Convergence Memphis Inc

Analysis

Convergence Memphis Inc is a registered charity in United States, based in Memphis, TN. It received its IRS tax-exemption ruling in October 2021, 5 years ago. Its declared purposes cover housing and shelter, which this site groups under housing and shelter. 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 December 2023, Convergence Memphis Inc reported income of $434k and spending of $231k, leaving 47% of income unspent that year. Across the 2 years on record, from December 2022 to December 2023, income grew from $265k to $434k (+64%), an average of +64% a year. The sharpest change came in the year to December 2023, when income rose by 64%. Over the whole period it spent 48% of the income it received.

Among 15,864 United States charities whose main cause is housing and shelter and that reported income, Convergence Memphis Inc sits at the 54th percentile: it is larger than about 54% of them. Against every charity in United States with reported income it ranks in the 68th percentile, and in the 69th percentile within TN. Charities of a similar size with the same main cause include Fenway Companies Inc ($434k), West Town Village Housing Development Fund Company Inc ($434k) and President Abraham Lincoln Manor II ($433k).

On its Form 990 for the period ending December 2023, revenue came from contributions and grants 100% of the total. Compensation of current officers, directors and key employees was $92k (40% of expenses). At year end it held assets of $369k against liabilities of $4,750, net assets of $364k. It reported 2 employees.