Civic Intelligence

Memphis Merit Academy

990 • Fiscal year 2020 • EIN 82-2828471

Jul 01, 2019 to Jun 30, 2020 • Filed on Dec 21, 2020

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

(901) 617-3690

Siviq Scores

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

Liabilities / Assets

82nd percentile

0.52x

Higher debt load relative to assets than 82% of similar nonprofits.

2020 filings • 501(c)3 • $1M-$5M nonprofits • Source year 2020

Liabilities / Revenue

70th percentile

0.33x

Higher debt load relative to revenue than 70% of similar nonprofits.

2020 filings • 501(c)3 • $1M-$5M nonprofits • Source year 2020

Net Margin

50th percentile

5.1%

Higher net margin than 50% of similar nonprofits.

2020 filings • 501(c)3 • $1M-$5M nonprofits • Source year 2020

Top Officer Pay

71st percentile

$105,000

Higher top officer pay than 71% of similar nonprofits.

Top officer pay equals 6.1% of source-year revenue.

2020 filings • 501(c)3 • $1M-$5M nonprofits • Source year 2020

Asset Growth

93rd percentile

104%

Faster asset growth than 93% of similar nonprofits.

2020 filings • 501(c)3 • $1M-$5M nonprofits • Annualized from 2019 to 2020

Revenue Growth

94th percentile

127%

Faster revenue growth than 94% of similar nonprofits.

2020 filings • 501(c)3 • $1M-$5M nonprofits • Annualized from 2019 to 2020

Balance Sheet
Liabilities / Assets82nd percentile

Assets

Up

$1,097,486

Up $558,448 (+104%) from 2019

Net Assets

Up

$522,625

Up $88,325 (+20%) from 2019

Liabilities

Up

$574,861

Up $470,123 (+449%) from 2019

Revenue And Expenses
Liabilities / Revenue70th percentileNet Margin50th percentile

Revenue

Up

$1,729,001

Up $965,717 (+127%) from 2019

Expenses

Up

$1,640,676

Up $1,311,692 (+399%) from 2019

Net Income

Down

$88,325

Down $345,975 (-80%) from 2019

Historical Trend

Balance Sheet Trend

Asset Growth93rd percentile

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

2020

Assets$1,097,486
Liabilities$574,861
Net Assets$522,625
Open 2020 Filing

Operations Trend

Revenue Growth94th percentile

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

2020

Revenue$1,729,001
Expenses$1,640,676
Net Income$88,325
Open 2020 Filing
Jump To
Filing Snapshot
Filing Period
Jul 1, 2019 to Jun 30, 2020
Signed
Dec 21, 2020
Return Version
2019v5.1
Gross Receipts
$1,729,001
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
Land, Buildings, and Equipment, Net$0$575,264▲ $575,264
Cash and Non-Interest-Bearing Accounts$375,752$379,638▲ $3,886
Pledges and Grants Receivable-$49,665-
Prepaid Expenses and Deferred Charges$55,726$22,499▼ $33,227
Total Assets$539,038$1,097,486▲ $558,448
Other Assets Total$107,560$70,420▼ $37,140
Liabilities
Other Liabilities$60,606$560,395▲ $499,789
Accounts Payable and Accrued Expenses$44,132$14,466▼ $29,666
Total Liabilities$104,738$574,861▲ $470,123
Net Assets / Fund Balance
Net Assets Without Donor Restrictions$434,300$518,152▲ $83,852
Net Assets With Donor Restrictions-$4,473-
Total Net Assets Fund Balance$434,300$522,625▲ $88,325
Total Liabilities and Net Assets / Fund Balance$539,038$1,097,486▲ $558,448

Asset Categories

AssetBook ValueDepreciationBasis
Equipment$82,261$26,117-
Leasehold Improvements$493,003$110,674-
Other Assets Org$50,947--
Compensation and Service Providers
Top Officer Pay71st percentile

