Civic Intelligence

Memphis Merit Academy

990 • Fiscal year 2021 • EIN 82-2828471

Jul 01, 2020 to Jun 30, 2021 • Filed on Jan 11, 2022

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

83rd percentile

0.47x

Higher debt load relative to assets than 83% of similar nonprofits.

2021 filings • 501(c)3 • $1M-$5M nonprofits • Source year 2021

Liabilities / Revenue

72nd percentile

0.30x

Higher debt load relative to revenue than 72% of similar nonprofits.

2021 filings • 501(c)3 • $1M-$5M nonprofits • Source year 2021

Net Margin

50th percentile

12%

Higher net margin than 50% of similar nonprofits.

2021 filings • 501(c)3 • $1M-$5M nonprofits • Source year 2021

Top Officer Pay

73rd percentile

$107,500

Higher top officer pay than 73% of similar nonprofits.

Top officer pay equals 4.5% of source-year revenue.

2021 filings • 501(c)3 • $1M-$5M nonprofits • Source year 2021

Asset Growth

83rd percentile

42%

Faster asset growth than 83% of similar nonprofits.

2021 filings • 501(c)3 • $1M-$5M nonprofits • Annualized from 2020 to 2021

Revenue Growth

72nd percentile

40%

Faster revenue growth than 72% of similar nonprofits.

2021 filings • 501(c)3 • $1M-$5M nonprofits • Annualized from 2020 to 2021

Balance Sheet
Liabilities / Assets83rd percentile

Assets

Up

$1,556,838

Up $459,352 (+42%) from 2020

Net Assets

Up

$821,444

Up $298,819 (+57%) from 2020

Liabilities

Up

$735,394

Up $160,533 (+28%) from 2020

Revenue And Expenses
Liabilities / Revenue72nd percentileNet Margin50th percentile

Revenue

Up

$2,414,359

Up $685,358 (+40%) from 2020

Expenses

Up

$2,115,540

Up $474,864 (+29%) from 2020

Net Income

Up

$298,819

Up $210,494 (+238%) from 2020

Historical Trend

Balance Sheet Trend

Asset Growth83rd 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

2021

Assets$1,556,838
Liabilities$735,394
Net Assets$821,444
Open 2021 Filing

Operations Trend

Revenue Growth72nd 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

2021

Revenue$2,414,359
Expenses$2,115,540
Net Income$298,819
Open 2021 Filing
Jump To
Filing Snapshot
Filing Period
Jul 1, 2020 to Jun 30, 2021
Signed
Jan 11, 2022
Return Version
2020v4.1
Gross Receipts
$2,414,359
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
Pledges and Grants Receivable$49,665$525,888▲ $476,223
Land, Buildings, and Equipment, Net$575,264$470,512▼ $104,752
Cash and Non-Interest-Bearing Accounts$379,638$368,340▼ $11,298
Prepaid Expenses and Deferred Charges$22,499$14,095▼ $8,404
Total Assets$1,097,486$1,556,838▲ $459,352
Other Assets Total$70,420$178,003▲ $107,583
Liabilities
Other Liabilities$560,395$718,427▲ $158,032
Accounts Payable and Accrued Expenses$14,466$16,967▲ $2,501
Total Liabilities$574,861$735,394▲ $160,533
Net Assets / Fund Balance
Net Assets Without Donor Restrictions$518,152$728,701▲ $210,549
Net Assets With Donor Restrictions$4,473$92,743▲ $88,270
Total Net Assets Fund Balance$522,625$821,444▲ $298,819
Total Liabilities and Net Assets / Fund Balance$1,097,486$1,556,838▲ $459,352

Asset Categories

AssetBook ValueDepreciationBasis
Equipment$98,245$67,505-
Leasehold Improvements$372,267$231,410-
Other Assets Org$76,993--
Compensation and Service Providers
Top Officer Pay73rd percentile

Employees

NameTitleFull / Part TimeBaseTotal
Lakenna BookerHead of SchoolFT$107,500$107,500
Betty McclineDirector of OperationsFT$68,000$68,000

Board Members and Trustees

NameTitle
Brad ScmiedickeBoard Chair
Melissa MooreBoard Vice Chair
Angelia AllenBoard Member
Darron WilliamsBoard Member
Kacy DixonBoard Member
Lashawn LesterBoard Member
Talunja ProphetBoard Member
Timorie BelkBoard Member
Tressa JohnsonBoard Member
Aurelia McbrideBoard Secretary I
Kathy GibbsBoard Secretary Ii
Victoria RaglandBoard Treasurer
Revenue and Support

Revenue Composition

Contributions and Grants
$2,405,184
Program Service Revenue
$9,175
Investment Income
$0
Other Revenue
$0
All Other Contributions
$317,064
Change in Net Assets
$298,819

