Memphis Museums Inc
- Assets
- $7.2m
- Revenue
- $3.3m
- Investments
- $0.0
- Employees
- 57
- Location
- Memphis, TN
- Founding
- 01/1969
- Data as of
- 06/2021
- EIN
- 62-0801926
Organization Overview
Memphis Museums Inc is located in Memphis, TN. The organization was established in 1969. According to its NTEE Classification (A12) the organization is classified as: Fund Raising & Fund Distribution, under the broad grouping of Arts, Culture & Humanities and related organizations. As of 06/2021, Memphis Museums Inc employed 57 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Memphis Museums 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 06/2021, Memphis Museums Inc generated $3.3m in total revenue. This represents relatively stable growth, over the past 6 years the organization has increased revenue by an average of 1.4% each year. All expenses for the organization totaled $2.2m during the year ending 06/2021. 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 INSPIRE PEOPLE TO LEARN HOW HISTORY, SCIENCE, TECHNOLOGY, AND NATURE SHAPE THE MID-SOUTH.
Describe the Organization's Program Activity:
Part 3 - Line 4a
MEMPHIS MUSEUM EDUCATION PROGRAMS -- GIANT SCREEN THEATER FEATURING HISTORY, NATURAL HISTORY, AND SCIENCE FILMS; LICHTERMAN NATURE CENTER FEATURING INDOOR EXHIBITS AND OUTDOOR HABITATS WITH ENVIRONMENTAL EDUCATION PROGRAMS; PINK PALACE EDUCATION SCHOOL AND GENERAL AUDIENCE PROGRAMS; COON CREEK SCIENCE CENTER FOR SCHOOL GROUPS EVACAVATING 73 MILLION Y.O. FOSSILS INCLUDING UNIVERSITY RESEARCH AND TEACHER TRAINING IN PARTERSHIP WITH UNIV TN-MARTIN; SHARPE PLANETARIUM FEATURING EDUCATIONAL ASTROMONY-RELATED SHOW FOR THE PUBLIC AND SCHOOL GROUPS; AND HISTORIC PROPERTIES --EDUCATIONAL PROGRAMS AND GUIDED TOURS OF THE 1836 MAGEVNEY HOUSE AND THE 1852 MALLORY-NEELY HOUSE. PROGRAMS INCLUDE HISTORIC PRESERVATION PROJECTS; GUIDED TOURS INTERPRETING THE HOMES, THE PEOPLE WHO LIVED IN THEM, THE FURNISHINGS, CLOTHING, (CONTINUED) (CONTINUED) FOOD, AND SOCIAL HISTORY AS EXPERIENCED THROUGH THE RESIDENTS OF THE HOUSES.
PINK PALACE EXHIBITIONS -- PERMANENT EXHIBITIONS ABOUT THE CULTURAL HISTORY AND NATURAL HISTORY OF THE MID-SOUTH. TEMPORARY/TRAVELING EXHIBITIONS ABOUT SCIENCE, HISTORY, AND NATURAL HISTORY.
