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Memphis Construction Benefit Fund

Not tax-deductible

Goodlettsvlle, TNMutual-benefit / member-servingEIN 62-0933920Revenue $3.1M in FY2024

On file with the IRSPo Box 1449, 37070-1449 · Goodlettsvlle, TNTax-exempt since Mar 1975

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Provision of benefits to participants.

Mission: Form 990 Part I, line 1

Before you give

FY2024 · Form 990Independent: from IRS data, not the org
Download 990
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
2 of 5
filings with a surplus
Average deficit $178K a year · 6% of revenue · last 5 filings
Concern: a surplus in 2 of the last 5 filings.
Pt I · Ln 19 · 5 filings
Spent on programs
0%
of spending
Concern: 0% of spending went to programs; under 50%.
Pt IX · Ln 25 · col B
Cash reserves
<1 mo
of spending, in cash
Worth a look: 0.6 months of spending in cash; under 1.
Pt X · Ln 1–2 · Pt I · Ln 18
Liabilities
$2.2M
31% of total assets
Looks good: liabilities are 31% of assets; 50% or less.
Pt X · Ln 26
Independent board members
5
of 5 voting members
Looks good: 5 of 5 voting members are independent, a majority.
Pt VI · Ln 1a–1b
Looks goodFineWorth a lookConcernNo data yetTap a box for the reason.
Revenue
$3.1M
+1% vs prior year
Spent
$4.4M
To programs
0%
Net assets
$4.8M
By yearFY2020–FY2024
Revenue
$3.1M
FY2024▲ +1%
Tap a bar for its year
Revenue by fiscal year
FY2020$2.7M
FY2021$3.0M
FY2022$2.5M
FY2023$3.1M
FY2024$3.1M
Expenses
$4.4M
FY2024▲ +88%
Tap a bar for its year
Expenses by fiscal year
FY2020$3.0M
FY2021$2.7M
FY2022$2.8M
FY2023$2.3M
FY2024$4.4M
Net assets
$4.8M
FY2024▼ -21%
Tap a bar for its year
Net assets by fiscal year
FY2020$5.4M
FY2021$5.7M
FY2022$5.3M
FY2023$6.1M
FY2024$4.8M

From the FY2024 Form 990 · figures checked against the IRS filing · see the original

Form 990 (PDF) Claim

Is it real?

Yes. Never revoked by the IRS. Latest filing on record: FY2024. IRS ruling in Mar 1975.

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

Who runs it and what they're paid

5 people listed on the 990.

Part VII, Section A · reportable compensation
$0Pt VII · Sec A
$0Pt VII · Sec A
$0Pt VII · Sec A
$0Pt VII · Sec A
$0Pt VII · Sec A
See Memphis Construction Benefit Fund 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 2Yes
  • Top official's pay set by an independent reviewPt VI · Ln 15aYes

Programs and updates

Provides benefits to participants.

Questions for Memphis Construction Benefit Fund

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Provided by the organization

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1 program · in their own filed words · FY2024
01

The provision of health, dental, vision, temporary disability and life insurance benefits to plan participants.

Pt IX · col B

By the numbers

The FY2024 990, line by line.

Download 990
from philanthropy.org
1The main four
Money inPt VIII
$3.1M
Ln 12
Fees for servicesLn 2g$2.8M
Investment incomeLn 3$269K
Other incomeLn 4–11$57K
Money outPt IX
$4.4M
Ln 25
Owns and owesPt X
$4.8M
net assets · Ln 32
Cash and savingsLn 1–2$215K
Total assetsLn 16$7.0M
LiabilitiesLn 26$2.2M
PeoplePt VI, VII
5
listed · VII A
PaidVII A0
Voting boardVI 1a5
IndependentVI 1b5
2In more detail
Revenue in detailPt VIII
Fees for servicesLn 2g$2.8M
Investment incomeLn 3$269K
Other incomeLn 4–11$57K
Gains on assetsLn 7$37K
Total revenueLn 12$3.1M
Assets in detailPt X, end of year
CashLn 1$96K
SavingsLn 2$119K
Cash and savings togetherLn 1–2$215K
InvestmentsLn 11–13$6.4M
Total assetsLn 16$7.0M
LiabilitiesLn 26$2.2M
Net assetsLn 32$4.8M
OperationsPt I, VI
EmployeesI 53
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$361K$215K
InvestmentsLn 11–13$6.9M$6.4M
Total assetsLn 16$7.5M$7.0M
LiabilitiesLn 26$1.5M$2.2M
Net assetsLn 32$6.1M$4.8M
4Every line
Statement of functional expensesPt IX · every line
LineTotalProgramsManagementFundraising
Benefits paid to or for membersLn 4$3.7M
Payroll taxesLn 10$1K
Management feesLn 11a$68K
Legal feesLn 11b$8K
Accounting feesLn 11c$14K
Investment management feesLn 11f$20K
Other fees for servicesLn 11g$143K
Office expensesLn 13$5K
Conferences, conventions and meetingsLn 19$5K
InsuranceLn 23$239K
Other expenses (24a–d)Ln 24$124K
All other expensesLn 24e$7K
Total functional expensesLn 25$4.4M$0$0$0

