Educational & Memorial Foundation Of The Tennessee Society Of Cpas
- Assets
- $3.9m
- Revenue
- $2.5m
- Investments
- $0.0
- Employees
- 0
- Location
- Brentwood, TN
- Founding
- 03/1972
- Data as of
- 03/2024
- 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 03/2024, 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 9 years, revenues have fallen by an average of (0.2%) each year. All expenses for the organization totaled $2.4m during the year ending 03/2024. As we would expect to see with falling revenues, expenses have declined by (0.9%) per year over the past 9 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
2024
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 759 COURSES ATTENDED BY 20,917 PARTICIPANTS THROUGHOUT THE 2023 - 2024 FISCAL YEAR.
SCHOLARSHIPS FOR 118 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 | $0 |
B Bradford Floyd Former President/ceo | 0 | $0 | |
Kathryn B Cheek Chief Operating Officer | 8 | $0 | |
Justin J Steele Dir Of Prof Development | 39 | $0 | |
Aleshia D Garrett Dir Of Communications & Technology | 10 | $0 | |
Jonathan Bailey Chair | 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 | $233,405 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $233,405 |
| Total Program Service Revenue | $2,129,804 |
| Investment income | $117,133 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $50,453 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $2,532,334 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $0 |
| Grants and other assistance to domestic individuals. | $275,000 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $55,800 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $517,488 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $106,571 |
| Payroll taxes | $43,481 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $21,161 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $14,536 |
| Fees for services: Other | $0 |
| Advertising and promotion | $46,250 |
| Office expenses | $23,015 |
| Information technology | $145,676 |
| Royalties | $0 |
| Occupancy | $154,246 |
| Travel | $51,823 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $393,417 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $28,082 |
| Insurance | $31,718 |
| All other expenses | $0 |
| Total functional expenses | $2,373,358 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $63,309 |
| Savings and temporary cash investments | $263,438 |
| Pledges and grants receivable | $30,999 |
| Accounts receivable, net | $31,430 |
| 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 | $11,958 |
| Net Land, buildings, and equipment | $0 |
| Investments—publicly traded securities | $3,540,561 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $3,941,695 |
| Accounts payable and accrued expenses | $27,554 |
| Grants payable | $0 |
| Deferred revenue | $37,126 |
| 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 | $97,359 |
| Total liabilities | $162,039 |
| Net assets without donor restrictions | $2,032,582 |
| Net assets with donor restrictions | $1,747,074 |
| 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 | $3,941,695 |