Memphis in May International Festival Inc

Analysis

Memphis in May International Festival Inc is a registered charity in United States, based in Memphis, TN. It received its IRS tax-exemption ruling in December 1978, 48 years ago. Its declared purposes cover arts, culture and humanities, which this site groups under arts, culture, heritage and science. The IRS classifies it as a publicly supported organisation (donations from the general public) under section 501(c)(3), and contributions to it are listed as tax-deductible.

In the financial year ending July 2023, Memphis in May International Festival Inc reported income of $8.3m and spending of $11.7m, spending 141% of what it took in. Across the 5 years on record, from July 2019 to July 2023, income fell from $11.8m to $8.3m (-30%), an average of -8.5% a year. The sharpest change came in the year to July 2022, when income rose by 630%. Over the whole period it spent 103% of the income it received.

Among 45,478 United States charities whose main cause is arts, culture, heritage and science and that reported income, Memphis in May International Festival Inc sits at the 97th percentile: it is larger than about 97% of them. Against every charity in United States with reported income it ranks in the 94th percentile, and in the 95th percentile within TN. Charities of a similar size with the same main cause include Arizona Diamondbacks Foundation Inc ($8.3m), Phoenix Symphony Association ($8.3m) and Astrophysical Research Consortium ($8.3m).

On its Form 990 for the period ending July 2023, revenue came from contributions and grants 37% and program service revenue 61% of the total. Compensation of current officers, directors and key employees was $370k (3.2% of expenses). Other salaries and wages came to $835k. At year end it held assets of $5.4m against liabilities of $3.5m, net assets of $1.9m. It reported 16 employees.