Civic Intelligence

Memphis Merit Academy

990 • Fiscal year 2019 • EIN 82-2828471

Jul 01, 2018 to Jun 30, 2019 • Filed on Dec 16, 2019

Organization ProfileWWW.MEMPHISMERITACADEMY.ORG
4775 American WayMemphis, TN 38118

(901) 240-1009

Siviq Scores

Precomputed percentiles for this filing year versus similar nonprofits in the same peer cohort.

Liabilities / Assets

73rd percentile

0.19x

Higher debt load relative to assets than 73% of similar nonprofits.

2019 filings • 501(c)3 • $500k-$1M nonprofits • Source year 2019

Liabilities / Revenue

71st percentile

0.14x

Higher debt load relative to revenue than 71% of similar nonprofits.

2019 filings • 501(c)3 • $500k-$1M nonprofits • Source year 2019

Net Margin

93rd percentile

57%

Higher net margin than 93% of similar nonprofits.

2019 filings • 501(c)3 • $500k-$1M nonprofits • Source year 2019

Top Officer Pay

57th percentile

$25,156

Higher top officer pay than 57% of similar nonprofits.

Top officer pay equals 3.3% of source-year revenue.

2019 filings • 501(c)3 • $500k-$1M nonprofits • Source year 2019

Asset Growth

Score unavailable

No value available

No earlier valid filing was available within the previous three public years.

Source year 2019

Revenue Growth

Score unavailable

No value available

No earlier valid filing was available within the previous three public years.

Source year 2019

Balance Sheet
Liabilities / Assets73rd percentile

Assets

$539,038

No earlier filing loaded for comparison.

Net Assets

$434,300

No earlier filing loaded for comparison.

Liabilities

$104,738

No earlier filing loaded for comparison.

Revenue And Expenses
Liabilities / Revenue71st percentileNet Margin93rd percentile

Revenue

$763,284

No earlier filing loaded for comparison.

Expenses

$328,984

No earlier filing loaded for comparison.

Net Income

$434,300

No earlier filing loaded for comparison.

Historical Trend

Balance Sheet Trend

Asset GrowthScore unavailable

The highlighted filing sits inside the broader history for assets, liabilities, and net assets.

$15M$10M$5.0M$0Assets 2019: $539,038Liabilities 2019: $104,738Net Assets 2019: $434,3002019Assets 2020: $1,097,486Liabilities 2020: $574,861Net Assets 2020: $522,6252020Assets 2021: $1,556,838Liabilities 2021: $735,394Net Assets 2021: $821,4442021Assets 2022: $2,579,395Liabilities 2022: $1,643,775Net Assets 2022: $935,6202022Assets 2023: $4,151,763Liabilities 2023: $3,066,049Net Assets 2023: $1,085,7142023Assets 2024: $13,931,915Liabilities 2024: $13,072,553Net Assets 2024: $859,3622024Assets 2025: $13,276,096Liabilities 2025: $12,287,510Net Assets 2025: $988,5862025

Highlighted filing

2019

Assets$539,038
Liabilities$104,738
Net Assets$434,300
Open 2019 Filing

Operations Trend

Revenue GrowthScore unavailable

Revenue, expenses, and net income across loaded years, with this filing highlighted.

$8.0M$6.0M$4.0M$2.0M$0-$2.0MRevenue 2019: $763,284Expenses 2019: $328,984Net Income 2019: $434,3002019Revenue 2020: $1,729,001Expenses 2020: $1,640,676Net Income 2020: $88,3252020Revenue 2021: $2,414,359Expenses 2021: $2,115,540Net Income 2021: $298,8192021Revenue 2022: $3,378,082Expenses 2022: $3,150,437Net Income 2022: $227,6452022Revenue 2023: $4,545,144Expenses 2023: $4,395,049Net Income 2023: $150,0952023Revenue 2024: $5,640,340Expenses 2024: $5,853,082Net Income 2024: -$212,7422024Revenue 2025: $6,689,747Expenses 2025: $6,612,069Net Income 2025: $77,6782025

Highlighted filing

2019

Revenue$763,284
Expenses$328,984
Net Income$434,300
Open 2019 Filing
Jump To
Filing Snapshot
Filing Period
Jul 1, 2018 to Jun 30, 2019
Signed
Dec 16, 2019
Return Version
2018v3.1
Gross Receipts
$763,284
Mission and Program Overview

Mission

Memphis merit academy charter school prepares kindergarten through 8th-grade students in memphis for success in high school, college, and life by providing rigorous academics, high-quality instruction, and character development in a supportive school environment.

