Believe Memphis Academy

Analysis

Believe Memphis Academy is a registered charity in United States, based in Memphis, TN. It received its IRS tax-exemption ruling in June 2017, 9 years ago. Its declared purposes cover education, which this site groups under education and training. The IRS classifies it as a school under section 501(c)(3), and contributions to it are listed as tax-deductible.

In the financial year ending June 2023, Believe Memphis Academy reported income of $5.2m and spending of $5.6m, spending 109% of what it took in. Across the 4 years on record, from June 2020 to June 2023, income grew from $3.2m to $5.2m (+61%), an average of +17% a year. The sharpest change came in the year to June 2021, when income rose by 83%. Over the whole period it spent 88% of the income it received.

Among 66,972 United States charities whose main cause is education and training and that reported income, Believe Memphis Academy sits at the 89th percentile: it is larger than about 89% of them. Against every charity in United States with reported income it ranks in the 92nd percentile, and in the 93rd percentile within TN. Charities of a similar size with the same main cause include Teach-Org Inc ($5.2m), Esthers School Inc ($5.2m) and Colegio Radians Inc ($5.2m).

On its Form 990 for the period ending June 2023, revenue came from contributions and grants 99% and program service revenue 0.4% of the total. Compensation of current officers, directors and key employees was $188k (3.4% of expenses). Other salaries and wages came to $2.5m. At year end it held assets of $8.4m against liabilities of $4.9m, net assets of $3.5m. It reported 80 employees.