Memphis Challenge Inc
- Assets
- $175.6k
- Revenue
- $312.4k
- Investments
- $0.0
- Employees
- 6
- Location
- Memphis, TN
- Founding
- 03/1990
- Data as of
- 12/2022
- EIN
- 62-1400107
Organization Overview
Memphis Challenge Inc is located in Memphis, TN. The organization was established in 1990. According to its NTEE Classification (T20) the organization is classified as: Private Grantmaking Foundations, under the broad grouping of Philanthropy, Voluntarism & Grantmaking Foundations and related organizations. As of 12/2022, Memphis Challenge Inc employed 6 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Memphis Challenge 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 12/2022, Memphis Challenge Inc generated $312.4k in total revenue. This represents relatively stable growth, over the past 8 years the organization has increased revenue by an average of 0.3% each year. All expenses for the organization totaled $343.2k during the year ending 12/2022. While expenses have increased by 3.4% per year over the past 8 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
THE PURPOSE OF MEMPHIS CHALLENGE IS TO MATCH GIFTED, BUT UNDER-REPRESENTED MEMPHIS HIGH SCHOOL STUDENTS OF COLOR WITH TOP-TIER COLLEGES AND UNIVERSITIES AND SCHOLARSHIP OFFERINGS OFFERED BY PRESTIGIOUS COLLEGES AND UNIVERSITIES.
Describe the Organization's Program Activity:
Part 3 - Line 4a
THE JR. MEMPHIS AND MEMPHIS CHALLENGE PROGRAM PROVIDES UNDER REPRESENTED HIGH ACHIEVING STUDENTS OF COLOR AN OPPORTUNITY TO DEVELOP PERSONAL AND PROFESSIONAL SKILLS THAT WILL AID THEM THROUGH COLLEGE AND BEYOND. MEMPHIS CHALLENGE OFFERS MONTHLY WORKSHOPS FOR 9TH, 10TH, 11TH, AND 12TH GRADE STUDENTS FROM COUNTY, CHARTER, AND PRIVATE SCHOOLS. EACH WORKSHOP SERVES TO BUILD A FOUNDATION OF SUCCESS AND LAYERS THE STUDENTS WITH SELF CONFIDENCE AND MOTIVATION TO SUCCEED. CURRENTLY, THERE ARE MORE THAN 500 MEMPHIS CHALLENGE ALUMNI WHO NOW SERVE THE COMMUNITY AS ATTORNEYS, EDUCATORS, PHYSICIANS, DIRECTORS, EXECUTIVES, AND ENTREPRENEURS (55 PERSONS BENEFITED).
THE 9/10 MOVEMENT PREPARES INCOMING FRESHMEN AND SOPHOMORES FOR THE RIGORS OF HIGH SCHOOL AND THE IMPORTANCE OF ACADEMICS. THE 9/10 MOVEMENT FOCUSES ON HOW TO CONNECT THE DOTS OF LIFE, EDUCATION, CAREER, AND ASPIRATIONS. THE 9/10 MOVEMENT ALLOWS STUDENTS TO BUILD RELATIONSHIPS AND FEEL COMFORTABLE OUTSIDE THEIR ENVIRONMENTS, EXPOSING THEM TO CIVIC LEADERS AND BUSINESSES AROUND THE REGION (MORE THAN 350 PERSONS BENEFITED). THE 9/10 MOVEMENT SERVES AS A PIPELINE FOR THE JUNIOR AND SENIOR CHALLENGER PROGRAMS. SINCE LAUNCHING THE 9/10 MOVEMENT, IN 2014, MORE THAN 40% OF THE STUDENT PARTICIPANTS HAVE CONTINUED WITH THE PROGRAM FOR FOUR YEARS. (140 STUDENTS OVER THE PAST 10 YEARS)
SOLE (SUMMER ONLINE LEARNING EXPERIENCE) IS A VIRTUAL MATH ACADEMY THAT IS OFFERED FOR STUDENTS IN GRADES 3-12 DURING THE SUMMER TO COMBAT SUMMER SLIDE (LEARNING LOSS). SOLE IS POWERED THRU ALEK SOFTWARE. MEMPHIS CHALLENGE OFFERS WEEKLY PARENT UPDATES AND IS BUILDING A COMMUNITY OF STEM (SCIENCE, TECHNOLOGY, ENGINEERING, MATH) ENTHUSIASTS (155 PERSONS BENEFITED).
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Dr Esmond Arrindell Chairman | Trustee | 2 | $0 |
Wendy Sumner-Winter Secretary | Trustee | 2 | $0 |
Corie Rivers Treasurer | Trustee | 4 | $0 |
Jr Hyde III President | Trustee | 2 | $0 |
Dr Otis Anderson III Director | Trustee | 2 | $0 |
Charlie Pleas Iiii Director | Trustee | 2 | $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 | $308,563 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $308,563 |
| Total Program Service Revenue | $3,613 |
| Investment income | $0 |
| 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 | $312,432 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $0 |
| Grants and other assistance to domestic individuals. | $4,000 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $106,379 |
| Compensation of current officers, directors, key employees. | $26,595 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $134,522 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $25,396 |
| Payroll taxes | $17,960 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $12,690 |
| Fees for services: Accounting | $2,250 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $1,802 |
| Advertising and promotion | $5,004 |
| Office expenses | $6,057 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $2,432 |
| Travel | $422 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $1,039 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $0 |
| Insurance | $1,292 |
| All other expenses | $5,834 |
| Total functional expenses | $343,244 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $173,998 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $0 |
| 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 | $0 |
| Net Land, buildings, and equipment | $0 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $1,600 |
| Total assets | $175,598 |
| Accounts payable and accrued expenses | $1,000 |
| 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 | $1,000 |
| Net assets without donor restrictions | $0 |
| Net assets with donor restrictions | $0 |
| Capital stock or trust principal, or current funds | $174,598 |
| 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 | $175,598 |