Form 990, Part VI, Section B, Line 11
“The board reviews form 990 for approval before the return is filed.”
Scores are not available for this record yet.
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
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
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.
| Line | Beginning | End | Change |
|---|---|---|---|
| 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 | Book Value | Depreciation | Basis |
|---|---|---|---|
| Leasehold Improvements | $1,408,829 | $822,868 | $2,231,697 |
| Equipment | $95,338 | $160,046 | $255,384 |
| Other Assets Org | $35,160 | - | - |
| Name | Title | Full / Part Time | Base | Other | Total |
|---|---|---|---|---|---|
| Muhammet Turkay | Executive Director | FT | $77,050 | $6,780 | $83,830 |
| Name | Title |
|---|---|
| Cem Akkus | President |
| Fatih Sen | Board Member |
| Emin Kuscu | Secretary |
| Patty Farmer | Treasurer |
| Line Item | Amount |
|---|---|
| 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 |
| Line Item | Program | Management | Fundraising | Total |
|---|---|---|---|---|
| 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 |
| Line Item | Amount |
|---|---|
| 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 |
| Line Item | Amount |
|---|---|
| Professional Fundraising Fees | $0 |
| Liability | Amount |
|---|---|
| Deferred Inflows Related to Pension | $504,662 |
“The board reviews form 990 for approval before the return is filed.”
“The board reviews compliance with the conflict of interest policy by board members, key employees and staff on a regular basis.”
“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.”
“The documents are available on the organization's website as well as upon request.”
“Gasb 68 pension adjustments -366,235.”
“The process has not changed from prior year.”
“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.”
This appendix keeps the raw XML leaves available for debugging and edge-case review. The human report above is the primary experience.
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| IRS990/ActivityOrMissionDesc | 0 | 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. |
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| IRS990/MissionDesc | 0 | 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. |
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| IRS990ScheduleD/OtherAssetsOrgGrp/BookValueAmt | 1 | 35160 |
| IRS990ScheduleD/OtherAssetsOrgGrp/Desc | 0 | DEFERRED OUTFLOWS RELATED TO PENSION |
| IRS990ScheduleD/OtherAssetsOrgGrp/Desc | 1 | NET PENSION ASSET |
| IRS990ScheduleD/OtherLiabilitiesOrgGrp/Amt | 0 | 504662 |
| IRS990ScheduleD/OtherLiabilitiesOrgGrp/Desc | 0 | DEFERRED INFLOWS RELATED TO PENSION |
| IRS990ScheduleD/RevenueNotReportedAmt | 0 | 0 |
| IRS990ScheduleD/RevenueNotReportedFinclStmtAmt | 0 | 0 |
| IRS990ScheduleD/RevenueSubtotalAmt | 0 | 3877941 |
| IRS990ScheduleD/SupplementalInformationDetail/ExplanationTxt | 0 | 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. |
| IRS990ScheduleD/SupplementalInformationDetail/FormAndLineReferenceDesc | 0 | PART X, LINE 2: |
| IRS990ScheduleD/TotalBookValueLandBuildingsAmt | 0 | 1504167 |
| IRS990ScheduleD/TotalBookValueOtherAssetsAmt | 0 | 263780 |
| IRS990ScheduleD/TotalExpensesPerForm990Amt | 0 | 3046537 |
| IRS990ScheduleD/TotalLiabilityAmt | 0 | 504662 |
| IRS990ScheduleD/TotalRevenuePerForm990Amt | 0 | 3877941 |
| IRS990ScheduleD/TotalRevEtcAuditedFinclStmtAmt | 0 | 3877941 |
