Civic Intelligence

Read Foundation

990 • Fiscal year 2015 • EIN 94-3487601

Jul 01, 2014 to Jun 30, 2015 • Filed on Feb 01, 2016

4450 S Mendenhall RdMemphis, TN 38141

(901) 367-7814

Siviq Scores

Scores are not available for this record yet.

Balance Sheet

Assets

Up

$2,782,062

Up $595,510 (+27%) from 2014

Net Assets

Up

$1,774,128

Up $465,169 (+36%) from 2014

Liabilities

Up

$1,007,934

Up $130,341 (+15%) from 2014

Revenue And Expenses

Revenue

Up

$3,877,941

Up $852,133 (+28%) from 2014

Expenses

Down

$3,046,537

Down $198,450 (-6.1%) from 2014

Net Income

Up

$831,404

Up $1,050,583 (+479%) from 2014

Historical Trend

Balance Sheet Trend

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

$40M$30M$20M$10M$0Assets 2011: $1,963,288Liabilities 2011: $967,550Net Assets 2011: $995,7382011Assets 2012: $2,380,884Liabilities 2012: $910,676Net Assets 2012: $1,470,2082012Assets 2013: $2,410,394Liabilities 2013: $882,256Net Assets 2013: $1,528,1382013Assets 2014: $2,186,552Liabilities 2014: $877,593Net Assets 2014: $1,308,9592014Assets 2015: $2,782,062Liabilities 2015: $1,007,934Net Assets 2015: $1,774,1282015Assets 2016: $4,477,959Liabilities 2016: $2,051,970Net Assets 2016: $2,425,9892016Assets 2017: $5,334,692Liabilities 2017: $2,215,979Net Assets 2017: $3,118,7132017Assets 2018: $5,941,523Liabilities 2018: $2,087,434Net Assets 2018: $3,854,0892018Assets 2019: $6,747,985Liabilities 2019: $2,058,135Net Assets 2019: $4,689,8502019Assets 2020: $14,714,187Liabilities 2020: $9,149,439Net Assets 2020: $5,564,7482020Assets 2021: $15,946,000Liabilities 2021: $7,961,946Net Assets 2021: $7,984,0542021Assets 2022: $29,882,886Liabilities 2022: $20,084,832Net Assets 2022: $9,798,0542022Assets 2023: $32,096,467Liabilities 2023: $21,641,193Net Assets 2023: $10,455,2742023Assets 2024: $37,129,287Liabilities 2024: $22,221,124Net Assets 2024: $14,908,1632024

Highlighted filing

2015

Assets$2,782,062
Liabilities$1,007,934
Net Assets$1,774,128

Operations Trend

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

$30M$20M$10M$0-$10MRevenue 2011: $2,962,800Expenses 2011: $1,967,062Net Income 2011: $995,7382011Expenses 2012: $2,664,3432012Expenses 2013: $3,036,3592013Revenue 2014: $3,025,808Expenses 2014: $3,244,987Net Income 2014: -$219,1792014Revenue 2015: $3,877,941Expenses 2015: $3,046,537Net Income 2015: $831,4042015Revenue 2016: $4,159,192Expenses 2016: $3,507,331Net Income 2016: $651,8612016Revenue 2017: $4,642,451Expenses 2017: $4,249,261Net Income 2017: $393,1902017Revenue 2018: $6,105,225Expenses 2018: $5,369,849Net Income 2018: $735,3762018Revenue 2019: $7,361,107Expenses 2019: $6,597,710Net Income 2019: $763,3972019Revenue 2020: $8,414,386Expenses 2020: $7,539,488Net Income 2020: $874,8982020Revenue 2021: $13,611,845Expenses 2021: $11,161,164Net Income 2021: $2,450,6812021Revenue 2022: $16,018,216Expenses 2022: $14,112,435Net Income 2022: $1,905,7812022Revenue 2023: $20,141,897Expenses 2023: $19,484,677Net Income 2023: $657,2202023Revenue 2024: $26,201,905Expenses 2024: $21,749,016Net Income 2024: $4,452,8892024

Highlighted filing

2015

Revenue$3,877,941
Expenses$3,046,537
Net Income$831,404
Jump To
Filing Snapshot
Filing Period
Jul 1, 2014 to Jun 30, 2015
Signed
Feb 1, 2016
Return Version
2014v6.0
Gross Receipts
$3,877,941
Mission and Program Overview

Mission

The mission of memphis school of excellence is to provide a safe and collaborative environment which will cultivate the academic and social development of its students by emphasizing math, science, and technology for the purpose of students setting and meeting higher education goals.

