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Turley Foundation INC FY2021 filing

Tax-deductible

Memphis, TN501(c)(3) EIN 62-1557849Revenue $581K in FY2021Latest return filed Aug 12, 2025

On file with the IRScfgm.org1900 Union Ave, 38104-4029 · Memphis, TNTax-exempt since Apr 1994Supporting organization — 509(a)(3)

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The primary exempt purpose of the organization is to assist the Community Foundation of Greater Memphis, Inc. in carrying out its charitable mission.

501(c)(3) charity; gifts are tax-deductible.
62¢ of each $1 spent went to programs.
Mission: Form 990 Part I, line 1 · Status: IRS Pub. 78 · Programs: Part IX

Before you give

FY2021 · 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
3 of 5
filings with a surplus
Average surplus $182K a year · 16% 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
Cash reserves
72 mo
of spending, in cash
Plus $48.4M in investments, Pt X · Ln 11–13
Looks good: 71.5 months of spending in cash; 3 or more.
Pt X · Ln 1–2 · Pt I · Ln 18
Liabilities
$0
0% of total assets
Looks good: liabilities are 0% of assets; 50% or less.
Pt X · Ln 26
Independent board members
0
of 5 voting members
Concern: none of 5 voting members are independent.
Pt VI · Ln 1a–1b
Looks goodFineWorth a lookConcernNo data yetTap a box for the reason.
Revenue
$581K
Spent
$298K
To programs
62%
Net assets
$50.2M
By yearFY2021–FY2025
Revenue
$581K
FY2021
Tap a bar for its year
Revenue by fiscal year
FY2021$581K
FY2022$2.1M
FY2023$1.9M
FY2024$456K
FY2025$538K
Expenses
$298K
FY2021
Tap a bar for its year
Expenses by fiscal year
FY2021$298K
FY2022$887K
FY2023$624K
FY2024$582K
FY2025$2.3M
Net assets
$50.2M
FY2021
Tap a bar for its year
Net assets by fiscal year
FY2021$50.2M
FY2022$43.7M
FY2023$44.6M
FY2024$55.2M
FY2025$57.9M

From the FY2021 Form 990 (year ending April 2021) · figures checked against the IRS filing · see the original

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You’re viewing the FY2021 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 Apr 1994.

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% · $184K Management & general 38% · $114K

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

Something off? Claim to add context

Who runs it and what they're paid

5 people listed on the 990.

Part VII, Section A · reportable compensation · most recent filed roster (FY2020); the FY2021 filing did not itemize Part VII
$0Pt VII · Sec A
$0Pt VII · Sec A
$0Pt VII · Sec A
$0Pt VII · Sec A
Alex Turley
Director
$0Pt VII · Sec A
See Turley Foundation INC executive salaries →

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 15aNo

Programs and updates

Supports a community foundation's charitable work.

Questions for Turley Foundation INC

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Your first name shows with your question. Turley Foundation INC answers here, for everyone.

1 program · $184K · in their own filed words · FY2020
01

The Foundation's only program is to accept property for use exclusively for religious, charitable, scientific, literary, or educational purposes primarily in and for the benefit of Memphis and Shelby County.

$184Kprogram expense

Funders

Who pays for it.

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

Grants

Schedule I · this organization's grantmaking
Grants paid · 70 grants · $3.0M · 2020–2024
Church Health Center of Memphis INCTN · FY2024$500,000
Memphis Brooks Museum of Art INCTN · FY2024$250,000
Habitat for Humanity of Greater MemphisTN · FY2024$250,000
Bridges USA INCTN · FY2024$125,000
New Memphis InstituteTN · FY2024$30,000
SoulsvilleTN · FY2024$25,000
Emmanuel Episcopal CenterTN · FY2024$25,000
Protect Our AquiferTN · FY2024$20,000
New Ballet EnsembleTN · FY2024$20,000
Clean Memphis OrganizationTN · FY2024$20,000
Memphis Teacher Residency INCTN · FY2024$15,000
Hattiloo TheatreTN · FY2024$15,000
St John's United Methodist ChurchFY2024$13,000
Teach for America INCNY · FY2024$10,000
Boy Scouts of America INC 558 Chickasaw CouncilTN · FY2024$10,000
Lorraine Civil Rights Museum FoundationTN · FY2023$100,000
Church Health Center of Memphis INCFY2023$32,400
New Memphis InstituteTN · FY2023$30,000
See all 70 grants →

By the numbers

The FY2021 990, line by line.

