Civic Intelligence

Read Foundation

990 • Fiscal year 2023 • EIN 94-3487601

Jul 01, 2022 to Jun 30, 2023 • Filed on May 15, 2024

Organization ProfileWWW.SEMEMPHIS.ORG
4450 S Mendenhall RdMemphis, TN 38141

(901) 367-7814

Siviq Scores

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

Liabilities / Assets

82nd percentile

0.67x

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

2023 filings • 501(c)3 • $25M-$50M nonprofits • Source year 2023

Liabilities / Revenue

78th percentile

1.07x

Higher debt load relative to revenue than 78% of similar nonprofits.

2023 filings • 501(c)3 • $25M-$50M nonprofits • Source year 2023

Net Margin

49th percentile

3.3%

Higher net margin than 49% of similar nonprofits.

2023 filings • 501(c)3 • $25M-$50M nonprofits • Source year 2023

Top Officer Pay

16th percentile

$122,463

Higher top officer pay than 16% of similar nonprofits.

Top officer pay equals 0.6% of source-year revenue.

2023 filings • 501(c)3 • $25M-$50M nonprofits • Source year 2023

Asset Growth

53rd percentile

7.4%

Faster asset growth than 53% of similar nonprofits.

2023 filings • 501(c)3 • $25M-$50M nonprofits • Annualized from 2022 to 2023

Revenue Growth

79th percentile

26%

Faster revenue growth than 79% of similar nonprofits.

2023 filings • 501(c)3 • $25M-$50M nonprofits • Annualized from 2022 to 2023

Balance Sheet
Liabilities / Assets82nd percentile

Assets

Up

$32,096,467

Up $2,213,581 (+7.4%) from 2022

Net Assets

Up

$10,455,274

Up $657,220 (+6.7%) from 2022

Liabilities

Up

$21,641,193

Up $1,556,361 (+7.7%) from 2022

Revenue And Expenses
Liabilities / Revenue78th percentileNet Margin49th percentile

Revenue

Up

$20,141,897

Up $4,123,681 (+26%) from 2022

Expenses

Up

$19,484,677

Up $5,372,242 (+38%) from 2022

Net Income

Down

$657,220

Down $1,248,561 (-66%) from 2022

Historical Trend

Balance Sheet Trend

Asset Growth53rd percentile

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

2023

Assets$32,096,467
Liabilities$21,641,193
Net Assets$10,455,274
Open 2023 Filing

Operations Trend

Revenue Growth79th percentile

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

2023

Revenue$20,141,897
Expenses$19,484,677
Net Income$657,220
Open 2023 Filing
Jump To
Filing Snapshot
Filing Period
Jul 1, 2022 to Jun 30, 2023
Signed
May 15, 2024
Return Version
2022v5.0
Gross Receipts
$20,141,897
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$10,453,699$10,868,114▲ $414,415
Intangible Assets$9,711,175$9,196,539▼ $514,636
Cash and Non-Interest-Bearing Accounts$4,062,057$7,771,766▲ $3,709,709
Pledges and Grants Receivable$650,514$1,001,757▲ $351,243
Prepaid Expenses and Deferred Charges$72,266$67,567▼ $4,699
Savings and Temporary Cash Investments-$0-
Accounts Receivable-$0-
Other Notes and Loans Receivable, Net-$0-
Receivable From Disqualified Prsn-$0-
Receivables From Officers Etc-$0-
Investments Other Securities-$0-
Investments Program Related-$0-
Investments in Publicly Traded Securities-$0-
Inventories for Sale or Use-$0-
Total Assets$29,882,886$32,096,467▲ $2,213,581
Other Assets Total$4,933,175$3,190,724▼ $1,742,451
Liabilities
Mortgage Notes Payable Secured by Investment Property$6,318,501$9,988,040▲ $3,669,539
Other Liabilities$12,490,252$9,528,642▼ $2,961,610
Accounts Payable and Accrued Expenses$1,276,079$1,341,314▲ $65,235
Deferred Revenue-$783,197-
Total Liabilities$20,084,832$21,641,193▲ $1,556,361
Net Assets / Fund Balance
Net Assets Without Donor Restrictions$9,134,379$8,744,698▼ $389,681
Net Assets With Donor Restrictions$663,675$1,710,576▲ $1,046,901
Total Net Assets Fund Balance$9,798,054$10,455,274▲ $657,220
Total Liabilities and Net Assets / Fund Balance$29,882,886$32,096,467▲ $2,213,581

