Memphis Library Foundation

Analysis

Memphis Library Foundation is a registered charity in United States, based in Memphis, TN. It received its IRS tax-exemption ruling in December 1995, 31 years ago. Its declared purposes cover education, which this site groups under education and training. 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 June 2023, Memphis Library Foundation reported income of $973k and spending of $1.2m, spending 122% of what it took in. Across the 5 years on record, from June 2019 to June 2023, income grew from $709k to $973k (+37%), an average of +8.2% a year. The sharpest change came in the year to June 2022, when income rose by 277%. Over the whole period it spent 49% of the income it received.

Among 66,972 United States charities whose main cause is education and training and that reported income, Memphis Library Foundation sits at the 75th percentile: it is larger than about 75% of them. Against every charity in United States with reported income it ranks in the 79th percentile, and in the 81st percentile within TN. Charities of a similar size with the same main cause include Project Tomorrow ($973k), Morgantown Learning Academy ($974k) and Alpha Lambda Delta ($973k).

On its Form 990 for the period ending June 2023, revenue came from contributions and grants 46% and program service revenue 2.4% of the total. Compensation of current officers, directors and key employees was $110k (9.3% of expenses). Other salaries and wages came to $105k. At year end it held assets of $12.2m against liabilities of $78k, net assets of $12.1m. It reported 4 employees.