To provide a safe and collaborative environment which will cultivate the academic and social development of its students by emphasizing math, science, and technology for the purpose of students setting and meeting higher education goals.

Balance Sheet Detail
LineBeginningEndChange
Assets
Land, Buildings, and Equipment, Net$1,736,779$1,504,167▼ $232,612
Cash and Non-Interest-Bearing Accounts$375,983$899,001▲ $523,018
Prepaid Expenses and Deferred Charges$50,000$96,947▲ $46,947
Pledges and Grants Receivable$23,790$18,167▼ $5,623
Total Assets$2,186,552$2,782,062▲ $595,510
Other Assets Total$0$263,780▲ $263,780
Liabilities
Other Liabilities$0$504,662▲ $504,662
Mortgage Notes Payable Secured by Investment Property$793,811$451,353▼ $342,458
Accounts Payable and Accrued Expenses$83,782$51,919▼ $31,863
Total Liabilities$877,593$1,007,934▲ $130,341
Net Assets / Fund Balance
Unrestricted Net Assets$1,308,959$1,774,128▲ $465,169
Total Net Assets Fund Balance$1,308,959$1,774,128▲ $465,169
Total Liabilities and Net Assets / Fund Balance$2,186,552$2,782,062▲ $595,510

Asset Categories

AssetBook ValueDepreciationBasis
Leasehold Improvements$1,408,829$822,868$2,231,697
Equipment$95,338$160,046$255,384
Other Assets Org$35,160--
Compensation and Service Providers

Employees

NameTitleFull / Part TimeBaseOtherTotal
Muhammet TurkayExecutive DirectorFT$77,050$6,780$83,830

Board Members and Trustees

NameTitle
Cem AkkusPresident
Fatih SenBoard Member
Emin KuscuSecretary
Patty FarmerTreasurer
Revenue and Support

Revenue Composition

Contributions and Grants
$393,732
Program Service Revenue
$3,413,597
Investment Income
$67,960
Other Revenue
$2,652
All Other Contributions
$600
Change in Net Assets
$831,404

Audited Revenue Reconciliation

Revenue per Audited Statements
$3,877,941
Revenue Not Reported on Financial Statements
$0
Revenue Not Reported on Form 990
$0
Total Revenue per Audited Statements
$3,877,941
Total Revenue per Form 990
$3,877,941
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Salaries, Compensation, and Employee Benefits$1,763,786
Other Expenses$1,282,751
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Other Salaries and Wages$1,265,378$142,350-$1,407,728
Occupancy$740,469$30,853-$771,322
Depreciation Depletion$223,308$9,304-$232,612
Office Expenses$63,711$100,629-$164,340
Other Employee Benefits$121,509$31,626-$153,135
Payroll Taxes$98,487$11,415-$109,902
Current Officers, Directors, Trustees, and Key Employees$75,600$8,400-$84,000
Interest$28,132--$28,132
Advertising-$15,155-$15,155
Travel$9,754$412-$10,166
Pension Plan Contributions$9,021--$9,021
Other Expenses$483$2,335-$483
All Other Expenses-$121-$121
Total Functional Expenses$2,693,937$352,600$0$3,046,537

Audited Expense Reconciliation

Line ItemAmount
Expenses per Audited Statements$3,046,537
Total Expenses per Audited Statements$3,046,537
Total Expenses per Form 990$3,046,537
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
Deferred Inflows Related to Pension$504,662
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
No
Annual disclosure for covered persons
No
Audit committee
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 11

The board reviews form 990 for approval before the return is filed.

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

The board reviews compliance with the conflict of interest policy by board members, key employees and staff on a regular basis.

Form 990, Part VI, Section B, Line 15

The process for determining the compensation of the key employees is determined by the board of the read foundation dba memphis school of excellence. Compensation amounts are calculated and approved based on pay scale of shelby county schools.

Form 990, Part VI, Section C, Line 19

The documents are available on the organization's website as well as upon request.

Filing and Contact Details

Filer

Filer Name
Read Foundation
EIN
94-3487601
Phone
9013677814
Address
4450 S MENDENHALL RD, MEMPHIS, TN 38141
Doing Business As
Memphis School of Excellence

Signing Officer

Name
Muhammet Turkay
Title
Executive Director
Phone
9013677814
Signed
2016-02-01
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Muhammet Turkay
Formed
2009
Legal Domicile
Tn
Voting Board Members
4
Independent Board Members
4
Employees
48
Volunteers
150

Preparer

Firm
Cannon Wright Blount Pllc
Address
756 RIDGE LAKE BLVD SUITE 100, MEMPHIS, TN 38120-9420
Preparer
Kathy Pennella CPA
Phone
9016857500
Supplemental Narrative

Additional Explanations

FORM 990, PART XI, LINE 9:

Gasb 68 pension adjustments -366,235.

