENTS | $10,000 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Kentucky River Foothills Development Council Inc Richmond, KY | $12,381,295 | $19,871,173 |
Community Action Of Southern Kentucky Incorporated Bowling Green, KY | $10,381,389 | $18,999,181 |
Northern Kentucky Community Action Commisson Inc Covington, KY | $8,823,439 | $18,121,235 |
Jefferson Franklin Community Action Corporation Hillsboro, MO | $6,544,452 | $18,340,130 |
Macon Bibb County Economic Opportunity Council Inc Macon, GA | $9,862,743 | $18,330,804 |
Economic Opportunity For Savannah Chatham County Area Inc Savannah, GA | $8,523,279 | $14,850,530 |
Coastal Plain Area Economic Opportunity Authority Inc Valdosta, GA | $6,623,534 | $13,801,263 |
Northwest Arkansas Council Foundation Springdale, AR | $9,473,428 | $13,530,717 |
Coastal Community Action Inc Newport, NC | $6,264,251 | $13,623,681 |
South Central Missouri Community Action Agency Winona, MO | $9,962,741 | $13,195,865 |
Community Action Agency Of St Louis County Inc Overland, MO | $8,798,142 | $11,519,810 |
Golden Triangle Planning & Development District Inc Starkville, MS | $16,192,589 | $11,220,298 |