CURATORIAL SERVICES -- CONSERVATION AND PRESERVATION OF OVER 60,000 ARTIFACTS AND OBJECTS IN SUPPORT OF EDUCATION PROGRAMS AND EXHIBITIONS.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Kevin Thompson Executive Director | Officer | 40 | $192,200 |
Chad Boyd Treasurer | OfficerTrustee | 2 | $0 |
Linda Foster President | OfficerTrustee | 2 | $0 |
Laura Lee Woods Secretary/friends President | OfficerTrustee | 2 | $0 |
Bertha Gilmore Friends Vice President | OfficerTrustee | 2 | $0 |
Taraiq Hasan Vice President | OfficerTrustee | 2 | $0 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Pinnacle Mastercard Credit Card Charging | 6/29/20 | $172,539 |
Ia Collaborative Exhibit Planning | 6/29/20 | $229,604 |
Lebonheur Children's Hospital Foundation Revenue Collected For Enchanted Forrest | 6/29/20 | $140,963 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $149,859 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $216,158 |
| All other contributions, gifts, grants, and similar amounts not included above | $1,881,846 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $2,247,863 |
| Total Program Service Revenue | $590,275 |
| Investment income | $24,907 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $256,568 |
| Net Gain/Loss on Asset Sales | $60,557 |
| Net Income from Fundraising Events | -$2,628 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $116,137 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $3,293,679 |
| 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. | $200,000 |
| Compensation of current officers, directors, key employees. | $200,000 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $831,185 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $59,607 |
| Payroll taxes | $73,202 |
| 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 | $175,502 |
| Advertising and promotion | $52,844 |
| Office expenses | $0 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $0 |
| Travel | $1,608 |
| 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 | $82,231 |
| Insurance | $55,533 |
| All other expenses | $33,151 |
| Total functional expenses | $2,185,334 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $2,391,414 |
| Savings and temporary cash investments | $489,025 |
| Pledges and grants receivable | $19,089 |
| Accounts receivable, net | $13,799 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $64,053 |
| Prepaid expenses and deferred charges | $73,747 |
| Net Land, buildings, and equipment | $414,201 |
| Investments—publicly traded securities | $3,778,598 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $7,243,926 |
| Accounts payable and accrued expenses | $80,037 |
| Grants payable | $0 |
| Deferred revenue | $423,743 |
| 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 | $620,480 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $0 |
| Total liabilities | $1,124,260 |
| Net assets without donor restrictions | $1,965,196 |
| Net assets with donor restrictions | $4,154,470 |
| 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 | $7,243,926 |
Grants Recieved
Over the last fiscal year, we have identified 7 grants that Memphis Museums Inc has recieved totaling $91,675.
| Awarding Organization | Amount |
|---|---|
Community Foundation Of Greater Memphis Inc Memphis, TN PURPOSE: GENERAL OPERATIONAL SUPPORT | $28,300 |
Helen Frankenthaler Foundation Inc New York, NY PURPOSE: FCI-GRANT-2021 | $19,220 |
Lichterman-Loewenberg Foundation Memphis, TN PURPOSE: PROGRAM RELATED | $16,665 |
Humanities Tennessee Nashville, TN PURPOSE: HUMANITIES PROJECT | $13,428 |
American Online Giving Foundation Inc Newark, DE PURPOSE: GENERAL SUPPORT | $10,000 |
Bluescope Foundation North America Kansas City, MO PURPOSE: STEAM | $4,000 |
Endowment Analysis
| Beg. Balance | $2,894,611 |
| Earnings | $883,987 |
| Ending Balance | $3,778,598 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
The Greater Charlotte Cultural Trust Charlotte, NC | $173,742,321 | $2,357,736 |
Fund For The Arts Inc Louisville, KY | $9,833,007 | $6,108,558 |
Virginia Foundation For The Humanities And Public Policy Charlottesville, VA | $13,497,972 | $6,667,303 |
Gwinnett Championship Foundation Inc Duluth, GA | $476,337 | $4,123,025 |
Americans For Public Trust Alexandria, VA | $249,074 | $3,628,537 |
Richard J Stern Foundation For The Arts Kansas City, MO | $50,258,336 | $4,476,999 |
Cobb Community Foundation Inc Atlanta, GA | $18,425,025 | $3,579,591 |
Memphis Museums Inc Memphis, TN | $7,243,926 | $3,293,679 |
Artsbuild Chattanooga, TN | $20,819,407 | $7,133,514 |
William R Kenan Jr Fund For The Arts Chapel Hill, NC | $30,178,263 | $1,461,510 |
Chesterfield Cultural Arts Foundation Chester, VA | $1,189,257 | $621,062 |
Community Capital Fund Kansas City, MO | $1,497,991 | $1,400,960 |