Download 990
from philanthropy.org
1The main four
Money inPt VIII
$581K
Ln 12
Investment incomeLn 3$581K
Money outPt IX
$298K
Ln 25
Programscol B$184K
Managementcol C$114K
Owns and owesPt X
$50.2M
net assets · Ln 32
Cash and savingsLn 1–2$1.8M
Total assetsLn 16$50.2M
LiabilitiesLn 26$0
PeoplePt VI, VII
5
listed · VII A
PaidVII A0
Voting boardVI 1a5
IndependentVI 1b0
2In more detail
Revenue in detailPt VIII
Investment incomeLn 3$581K
Gains on assetsLn 7$36K
Total revenueLn 12$581K
Assets in detailPt X, end of year
CashLn 1$1.7M
SavingsLn 2$74K
Cash and savings togetherLn 1–2$1.8M
InvestmentsLn 11–13$48.4M
Land, buildings, equipmentLn 10c$0
Other assetsLn 15$0
Total assetsLn 16$50.2M
LiabilitiesLn 26$0
Net assetsLn 32$50.2M
OperationsPt I, VI
EmployeesI 50
VolunteersI 62
Fiscal year endsHeaderApril
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 FY21End FY21
Cash and savingsLn 1–2$835K$1.8M
InvestmentsLn 11–13$33.2M$48.4M
Land, buildings, equipmentLn 10c$0$0
Total assetsLn 16$34.0M$50.2M
LiabilitiesLn 26$0$0
Net assetsLn 32$34.0M$50.2M
4Every line
Statement of functional expensesPt IX · every line
LineTotalProgramsManagementFundraising
Grants to domestic organizationsLn 1$184K$184K
Management feesLn 11a$93K$93K
Legal feesLn 11b$20$20
Investment management feesLn 11f$21K$21K
Other fees for servicesLn 11g$0$0$0$0
All other expensesLn 24e$0$0$0$0
Total functional expensesLn 25$298K$184K$114K$0

Filing history

YearMoney inMoney outIn minus outNet assetsDownload
FY2025 LatestFiled with the IRS Aug 12, 2025 $538K$2.3M−$1.7M$57.9M 990 PDF
FY2024Filed with the IRS Jan 28, 2025 $456K$582K−$126K$55.2M 990 PDF
FY2023Filed with the IRS Aug 30, 2023 $1.9M$624K$1.3M$44.6M 990 PDF
FY2022Filed with the IRS Mar 9, 2023 $2.1M$887K$1.2M$43.7M 990 PDF
FY2021 ViewingFiled with the IRS Feb 11, 2022 $581K$298K$283K$50.2M 990 PDF

Schedules filed Part IV

III · Programs R · Related orgs G · Fundraising L · Interested persons I · Grants A · Public support O · Explanations
See the full FY2021 990 (6 parts)
Part I · Summary $580,903 revenue, 12 lines filed
I-8 Contributions and grantsPrior year $2,455,790$0
I-9 Program service revenue$0
I-10 Investment incomePrior year $681,200$580,903
I-11 Other revenuePrior year $14,716$0
I-12 Total revenuePrior year $3,151,706$580,903
I-13 Grants and similar amounts paidPrior year $1,386,150$183,900
I-14 Benefits paid to members$0
I-15 Salaries and benefits$0
I-16a Professional fundraising fees$0
I-17 Other expensesPrior year $105,844$114,137
I-18 Total expensesPrior year $1,491,994$298,037
I-19 Revenue less expensesPrior year $1,659,712$282,866
Part VI · Governance 0 of 5 board members independent, 2 to look at
VI-1a Voting members of the governing body5
VI-1b Independent voting members0
VI-2 Family or business relationship among officers or directorsYes
VI-15a Process for setting top official's payNo
VI-12a Written conflict of interest policyYes
VI-13 Written whistleblower policyYes
VI-14 Document retention and destruction policyYes
Part VIII · Statement of revenue $580,903 across 4 lines filed
VIII-1h Total contributions, gifts and grants$0
VIII-3 Investment incomeExcluded from tax $545,349$545,349
VIII-7 Net gain or loss on sales of assetsExcluded from tax $35,554$35,554
VIII-12 Total revenueRelated to mission $0 · Unrelated business $0 · Excluded from tax $580,903$580,903
Part IX · Statement of functional expenses $298,037 across 6 lines filed
IX-1 Grants to domestic organizationsPrograms $183,900$183,900
IX-11a Management feesManagement $93,444$93,444
IX-11b Legal feesManagement $20$20
IX-11f Investment management feesManagement $20,673$20,673
IX-11g Other fees for servicesPrograms $0 · Management $0 · Fundraising $0$0
IX-24e All other expensesPrograms $0 · Management $0 · Fundraising $0$0
IX-25 Total functional expensesPrograms $183,900 · Management $114,137 · Fundraising $0$298,037
Part X · Balance sheet $50,157,104 assets, 11 lines filed
X-1 Cash, non-interest-bearingStart of year $483,333$1,702,052
X-2 Savings and temporary cash investmentsStart of year $351,343$73,979
X-10c Land, buildings and equipment, netStart of year $0$0
X-11 Publicly traded securitiesStart of year $33,168,511$48,381,073
X-15 Other assetsStart of year $0$0
X-16 Total assetsStart of year $34,003,187$50,157,104
X-25 Other liabilitiesStart of year $0$0
X-26 Total liabilitiesStart of year $0$0
X-27 Net assets without donor restrictionsStart of year $34,003,187$50,157,104
X-32 Total net assets or fund balancesStart of year $34,003,187$50,157,104
X-33 Total liabilities and net assetsStart of year $34,003,187$50,157,104
Part XI · Reconciliation of net assets $50,157,104 net assets at year end
XI-1 Total revenue$580,903
XI-2 Total expenses$298,037
XI-3 Revenue less expenses$282,866
XI-4 Net assets at start of year$34,003,187
XI-5 Net unrealized gains (losses) on investments$15,871,051
XI-9 Other changes in net assets$0
XI-10 Net assets at end of year$50,157,104

Form 990 e-file (XML) FY2021 from the IRS · Classification, formation year and address from the IRS Business Master File

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