FORM 990, PART XII, LINE 2C:

The process has not changed from prior year.

Financial Statement Notes

PART X, LINE 2:

The school adopted the income tax topic of the financial accounting standards board (fasb) accounting standards codification (asc) 740, which provides guidance for how uncertain tax positions should be recognized, measured, presented and disclosed in the financial statements. The school is required to evaluate the income tax positions taken or expected to be taken to determine whether the positions are "more-likely-than-not" to be sustained upon examination by the applicable tax authority. The school has determined that the application of the income taxes standard does not impact the operations of the school and that no provision for income tax is required in the school's financial statements. There have been no interest or penalties recognized in the statements of financial position or statements of activities and changes in net assets for the year ended june 30, 2015.

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IRS990ScheduleD/OtherAssetsOrgGrp/BookValueAmt135160
IRS990ScheduleD/OtherAssetsOrgGrp/Desc0DEFERRED OUTFLOWS RELATED TO PENSION
IRS990ScheduleD/OtherAssetsOrgGrp/Desc1NET PENSION ASSET
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Amt0504662
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Desc0DEFERRED INFLOWS RELATED TO PENSION
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IRS990ScheduleD/RevenueNotReportedFinclStmtAmt00
IRS990ScheduleD/RevenueSubtotalAmt03877941
IRS990ScheduleD/SupplementalInformationDetail/ExplanationTxt0THE SCHOOL ADOPTED THE INCOME TAX TOPIC OF THE FINANCIAL ACCOUNTING STANDARDS BOARD (FASB) ACCOUNTING STANDARDS CODIFICATION (ASC) 740, WHICH PROVIDES GUIDANCE FOR HOW UNCERTAIN TAX POSITIONS SHOULD BE RECOGNIZED, MEASURED, PRESENTED AND DISCLOSED IN THE FINANCIAL STATEMENTS. THE SCHOOL IS REQUIRED TO EVALUATE THE INCOME TAX POSITIONS TAKEN OR EXPECTED TO BE TAKEN TO DETERMINE WHETHER THE POSITIONS ARE "MORE-LIKELY-THAN-NOT" TO BE SUSTAINED UPON EXAMINATION BY THE APPLICABLE TAX AUTHORITY. THE SCHOOL HAS DETERMINED THAT THE APPLICATION OF THE INCOME TAXES STANDARD DOES NOT IMPACT THE OPERATIONS OF THE SCHOOL AND THAT NO PROVISION FOR INCOME TAX IS REQUIRED IN THE SCHOOL'S FINANCIAL STATEMENTS. THERE HAVE BEEN NO INTEREST OR PENALTIES RECOGNIZED IN THE STATEMENTS OF FINANCIAL POSITION OR STATEMENTS OF ACTIVITIES AND CHANGES IN NET ASSETS FOR THE YEAR ENDED JUNE 30, 2015.
IRS990ScheduleD/SupplementalInformationDetail/FormAndLineReferenceDesc0PART X, LINE 2:
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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
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IRS990ScheduleE/PlcyPblczdViaBroadcastMediaInd01
IRS990ScheduleE/PolicyStmtInBrochuresEtcInd01
IRS990ScheduleE/SupplementalInformationDetail/ExplanationTxt0THE SCHOOL IS A PUBLIC CHARTER SCHOOL. SCHOLARSHIPS ARE NOT OFFERED.
IRS990ScheduleE/SupplementalInformationDetail/ExplanationTxt1THE SCHOOL RECEIVED FINANCIAL AID FROM THE FEDERAL GOVERNMENT AND THE STATE OF TENNESSEE THROUGH THE FOLLOWING AWARDS: TITLE 1, SCS PER PUPIL ALLOCATIONS, AND CAPITAL OUTLAY.
IRS990ScheduleE/SupplementalInformationDetail/FormAndLineReferenceDesc0SCHEDULE E, PART I, LINE 4
IRS990ScheduleE/SupplementalInformationDetail/FormAndLineReferenceDesc1SCHEDULE E, PART I, LINE 6
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IRS990/ScheduleORequiredInd01
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt0THE BOARD REVIEWS FORM 990 FOR APPROVAL BEFORE THE RETURN IS FILED.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt1THE BOARD REVIEWS COMPLIANCE WITH THE CONFLICT OF INTEREST POLICY BY BOARD MEMBERS, KEY EMPLOYEES AND STAFF ON A REGULAR BASIS.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt2THE PROCESS FOR DETERMINING THE COMPENSATION OF THE KEY EMPLOYEES IS DETERMINED BY THE BOARD OF THE READ FOUNDATION DBA MEMPHIS SCHOOL OF EXCELLENCE. COMPENSATION AMOUNTS ARE CALCULATED AND APPROVED BASED ON PAY SCALE OF SHELBY COUNTY SCHOOLS.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt3THE DOCUMENTS ARE AVAILABLE ON THE ORGANIZATION'S WEBSITE AS WELL AS UPON REQUEST.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt4GASB 68 PENSION ADJUSTMENTS -366,235.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt5THE PROCESS HAS NOT CHANGED FROM PRIOR YEAR.
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc0FORM 990, PART VI, SECTION B, LINE 11
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 19
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc4FORM 990, PART XI, LINE 9:
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc5FORM 990, PART XII, LINE 2C:
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IRS990/SignificantChangeInd00
IRS990/SignificantNewProgramSrvcInd00
IRS990/SubjectToProxyTaxInd00
IRS990/TaxablePartyNotificationInd00
IRS990/TaxExemptBondsInd00
IRS990/TempOrPermanentEndowmentsInd00
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IRS990/UponRequestInd0X
IRS990/USAddress/AddressLine1Txt04450 S MENDENHALL RD
IRS990/USAddress/CityNm0MEMPHIS
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IRS990/VotingMembersGoverningBodyCnt04
IRS990/VotingMembersIndependentCnt04
IRS990/WebsiteAddressTxt0WWW.SEMEMPHIS.ORG
IRS990/WhistleblowerPolicyInd01
ReturnHeader/BuildTS02016-04-25 22:37:26Z
ReturnHeader/BusinessOfficerGrp/DiscussWithPaidPreparerInd01
ReturnHeader/BusinessOfficerGrp/PersonNm0MUHAMMET TURKAY
ReturnHeader/BusinessOfficerGrp/PersonTitleTxt0EXECUTIVE DIRECTOR
ReturnHeader/BusinessOfficerGrp/PhoneNum09013677814
ReturnHeader/BusinessOfficerGrp/SignatureDt02016-02-01
ReturnHeader/Filer/BusinessName/BusinessNameLine1Txt0READ FOUNDATION
ReturnHeader/Filer/BusinessNameControlTxt0READ
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ReturnHeader/PreparerFirmGrp/PreparerFirmEIN0621657946
ReturnHeader/PreparerFirmGrp/PreparerFirmName/BusinessNameLine1Txt0CANNON WRIGHT BLOUNT PLLC