Employees

NameTitleFull / Part TimeBaseTotal
Lakenna BookerExecutive DirectorFT$105,000$105,000
Betty McclineDean of OperationsFT$65,000$65,000

Board Members and Trustees

NameTitle
Brad ScmiedickeBoard Chair
Darron WilliamsBoard Vice Chair
Aurelia McbrideBoard Member
Kacy DixonBoard Member
Kathy GibbsBoard Member
Melissa MooreBoard Member
Talunja ProphetBoard Member
Victoria RaglandBoard Member
Angelia AllenBoard Treasurer
Teresa BarnhillInterim Secretary
Revenue and Support

Revenue Composition

Contributions and Grants
$1,707,849
Program Service Revenue
$21,152
Investment Income
$0
Other Revenue
$0
All Other Contributions
$656,941
Change in Net Assets
$88,325
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$930,432
Salaries, Compensation, and Employee Benefits$710,244
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Other Salaries and Wages$322,893$217,351-$540,244
Current Officers, Directors, Trustees, and Key Employees-$170,000-$170,000
Depreciation Depletion$102,593$34,198-$136,791
Occupancy$95,801$39,267-$135,068
Fees for Services Other-$110,809-$110,809
Office Expenses$40,937$13,646-$54,583
Other Expenses$7,791$24,379-$32,170
Total Functional Expenses$889,608$751,068$0$1,640,676
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$560,395
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
No
Annual disclosure for covered persons
Yes
Audit committee
No
Business relationship with 35% controlled entity
No
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 Inc
EIN
82-2828471
Phone
9016173690
Address
4775 AMERICAN WAY, MEMPHIS, TN 38118
Doing Business As
Memphis Merit Academy Charter School

Signing Officer

Name
Lakenna Booker
Title
Executive Director
Phone
9016173690
Signed
2020-12-21
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Lakenna Booker
Formed
2017
Legal Domicile
Tn
Voting Board Members
10
Independent Board Members
10
Employees
15
Volunteers
0

