Civic Intelligence

Memphis Merit Academy

990 • Fiscal year 2022 • EIN 82-2828471

Jul 01, 2021 to Jun 30, 2022 • Filed on Jan 19, 2023

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

88th percentile

0.64x

Higher debt load relative to assets than 88% of similar nonprofits.

2022 filings • 501(c)3 • $1M-$5M nonprofits • Source year 2022

Liabilities / Revenue

80th percentile

0.49x

Higher debt load relative to revenue than 80% of similar nonprofits.

2022 filings • 501(c)3 • $1M-$5M nonprofits • Source year 2022

Net Margin

50th percentile

6.7%

Higher net margin than 50% of similar nonprofits.

2022 filings • 501(c)3 • $1M-$5M nonprofits • Source year 2022

Top Officer Pay

69th percentile

$101,824

Higher top officer pay than 69% of similar nonprofits.

Top officer pay equals 3.0% of source-year revenue.

2022 filings • 501(c)3 • $1M-$5M nonprofits • Source year 2022

Asset Growth

91st percentile

66%

Faster asset growth than 91% of similar nonprofits.

2022 filings • 501(c)3 • $1M-$5M nonprofits • Annualized from 2021 to 2022

Revenue Growth

78th percentile

40%

Faster revenue growth than 78% of similar nonprofits.

2022 filings • 501(c)3 • $1M-$5M nonprofits • Annualized from 2021 to 2022

Assets

Up

$2,579,395

Up $1,022,557 (+66%) from 2021

Net Assets

Up

$935,620

Up $114,176 (+14%) from 2021

Liabilities

Up

$1,643,775

Up $908,381 (+124%) from 2021

Revenue

Up

$3,378,082

Up $963,723 (+40%) from 2021

Expenses

Up

$3,150,437

Up $1,034,897 (+49%) from 2021

Net Income

Down

$227,645

Down $71,174 (-24%) from 2021

Historical Trend

Balance Sheet Trend

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

2022

Assets$2,579,395
Liabilities$1,643,775
Net Assets$935,620

Operations Trend

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

2022

Revenue$3,378,082
Expenses$3,150,437
Net Income$227,645
Jump To
Filing Snapshot
Filing Period
Jul 1, 2021 to Jun 30, 2022
Signed
Jan 19, 2023
Return Version
2021v4.2
Gross Receipts
$3,378,082
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
Cash and Non-Interest-Bearing Accounts$368,340$607,011▲ $238,671
Land, Buildings, and Equipment, Net$470,512$592,745▲ $122,233
Intangible Assets-$298,954-
Pledges and Grants Receivable$525,888$186,192▼ $339,696
Prepaid Expenses and Deferred Charges$14,095$9,366▼ $4,729
Total Assets$1,556,838$2,579,395▲ $1,022,557
Other Assets Total$178,003$885,127▲ $707,124
Liabilities
Other Liabilities$718,427$1,562,712▲ $844,285
Accounts Payable and Accrued Expenses$16,967$81,063▲ $64,096
Total Liabilities$735,394$1,643,775▲ $908,381
Net Assets / Fund Balance
Net Assets With Donor Restrictions$92,743$618,460▲ $525,717
Net Assets Without Donor Restrictions$728,701$317,160▼ $411,541
Total Net Assets Fund Balance$821,444$935,620▲ $114,176
Total Liabilities and Net Assets / Fund Balance$1,556,838$2,579,395▲ $1,022,557

Asset Categories

AssetBook ValueDepreciationBasis
Leasehold Improvements$541,177$485,621$1,026,798
Equipment$51,568$114,182$165,750
Other Assets Org$584,821--
Compensation and Service Providers

Employees

NameTitleFull / Part TimeBaseTotal
Lakenna BookerHead of SchoolFT$101,824$101,824
Betty McclineDirector of OperationsFT$72,167$72,167

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
$3,330,774
Program Service Revenue
$47,308
Investment Income
$0
Other Revenue
$0
All Other Contributions
$110,525
Change in Net Assets
$227,645

Audited Revenue Reconciliation

Revenue per Audited Statements
$3,378,082
Revenue Not Reported on Financial Statements
$0
Revenue Not Reported on Form 990
$0
Total Revenue per Audited Statements
$3,378,082
Total Revenue per Form 990
$3,378,082
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$1,641,555
Salaries, Compensation, and Employee Benefits$1,508,882
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Other Salaries and Wages$946,491$384,021-$1,330,512
Fees for Services Other$284,754$340,517-$625,271
Depreciation Depletion$385,121$42,791-$427,912
Current Officers, Directors, Trustees, and Key Employees-$173,991-$173,991
Occupancy$55,013$6,113-$61,126
Other Expenses$27,588$7,258-$27,588
Other Employee Benefits$2,755$1,624-$4,379
Total Functional Expenses$1,983,467$1,166,970$0$3,150,437