Asset Categories

AssetBook ValueDepreciationBasis
Buildings$6,769,165$737,471$7,506,636
Leasehold Improvements$1,064,170$2,221,666$3,285,836
Other Land Buildings$1,490,179$798,631$2,288,810
Land$1,544,600-$1,544,600
Other Assets Org$343,869--
Compensation and Service Providers
Top Officer Pay16th percentile

Employees

NameTitleFull / Part TimeBaseOtherTotal
Samuel BeyhanExec DirectorFT$118,834$3,629$122,463
Mugire AyciAsst DirectorFT$111,132$3,047$114,179

Board Members and Trustees

NameTitle
Dr Richard E PottsPresident
Veda V T CherryVice President
Dr Cem AkkusBoard Member
Dr David C AkdemirBoard Member
Muhammet TurkayExec Director-o
Dr Ismail FidanSecretary
Patty FarmerTreasurer

Highest Paid Contractors

ContractorServicesLocationCompensation
Memphis Industrial TT LLCGeneral Serrvices6070 Poplar Ave Suite 500, Memphis, TN 38119$810,193
Horizon of Memphis IncJanitorial Services2508 Mt Moriah Suite C500, Memphis, TN 38115$717,023
Durham School ServicesTransportation2601 Navistar Drive, Lisle, IL 60532$552,968
B&B Specialty ContractorsGeneral Contractor3895 Vantech Suite 9, Memphis, TN 38115$456,023
Montgomery Maintenance LLCFacilities Maintenance6822 Hare Pointe Dr, Bartlett, TN 38002$100,057
Revenue and Support

Revenue Composition

Contributions and Grants
$4,855,819
Program Service Revenue
$15,286,078
Investment Income
$0
Other Revenue
$0
Change in Net Assets
$657,220

Audited Revenue Reconciliation

Revenue per Audited Statements
$20,141,897
Total Revenue per Audited Statements
$20,141,897
Total Revenue per Form 990
$20,141,897
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Salaries, Compensation, and Employee Benefits$11,986,993
Other Expenses$7,497,684
Total Fundraising Expense$680,798
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Other Salaries and Wages$6,876,812$2,420,022-$9,296,834
Occupancy$2,000,383$83,349-$2,083,732
Office Expenses-$1,462,183-$1,462,183
Depreciation Depletion$1,055,622$43,984-$1,099,606
Pension Plan Contributions$732,563$257,797-$990,360
Other Employee Benefits$612,574$215,571-$828,145
Payroll Taxes$556,856$195,964-$752,820
Interest--$680,798$680,798
Travel$547,614--$547,614
Current Officers, Directors, Trustees, and Key Employees$87,901$30,933-$118,834
Other Expenses$465,899$94,639-$94,639
Advertising$60,854--$60,854
Total Functional Expenses$13,817,383$4,986,496$680,798$19,484,677

Audited Expense Reconciliation

Line ItemAmount
Expenses per Audited Statements$19,484,677
Total Expenses per Audited Statements$19,484,677
Total Expenses per Form 990$19,484,677
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
Insider Transactions and Loans

Loans and Receivables

Line ItemBeginningEndChange
Receivables from Disqualified Persons-$0-
Receivables from Officers, Directors, Trustees, and Key Employees-$0-
Debt and Bond Financing

Other Reported Liabilities

LiabilityAmount
Right-to-use lease liability 1yr$8,993,410
Right-to-use lease liability1 yr$535,232
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
No
Annual disclosure for covered persons
Yes
Audit committee
Yes
Backup withholding compliance
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

“The Board reviews the 990 before filing.”

