Memphis University School: Nonprofit Profile, Financials & Form 990 (EIN 62-0545618)

Revenue by fiscal year
FY2020	$19.6M
FY2021	$23.1M
FY2022	$22.5M
FY2023	$26.9M
FY2024	$36.4M
FY2025	$35.3M

Expenses by fiscal year
FY2020	$19.2M
FY2021	$19.7M
FY2022	$20.3M
FY2023	$21.2M
FY2024	$21.9M
FY2025	$22.9M

Net assets by fiscal year
FY2020	$47.3M
FY2021	$55.8M
FY2022	$50.0M
FY2023	$57.9M
FY2024	$75.0M
FY2025	$87.9M

Is it real?

Yes. Never revoked by the IRS. Latest filing on record: FY2025. IRS ruling in Oct 1957.

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

Where the money goes

75 cents of each dollar spent went to programs.

75%

20%

Program services 75% · $17.1M Management & general 20% · $4.5M Fundraising 5% · $1.2M

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

32 people listed on the 990; $1.4M paid to officers and key staff.

Part VII, Section A · reportable compensation · most recent filed roster (FY2024); the FY2025 filing did not itemize Part VII

Peter D Sanders

Headmaster

$347,521Pt VII · Sec A

Rankin Fowlkes

Dir of Business Operations

$189,102Pt VII · Sec A

McKee Humphreys

Assoc. Headmaster, Head Lower School

$166,144Pt VII · Sec A

Perry Dement

Dir of Advancement

$164,025Pt VII · Sec A

Zachary Hansen

Upper School Principal

$142,374Pt VII · Sec A

Jenny Byers

Director of College Counseling

$129,048Pt VII · Sec A

John Simi

Director of IT

$108,742Pt VII · Sec A

Loyal Murphy

Instructor of Mathematics

$108,114Pt VII · Sec A

Peter D Sanders’s $348K as Headmaster is at the 73rd percentile of top reported officer pay among 3683 $10–100M education 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 · 8 named individuals · Part VII

Name	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020
Peter D Sanders	$347,521	$362,225	$349,093	$341,917	$339,240	$334,885
Rankin Fowlkes	$189,102	$183,255	$181,635	$166,064	$163,606	$157,992
Perry Dement	$164,025	$171,247	$164,556	$161,008	$157,539	$154,403
McKee Humphreys	$166,144	$164,433	—	—	—	—
Bobby Alston	—	$162,805	$156,594	$150,252	$148,088	$145,227
Zachary Hansen	$142,374	$133,955	$129,328	$126,542	$121,417	$113,930
William Ray	—	$131,125	$127,848	$125,034	$122,180	$119,550
Jenny Byers	$129,048	$130,355	$125,968	—	—	—

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.

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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

Prepares boys for college through a rigorous secondary school education.

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Provided by the organization

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2 programs · $17.1M · in their own filed words · FY2024

01

Education grades 7-12 approximately 603 students

$14.7Mprogram expense

02

Financial aid for students in grades 7-12 approximately 189 students

$2.4Mprogram expense

Funders

Who pays for it.

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

Grants

Schedule I · received and paid

Grants received · FY2025

Brinkley FoundationFY2025$10K

Total grants receivedfrom 1 funder$10K

Grants paid · 6 grants · $16.6M · 2019–2024

Unitemized GrantFY2024$2,957,741

Unitemized GrantFY2023$2,664,009

Unitemized GrantFY2022$2,488,932

Unitemized GrantFY2021$2,704,174

Unitemized GrantFY2020$2,993,839

Unitemized GrantFY2019$2,806,272

By the numbers

The FY2025 990, line by line.