Audited Expense Reconciliation

Line ItemAmount
Expenses per Audited Statements$3,150,437
Total Expenses per Audited Statements$3,150,437
Total Expenses per Form 990$3,150,437
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$867,920
Defferred Inflows$494,792
Line of Credit$200,000
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
No
Annual disclosure for covered persons
Yes
Audit committee
No
Backup withholding compliance
Yes
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
2023-01-19
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
56
Volunteers
1

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 284,754. Management and general expenses 340,517. Fundraising expenses 0. Total expenses 625,271.

FORM 990, PART XI, LINE 9:

Cumulative effect of adoption of gasb 87 -113,469.

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IRS990/OtherExpensesGrp/Desc1OTHER
IRS990/OtherExpensesGrp/Desc2DEBT SERVICE
IRS990/OtherExpensesGrp/Desc3EXPENDITURES - INTERNAL
IRS990/OtherExpensesGrp/ManagementAndGeneralAmt0170365
IRS990/OtherExpensesGrp/ManagementAndGeneralAmt140290
IRS990/OtherExpensesGrp/ManagementAndGeneralAmt27258
IRS990/OtherExpensesGrp/ProgramServicesAmt0117861
IRS990/OtherExpensesGrp/ProgramServicesAmt198558
IRS990/OtherExpensesGrp/ProgramServicesAmt265326
IRS990/OtherExpensesGrp/ProgramServicesAmt327588
IRS990/OtherExpensesGrp/TotalAmt0288226
IRS990/OtherExpensesGrp/TotalAmt1138848
IRS990/OtherExpensesGrp/TotalAmt272584
IRS990/OtherExpensesGrp/TotalAmt327588
IRS990/OtherLiabilitiesGrp/BOYAmt0718427
IRS990/OtherLiabilitiesGrp/EOYAmt01562712
IRS990/OtherSalariesAndWagesGrp/ManagementAndGeneralAmt0384021
IRS990/OtherSalariesAndWagesGrp/ProgramServicesAmt0946491
IRS990/OtherSalariesAndWagesGrp/TotalAmt01330512
IRS990/PartialLiquidationInd00
IRS990/PledgesAndGrantsReceivableGrp/BOYAmt0525888
IRS990/PledgesAndGrantsReceivableGrp/EOYAmt0186192
IRS990/PoliticalCampaignActyInd00
IRS990/PrepaidExpensesDefrdChargesGrp/BOYAmt014095
IRS990/PrepaidExpensesDefrdChargesGrp/EOYAmt09366
IRS990/PrincipalOfficerNm0LAKENNA BOOKER
IRS990/ProfessionalFundraisingInd00
IRS990/ProgramServiceRevenueGrp/BusinessCd0611710
IRS990/ProgramServiceRevenueGrp/Desc0SUPPLEMENTAL PROGRAMS
IRS990/ProgramServiceRevenueGrp/RelatedOrExemptFuncIncomeAmt047308
IRS990/ProgramServiceRevenueGrp/TotalRevenueColumnAmt047308
IRS990/ProhibitedTaxShelterTransInd00
IRS990/PYBenefitsPaidToMembersAmt00
IRS990/PYContributionsGrantsAmt02405184
IRS990/PYExcessBenefitTransInd00
IRS990/PYGrantsAndSimilarPaidAmt00
IRS990/PYInvestmentIncomeAmt00
IRS990/PYOtherExpensesAmt0984438
IRS990/PYOtherRevenueAmt00
IRS990/PYProgramServiceRevenueAmt09175
IRS990/PYRevenuesLessExpensesAmt0298819
IRS990/PYSalariesCompEmpBnftPaidAmt01131102
IRS990/PYTotalExpensesAmt02115540
IRS990/PYTotalProfFndrsngExpnsAmt00
IRS990/PYTotalRevenueAmt02414359
IRS990/QuidProQuoContributionsInd00
IRS990/ReconcilationRevenueExpnssAmt0227645
IRS990/RegularMonitoringEnfrcInd01
IRS990/RelatedEntityInd00
IRS990/RelatedOrganizationCtrlEntInd00
IRS990/ReportInvestmentsOtherSecInd00
IRS990/ReportLandBuildingEquipmentInd01
IRS990/ReportOtherAssetsInd01
IRS990/ReportOtherLiabilitiesInd01
IRS990/ReportProgramRelatedInvstInd00
IRS990/RevenueAmt047308
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/BookValueAmt051568
