Greater Memphis IT Council

Not tax-deductible

Memphis, TN501(c)(6)Science & TechnologyEIN 46-5080271Revenue $166K in FY2024

On file with the IRSmemphisitcouncil.com119 Nottoway Blvd, 38103-4758 · Memphis, TNTax-exempt since Feb 2016

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The mission of the Greater Memphis IT Council is to establish the Memphis region as an information technology center of excellence for the economic development of the commercial sector with a focus on strategic industries.

62¢ of each $1 spent went to programs.
Run by 20 volunteers.
Mission: Form 990 Part I, line 1 · Programs: Part IX · People: Part I, lines 5–6

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FY2024 · Form 990Independent: from IRS data, not the org
Download 990
IRS status
501(c)(6)
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
No
Donations are not tax-deductible
Worth a look: the IRS does not list gifts to it as deductible.
IRS Pub. 78 · IRS BMF
Latest return
FY2024
latest Form 990
Looks good: the latest return is for FY2024, 2 tax years back; within 2 tax years.
IRS e-file · Filing history
Surplus or deficit
3 of 5
filings with a surplus
Average surplus $1K a year · under 1% of revenue · last 5 filings
Worth a look: a surplus in 3 of the last 5 filings.
Pt I · Ln 19 · 5 filings
Spent on programs
62%
of spending
Worth a look: 62% of spending went to programs; under 65%.
Pt IX · Ln 25 · col B
Pay to officers and key staff
$73K
to officers and key staff · 46% of spending
Top officer’s pay higher than 52% of similar orgs
Concern: pay to officers and key staff is 46% of spending; over 30%.
Pt VII · Sec A
Cash reserves
<1 mo
of spending, in cash
Concern: 0.1 months of spending in cash; under 2 weeks.
Pt X · Ln 1–2 · Pt I · Ln 18
Liabilities
$5K
31% of total assets
Looks good: liabilities are 31% of assets; 50% or less.
Pt X · Ln 26
Independent board members
21
of 21 voting members
Looks good: 21 of 21 voting members are independent, a majority.
Pt VI · Ln 1a–1b
Looks goodFineWorth a lookConcernNo data yetTap a box for the reason.
Revenue
$166K
-3% vs prior year
Spent
$160K
To programs
62%
Net assets
$11K
By yearFY2020–FY2024
Revenue
$166K
FY2024▼ -3%
Tap a bar for its year
Revenue by fiscal year
FY2020$126K
FY2021$122K
FY2022$162K
FY2023$171K
FY2024$166K
Expenses
$160K
FY2024▼ -4%
Tap a bar for its year
Expenses by fiscal year
FY2020$116K
FY2021$123K
FY2022$176K
FY2023$167K
FY2024$160K
Net assets
$11K
FY2024▲ ×128
Tap a bar for its year
Net assets by fiscal year
FY2020$11K
FY2021$10K
FY2022−$4K
FY2023−$84
FY2024$11K

From the FY2024 Form 990 · see the original

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Is it real?

Yes. Never revoked by the IRS. Latest filing on record: FY2024. IRS ruling in Feb 2016.

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

Where the money goes

62 cents of each dollar spent went to programs.

Program services 62% · $99K Management & general 38% · $61K

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

22 people listed on the 990; $73K paid to officers and key staff.

Part VII, Section A · reportable compensation
Executive Director & Secre
$73,391Pt VII · Sec A
$0Pt VII · Sec A
$0Pt VII · Sec A
$0Pt VII · Sec A
Director
$0Pt VII · Sec A
Director
$0Pt VII · Sec A
$0Pt VII · Sec A
Vice President
$0Pt VII · Sec A

Regina Whitley’s $73K as Executive Director & Secre is at the 52nd percentile of top reported officer pay among 312 $100K–1M science & technology nonprofits. Peer set: organizations in the same NTEE major field of work and revenue-size band, compared on each org’s own highest-paid officer/key-employee, from Form 990 Part VII / 990-PF Part VIII. Descriptive placement, not a verdict on whether the pay is appropriate.

Compensation history total reportable pay by year · 1 named individual · Part VII

NameFY2024FY2023FY2022FY2021FY2020
Regina Whitley$73,391$78,433$75,650$70,350$73,000

Total reportable compensation (Form 990 Part VII column D / Schedule J column E) by filing year, matched by name within this organization. The Schedule J base / bonus / deferred breakdown is not parsed into this dataset.

See Greater Memphis IT Council 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 15aNo

Programs and updates

Develops Memphis into a leading information technology hub for economic growth.

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Provided by the organization

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1 program · $99K · in their own filed words · FY2024
01

Program services consist of creating value for its membership by professional development and networking events, educational forums to address information technology business issues, workforce development programs, and support for stem education.

$99Kprogram expense

By the numbers

The FY2024 990, line by line.