| IRS990ScheduleD/TotExpnsEtcAuditedFinclStmtAmt | 0 | 3046537 |
| IRS990ScheduleE/ComplianceWithRevProc7550Ind | 0 | 1 |
| IRS990ScheduleE/DiscriminateRaceAdmissPlcyInd | 0 | 0 |
| IRS990ScheduleE/DiscriminateRaceAthltProgInd | 0 | 0 |
| IRS990ScheduleE/DiscriminateRaceEducPlcyInd | 0 | 0 |
| IRS990ScheduleE/DiscriminateRaceEmplmFcultyInd | 0 | 0 |
| IRS990ScheduleE/DiscriminateRaceOtherActyInd | 0 | 0 |
| IRS990ScheduleE/DiscriminateRaceSchsInd | 0 | 0 |
| IRS990ScheduleE/DiscriminateRaceStdntsRghtsInd | 0 | 0 |
| IRS990ScheduleE/DiscriminateRaceUseOfFcltsInd | 0 | 0 |
| IRS990ScheduleE/GovernmentFinancialAidRcvdInd | 0 | 1 |
| IRS990ScheduleE/GovernmentFinancialAidRvkdInd | 0 | 0 |
| IRS990ScheduleE/MaintainCpyOfAllSolInd | 0 | 1 |
| IRS990ScheduleE/MaintainCpyOfBrochuresEtcInd | 0 | 1 |
| IRS990ScheduleE/MaintainRacialCompRecsInd | 0 | 1 |
| IRS990ScheduleE/MaintainScholarshipsRecsInd | 0 | 0 |
| IRS990ScheduleE/NondiscriminatoryPolicyStmtInd | 0 | 1 |
| IRS990ScheduleE/PlcyPblczdViaBroadcastMediaInd | 0 | 1 |
| IRS990ScheduleE/PolicyStmtInBrochuresEtcInd | 0 | 1 |
| IRS990ScheduleE/SupplementalInformationDetail/ExplanationTxt | 0 | THE SCHOOL IS A PUBLIC CHARTER SCHOOL. SCHOLARSHIPS ARE NOT OFFERED. |
| IRS990ScheduleE/SupplementalInformationDetail/ExplanationTxt | 1 | THE 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/FormAndLineReferenceDesc | 0 | SCHEDULE E, PART I, LINE 4 |
| IRS990ScheduleE/SupplementalInformationDetail/FormAndLineReferenceDesc | 1 | SCHEDULE E, PART I, LINE 6 |
| IRS990/ScheduleJRequiredInd | 0 | 0 |
| IRS990/ScheduleORequiredInd | 0 | 1 |
| IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt | 0 | THE BOARD REVIEWS FORM 990 FOR APPROVAL BEFORE THE RETURN IS FILED. |
| IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt | 1 | THE BOARD REVIEWS COMPLIANCE WITH THE CONFLICT OF INTEREST POLICY BY BOARD MEMBERS, KEY EMPLOYEES AND STAFF ON A REGULAR BASIS. |
| IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt | 2 | 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. |
| IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt | 3 | THE DOCUMENTS ARE AVAILABLE ON THE ORGANIZATION'S WEBSITE AS WELL AS UPON REQUEST. |
| IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt | 4 | GASB 68 PENSION ADJUSTMENTS -366,235. |
| IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt | 5 | THE PROCESS HAS NOT CHANGED FROM PRIOR YEAR. |
| IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc | 0 | FORM 990, PART VI, SECTION B, LINE 11 |
| IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc | 1 | FORM 990, PART VI, SECTION B, LINE 12C |
| IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc | 2 | FORM 990, PART VI, SECTION B, LINE 15 |
| IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc | 3 | FORM 990, PART VI, SECTION C, LINE 19 |
| IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc | 4 | FORM 990, PART XI, LINE 9: |
| IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc | 5 | FORM 990, PART XII, LINE 2C: |
| IRS990/SchoolOperatingInd | 0 | 1 |
| IRS990/SignificantChangeInd | 0 | 0 |
| IRS990/SignificantNewProgramSrvcInd | 0 | 0 |
| IRS990/SubjectToProxyTaxInd | 0 | 0 |
| IRS990/TaxablePartyNotificationInd | 0 | 0 |
| IRS990/TaxExemptBondsInd | 0 | 0 |
| IRS990/TempOrPermanentEndowmentsInd | 0 | 0 |
| IRS990/TerminateOperationsInd | 0 | 0 |
| IRS990/TotalAssetsBOYAmt | 0 | 2186552 |
| IRS990/TotalAssetsEOYAmt | 0 | 2782062 |
| IRS990/TotalAssetsGrp/BOYAmt | 0 | 2186552 |
