Educational & Memorial Foundation Of The Tennessee Society Of Cpas
- Assets
- $3.7m
- Revenue
- $2.5m
- Investments
- $0.0
- Employees
- 0
- Location
- Brentwood, TN
- Founding
- 03/1972
- Data as of
- 03/2022
- EIN
- 62-0854743
Organization Overview
Educational & Memorial Foundation Of The Tennessee Society Of Cpas is located in Brentwood, TN. The organization was established in 1972. According to its NTEE Classification (B82) the organization is classified as: Scholarships & Student Financial Aid, under the broad grouping of Education and related organizations. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Educational & Memorial Foundation Of The Tennessee Society Of Cpas 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 03/2022, Educational & Memorial Foundation Of The Tennessee Society Of Cpas generated $2.5m in total revenue. The organization has seen a slow decline revenue. Over the past 7 years, revenues have fallen by an average of (0.3%) each year. All expenses for the organization totaled $2.1m during the year ending 03/2022. As we would expect to see with falling revenues, expenses have declined by (2.5%) per year over the past 7 years. 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
THE MISSION IS TO FURTHER THE STUDY, PRACTICE, AND/OR TEACHING OF ACCOUNTANCY AND RELATED FIELDS THROUGH PROVISION OF EDUCATIONAL OPPORTUNITIES TO THE CPA PROFESSION AND PROVIDING SCHOLARSHIPS FOR PROMISING YOUNG ACCOUNTING STUDENTS.
Describe the Organization's Program Activity:
Part 3 - Line 4a
CPE COURSE COSTS FOR 458 COURSES ATTENDED BY 3,984 PARTICIPANTS THROUGHOUT THE 2021 - 2022 FISCAL YEAR.
SCHOLARSHIPS FOR 90 STUDENTS ATTENDING COLLEGES IN TENNESSEE AND MAJORING IN ACCOUNTING.
N/A
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Kara Fitzgerald President/ceo | Officer | 5 | $59,161 |
B Bradford Floyd Former President/ceo | Officer | 5 | $29,385 |
Jonathan Bailey Treasurer | Trustee | 1 | $0 |
Marcie Williams Director | Trustee | 1 | $0 |
Geoffrey Stewart Chair-Elect | Trustee | 1 | $0 |
Kelly Crow Director | Trustee | 1 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $0 |
| All other contributions, gifts, grants, and similar amounts not included above | $321,477 |
| Noncash contributions included in lines 1a–1f | $20,854 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $321,477 |
| Total Program Service Revenue | $2,015,926 |
| Investment income | $46,630 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $114,124 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $2,510,915 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $0 |
| Grants and other assistance to domestic individuals. | $235,000 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $97,123 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $378,320 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $92,921 |
| Payroll taxes | $37,225 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $12,394 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $15,927 |
| Fees for services: Other | $10,159 |
| Advertising and promotion | $55,725 |
| Office expenses | $19,166 |
| Information technology | $148,031 |
| Royalties | $0 |
| Occupancy | $156,677 |
| Travel | $32,947 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $311,989 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $28,252 |
| Insurance | $17,329 |
| All other expenses | $0 |
| Total functional expenses | $2,145,586 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $187,654 |
| Savings and temporary cash investments | $266,329 |
| Pledges and grants receivable | $44,124 |
| Accounts receivable, net | $16,492 |
| 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 | $3,862 |
| Net Land, buildings, and equipment | $0 |
| Investments—publicly traded securities | $3,133,004 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $3,651,465 |
| Accounts payable and accrued expenses | $42,849 |
| Grants payable | $0 |
| Deferred revenue | $33,146 |
| 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 | $95,195 |
| Total liabilities | $171,190 |
| Net assets without donor restrictions | $1,785,277 |
| Net assets with donor restrictions | $1,694,998 |
| 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 | $3,651,465 |
Grants Recieved
Over the last fiscal year, we have identified 2 grants that Educational & Memorial Foundation Of The Tennessee Society Of Cpas has recieved totaling $12,516.
| Awarding Organization | Amount |
|---|---|
Schwab Charitable Fund San Francisco, CA PURPOSE: EDUCATION | $12,500 |
Amazonsmile Foundation Seattle, WA PURPOSE: GENERAL SUPPORT | $16 |
Endowment Analysis
| Beg. Balance | $1,601,626 |
| Net Contributions | $287,952 |
| Grants | $134,579 |
| Ending Balance | $1,754,999 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Hca Healthcare Foundation Nashville, TN | $97,582,102 | $44,453,527 |
James Madison University Foundation Inc Harrisonburg, VA | $191,139,680 | $18,508,438 |
Marine Corps Scholarship Foundation Inc Alexandria, VA | $149,128,193 | $34,285,716 |
Children Of Fallen Patriots Foundation Reston, VA | $18,264,760 | $13,060,746 |
Kansas City Scholars Inc Kansas City, MO | $5,810,030 | $12,156,402 |
The Hartwell Foundation Corporation Memphis, TN | $88,595,532 | $17,280,759 |
Morehead Cain Foundation Chapel Hill, NC | $0 | $13,275,596 |
Education Foundation Scholarship Endowment Trust Chapel Hill, NC | $389,903,195 | $25,351,334 |
Ray And Kay Eckstein Charitable Trust Paducah, KY | $358,796,277 | $128,951,866 |
Hire Heroes Usa Alpharetta, GA | $7,840,449 | $13,205,192 |
Scholarships For Kids Inc Birmingham, AL | $21,791,162 | $14,541,038 |
Apogee Georgia School Choice Scholarship Fund Atlanta, GA | $21,549,156 | $14,581,744 |