1The main four
Money inPt VIII
$166K
Ln 12
Fees for servicesLn 2g$93K
Gifts and grantsLn 1h$72K
Money outPt IX
$160K
Ln 25
Programscol B$99K
Managementcol C$61K
Owns and owesPt X
$11K
net assets · Ln 32
Cash and savingsLn 1–2$742
Total assetsLn 16$15K
LiabilitiesLn 26$5K
PeoplePt VI, VII
22
listed · VII A
PaidVII A1
Voting boardVI 1a21
IndependentVI 1b21
2In more detail
Revenue in detailPt VIII
Gifts and grantsLn 1h$72K
Fees for servicesLn 2g$93K
Total revenueLn 12$166K
Assets in detailPt X, end of year
CashLn 1$742
Cash and savings togetherLn 1–2$742
Total assetsLn 16$15K
LiabilitiesLn 26$5K
Net assetsLn 32$11K
OperationsPt I, VI
EmployeesI 50
VolunteersI 620
Fiscal year endsHeaderDecember
Conflict-of-interest policyVI 12aYes
Whistleblower policyVI 13No
Records policyVI 14No
3Year over year
Balance sheet, start vs end of yearPt X · col A, B
LineStart FY24End FY24
Cash and savingsLn 1–2$5K$742
Total assetsLn 16$10K$15K
LiabilitiesLn 26$10K$5K
Net assetsLn 32−$84$11K
4Every line
Statement of functional expensesPt IX · every line
LineTotalProgramsManagementFundraising
Management feesLn 11a$73K$29K$44K
Accounting feesLn 11c$805$805
Advertising and promotionLn 12$2K$2K
Office expensesLn 13$6K$6K
TravelLn 17$1K$1K
Other expenses (24a–d)Ln 24$66K$62K$4K
All other expensesLn 24e$10K$7K$4K
Total functional expensesLn 25$160K$99K$61K$0

Filing history

YearMoney inMoney outIn minus outNet assetsDownload
FY2024 Latest Viewing $166K$160K$6K$11K 990 PDF
FY2023 $171K$167K$5K−$84 990 PDF
FY2022 $162K$176K−$14K−$4K 990 PDF
FY2021 $122K$123K−$764$10K 990 PDF
FY2020 $126K$116K$10K$11K 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 $165,711 revenue, 12 lines filed
I-8 Contributions and grantsPrior year $86,501$72,472
I-9 Program service revenuePrior year $84,744$93,239
I-10 Investment incomePrior year $0$0
I-11 Other revenuePrior year $0$0
I-12 Total revenuePrior year $171,245$165,711
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 $0$0
I-16a Professional fundraising feesPrior year $0$0
I-17 Other expensesPrior year $166,706$160,053
I-18 Total expensesPrior year $166,706$160,053
I-19 Revenue less expensesPrior year $4,539$5,658
Part VI · Governance 21 of 21 board members independent, 3 to look at
VI-1a Voting members of the governing body21
VI-1b Independent voting members21
VI-13 Written whistleblower policyNo
VI-14 Document retention and destruction policyNo
VI-15a Process for setting top official's payNo
VI-2 Family or business relationship among officers or directorsNo
VI-12a Written conflict of interest policyYes
Part VIII · Statement of revenue $165,711 across 5 lines filed
VIII-1b Membership dues$69,140
VIII-1f All other contributions, gifts and grants$3,332
VIII-1h Total contributions, gifts and grants$72,472
VIII-2a-f Program service revenue, itemized rows (sum of 2a–2f as filed)Related to mission $93,239$93,239
VIII-12 Total revenueRelated to mission $93,239 · Unrelated business $0 · Excluded from tax $0$165,711
Part IX · Statement of functional expenses $160,053 across 7 lines filed
IX-11a Management feesPrograms $29,356 · Management $44,035$73,391
IX-11c Accounting feesManagement $805$805
IX-12 Advertising and promotionManagement $2,332$2,332
IX-13 Office expensesManagement $5,975$5,975
IX-17 TravelPrograms $1,212$1,212
IX-24 Other expenses (24a–d)Programs $61,670 · Management $4,406$66,076
IX-24e All other expensesPrograms $6,723 · Management $3,539$10,262
IX-25 Total functional expensesPrograms $98,961 · Management $61,092 · Fundraising $0$160,053
Part X · Balance sheet $15,422 assets, 7 lines filed
X-1 Cash, non-interest-bearingStart of year $4,937$742
X-4 Accounts receivableStart of year $5,479$14,680
X-16 Total assetsStart of year $10,416$15,422
X-25 Other liabilitiesStart of year $10,500$4,806
X-26 Total liabilitiesStart of year $10,500$4,806
X-32 Total net assets or fund balancesStart of year −$84$10,616
X-33 Total liabilities and net assetsStart of year $10,416$15,422
Part XI · Reconciliation of net assets $10,616 net assets at year end
XI-1 Total revenue$165,711
XI-2 Total expenses$160,053
XI-3 Revenue less expenses$5,658
XI-4 Net assets at start of year−$84
XI-9 Other changes in net assets$5,042
XI-10 Net assets at end of year$10,616

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

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