Preparer

Firm
The Marston Group Plc
Address
1661 INTERNATIONAL DRIVE SUITE 250, MEMPHIS, TN 38120
Preparer
Susan M Lattimore
Phone
9017613003
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IRS990/ReconcilationRevenueExpnssAmt088325
IRS990/RegularMonitoringEnfrcInd01
IRS990/RelatedEntityInd00
IRS990/RelatedOrganizationCtrlEntInd00
IRS990/ReportInvestmentsOtherSecInd00
IRS990/ReportLandBuildingEquipmentInd01
IRS990/ReportOtherAssetsInd01
IRS990/ReportOtherLiabilitiesInd01
IRS990/ReportProgramRelatedInvstInd00
IRS990/RevenueAmt021152
IRS990ScheduleA/SchoolInd0X
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IRS990ScheduleB/ContributorInformationGrp/ContributorNum0RESTRICTED
IRS990ScheduleB/ContributorInformationGrp/ContributorUSAddress/AddressLine10RESTRICTED
IRS990ScheduleB/ContributorInformationGrp/ContributorUSAddress/AddressLine20RESTRICTED
IRS990ScheduleB/ContributorInformationGrp/ContributorUSAddress/City0RESTRICTED
IRS990ScheduleB/ContributorInformationGrp/ContributorUSAddress/State0RESTRICTED
IRS990ScheduleB/ContributorInformationGrp/ContributorUSAddress/ZIPCode0RESTRICTED
IRS990ScheduleB/ContributorInformationGrp/TotalContributionsAmt0RESTRICTED
IRS990/ScheduleBRequiredInd01
IRS990ScheduleD/EquipmentGrp/BookValueAmt082261
IRS990ScheduleD/EquipmentGrp/DepreciationAmt026117
IRS990ScheduleD/EquipmentGrp/InvestmentCostOrOtherBasisAmt0108378
IRS990ScheduleD/LeaseholdImprovementsGrp/BookValueAmt0493003
IRS990ScheduleD/LeaseholdImprovementsGrp/DepreciationAmt0110674
IRS990ScheduleD/LeaseholdImprovementsGrp/InvestmentCostOrOtherBasisAmt0603677
IRS990ScheduleD/OtherAssetsOrgGrp/BookValueAmt015000
IRS990ScheduleD/OtherAssetsOrgGrp/BookValueAmt14473
IRS990ScheduleD/OtherAssetsOrgGrp/BookValueAmt250947
IRS990ScheduleD/OtherAssetsOrgGrp/Desc0CUSTOMER DEPOSITS
IRS990ScheduleD/OtherAssetsOrgGrp/Desc1TCRS STABILIZATION RESERVE TRUST
IRS990ScheduleD/OtherAssetsOrgGrp/Desc2DEFERRED OUTFLOWS
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Amt0560395
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Desc0NOTE PAYABLE
IRS990ScheduleD/TotalBookValueLandBuildingsAmt0575264
IRS990ScheduleD/TotalBookValueOtherAssetsAmt070420
IRS990ScheduleD/TotalLiabilityAmt0560395
IRS990ScheduleE/ComplianceWithRevProc7550Ind01
IRS990ScheduleE/DiscriminateRaceAdmissPlcyInd00
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 UNDER THE U.S. DEPARTMENT OF EDUCATION PUBLIC CHARTER SCHOOL GRANT PROGRAM, SHELBY COUNTY TENNESSEE PER PUPIL ALLOCATION, AND TITLE 1 GRANTS TO LOCAL AGENCIES.
IRS990ScheduleE/SupplementalInformationDetail/FormAndLineReferenceDesc0SCHEDULE E, PART I, LINE 6
IRS990/ScheduleJRequiredInd00
IRS990/ScheduleORequiredInd01
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt0UPON PREPARATION BY AN INDEPENDENT ACCOUNTING FIRM, THE RETURN IS REVIEWED BY THE BOARD OF DIRECTORS BEFORE SUBMISSION TO THE IRS.
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/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
IRS990/SchoolOperatingInd01
IRS990/SignificantChangeInd00
IRS990/SignificantNewProgramSrvcInd00
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IRS990/SubjectToExcsTaxNetInvstIncInd00
IRS990/SubjectToProxyTaxInd00
IRS990/SubjToTaxRmnrtnExPrchtPymtInd00
IRS990/TaxablePartyNotificationInd00
IRS990/TaxExemptBondsInd00
IRS990/TerminateOperationsInd00
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IRS990/TotalAssetsEOYAmt01097486
IRS990/TotalAssetsGrp/BOYAmt0539038
IRS990/TotalAssetsGrp/EOYAmt01097486