Audited Revenue Reconciliation

Revenue per Audited Statements
$2,414,359
Revenue Not Reported on Financial Statements
$0
Revenue Not Reported on Form 990
$0
Total Revenue per Audited Statements
$2,414,359
Total Revenue per Form 990
$2,414,359
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Salaries, Compensation, and Employee Benefits$1,131,102
Other Expenses$984,438
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Other Salaries and Wages$778,698$176,904-$955,602
Current Officers, Directors, Trustees, and Key Employees-$175,500-$175,500
Occupancy$129,461$43,154-$172,615
Depreciation Depletion$121,593$40,531-$162,124
Fees for Services Other-$155,250-$155,250
Other Expenses$30,359$10,120-$40,479
Office Expenses$22,588$7,529-$30,117
Total Functional Expenses$1,309,751$805,789$0$2,115,540

Audited Expense Reconciliation

Line ItemAmount
Expenses per Audited Statements$2,115,540
Total Expenses per Audited Statements$2,115,540
Total Expenses per Form 990$2,115,540
Expenses Not Reported on Financial Statements$0
Expenses Not Reported on Form 990$0
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$652,970
Defferred Inflows$65,457
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
2022-01-11
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Lakenna Booker
Formed
2017
Legal Domicile
Tn
Voting Board Members
12
Independent Board Members
12
Employees
23
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/OtherExpensesGrp/TotalAmt1158713
IRS990/OtherExpensesGrp/TotalAmt273516
IRS990/OtherExpensesGrp/TotalAmt340479
IRS990/OtherLiabilitiesGrp/BOYAmt0560395
IRS990/OtherLiabilitiesGrp/EOYAmt0718427
IRS990/OtherSalariesAndWagesGrp/ManagementAndGeneralAmt0176904
IRS990/OtherSalariesAndWagesGrp/ProgramServicesAmt0778698
IRS990/OtherSalariesAndWagesGrp/TotalAmt0955602
IRS990/PartialLiquidationInd00
IRS990/PledgesAndGrantsReceivableGrp/BOYAmt049665
IRS990/PledgesAndGrantsReceivableGrp/EOYAmt0525888
IRS990/PoliticalCampaignActyInd00
IRS990/PrepaidExpensesDefrdChargesGrp/BOYAmt022499
IRS990/PrepaidExpensesDefrdChargesGrp/EOYAmt014095
IRS990/PrincipalOfficerNm0LAKENNA BOOKER
IRS990/ProfessionalFundraisingInd00
IRS990/ProgramServiceRevenueGrp/BusinessCd0611710
IRS990/ProgramServiceRevenueGrp/Desc0SUPPLEMENTAL PROGRAMS
IRS990/ProgramServiceRevenueGrp/RelatedOrExemptFuncIncomeAmt09175
IRS990/ProgramServiceRevenueGrp/TotalRevenueColumnAmt09175
IRS990/ProhibitedTaxShelterTransInd00
IRS990/PYBenefitsPaidToMembersAmt00
IRS990/PYContributionsGrantsAmt01707849
IRS990/PYExcessBenefitTransInd00
IRS990/PYGrantsAndSimilarPaidAmt00
IRS990/PYInvestmentIncomeAmt00
IRS990/PYOtherExpensesAmt0930432
IRS990/PYOtherRevenueAmt00
IRS990/PYProgramServiceRevenueAmt021152
IRS990/PYRevenuesLessExpensesAmt088325
IRS990/PYSalariesCompEmpBnftPaidAmt0710244
IRS990/PYTotalExpensesAmt01640676
IRS990/PYTotalProfFndrsngExpnsAmt00
IRS990/PYTotalRevenueAmt01729001
IRS990/QuidProQuoContributionsInd00
IRS990/ReconcilationRevenueExpnssAmt0298819
IRS990/RegularMonitoringEnfrcInd01
IRS990/RelatedEntityInd00
IRS990/RelatedOrganizationCtrlEntInd00
IRS990/ReportInvestmentsOtherSecInd00
IRS990/ReportLandBuildingEquipmentInd01
IRS990/ReportOtherAssetsInd01
IRS990/ReportOtherLiabilitiesInd01
IRS990/ReportProgramRelatedInvstInd00
IRS990/RevenueAmt09175
IRS990ScheduleA/SchoolInd0X
IRS990ScheduleB/ContributorInformationGrp/ContributorBusinessName/BusinessNameLine10RESTRICTED
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/BookValueAmt098245
