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The Consortium Mmt FY2023 filing

Tax-deductible

Memphis, TN501(c)(3)Since 2012Arts & CultureEIN 46-1568302Revenue $82K in FY2023

On file with the IRStheconsortiummmt.org119 S Main St Ste 111, 38103-3673 · Memphis, TNTax-exempt since Feb 2014Publicly supported charity — 170(b)(1)(A)(vi)

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To develop a viable music industry in memphis for the future by providing a structured learning environment to enrich and equip our talents with proven tools to build the next generation of successful music professionals. The Consortium Mmt will provide real world experience and mentorship, creating a direct path to success for talented recording artists/entertainers, songwriters and producers.

501(c)(3) charity; gifts are tax-deductible.
79¢ of each $1 spent went to programs.
Mission: Form 990 Part I, line 1 · Status: IRS Pub. 78 · Programs: Part IX

Before you give

FY2023 · Form 990Independent: from IRS data, not the org
Download 990
IRS status
501(c)(3)
not on the IRS revocation list
Looks good: listed by the IRS and not on the revocation list.
IRS BMF · Auto-Revocation List
Tax-deductible gifts
Yes
Donations are tax-deductible
Looks good: the IRS lists gifts to it as deductible.
IRS Pub. 78 · IRS BMF
Latest return
FY2025
latest Form 990
Looks good: the latest return is for FY2025, 1 tax year back; within 2 tax years.
IRS e-file · Filing history
Surplus or deficit
0 of 6
filings with a surplus
Average deficit $108K a year · 100% of revenue · last 6 filings
Concern: a surplus in 0 of the last 6 filings.
Pt I · Ln 19 · 6 filings
Spent on programs
79%
of spending
Looks good: 79% of spending went to programs; 75% or more.
Pt IX · Ln 25 · col B
Cash reserves
38 mo
of spending, in cash
Looks good: 37.6 months of spending in cash; 3 or more.
Pt X · Ln 1–2 · Pt I · Ln 18
Named funders
1
named funder · $8K
Fine: 1 funder names it on their filings; under 3.
Funders’ Sch. I, 990-PF
Liabilities
$431
0.08% of total assets
Looks good: liabilities are 0% of assets; 50% or less.
Pt X · Ln 26
Independent board members
10
of 10 voting members
Looks good: 10 of 10 voting members are independent, a majority.
Pt VI · Ln 1a–1b
Looks goodFineWorth a lookConcernNo data yetTap a box for the reason.
Revenue
$82K
+50% vs prior year
Spent
$152K
To programs
79%
Net assets
$522K
By yearFY2020–FY2025
Revenue
$82K
FY2023▲ +50%
Tap a bar for its year
Revenue by fiscal year
FY2020$37K
FY2021$239K
FY2022$55K
FY2023$82K
FY2024$95K
FY2025$140K
Expenses
$152K
FY2023▼ -21%
Tap a bar for its year
Expenses by fiscal year
FY2020$403K
FY2021$246K
FY2022$193K
FY2023$152K
FY2024$148K
FY2025$153K
Net assets
$522K
FY2023▼ -11%
Tap a bar for its year
Net assets by fiscal year
FY2020$748K
FY2021$804K
FY2022$589K
FY2023$522K
FY2024$468K
FY2025$470K

From the FY2023 Form 990 · see the original

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You’re viewing the FY2023 filing — not the latest on file. See the latest (FY2025) →

Is it real?

Yes. Never revoked by the IRS. Latest filing on record: FY2025. IRS ruling in Feb 2014.

IRS Pub. 78 · IRS Auto-Revocation List · IRS Business Master File

Where the money goes

79 cents of each dollar spent went to programs.

Program services 79% · $120K Management & general 21% · $33K

Form 990 Part IX, line 25, columns B–D. Every line is in By the numbers.

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Who runs it and what they're paid

10 people listed on the 990.