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

“The Board review compliance withthe conflict of interest policy by Board Members, Officers and Key employees”

Form 990, Part VI, Section B, Line 15A

“The Processes for determining the compensation of the officers and key employees is determined by using Shelby County Schools (SCS) pay scale for its employees.”

Form 990, Part VI, Section C, Line 19

“Documents are available on the orginization'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

Signing Officer

Name
Samuel Beyhan
Title
Executive Director
Signed
2024-05-15
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Samuel Beyhan
Formed
2009
Legal Domicile
Tn
Voting Board Members
6
Independent Board Members
0
Employees
251

Preparer

Firm
Crosslin Pllc
Address
3803 BEDFORD AVE STE 103, NASHVILLE, TN 37215
Preparer
Rodney C Brower CPA
Phone
6153205500
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IRS990/Form990PartVIISectionAGrp/TitleTxt3BOARD MEMBER
IRS990/Form990PartVIISectionAGrp/TitleTxt4President
IRS990/Form990PartVIISectionAGrp/TitleTxt5Vice President
IRS990/Form990PartVIISectionAGrp/TitleTxt6Secretary
IRS990/Form990PartVIISectionAGrp/TitleTxt7Treasurer
IRS990/Form990PartVIISectionAGrp/TitleTxt8EXEC DIRECTOR-O
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IRS990/IntangibleAssetsGrp/EOYAmt09196539
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IRS990/MembersOrStockholdersInd0false
IRS990/MethodOfAccountingAccrualInd0X
IRS990/MinutesOfCommitteesInd0true
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IRS990/MissionDesc0TO 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/MoreThan5000KToOrgInd0false
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IRS990/MortgNotesPyblScrdInvstPropGrp/EOYAmt09988040
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IRS990/NetIncomeOrLossGrp/TotalRevenueColumnAmt00
IRS990/NetRentalIncomeOrLossGrp/TotalRevenueColumnAmt00
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IRS990/OccupancyGrp/TotalAmt02083732
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IRS990/OfficeExpensesGrp/TotalAmt01462183
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IRS990/OperateHospitalInd0false
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IRS990/OtherExpensesGrp/ManagementAndGeneralAmt1103316
IRS990/OtherExpensesGrp/ManagementAndGeneralAmt294639
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IRS990/OtherExpensesGrp/ProgramServicesAmt1465899
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IRS990/OtherExpensesGrp/TotalAmt1569215
IRS990/OtherExpensesGrp/TotalAmt294639
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IRS990/OtherRevenueTotalAmt00
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IRS990/OtherSalariesAndWagesGrp/TotalAmt09296834
IRS990/OthNotesLoansReceivableNetGrp/EOYAmt00
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IRS990/PaymentsToAffiliatesGrp/TotalAmt00
IRS990/PayPremiumsPrsnlBnftCntrctInd0false
IRS990/PayrollTaxesGrp/ManagementAndGeneralAmt0195964
IRS990/PayrollTaxesGrp/ProgramServicesAmt0556856
IRS990/PayrollTaxesGrp/TotalAmt0752820
IRS990/PensionPlanContributionsGrp/ManagementAndGeneralAmt0257797
IRS990/PensionPlanContributionsGrp/ProgramServicesAmt0732563
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IRS990/PoliticalCampaignActyInd0false
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IRS990/PrepaidExpensesDefrdChargesGrp/EOYAmt067567
IRS990/PrincipalOfficerNm0SAMUEL BEYHAN
IRS990/ProfessionalFundraisingInd0false
IRS990/ProgramServiceRevenueGrp/BusinessCd0611600
IRS990/ProgramServiceRevenueGrp/BusinessCd1611600