IRS990ScheduleD/EquipmentGrp/DepreciationAmt0114182
IRS990ScheduleD/EquipmentGrp/OtherCostOrOtherBasisAmt0165750
IRS990ScheduleD/ExpensesNotReportedAmt00
IRS990ScheduleD/ExpensesNotRptFinclStmtAmt00
IRS990ScheduleD/ExpensesSubtotalAmt03150437
IRS990ScheduleD/LeaseholdImprovementsGrp/BookValueAmt0541177
IRS990ScheduleD/LeaseholdImprovementsGrp/DepreciationAmt0485621
IRS990ScheduleD/LeaseholdImprovementsGrp/OtherCostOrOtherBasisAmt01026798
IRS990ScheduleD/OtherAssetsOrgGrp/BookValueAmt015000
IRS990ScheduleD/OtherAssetsOrgGrp/BookValueAmt133639
IRS990ScheduleD/OtherAssetsOrgGrp/BookValueAmt2251667
IRS990ScheduleD/OtherAssetsOrgGrp/BookValueAmt3584821
IRS990ScheduleD/OtherAssetsOrgGrp/Desc0CUSTOMER DEPOSITS
IRS990ScheduleD/OtherAssetsOrgGrp/Desc1TCRS STABILIZATION RESERVE TRUST
IRS990ScheduleD/OtherAssetsOrgGrp/Desc2DEFERRED OUTFLOWS
IRS990ScheduleD/OtherAssetsOrgGrp/Desc3NET PENSION ASSET
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Amt0867920
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Amt1494792
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Amt2200000
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Desc0NOTE PAYABLE
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Desc1DEFFERRED INFLOWS
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Desc2LINE OF CREDIT
IRS990ScheduleD/RevenueNotReportedAmt00
IRS990ScheduleD/RevenueNotReportedFinclStmtAmt00
IRS990ScheduleD/RevenueSubtotalAmt03378082
IRS990ScheduleD/TotalBookValueLandBuildingsAmt0592745
IRS990ScheduleD/TotalBookValueOtherAssetsAmt0885127
IRS990ScheduleD/TotalExpensesPerForm990Amt03150437
IRS990ScheduleD/TotalLiabilityAmt01562712
IRS990ScheduleD/TotalRevenuePerForm990Amt03378082
IRS990ScheduleD/TotalRevEtcAuditedFinclStmtAmt03378082
IRS990ScheduleD/TotExpnsEtcAuditedFinclStmtAmt03150437
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/ExplanationTxt5CONTRACTED SERVICES: PROGRAM SERVICE EXPENSES 284,754. MANAGEMENT AND GENERAL EXPENSES 340,517. FUNDRAISING EXPENSES 0. TOTAL EXPENSES 625,271.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt6CUMULATIVE EFFECT OF ADOPTION OF GASB 87 -113,469.
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
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc6FORM 990, PART XI, LINE 9:
IRS990/SchoolOperatingInd01
IRS990/SignificantChangeInd00
IRS990/SignificantNewProgramSrvcInd00
IRS990/StatesWhereCopyOfReturnIsFldCd0TN
IRS990/SubjectToExcsTaxNetInvstIncInd00
IRS990/SubjectToProxyTaxInd00
IRS990/SubjToTaxRmnrtnExPrchtPymtInd00
IRS990/TaxablePartyNotificationInd00
IRS990/TaxExemptBondsInd00
IRS990/TerminateOperationsInd00
IRS990/TotalAssetsBOYAmt01556838
IRS990/TotalAssetsEOYAmt02579395
IRS990/TotalAssetsGrp/BOYAmt01556838
IRS990/TotalAssetsGrp/EOYAmt02579395
IRS990/TotalCompGreaterThan150KInd00
IRS990/TotalContributionsAmt03330774
IRS990/TotalEmployeeCnt056
IRS990/TotalFunctionalExpensesGrp/FundraisingAmt00
IRS990/TotalFunctionalExpensesGrp/ManagementAndGeneralAmt01166970
IRS990/TotalFunctionalExpensesGrp/ProgramServicesAmt01983467
IRS990/TotalFunctionalExpensesGrp/TotalAmt03150437
IRS990/TotalGrossUBIAmt00
IRS990/TotalLiabilitiesBOYAmt0735394
IRS990/TotalLiabilitiesEOYAmt01643775
IRS990/TotalLiabilitiesGrp/BOYAmt0735394

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