Download 990

from philanthropy.org

1The main four

Money inPt VIII

$35.3M

Ln 12

Gifts and grantsLn 1h$17.8M

Fees for servicesLn 2g$16.0M

Investment incomeLn 3$1.5M

Money outPt IX

$22.9M

Ln 25

Programscol B$17.1M

Managementcol C$4.5M

Fundraisingcol D$1.2M

Owns and owesPt X

$87.9M

net assets · Ln 32

Cash and savingsLn 1–2$11.9M

Total assetsLn 16$106.9M

LiabilitiesLn 26$19.0M

PeoplePt VI, VII

32

listed · VII A

PaidVII A8

Voting boardVI 1a24

IndependentVI 1b24

2In more detail

Revenue in detailPt VIII

Gifts and grantsLn 1h$17.8M

Noncash giftsLn 1g$486K

Fees for servicesLn 2g$16.0M

Investment incomeLn 3$1.5M

Other incomeLn 4–11$37K

Gains on assetsLn 7$711K

Total revenueLn 12$35.3M

Assets in detailPt X, end of year

CashLn 1$4.3M

SavingsLn 2$7.6M

Cash and savings togetherLn 1–2$11.9M

InvestmentsLn 11–13$40.1M

Land, buildings, equipmentLn 10c$21.8M

Other assetsLn 15$114K

Total assetsLn 16$106.9M

LiabilitiesLn 26$19.0M

Net assetsLn 32$87.9M

OperationsPt I, VI

EmployeesI 5133

VolunteersI 6100

Fiscal year endsHeaderJuly

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

Line	Start FY25	End FY25
Cash and savingsLn 1–2	$9.7M	$11.9M
InvestmentsLn 11–13	$39.2M	$40.1M
Land, buildings, equipmentLn 10c	$21.2M	$21.8M
Total assetsLn 16	$94.4M	$106.9M
LiabilitiesLn 26	$19.4M	$19.0M
Net assetsLn 32	$75.0M	$87.9M

4Every line

Statement of functional expensesPt IX · every line

Line	Total	Programs	Management	Fundraising
Grants to domestic individualsLn 2	$3.0M	$3.0M
Pay of current officers, directors and key staffLn 5	$845K	$87K	$638K	$121K
Other salaries and wagesLn 7	$10.1M	$6.9M	$2.4M	$794K
Pension plan contributionsLn 8	$484K	$484K
Other employee benefitsLn 9	$1.4M	$1.4M
Payroll taxesLn 10	$793K	$595K	$198K
Legal feesLn 11b	$312K	$89K	$223K
Accounting feesLn 11c	$55K		$55K
Investment management feesLn 11f	$108K		$108K
Other fees for servicesLn 11g	$0	$0	$0	$0
Office expensesLn 13	$1.5M	$904K	$291K	$311K
Information technologyLn 14	$119K	$119K
OccupancyLn 16	$608K	$503K	$105K
InterestLn 20	$137K	$137K
Depreciation, depletion and amortizationLn 22	$1.8M	$1.7M	$184K
InsuranceLn 23	$292K	$219K	$73K
Other expenses (24a–d)Ln 24	$1.2M	$1.0M	$207K
All other expensesLn 24e	$0	$0	$0	$0
Total functional expensesLn 25	$22.9M	$17.1M	$4.5M	$1.2M

Filing history

Year	Money in	Money out	In minus out	Net assets	Download
FY2025 Latest Viewing	$35.3M	$22.9M	$12.4M	$87.9M	990 PDF
FY2024	$36.4M	$21.9M	$14.5M	$75.0M	990 PDF
FY2023	$26.9M	$21.2M	$5.6M	$57.9M	990 PDF
FY2022	$22.5M	$20.3M	$2.2M	$50.0M	990 PDF
FY2021	$23.1M	$19.7M	$3.4M	$55.8M	990 PDF
FY2020	$19.6M	$19.2M	$408K	$47.3M	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 FY2025 990 (6 parts)

Part I · Summary $35,299,588 revenue, 12 lines filed

I-8 Contributions and grantsPrior year $18,795,847$17,811,572

I-9 Program service revenuePrior year $15,398,268$15,961,873

I-10 Investment incomePrior year $2,201,502$1,489,397

I-11 Other revenuePrior year −$39,520$36,746

I-12 Total revenuePrior year $36,356,097$35,299,588

I-13 Grants and similar amounts paidPrior year $2,664,009$2,957,741

I-14 Benefits paid to members$0

I-15 Salaries and benefitsPrior year $13,113,640$13,676,959

I-16a Professional fundraising fees$0

I-17 Other expensesPrior year $6,094,457$6,222,245

I-18 Total expensesPrior year $21,872,106$22,856,945

I-19 Revenue less expensesPrior year $14,483,991$12,442,643

Part VI · Governance 24 of 24 board members independent, 2 to look at

VI-1a Voting members of the governing body24

VI-1b Independent voting members24

VI-13 Written whistleblower policyNo

VI-14 Document retention and destruction policyNo

VI-2 Family or business relationship among officers or directorsNo

VI-12a Written conflict of interest policyYes

VI-15a Process for setting top official's payYes

Part VIII · Statement of revenue $35,299,588 across 9 lines filed

Lines not itemized here account for −$50,127 of total revenue; see the IRS return.