| IRS990/TotalAssetsGrp/EOYAmt | 0 | 2782062 |
| IRS990/TotalCompGreaterThan150KInd | 0 | 0 |
| IRS990/TotalContributionsAmt | 0 | 393732 |
| IRS990/TotalEmployeeCnt | 0 | 48 |
| IRS990/TotalFunctionalExpensesGrp/FundraisingAmt | 0 | 0 |
| IRS990/TotalFunctionalExpensesGrp/ManagementAndGeneralAmt | 0 | 352600 |
| IRS990/TotalFunctionalExpensesGrp/ProgramServicesAmt | 0 | 2693937 |
| IRS990/TotalFunctionalExpensesGrp/TotalAmt | 0 | 3046537 |
| IRS990/TotalGrossUBIAmt | 0 | 0 |
| IRS990/TotalLiabilitiesBOYAmt | 0 | 877593 |
| IRS990/TotalLiabilitiesEOYAmt | 0 | 1007934 |
| IRS990/TotalLiabilitiesGrp/BOYAmt | 0 | 877593 |
| IRS990/TotalLiabilitiesGrp/EOYAmt | 0 | 1007934 |
| IRS990/TotalNetAssetsFundBalanceGrp/BOYAmt | 0 | 1308959 |
| IRS990/TotalNetAssetsFundBalanceGrp/EOYAmt | 0 | 1774128 |
| IRS990/TotalOtherCompensationAmt | 0 | 6780 |
| IRS990/TotalProgramServiceExpensesAmt | 0 | 2693937 |
| IRS990/TotalProgramServiceRevenueAmt | 0 | 3413597 |
| IRS990/TotalReportableCompFromOrgAmt | 0 | 77050 |
| IRS990/TotalRevenueGrp/ExclusionAmt | 0 | 0 |
| IRS990/TotalRevenueGrp/RelatedOrExemptFuncIncomeAmt | 0 | 3484209 |
| IRS990/TotalRevenueGrp/TotalRevenueColumnAmt | 0 | 3877941 |
| IRS990/TotalRevenueGrp/UnrelatedBusinessRevenueAmt | 0 | 0 |
| IRS990/TotalVolunteersCnt | 0 | 150 |
| IRS990/TotLiabNetAssetsFundBalanceGrp/BOYAmt | 0 | 2186552 |
| IRS990/TotLiabNetAssetsFundBalanceGrp/EOYAmt | 0 | 2782062 |
| IRS990/TotReportableCompRltdOrgAmt | 0 | 0 |
| IRS990/TravelGrp/ManagementAndGeneralAmt | 0 | 412 |
| IRS990/TravelGrp/ProgramServicesAmt | 0 | 9754 |
| IRS990/TravelGrp/TotalAmt | 0 | 10166 |
| IRS990/TrnsfrExmptNonChrtblRltdOrgInd | 0 | 0 |
| IRS990/TypeOfOrganizationCorpInd | 0 | X |
| IRS990/UnrelatedBusIncmOverLimitInd | 0 | 0 |
| IRS990/UnrestrictedNetAssetsGrp/BOYAmt | 0 | 1308959 |
| IRS990/UnrestrictedNetAssetsGrp/EOYAmt | 0 | 1774128 |
| IRS990/UponRequestInd | 0 | X |
| IRS990/USAddress/AddressLine1Txt | 0 | 4450 S MENDENHALL RD |
| IRS990/USAddress/CityNm | 0 | MEMPHIS |
| IRS990/USAddress/StateAbbreviationCd | 0 | TN |
| IRS990/USAddress/ZIPCd | 0 | 38141 |
| IRS990/VotingMembersGoverningBodyCnt | 0 | 4 |
| IRS990/VotingMembersIndependentCnt | 0 | 4 |
| IRS990/WebsiteAddressTxt | 0 | WWW.SEMEMPHIS.ORG |
| IRS990/WhistleblowerPolicyInd | 0 | 1 |
| ReturnHeader/BuildTS | 0 | 2016-04-25 22:37:26Z |
| ReturnHeader/BusinessOfficerGrp/DiscussWithPaidPreparerInd | 0 | 1 |
| ReturnHeader/BusinessOfficerGrp/PersonNm | 0 | MUHAMMET TURKAY |
| ReturnHeader/BusinessOfficerGrp/PersonTitleTxt | 0 | EXECUTIVE DIRECTOR |
| ReturnHeader/BusinessOfficerGrp/PhoneNum | 0 | 9013677814 |
| ReturnHeader/BusinessOfficerGrp/SignatureDt | 0 | 2016-02-01 |
| ReturnHeader/Filer/BusinessName/BusinessNameLine1Txt | 0 | READ FOUNDATION |
| ReturnHeader/Filer/BusinessNameControlTxt | 0 | READ |
| ReturnHeader/Filer/EIN | 0 | 943487601 |
| ReturnHeader/Filer/PhoneNum | 0 | 9013677814 |
| ReturnHeader/Filer/USAddress/AddressLine1Txt | 0 | 4450 S MENDENHALL RD |
| ReturnHeader/Filer/USAddress/CityNm | 0 | MEMPHIS |
| ReturnHeader/Filer/USAddress/StateAbbreviationCd | 0 | TN |
| ReturnHeader/Filer/USAddress/ZIPCd | 0 | 38141 |
| ReturnHeader/PreparerFirmGrp/PreparerFirmEIN | 0 | 621657946 |
| ReturnHeader/PreparerFirmGrp/PreparerFirmName/BusinessNameLine1Txt | 0 | CANNON WRIGHT BLOUNT PLLC |
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Displayed year
2015 • Form 990Detailed filing. Detailed filing data is available for this year.