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The Consortium Mmt FY2024 filing

Tax-deductible

Memphis, TN501(c)(3)Since 2012Arts & CultureEIN 46-1568302Revenue $95K in FY2024

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.
80¢ of each $1 spent went to programs.
Mission: Form 990 Part I, line 1 · Status: IRS Pub. 78 · Programs: Part IX

Before you give

FY2024 · 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
80%
of spending
Looks good: 80% of spending went to programs; 75% or more.
Pt IX · Ln 25 · col B
Cash reserves
4 mo
of spending, in cash
Looks good: 4.5 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
$451
0.10% 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
$95K
+16% vs prior year
Spent
$148K
To programs
80%
Net assets
$468K
By yearFY2020–FY2025
Revenue
$95K
FY2024▲ +16%
Tap a bar for its year
Revenue by fiscal year
FY2020$37K
FY2021$239K
FY2022$55K
FY2023$82K
FY2024$95K
FY2025$140K
Expenses
$148K
FY2024▼ -3%
Tap a bar for its year
Expenses by fiscal year
FY2020$403K
FY2021$246K
FY2022$193K
FY2023$152K
FY2024$148K
FY2025$153K
Net assets
$468K
FY2024▼ -10%
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 FY2024 Form 990 · see the original

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You’re viewing the FY2024 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

80 cents of each dollar spent went to programs.

Program services 80% · $119K Management & general 20% · $29K

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.

Questions for The Consortium Mmt

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Provided by the organization

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2 programs · $119K · in their own filed words · FY2024
01

The Talent Development Complex

Houses the memphis music resource center

$87Kprogram 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.

$32Kprogram 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 FY2024 990, line by line.

Download 990
from philanthropy.org
1The main four
Money inPt VIII
$95K
Ln 12
Gifts and grantsLn 1h$77K
Investment incomeLn 3$18K
Money outPt IX
$148K
Ln 25
Programscol B$119K
Managementcol C$29K
Owns and owesPt X
$468K
net assets · Ln 32
Cash and savingsLn 1–2$56K
Total assetsLn 16$468K
LiabilitiesLn 26$451
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$77K
Investment incomeLn 3$18K
Gains on assetsLn 7$7K
Total revenueLn 12$95K
Assets in detailPt X, end of year
CashLn 1$56K
Cash and savings togetherLn 1–2$56K
InvestmentsLn 11–13$367K
Land, buildings, equipmentLn 10c$0
Total assetsLn 16$468K
LiabilitiesLn 26$451
Net assetsLn 32$468K
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 FY24End FY24
Cash and savingsLn 1–2$476K$56K
InvestmentsLn 11–13$1K$367K
Land, buildings, equipmentLn 10c$0$0
Total assetsLn 16$522K$468K
LiabilitiesLn 26$431$451
Net assetsLn 32$522K$468K
4Every line
Statement of functional expensesPt IX · every line
LineTotalProgramsManagementFundraising
Other salaries and wagesLn 7$43K$41K$2K
Other employee benefitsLn 9$11K$10K$543
Payroll taxesLn 10$3K$3K$162
Management feesLn 11a$125$125
Accounting feesLn 11c$6K$6K
Other fees for servicesLn 11g$14K$160$14K
Office expensesLn 13$2K$2K
OccupancyLn 16$44K$44K
InsuranceLn 23$12K$10K$2K
Other expenses (24a–d)Ln 24$14K$9K$5K
All other expensesLn 24e$61$61
Total functional expensesLn 25$148K$119K$29K$0

Filing history

YearMoney inMoney outIn minus outNet assetsDownload
FY2025 Latest $140K$153K−$13K$470K 990 PDF
FY2024 Viewing $95K$148K−$53K$468K 990 PDF
FY2023 $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 FY2024 990 (6 parts)
Part I · Summary $94,854 revenue, 12 lines filed
I-8 Contributions and grantsPrior year $75,000$76,509
I-9 Program service revenuePrior year $0$0
I-10 Investment incomePrior year $6,978$18,345
I-11 Other revenuePrior year $0$0
I-12 Total revenuePrior year $81,978$94,854
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 $54,515$56,779
I-16a Professional fundraising feesPrior year $0$0
I-17 Other expensesPrior year $97,581$91,253
I-18 Total expensesPrior year $152,096$148,032
I-19 Revenue less expensesPrior year −$70,118−$53,178
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 $94,854 across 5 lines filed
VIII-1f All other contributions, gifts and grants$76,509
VIII-1h Total contributions, gifts and grants$76,509
VIII-3 Investment incomeExcluded from tax $11,275$11,275
VIII-7 Net gain or loss on sales of assetsRelated to mission $7,070$7,070
VIII-12 Total revenueRelated to mission $7,070 · Unrelated business $0 · Excluded from tax $11,275$94,854
Part IX · Statement of functional expenses $148,032 across 11 lines filed
IX-7 Other salaries and wagesPrograms $40,559 · Management $2,135$42,694
IX-9 Other employee benefitsPrograms $10,306 · Management $543$10,849
IX-10 Payroll taxesPrograms $3,074 · Management $162$3,236
IX-11a Management feesManagement $125$125
IX-11c Accounting feesManagement $5,507$5,507
IX-11g Other fees for servicesPrograms $160 · Management $13,707$13,867
IX-13 Office expensesPrograms $1,618$1,618
IX-16 OccupancyPrograms $43,668$43,668
IX-23 InsurancePrograms $10,375 · Management $1,831$12,206
IX-24 Other expenses (24a–d)Programs $8,782 · Management $5,419$14,201
IX-24e All other expensesManagement $61$61
IX-25 Total functional expensesPrograms $118,542 · Management $29,490 · Fundraising $0$148,032
Part X · Balance sheet $468,055 assets, 11 lines filed
X-1 Cash, non-interest-bearingStart of year $476,059$55,855
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 $1,122$367,200
X-16 Total assetsStart of year $522,181$468,055
X-25 Other liabilitiesStart of year $431$451
X-26 Total liabilitiesStart of year $431$451
X-27 Net assets without donor restrictionsStart of year $476,750$422,604
X-28 Net assets with donor restrictionsStart of year $45,000$45,000
X-32 Total net assets or fund balancesStart of year $521,750$467,604
X-33 Total liabilities and net assetsStart of year $522,181$468,055
Part XI · Reconciliation of net assets $467,604 net assets at year end
XI-1 Total revenue$94,854
XI-2 Total expenses$148,032
XI-3 Revenue less expenses−$53,178
XI-4 Net assets at start of year$521,750
XI-5 Net unrealized gains (losses) on investments−$970
XI-9 Other changes in net assets$2
XI-10 Net assets at end of year$467,604

Form 990 e-file (XML) FY2024 from the IRS · Classification, formation year and address from the IRS Business Master File

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