Forward Memphis

Analysis

Forward Memphis is a registered charity in United States, based in Memphis, TN. It received its IRS tax-exemption ruling in September 2022, 4 years ago. Its declared purposes cover community improvement and capacity building, which this site groups under community and economic development. 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 December 2023, Forward Memphis reported income of $612k and spending of $364k, leaving 41% of income unspent that year. Across the 2 years on record, from December 2022 to December 2023, income grew from $26k to $612k (+2289%), an average of +2289% a year. The sharpest change came in the year to December 2023, when income rose by 2289%. Over the whole period it spent 57% of the income it received.

Among 19,475 United States charities whose main cause is community and economic development and that reported income, Forward Memphis sits at the 70th percentile: it is larger than about 70% of them. Against every charity in United States with reported income it ranks in the 73rd percentile, and in the 75th percentile within TN. Charities of a similar size with the same main cause include Friends of Dream Big Foundation Inc ($612k), Safety Council of Southwestern Ohio ($612k) and Conexion Inc ($611k).

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 $108k (30% of expenses). Other salaries and wages came to $111k. At year end it held assets of $276k against liabilities of $2,402, net assets of $274k. It reported 5 employees.