IRS990ScheduleD/EquipmentGrp/DepreciationAmt067505
IRS990ScheduleD/EquipmentGrp/InvestmentCostOrOtherBasisAmt0165750
IRS990ScheduleD/ExpensesNotReportedAmt00
IRS990ScheduleD/ExpensesNotRptFinclStmtAmt00
IRS990ScheduleD/ExpensesSubtotalAmt02115540
IRS990ScheduleD/LeaseholdImprovementsGrp/BookValueAmt0372267
IRS990ScheduleD/LeaseholdImprovementsGrp/DepreciationAmt0231410
IRS990ScheduleD/LeaseholdImprovementsGrp/InvestmentCostOrOtherBasisAmt0603677
IRS990ScheduleD/OtherAssetsOrgGrp/BookValueAmt015000
IRS990ScheduleD/OtherAssetsOrgGrp/BookValueAmt115750
IRS990ScheduleD/OtherAssetsOrgGrp/BookValueAmt270260
IRS990ScheduleD/OtherAssetsOrgGrp/BookValueAmt376993
IRS990ScheduleD/OtherAssetsOrgGrp/Desc0CUSTOMER DEPOSITS
IRS990ScheduleD/OtherAssetsOrgGrp/Desc1TCRS STABILIZATION RESERVE TRUST
IRS990ScheduleD/OtherAssetsOrgGrp/Desc2DEFERRED OUTFLOWS
IRS990ScheduleD/OtherAssetsOrgGrp/Desc3NET PENSION ASSET
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Amt0652970
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Amt165457
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Desc0NOTE PAYABLE
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Desc1DEFFERRED INFLOWS
IRS990ScheduleD/RevenueNotReportedAmt00
IRS990ScheduleD/RevenueNotReportedFinclStmtAmt00
IRS990ScheduleD/RevenueSubtotalAmt02414359
IRS990ScheduleD/TotalBookValueLandBuildingsAmt0470512
IRS990ScheduleD/TotalBookValueOtherAssetsAmt0178003
IRS990ScheduleD/TotalExpensesPerForm990Amt02115540
IRS990ScheduleD/TotalLiabilityAmt0718427
IRS990ScheduleD/TotalRevenuePerForm990Amt02414359
IRS990ScheduleD/TotalRevEtcAuditedFinclStmtAmt02414359
IRS990ScheduleD/TotExpnsEtcAuditedFinclStmtAmt02115540
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
IRS990/StatesWhereCopyOfReturnIsFldCd0TN
IRS990/SubjectToExcsTaxNetInvstIncInd00
IRS990/SubjectToProxyTaxInd00
IRS990/SubjToTaxRmnrtnExPrchtPymtInd00
IRS990/TaxablePartyNotificationInd00
IRS990/TaxExemptBondsInd00
IRS990/TerminateOperationsInd00
IRS990/TotalAssetsBOYAmt01097486
IRS990/TotalAssetsEOYAmt01556838
IRS990/TotalAssetsGrp/BOYAmt01097486
IRS990/TotalAssetsGrp/EOYAmt01556838
IRS990/TotalCompGreaterThan150KInd00
IRS990/TotalContributionsAmt02405184
IRS990/TotalEmployeeCnt023
IRS990/TotalFunctionalExpensesGrp/FundraisingAmt00
IRS990/TotalFunctionalExpensesGrp/ManagementAndGeneralAmt0805789
IRS990/TotalFunctionalExpensesGrp/ProgramServicesAmt01309751
IRS990/TotalFunctionalExpensesGrp/TotalAmt02115540
IRS990/TotalGrossUBIAmt00
IRS990/TotalLiabilitiesBOYAmt0574861
IRS990/TotalLiabilitiesEOYAmt0735394
IRS990/TotalLiabilitiesGrp/BOYAmt0574861
IRS990/TotalLiabilitiesGrp/EOYAmt0735394
IRS990/TotalNetAssetsFundBalanceGrp/BOYAmt0522625
IRS990/TotalNetAssetsFundBalanceGrp/EOYAmt0821444
IRS990/TotalOtherCompensationAmt00
IRS990/TotalProgramServiceExpensesAmt01309751
IRS990/TotalProgramServiceRevenueAmt09175
IRS990/TotalReportableCompFromOrgAmt0175500
IRS990/TotalRevenueGrp/ExclusionAmt00
IRS990/TotalRevenueGrp/RelatedOrExemptFuncIncomeAmt09175
IRS990/TotalRevenueGrp/TotalRevenueColumnAmt02414359
IRS990/TotalRevenueGrp/UnrelatedBusinessRevenueAmt00

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Filings

Displayed year

2021 • Form 990Facts available. Structured filing facts are available, but richer extracted sections are limited.

Open filing
Assets
$1,556,838
Liabilities
$735,394
Net assets
$821,444
Revenue
$2,414,359
Expenses
$2,115,540
Net income
$298,819
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