Part VII, Section A · reportable compensation
$0Pt VII · Sec A
Lance Freed
Vice Chairman
$0Pt VII · Sec A
$0Pt VII · Sec A
$0Pt VII · Sec A
Caren Creason
Treasurer
$0Pt VII · Sec A
$0Pt VII · Sec A
$0Pt VII · Sec A
$0Pt VII · Sec A
See The Consortium Mmt executive salaries →

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Questions the 990 asks

The form asks each of these directly. These are the filed answers.

  • Family or business ties among officersPt VI · Ln 2No
  • Top official's pay set by an independent reviewPt VI · Ln 15aYes

Programs and updates

Equips Memphis musicians with skills and experience to build successful careers.

Provided by the organization

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2 programs · $120K · in their own filed words · FY2023
01

The Talent Development Complex

Houses the memphis music resource center

$90Kprogram expense
02

Soulright Music Mentorship Program

Is designed to mentor and educate promising members of the memphis area in three creative areas: songwriting, record producing, and recording artistry.

$29Kprogram expense

Funders

Who pays for it.

From grant filings on record. Receipts are incomplete: individual donors are never listed.

Grants

Schedule I · funders on record
Grants received · FY2024
Donor Advised Charitable Giving INCFY2024$8K
Total grants receivedfrom 1 funder$8K

By the numbers

The FY2023 990, line by line.

Download 990
from philanthropy.org
1The main four
Money inPt VIII
$82K
Ln 12
Gifts and grantsLn 1h$75K
Investment incomeLn 3$7K
Money outPt IX
$152K
Ln 25
Programscol B$120K
Managementcol C$33K
Owns and owesPt X
$522K
net assets · Ln 32
Cash and savingsLn 1–2$476K
Total assetsLn 16$522K
LiabilitiesLn 26$431
PeoplePt VI, VII
10
listed · VII A
PaidVII A0
Voting boardVI 1a10
IndependentVI 1b10
2In more detail
Revenue in detailPt VIII
Gifts and grantsLn 1h$75K
Government grantsLn 1e$50K
Investment incomeLn 3$7K
Total revenueLn 12$82K
Assets in detailPt X, end of year
CashLn 1$476K
Cash and savings togetherLn 1–2$476K
InvestmentsLn 11–13$1K
Land, buildings, equipmentLn 10c$0
Total assetsLn 16$522K
LiabilitiesLn 26$431
Net assetsLn 32$522K
OperationsPt I, VI
EmployeesI 51
VolunteersI 60
Fiscal year endsHeaderDecember
Conflict-of-interest policyVI 12aYes
Whistleblower policyVI 13Yes
Records policyVI 14Yes
3Year over year
Balance sheet, start vs end of yearPt X · col A, B
LineStart FY23End FY23
Cash and savingsLn 1–2$145K$476K
InvestmentsLn 11–13$399K$1K
Land, buildings, equipmentLn 10c$0$0
Total assetsLn 16$589K$522K
LiabilitiesLn 26$359$431
Net assetsLn 32$589K$522K
4Every line
Statement of functional expensesPt IX · every line
LineTotalProgramsManagementFundraising
Other salaries and wagesLn 7$42K$39K$2K
Other employee benefitsLn 9$10K$9K$494
Payroll taxesLn 10$3K$3K$157
Management feesLn 11a$1K$1K
Accounting feesLn 11c$8K$8K
Other fees for servicesLn 11g$13K$13K
Office expensesLn 13$2K$2K
OccupancyLn 16$40K$40K
InsuranceLn 23$11K$9K$2K
Other expenses (24a–d)Ln 24$22K$17K$6K
All other expensesLn 24e$216$216
Total functional expensesLn 25$152K$120K$33K$0

Filing history

YearMoney inMoney outIn minus outNet assetsDownload
FY2025 Latest $140K$153K−$13K$470K 990 PDF
FY2024 $95K$148K−$53K$468K 990 PDF
FY2023 Viewing $82K$152K−$70K$522K 990 PDF
FY2022 $55K$193K−$139K$589K 990 PDF
FY2021 $239K$246K−$7K$804K 990 PDF
FY2020 $37K$403K−$366K$748K 990 PDF