IRS990/TotalCompGreaterThan150KInd00
IRS990/TotalContributionsAmt01707849
IRS990/TotalEmployeeCnt015
IRS990/TotalFunctionalExpensesGrp/FundraisingAmt00
IRS990/TotalFunctionalExpensesGrp/ManagementAndGeneralAmt0751068
IRS990/TotalFunctionalExpensesGrp/ProgramServicesAmt0889608
IRS990/TotalFunctionalExpensesGrp/TotalAmt01640676
IRS990/TotalGrossUBIAmt00
IRS990/TotalLiabilitiesBOYAmt0104738
IRS990/TotalLiabilitiesEOYAmt0574861
IRS990/TotalLiabilitiesGrp/BOYAmt0104738
IRS990/TotalLiabilitiesGrp/EOYAmt0574861
IRS990/TotalNetAssetsFundBalanceGrp/BOYAmt0434300
IRS990/TotalNetAssetsFundBalanceGrp/EOYAmt0522625
IRS990/TotalOtherCompensationAmt00
IRS990/TotalProgramServiceExpensesAmt0889608
IRS990/TotalProgramServiceRevenueAmt021152
IRS990/TotalReportableCompFromOrgAmt0170000
IRS990/TotalRevenueGrp/ExclusionAmt00
IRS990/TotalRevenueGrp/RelatedOrExemptFuncIncomeAmt021152
IRS990/TotalRevenueGrp/TotalRevenueColumnAmt01729001
IRS990/TotalRevenueGrp/UnrelatedBusinessRevenueAmt00
IRS990/TotalVolunteersCnt00
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IRS990/TotLiabNetAssetsFundBalanceGrp/EOYAmt01097486
IRS990/TotReportableCompRltdOrgAmt00
IRS990/TrnsfrExmptNonChrtblRltdOrgInd00
IRS990/TypeOfOrganizationCorpInd0X
IRS990/UnrelatedBusIncmOverLimitInd00
IRS990/UponRequestInd0X
IRS990/USAddress/AddressLine1Txt04775 AMERICAN WAY
IRS990/USAddress/CityNm0MEMPHIS
IRS990/USAddress/StateAbbreviationCd0TN
IRS990/USAddress/ZIPCd038118
IRS990/VotingMembersGoverningBodyCnt010
IRS990/VotingMembersIndependentCnt010
IRS990/WebsiteAddressTxt0HTTPS://WWW.MEMPHISMERITACADEMY.ORG/
IRS990/WhistleblowerPolicyInd01
ReasonableCauseExplanation/ExplanationTxt0THE EXTENSION FOR MEMPHIS MERIT ACADEMY WAS DUE ON NOVEMBER 16, 2020. AT THAT TIME, THE TAX MANAGER IN CHARGE OF THE ENGAGEMENT WAS SUFFERING FROM COVID-19 AND WAS NOT IN THE OFFICE TO OVERSEE PREPARATION OF THE EXTENSION. IN ADDITION, THE ACCOUNTING FIRM'S NEW TAX SOFTWARE HAD INEXPLICABLY OMITTED THE MEMPHIS MERIT ACADEMY FORM 990 FROM APPEARING ON ANY LIST OF PROJECTS AND SO OTHERS IN THE OFFICE HAD NO IDEA THAT THE 990 EXTENSION WAS DUE. WHEN THE TAX MANAGER RETURNED TO THE OFFICE WEEKS LATER, IT WAS DISCOVERED THAT THE 990 HAD NOT BEEN EXTENDED. THE TAX MANAGER IMMEDIATELY HAD THE FORM 990 PREPARED FOR FILING. IN ADDITION, THE PROJECT FOR COMPLETING THE TAX RETURN WAS ENTERED INTO THE TAX SOFTWARE SO THAT THIS INADVERTENT OMISSION WOULD NOT OCCUR IN THE FUTURE. FOR THESE REASONS WE RESPECTFULLY REQUEST THAT THE PENALTY FOR LATE FILING BE ABATED FOR REASONABLE CAUSE.
ReturnHeader/BuildTS02021-01-29 14:40:06Z
ReturnHeader/BusinessOfficerGrp/DiscussWithPaidPreparerInd01
ReturnHeader/BusinessOfficerGrp/PersonNm0LAKENNA BOOKER
ReturnHeader/BusinessOfficerGrp/PersonTitleTxt0EXECUTIVE DIRECTOR
ReturnHeader/BusinessOfficerGrp/PhoneNum09016173690
ReturnHeader/BusinessOfficerGrp/SignatureDt02020-12-21
ReturnHeader/Filer/BusinessName/BusinessNameLine1Txt0MEMPHIS MERIT ACADEMY INC
ReturnHeader/Filer/BusinessNameControlTxt0MEMP
ReturnHeader/Filer/EIN0822828471
ReturnHeader/Filer/PhoneNum09016173690
ReturnHeader/Filer/USAddress/AddressLine1Txt04775 AMERICAN WAY
ReturnHeader/Filer/USAddress/CityNm0MEMPHIS

Document Assets

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Filings

Displayed year

2020 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$1,097,486
Liabilities
$574,861
Net assets
$522,625
Revenue
$1,729,001
Expenses
$1,640,676
Net income
$88,325
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