Document Assets

No mirrored PDF or thumbnail assets are attached yet.

Filings

Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2024Detailed filing. Detailed filing data is available for this year.$37.1$22.2$14.9$26.2$21.7$4.45
2023Detailed filing. Detailed filing data is available for this year.$32.1$21.6$10.5$20.1$19.5$0.66
2022Detailed filing. Detailed filing data is available for this year.$29.9$20.1$9.80$16.0$14.1$1.91
2021Detailed filing. Detailed filing data is available for this year.$15.9$7.96$7.98$13.6$11.2$2.45
2020Detailed filing. Detailed filing data is available for this year.$14.7$9.15$5.56$8.41$7.54$0.87
2019Detailed filing. Detailed filing data is available for this year.$6.75$2.06$4.69$7.36$6.60$0.76
2018Detailed filing. Detailed filing data is available for this year.$5.94$2.09$3.85$6.11$5.37$0.74
2017Detailed filing. Detailed filing data is available for this year.$5.33$2.22$3.12$4.64$4.25$0.39
2016Detailed filing. Detailed filing data is available for this year.$4.48$2.05$2.43$4.16$3.51$0.65
2015Detailed filing. Detailed filing data is available for this year.$2.78$1.01$1.77$3.88$3.05$0.83
2014Detailed filing. Detailed filing data is available for this year.$2.19$0.88$1.31$3.03$3.24$0.22
2013Facts available. Structured filing facts are available, but richer extracted sections are limited.$2.41$0.88$1.53$3.04
2012Facts available. Structured filing facts are available, but richer extracted sections are limited.$2.38$0.91$1.47$2.66
2011Summary only. Only limited summary data is available for this year.$1.96$0.97$1.00$2.96$1.97$1.00