Memphis Merit Academy

Analysis

Memphis Merit Academy is a registered charity in United States, based in Memphis, TN. It received its IRS tax-exemption ruling in August 2018, 8 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, Memphis Merit Academy reported income of $4.5m and spending of $4.4m, spending 97% of its income. Across the 4 years on record, from June 2020 to June 2023, income grew from $1.7m to $4.5m (+163%), an average of +38% a year. The sharpest change came in the year to June 2022, when income rose by 40%. Over the whole period it spent 94% of the income it received.

Among 66,972 United States charities whose main cause is education and training and that reported income, Memphis Merit Academy sits at the 88th percentile: it is larger than about 88% of them. Against every charity in United States with reported income it ranks in the 92nd percentile, and in the 92nd percentile within TN. Charities of a similar size with the same main cause include Babson Global Inc ($4.5m), Trinity Christian Academy Foundation ($4.5m) and Skyuka Hall ($4.5m).

On its Form 990 for the period ending June 2023, revenue came from contributions and grants 96% and program service revenue 1.5% of the total. Compensation of current officers, directors and key employees was $202k (4.6% of expenses). Other salaries and wages came to $1.6m. At year end it held assets of $4.2m against liabilities of $3.1m, net assets of $1.1m. It reported 58 employees.