IRS990/ProgramServiceRevenueGrp/Desc0District Funding
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IRS990/ProgramServiceRevenueGrp/RelatedOrExemptFuncIncomeAmt1277542
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IRS990/ProgramServiceRevenueGrp/TotalRevenueColumnAmt1277542
IRS990/ProhibitedTaxShelterTransInd0false
IRS990/PYContributionsGrantsAmt02043530
IRS990/PYExcessBenefitTransInd0false
IRS990/PYInvestmentIncomeAmt0111773
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IRS990/PYOtherExpensesAmt05650589
IRS990/PYProgramServiceRevenueAmt013862913
IRS990/PYRevenuesLessExpensesAmt01905781
IRS990/PYSalariesCompEmpBnftPaidAmt08461846
IRS990/PYTotalExpensesAmt014112435
IRS990/PYTotalRevenueAmt016018216
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IRS990/RegularMonitoringEnfrcInd0true
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IRS990/RelatedOrganizationCtrlEntInd0false
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IRS990/ReportLandBuildingEquipmentInd0true
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IRS990/ReportOtherLiabilitiesInd0true
IRS990/ReportProgramRelatedInvstInd0false
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IRS990/RoyaltiesGrp/TotalAmt00
IRS990/RoyaltiesRevenueGrp/TotalRevenueColumnAmt00
IRS990/SavingsAndTempCashInvstGrp/EOYAmt00
IRS990ScheduleA/SchoolInd0X
IRS990/ScheduleBRequiredInd0false
IRS990ScheduleD/BuildingsGrp/BookValueAmt06769165
IRS990ScheduleD/BuildingsGrp/DepreciationAmt0737471
IRS990ScheduleD/BuildingsGrp/OtherCostOrOtherBasisAmt07506636
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IRS990ScheduleD/OtherAssetsOrgGrp/BookValueAmt11320549
IRS990ScheduleD/OtherAssetsOrgGrp/BookValueAmt2343869
IRS990ScheduleD/OtherAssetsOrgGrp/Desc0Deferred Outflows - Pension
IRS990ScheduleD/OtherAssetsOrgGrp/Desc1Net Pension Asset
IRS990ScheduleD/OtherAssetsOrgGrp/Desc2TCRS Stabilization Reserve Trust
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IRS990ScheduleD/OtherLandBuildingsGrp/DepreciationAmt0798631
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IRS990ScheduleD/TotalLiabilityAmt09528642
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IRS990ScheduleD/TotalRevEtcAuditedFinclStmtAmt020141897
IRS990ScheduleD/TotExpnsEtcAuditedFinclStmtAmt019484677
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IRS990ScheduleE/DiscriminateRaceAdmissPlcyInd0false
IRS990ScheduleE/DiscriminateRaceAthltProgInd0false
IRS990ScheduleE/DiscriminateRaceEducPlcyInd0false
IRS990ScheduleE/DiscriminateRaceEmplmFcultyInd0false
IRS990ScheduleE/DiscriminateRaceOtherActyInd0false
IRS990ScheduleE/DiscriminateRaceSchsInd0false
IRS990ScheduleE/DiscriminateRaceStdntsRghtsInd0false
IRS990ScheduleE/DiscriminateRaceUseOfFcltsInd0false
IRS990ScheduleE/GovernmentFinancialAidRcvdInd0true
IRS990ScheduleE/GovernmentFinancialAidRvkdInd0false
IRS990ScheduleE/MaintainCpyOfAllSolInd0true
IRS990ScheduleE/MaintainCpyOfBrochuresEtcInd0true
IRS990ScheduleE/MaintainRacialCompRecsInd0true
IRS990ScheduleE/MaintainScholarshipsRecsInd0true
IRS990ScheduleE/NondiscriminatoryPolicyStmtInd0true
IRS990ScheduleE/PlcyPblczdViaBroadcastMediaInd0true
IRS990ScheduleE/PolicyStmtInBrochuresEtcInd0true
IRS990ScheduleE/SupplementalInformationDetail/ExplanationTxt0The School received financial aid for the federal and state and local governments.

Document Assets

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Filings

Displayed year

2023 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$32,096,467
Liabilities
$21,641,193
Net assets
$10,455,274
Revenue
$20,141,897
Expenses
$19,484,677
Net income
$657,220
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