Balance Sheet Detail
LineBeginningEndChange
Assets
Rtn Earn Endowment Incm Other Fnds$0$434,300▲ $434,300
Cash and Non-Interest-Bearing Accounts-$375,752-
Prepaid Expenses and Deferred Charges-$55,726-
Pd in Cap Srpls Land Bldg Eqp Fund$0$0→ $0
Cap Stk Tr Prin Current Funds$0$0→ $0
Total Assets$0$539,038▲ $539,038
Other Assets Total$0$107,560▲ $107,560
Liabilities
Other Liabilities$0$60,606▲ $60,606
Accounts Payable and Accrued Expenses-$44,132-
Total Liabilities$0$104,738▲ $104,738
Net Assets / Fund Balance
Total Net Assets Fund Balance$0$434,300▲ $434,300
Total Liabilities and Net Assets / Fund Balance$0$539,038▲ $539,038

Asset Categories

AssetBook ValueDepreciationBasis
Other Assets Org$15,000--
Compensation and Service Providers
Top Officer Pay57th percentile

Employees

NameTitleFull / Part TimeBaseTotal
Lakenna BookerExecutive DirectorFT$25,156$25,156

Board Members and Trustees

NameTitle
Brad ScmiedickeBoard Chair
Darron WilliamsBoard Vice Chair
Aurelia McbrideBoard Member
Felicia CainBoard Member
Jack VuylstekeBoard Member
Kacy DixonBoard Member
Kathy GibbsBoard Member
Melissa MooreBoard Member
Talunja ProphetBoard Member
Teresa BarnhillBoard Member
Victoria RaglandBoard Member
Angelia AllenBoard Treasurer
Betty McclineDean of Operations
Mary Kaye WelchSecretary
Revenue and Support

Revenue Composition

Contributions and Grants
$763,284
Program Service Revenue
$0
Investment Income
$0
Other Revenue
$0
All Other Contributions
$653,546
Change in Net Assets
$434,300
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$172,102
Salaries, Compensation, and Employee Benefits$156,882
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Current Officers, Directors, Trustees, and Key Employees$130,417--$130,417
Fees for Services Other$36,660--$36,660
Other Employee Benefits$26,465--$26,465
Advertising$24,473--$24,473
Occupancy$22,000--$22,000
Insurance$6,121--$6,121
Other Expenses$3,834--$3,834
All Other Expenses$105--$105
Total Functional Expenses$328,984$0$0$328,984
Fundraising, Events, and Gaming
Fundraising activities
No
Gaming activities
No
Professional fundraiser used
No

Fundraising and Gaming Totals

Line ItemAmount
Professional Fundraising Fees$0
Political and Lobbying Activity
Political campaign activity
No
Lobbying activity
No
Subject to proxy tax
No
Debt and Bond Financing

Other Reported Liabilities

LiabilityAmount
Note Payable$43,003
Retirement Contributions$17,603
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
No
Annual disclosure for covered persons
Yes
Backup withholding compliance
Yes
Business relationship with family members
No
Business relationship with organization members
No
Material changes to governing documents
No
Compensation from other sources disclosed
No
CEO compensation reviewed
Yes
Other officer compensation reviewed
Yes
Conflict-of-interest policy
Yes
Audited financial statements prepared
No
Key decisions subject to board approval
No
Management duties delegated
No

Governance Explanations

Form 990, Part VI, Section B, Line 11B

“Upon preparation by an independent accounting firm, the return is reviewed by the board of directors before submission to the irs.”

Form 990, Part VI, Section B, Line 12C

“The directors sign a statement annually confirming their compliance with the conflicts of interest policy.”

Form 990, Part VI, Section B, Line 15

“Compensation for a position is determined as to what is reasonable for the experience, expertise, geography, and needs of the organization. Compensation is reviewed by the board finance committee and discussed and voted on at board meetings. The resulting decision is recorded in the minutes.”

Form 990, Part VI, Section C, Line 18

“The organization's tax documents are available to the public upon request.”

Form 990, Part VI, Section C, Line 19

“The organization makes its governing documents and financial statements available to the public upon request.”

Filing and Contact Details

Filer

Filer Name
Memphis Merit Academy Charter School
EIN
82-2828471
Phone
9012401009
Address
4775 AMERICAN WAY, MEMPHIS, TN 38118

Signing Officer

Name
Lakenna Booker
Title
Executive Director
Phone
9012401009
Signed
2019-12-16
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Lakenna Booker
Formed
2017
Legal Domicile
Tn
Voting Board Members
13
Independent Board Members
13
Employees
2
Volunteers
0

Preparer

Firm
The Marston Group Plc
Address
1661 INTERNATIONAL DRIVE SUITE 250, MEMPHIS, TN 38120
Preparer
Susan M Lattimore
Phone
9017613003
Supplemental Narrative

Additional Explanations

Form 990, Part IX, Line 11G

“Contracted services: program service expenses 36,660. Management and general expenses 0. Fundraising expenses 0. Total expenses 36,660.”