Filing history

YearMoney inMoney outIn minus outNet assetsDownload
FY2024 Latest Viewing $3.1M$4.4M−$1.3M$4.8M 990 PDF
FY2023 $3.1M$2.3M$721K$6.1M 990 PDF
FY2022 $2.5M$2.8M−$316K$5.3M 990 PDF
FY2021 $3.0M$2.7M$283K$5.7M 990 PDF
FY2020 $2.7M$3.0M−$282K$5.4M 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 $3,083,429 revenue, 12 lines filed
I-8 Contributions and grants$0
I-9 Program service revenuePrior year $2,718,839$2,757,660
I-10 Investment incomePrior year $320,267$268,929
I-11 Other revenuePrior year $13,182$56,840
I-12 Total revenuePrior year $3,052,288$3,083,429
I-13 Grants and similar amounts paid$0
I-14 Benefits paid to membersPrior year $1,750,867$3,745,493
I-15 Salaries and benefitsPrior year $404$1,328
I-16a Professional fundraising fees$0
I-17 Other expensesPrior year $579,951$634,341
I-18 Total expensesPrior year $2,331,222$4,381,162
I-19 Revenue less expensesPrior year $721,066−$1,297,733
Part VI · Governance 5 of 5 board members independent, 1 to look at
VI-1a Voting members of the governing body5
VI-1b Independent voting members5
VI-2 Family or business relationship among officers or directorsYes
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 $3,083,429 across 5 lines filed
VIII-2a-f Program service revenue, itemized rows (sum of 2a–2f as filed)Related to mission $2,757,660$2,757,660
VIII-3 Investment incomeExcluded from tax $232,182$232,182
VIII-7 Net gain or loss on sales of assetsExcluded from tax $36,747$36,747
VIII-11a-d Other revenue, itemized rows (sum of 11a–11d as filed)Related to mission $56,840$56,840
VIII-12 Total revenueRelated to mission $2,814,500 · Excluded from tax $268,929$3,083,429
Part IX · Statement of functional expenses $4,381,162 across 12 lines filed
IX-4 Benefits paid to or for members$3,745,493
IX-10 Payroll taxes$1,328
IX-11a Management fees$68,400
IX-11b Legal fees$8,283
IX-11c Accounting fees$14,500
IX-11f Investment management fees$20,454
IX-11g Other fees for services$143,084
IX-13 Office expenses$4,613
IX-19 Conferences, conventions and meetings$5,183
IX-23 Insurance$238,644
IX-24 Other expenses (24a–d)$123,879
IX-24e All other expenses$7,301
IX-25 Total functional expensesPrograms $0 · Management $0 · Fundraising $0$4,381,162
Part X · Balance sheet $6,957,305 assets, 11 lines filed
X-1 Cash, non-interest-bearingStart of year $253,828$95,882
X-2 Savings and temporary cash investmentsStart of year $107,226$119,451
X-4 Accounts receivableStart of year $275,904$277,934
X-9 Prepaid expenses and deferred chargesStart of year $21,373$23,136
X-11 Publicly traded securitiesStart of year $6,869,592$6,440,902
X-16 Total assetsStart of year $7,527,923$6,957,305
X-17 Accounts payable and accrued expensesStart of year $1,457,301$2,184,416
X-26 Total liabilitiesStart of year $1,457,301$2,184,416
X-27 Net assets without donor restrictionsStart of year $6,070,622$4,772,889
X-32 Total net assets or fund balancesStart of year $6,070,622$4,772,889
X-33 Total liabilities and net assetsStart of year $7,527,923$6,957,305
Part XI · Reconciliation of net assets $4,772,889 net assets at year end
XI-1 Total revenue$3,083,429
XI-2 Total expenses$4,381,162
XI-3 Revenue less expenses−$1,297,733
XI-4 Net assets at start of year$6,070,622
XI-10 Net assets at end of year$4,772,889

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

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