Overview
What is Memphis Library Foundation?
The Memphis Library Foundation, based at 3030 Poplar Avenue, Memphis, Tennessee 38111, is a dedicated nonprofit organization. Its primary mission is to enhance the collections of the Memphis Public Library, thereby contributing to the intellectual growth and experiences of the community. By raising awareness and amassing funds, this foundation plays a pivotal role in the transformation of Memphis, fostering a city that values knowledge and shared experiences. With a team of four employees, the Memphis Library Foundation is an integral part of the local educational landscape, continually supporting the Memphis Public Libraries.
Official website here: www.memphislibraryfoundation.org
What are the reviews and ratings of this charity?
Charity Navigator Rating 90% - Four-Star out of Four Star Rating
The Memphis Library Foundation has achieved a strong Four-Star rating from Charity Navigator, reflecting a high level of accountability and finance management. The overall score is based solely on the Accountability & Finance category, where the organization excelled with a score of 90%. This rating signifies that the foundation operates with transparency and integrity, making it a reliable choice for potential donors.
Strengths include a fully independent board with eight members, excellent oversight through an audit committee, and a strong record of no material diversion of assets. Their financial management is also commendable, with a low liabilities to assets ratio and a solid program expense ratio of 68.25%, indicating that a significant portion of their budget is directed towards programs rather than administrative costs.
However, there are a couple of areas for improvement, notably the lack of a whistleblower policy and document retention policy. These gaps, while not detrimental to their overall score, suggest that there is still room for enhancing governance practices. Overall, the Memphis Library Foundation demonstrates effective financial stewardship while remaining committed to its mission.
This AI summary has been generated from information found on Charity Navigator.
Is Memphis Library Foundation legitimate?
Memphis Library Foundation is a legitimate nonprofit organization registered as a 501(c)(3) entity. Memphis Library Foundation submitted a form 990, which is a tax form used by tax-exempt organizations in the U.S., indicating its operational transparency and adherence to regulatory requirements. Donations to this organization are tax deductible.
Heare are some key statistics you may want to consider:
Executive Compensation: $110,000
Professional Fundraising Fees: $0
Other Salaries and Wages: $74,817
For more financial information, click here
Official website here: www.memphislibraryfoundation.org
What is the mission statement of Memphis Library Foundation?
The Memphis Library Foundation, in its mission, aims to transform communities by fostering knowledge and experiences. They accomplish this by raising awareness and securing funds for the public libraries in Memphis. Their primary goal is to enhance the library collections, thereby promoting learning and personal growth for a diverse population. The foundation's activities contribute to enriching the intellectual and cultural landscape of the communities they serve.
Official website here: www.memphislibraryfoundation.org
Who is the CEO of Memphis Library Foundation?
Christine Weinreich is the Chairman of Memphis Library Foundation.
Official website here: www.memphislibraryfoundation.org
What is the revenue of Memphis Library Foundation?
Memphis Library Foundation's revenue in 2022 was $5,043,192.
Official website here: www.memphislibraryfoundation.org
Who are the executives of Memphis Library Foundation and what are their salaries?
The average compensation at Memphis Library Foundation during 2022 was $46,204. There are 4 employees and 17 volunteers at Memphis Library Foundation.
Here are 18 key members and their salaries:
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Official website here: www.memphislibraryfoundation.org
Where can I find the form 990 for Memphis Library Foundation?
Memphis Library Foundation's most recent form 990 was submitted in 2022 and can be accessed here.
Official website here: www.memphislibraryfoundation.org
Learn more at the official website: www.memphislibraryfoundation.org
Mission Statement of Memphis Library Foundation
The Memphis Library Foundation plays a significant role in transforming the city of Memphis by raising awareness and securing funds for its public libraries. Their mission is to enhance the knowledge and experiences of the community through these libraries, thereby contributing to the city's overall development. The foundation's primary objective is to improve the collections within the Memphis Public Libraries, thereby providing access to a wider range of resources and opportunities for learning. By supporting this vital institution, the Memphis Library Foundation is instrumental in fostering an environment that encourages lifelong learning and fosters personal growth among its city's residents.
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Impact
July, 2024
Memphis Library Foundation has a significant impact on the community by enhancing the collections of the Memphis Public Library. Through raising awareness and funds, the foundation transforms Memphis through knowledge and experiences, making valuable resources accessible to the public. This contributes to the educational development and enrichment of individuals in Memphis, providing a platform for lifelong learning and growth.
This information is meant to be a general summary of Memphis Library Foundation. Please take the time to review official sources before making any decisions based upon the content provided here.
Financials
This financial information is from Propublica.
Other financial information:
This information is from the most recently submitted tax form from this organization, which was in 2022.
- Investment Income: $391,350
- Program Service Revenue: $84,828
- Gross Receipts: $5,469,222
Assets and Liabilities:
- Total Assets: $12,009,130
- Total Liabilities: $38,412
- Net Assets: $11,970,718
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Programs
Programs are reported by nonprofits in their tax forms and are normally their tax-exempt activities.
SERVICE FEES
Revenue
$84,828
Organization Details
Founding Year
1995
Phone
(901) 415-2831Principal Officer
Christine Weinreich
Main Address
3030 POPLAR AVENUE, MEMPHIS, TN, 38111
NTEE Category
Code: B110 - Education
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