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Schedules filed Part IV

III · Programs I · Grants R · Related orgs G · Fundraising L · Interested persons A · Public support F · Foreign M · Noncash
See the full FY2023 990 (6 parts)
Part I · Summary $81,978 revenue, 12 lines filed
I-8 Contributions and grantsPrior year $50,120$75,000
I-9 Program service revenuePrior year $0$0
I-10 Investment incomePrior year $4,424$6,978
I-11 Other revenuePrior year $0$0
I-12 Total revenuePrior year $54,544$81,978
I-13 Grants and similar amounts paidPrior year $0$0
I-14 Benefits paid to membersPrior year $0$0
I-15 Salaries and benefitsPrior year $53,964$54,515
I-16a Professional fundraising feesPrior year $0$0
I-17 Other expensesPrior year $139,400$97,581
I-18 Total expensesPrior year $193,364$152,096
I-19 Revenue less expensesPrior year −$138,820−$70,118
Part VI · Governance 10 of 10 board members independent, no flags
VI-1a Voting members of the governing body10
VI-1b Independent voting members10
VI-2 Family or business relationship among officers or directorsNo
VI-12a Written conflict of interest policyYes
VI-13 Written whistleblower policyYes
VI-14 Document retention and destruction policyYes
VI-15a Process for setting top official's payYes
Part VIII · Statement of revenue $81,978 across 5 lines filed
VIII-1e Government grants$50,000
VIII-1f All other contributions, gifts and grants$25,000
VIII-1h Total contributions, gifts and grants$75,000
VIII-3 Investment incomeExcluded from tax $6,978$6,978
VIII-12 Total revenueRelated to mission $0 · Unrelated business $0 · Excluded from tax $6,978$81,978
Part IX · Statement of functional expenses $152,096 across 11 lines filed
IX-7 Other salaries and wagesPrograms $39,425 · Management $2,075$41,500
IX-9 Other employee benefitsPrograms $9,381 · Management $494$9,875
IX-10 Payroll taxesPrograms $2,983 · Management $157$3,140
IX-11a Management feesManagement $1,488$1,488
IX-11c Accounting feesManagement $7,610$7,610
IX-11g Other fees for servicesManagement $13,390$13,390
IX-13 Office expensesPrograms $1,532$1,532
IX-16 OccupancyPrograms $40,029$40,029
IX-23 InsurancePrograms $9,327 · Management $1,646$10,973
IX-24 Other expenses (24a–d)Programs $16,825 · Management $5,518$22,343
IX-24e All other expensesManagement $216$216
IX-25 Total functional expensesPrograms $119,502 · Management $32,594 · Fundraising $0$152,096
Part X · Balance sheet $522,181 assets, 11 lines filed
X-1 Cash, non-interest-bearingStart of year $144,708$476,059
X-3 Pledges and grants receivableStart of year $45,000$45,000
X-10c Land, buildings and equipment, netStart of year $0$0
X-12 Other securitiesStart of year $399,235$1,122
X-16 Total assetsStart of year $588,943$522,181
X-25 Other liabilitiesStart of year $359$431
X-26 Total liabilitiesStart of year $359$431
X-27 Net assets without donor restrictionsStart of year $543,584$476,750
X-28 Net assets with donor restrictionsStart of year $45,000$45,000
X-32 Total net assets or fund balancesStart of year $588,584$521,750
X-33 Total liabilities and net assetsStart of year $588,943$522,181
Part XI · Reconciliation of net assets $521,750 net assets at year end
XI-1 Total revenue$81,978
XI-2 Total expenses$152,096
XI-3 Revenue less expenses−$70,118
XI-4 Net assets at start of year$588,584
XI-5 Net unrealized gains (losses) on investments$3,284
XI-9 Other changes in net assets$0
XI-10 Net assets at end of year$521,750

Form 990 e-file (XML) FY2023 from the IRS · Classification, formation year and address from the IRS Business Master File

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