Read Foundation
- Assets
- $15.9m
- Revenue
- $13.6m
- Investments
- $0.0
- Employees
- 129
- Location
- Memphis, TN
- Founding
- 12/2009
- Data as of
- 06/2021
- EIN
- 94-3487601
Organization Overview
Read Foundation, operating under the name Memphis School Of Excellence, is located in Memphis, TN. The organization was established in 2009. According to its NTEE Classification (B99) the organization is classified as: Education N.E.C., under the broad grouping of Education and related organizations. As of 06/2021, Memphis School Of Excellence employed 129 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Memphis School Of Excellence 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 School Of Excellence generated $13.6m in total revenue. This organization has experienced exceptional growth, as over the past 6 years, it has increased revenue by an average of 21.8% each year . All expenses for the organization totaled $11.2m during the year ending 06/2021. While expenses have increased by 21.3% per year over the past 6 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
2021
Describe the Organization's Mission:
Part 3 - Line 1
TO PROVIDE A SAFE AND COLLABORATIVE ENVIRONMENT WHICH WILL CULTIVATE THE ACADEMIC AND SOCIAL DEVELOPMENT OF ITS STUDENTS BY EMPHASIZING MATH, SCIENCE, AND TECHNOLOGY FOR THE PURPOSE OF STUDENTS SETTING AND MEETING HIGHER EDUCATION GOALS.
Describe the Organization's Program Activity:
Part 3 - Line 4a
A PUBLIC CHARTER SCHOOL PROVIDING EDUCATIONAL OPPORTUNITIES TO THE SURROUNDING COMMUNITY.
A PUBLIC CHARTER SCHOOL PROVIDING EDUCATIONAL OPPORTUNITIES TO THE SURROUNDING COMMUNITY.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Muhammet Turkay Exec Director-Outgoing | Officer | 40 | $115,167 |
Bayram Demirbuga Secretary | OfficerTrustee | 2 | $0 |
Patty Farmer Treasurer | OfficerTrustee | 2 | $0 |
Dr Richard E Potts President | OfficerTrustee | 2 | $0 |
Veda V T Cherry Vice-President | OfficerTrustee | 2 | $0 |
Dr Cem Akkus Board Member | Trustee | 2 | $0 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Memphis Industrial Tt Llc Co Cbre Rent | 6/29/21 | $573,340 |
Memphis Industrial Tt Llc Co Cbre Rent | 6/29/21 | $573,340 |
Hertz Furniture Furniture Provider | 6/29/21 | $157,367 |
Horizon Of Memphis Janitorial Services | 6/29/21 | $154,745 |
Onecall Telecom Information Technology | 6/29/21 | $139,106 |
Onecall Telecom Information Technology | 6/29/21 | $139,106 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $2,878,130 |
| All other contributions, gifts, grants, and similar amounts not included above | $0 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $2,878,130 |
| Total Program Service Revenue | $10,682,874 |
| Investment income | $26,267 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $24,574 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $13,611,845 |
| 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. | $116,931 |
| Compensation of current officers, directors, key employees. | $11,693 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $5,726,925 |
| Pension plan accruals and contributions | $197,511 |
| Other employee benefits | $451,864 |
| Payroll taxes | $413,625 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $16,050 |
| Fees for services: Accounting | $22,000 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $0 |
| Advertising and promotion | $36,460 |
| Office expenses | $463,159 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $2,086,226 |
| Travel | $72,396 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $221,075 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $399,551 |
| Insurance | $0 |
| All other expenses | $0 |
| Total functional expenses | $11,161,164 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $4,176,846 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $337,563 |
| 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 | $84,876 |
| Net Land, buildings, and equipment | $10,267,455 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $1,079,260 |
| Total assets | $15,946,000 |
| Accounts payable and accrued expenses | $1,082,660 |
| 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 | $6,596,865 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $282,421 |
| Total liabilities | $7,961,946 |
| Net assets without donor restrictions | $7,460,389 |
| Net assets with donor restrictions | $523,665 |
| 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 | $15,946,000 |
Grants Recieved
Over the last fiscal year, we have identified 1 grants that Read Foundation has recieved totaling $17,750.
| Awarding Organization | Amount |
|---|---|
Community Foundation Of Greater Memphis Inc Memphis, TN PURPOSE: GENERAL OPERATIONAL SUPPORT | $17,750 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Fair Fight Action Inc Atlanta, GA | $4,976,834 | $29,928,008 |
Old Dominion Land Conservancy Inc Purcellville, VA | $5,990,691 | $40,101,797 |
Landmark Christian School Fairburn, GA | $28,586,929 | $25,037,540 |
Arkansas Connections Academy Inc Bentonville, AR | $3,114,083 | $20,599,824 |
Susan B Anthony List Inc Arlington, VA | $6,109,204 | $16,065,131 |
Georgia Advanced Technology Ventures Inc Atlanta, GA | $206,195,666 | $20,980,407 |
Connected Nation Inc Bowling Green, KY | $5,021,239 | $16,572,653 |
North Raleigh Christian Academy Raleigh, NC | $50,620,236 | $15,888,714 |
National Association Of State Procurement Officials Lexington, KY | $137,920,901 | $31,374,950 |
Seton Home Study School Front Royal, VA | $19,128,742 | $13,590,541 |
Instruction Partners Nashville, TN | $7,038,441 | $15,858,376 |
Alabama Nursing Home Association Education Foundation Montgomery, AL | $40,408,149 | $40,141,575 |