Memphis Museums Inc

Analysis

Memphis Museums Inc is a registered charity in United States, based in Memphis, TN. It received its IRS tax-exemption ruling in January 1969, 57 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 (gross receipts test) under section 501(c)(3), and contributions to it are listed as tax-deductible.

In the financial year ending June 2023, Memphis Museums Inc reported income of $4.2m and spending of $3.4m, spending 81% of its income. Across the 5 years on record, from June 2019 to June 2023, income grew from $3.2m to $4.2m (+29%), an average of +6.5% a year. The sharpest change came in the year to June 2021, when income rose by 50%. Over the whole period it spent 80% 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 Museums Inc sits at the 95th percentile: it is larger than about 95% of them. Against every charity in United States with reported income it ranks in the 91st percentile, and in the 92nd percentile within TN. Charities of a similar size with the same main cause include Hudson Valley Shakespeare Festival Inc ($4.1m), Festivals for Good Corporation ($4.2m) and Rhode Island Historical Society ($4.1m).

On its Form 990 for the period ending June 2023, revenue came from contributions and grants 43% and program service revenue 30% of the total. Compensation of current officers, directors and key employees was $200k (5.9% of expenses). Other salaries and wages came to $1.5m. At year end it held assets of $9.2m against liabilities of $375k, net assets of $8.8m. It reported 71 employees.