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IRS990ScheduleD/OtherAssetsOrgGrp/Desc1CUSTOMER DEPOSITS
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Amt017603
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Amt143003
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Desc0RETIREMENT CONTRIBUTIONS
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Desc1NOTE PAYABLE
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IRS990ScheduleD/TotalLiabilityAmt060606
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IRS990ScheduleE/DiscriminateRaceAthltProgInd00
IRS990ScheduleE/DiscriminateRaceEducPlcyInd00
IRS990ScheduleE/DiscriminateRaceEmplmFcultyInd00
IRS990ScheduleE/DiscriminateRaceOtherActyInd00
IRS990ScheduleE/DiscriminateRaceSchsInd00
IRS990ScheduleE/DiscriminateRaceStdntsRghtsInd00
IRS990ScheduleE/DiscriminateRaceUseOfFcltsInd00
IRS990ScheduleE/GovernmentFinancialAidRcvdInd01
IRS990ScheduleE/GovernmentFinancialAidRvkdInd00
IRS990ScheduleE/MaintainCpyOfAllSolInd01
IRS990ScheduleE/MaintainCpyOfBrochuresEtcInd01
IRS990ScheduleE/MaintainRacialCompRecsInd01
IRS990ScheduleE/MaintainScholarshipsRecsInd01
IRS990ScheduleE/NondiscriminatoryPolicyStmtInd01
IRS990ScheduleE/PlcyPblczdViaBroadcastMediaInd01
IRS990ScheduleE/PolicyStmtInBrochuresEtcInd01
IRS990ScheduleE/SupplementalInformationDetail/ExplanationTxt0GRANTS RECEIVED FROM THE TENNESSEE CHARTER SCHOOL INCUBATOR, SHELBY COUNTY TENNESSEE PER PUPIL ALLOCATION AND TITLE 1 GRANTS TO LOCAL AGENCIES.
IRS990ScheduleE/SupplementalInformationDetail/FormAndLineReferenceDesc0SCHEDULE E, PART I, LINE 6
IRS990/ScheduleJRequiredInd00
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IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt1THE DIRECTORS SIGN A STATEMENT ANNUALLY CONFIRMING THEIR COMPLIANCE WITH THE CONFLICTS OF INTEREST POLICY.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt2COMPENSATION FOR A POSITION IS DETERMINED AS TO WHAT IS REASONABLE FOR THE EXPERIENCE, EXPERTISE, GEOGRAPHY, AND NEEDS OF THE ORGANIZATION. COMPENSATION IS REVIEWED BY THE BOARD FINANCE COMMITTEE AND DISCUSSED AND VOTED ON AT BOARD MEETINGS. THE RESULTING DECISION IS RECORDED IN THE MINUTES.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt3THE ORGANIZATION'S TAX DOCUMENTS ARE AVAILABLE TO THE PUBLIC UPON REQUEST.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt4THE ORGANIZATION MAKES ITS GOVERNING DOCUMENTS AND FINANCIAL STATEMENTS AVAILABLE TO THE PUBLIC UPON REQUEST.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt5CONTRACTED SERVICES: PROGRAM SERVICE EXPENSES 36,660. MANAGEMENT AND GENERAL EXPENSES 0. FUNDRAISING EXPENSES 0. TOTAL EXPENSES 36,660.
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc0FORM 990, PART VI, SECTION B, LINE 11B
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc1FORM 990, PART VI, SECTION B, LINE 12C
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc2FORM 990, PART VI, SECTION B, LINE 15
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc3FORM 990, PART VI, SECTION C, LINE 18
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc4FORM 990, PART VI, SECTION C, LINE 19
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc5FORM 990, PART IX, LINE 11G
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IRS990/SignificantNewProgramSrvcInd00
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IRS990/TaxExemptBondsInd00
IRS990/TempOrPermanentEndowmentsInd00
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IRS990/WebsiteAddressTxt0HTTPS://WWW.MEMPHISMERITACADEMY.ORG/
IRS990/WhistleblowerPolicyInd01
ReturnHeader/BuildTS02020-03-31 21:24:44Z
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ReturnHeader/BusinessOfficerGrp/PersonTitleTxt0EXECUTIVE DIRECTOR
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ReturnHeader/BusinessOfficerGrp/SignatureDt02019-12-16
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ReturnHeader/PreparerFirmGrp/PreparerFirmName/BusinessNameLine1Txt0THE MARSTON GROUP PLC
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Document Assets

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Filings

Displayed year

2019 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$539,038
Liabilities
$104,738
Net assets
$434,300
Revenue
$763,284
Expenses
$328,984
Net income
$434,300
Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2025Detailed filing. Detailed filing data is available for this year.$13.3$12.3$0.99$6.69$6.61$0.08
2024Detailed filing. Detailed filing data is available for this year.$13.9$13.1$0.86$5.64$5.85$0.21
2023Detailed filing. Detailed filing data is available for this year.$4.15$3.07$1.09$4.55$4.40$0.15
2022Detailed filing. Detailed filing data is available for this year.$2.58$1.64$0.94$3.38$3.15$0.23
2021Facts available. Structured filing facts are available, but richer extracted sections are limited.$1.56$0.74$0.82$2.41$2.12$0.30
2020Detailed filing. Detailed filing data is available for this year.$1.10$0.57$0.52$1.73$1.64$0.09
2019Detailed filing. Detailed filing data is available for this year.$0.54$0.10$0.43$0.76$0.33$0.43