VIII-1f All other contributions, gifts and grants$17,811,572

VIII-1g Noncash contributions (included above)$486,040

VIII-1h Total contributions, gifts and grants$17,811,572

VIII-2a-f Program service revenue, itemized rows (sum of 2a–2f as filed)Related to mission $15,522,827 · Excluded from tax $439,046$15,961,873

VIII-3 Investment incomeUnrelated business $4,568 · Excluded from tax $774,033$778,601

VIII-6 Net rental income or lossRelated to mission $85,724$85,724

VIII-7 Net gain or loss on sales of assetsExcluded from tax $710,796$710,796

VIII-11a-d Other revenue, itemized rows (sum of 11a–11d as filed)Excluded from tax $1,149$1,149

VIII-12 Total revenueRelated to mission $15,558,424 · Unrelated business $4,568 · Excluded from tax $1,925,024$35,299,588

Part IX · Statement of functional expenses $22,856,945 across 18 lines filed

IX-2 Grants to domestic individualsPrograms $2,957,741$2,957,741

IX-5 Pay of current officers, directors and key staffPrograms $86,811 · Management $637,561 · Fundraising $120,945$845,317

IX-7 Other salaries and wagesPrograms $6,902,664 · Management $2,414,533 · Fundraising $793,622$10,110,819

IX-8 Pension plan contributionsPrograms $483,730$483,730

IX-9 Other employee benefitsPrograms $1,443,909$1,443,909

IX-10 Payroll taxesPrograms $594,888 · Management $198,296$793,184

IX-11b Legal feesPrograms $88,799 · Management $223,462$312,261

IX-11c Accounting feesManagement $54,555$54,555

IX-11f Investment management feesManagement $107,702$107,702

IX-11g Other fees for servicesPrograms $0 · Management $0 · Fundraising $0$0

IX-13 Office expensesPrograms $903,687 · Management $291,397 · Fundraising $310,744$1,505,828

IX-14 Information technologyPrograms $119,171$119,171

IX-16 OccupancyPrograms $502,768 · Management $105,360$608,128

IX-20 InterestPrograms $137,434$137,434

IX-22 Depreciation, depletion and amortizationPrograms $1,660,051 · Management $184,450$1,844,501

IX-23 InsurancePrograms $218,848 · Management $72,949$291,797

IX-24 Other expenses (24a–d)Programs $1,033,829 · Management $207,039$1,240,868

IX-24e All other expensesPrograms $0 · Management $0 · Fundraising $0$0

IX-25 Total functional expensesPrograms $17,134,330 · Management $4,497,304 · Fundraising $1,225,311$22,856,945

Part X · Balance sheet $106,872,973 assets, 20 lines filed

X-1 Cash, non-interest-bearingStart of year $2,311,260$4,290,180

X-2 Savings and temporary cash investmentsStart of year $7,384,358$7,638,370

X-3 Pledges and grants receivableStart of year $16,882,011$25,971,939

X-4 Accounts receivableStart of year $6,993,594$6,748,641

X-8 Inventories for sale or useStart of year $237,182$245,745

X-9 Prepaid expenses and deferred chargesStart of year $67,473$16,803

X-10c Land, buildings and equipment, netStart of year $21,207,794$21,759,019

X-11 Publicly traded securitiesStart of year $24,591,555$24,914,645

X-12 Other securitiesStart of year $14,633,670$15,174,127

X-15 Other assetsStart of year $95,036$113,504

X-16 Total assetsStart of year $94,403,933$106,872,973

X-17 Accounts payable and accrued expensesStart of year $21,192$85,636

X-19 Deferred revenueStart of year $12,920,878$13,124,804

X-20 Tax-exempt bond liabilitiesStart of year $6,018,434$5,321,064

X-25 Other liabilitiesStart of year $414,856$453,115

X-26 Total liabilitiesStart of year $19,375,360$18,984,619

X-27 Net assets without donor restrictionsStart of year $41,618,846$39,269,567

X-28 Net assets with donor restrictionsStart of year $33,409,727$48,618,787

X-32 Total net assets or fund balancesStart of year $75,028,573$87,888,354

X-33 Total liabilities and net assetsStart of year $94,403,933$106,872,973

Part XI · Reconciliation of net assets $87,888,354 net assets at year end

XI-1 Total revenue$35,299,588

XI-2 Total expenses$22,856,945

XI-3 Revenue less expenses$12,442,643

XI-4 Net assets at start of year$75,028,573

XI-5 Net unrealized gains (losses) on investments$488,106

XI-9 Other changes in net assets−$70,968

XI-10 Net assets at end of year$87,888,354

Form 990 e-file (XML) FY2025 from the IRS · Classification, formation year and address from the IRS Business Master File

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