Overview
What is Vibrant Memphis Inc?
Vibrant Memphis Inc, operating as EPICenter, is a nonprofit organization situated in Memphis, Tennessee. Its primary mission is to foster a vibrant and inclusive regional economy by offering comprehensive entrepreneurial support services. This includes mentorship, executive residencies, boot camp training, incubation and coworking spaces, attracting new capital, networking events, and corporate engagement. The organization works in collaboration with partners to optimally allocate resources within the entrepreneurial ecosystem of Memphis, ensuring equitable benefits for all residents. EPICenter aims to establish 500 businesses and assist 1,000 entrepreneurs over a decade, through talent attraction, business development, capital acquisition, and customer acquisition.
Official website here: www.epicentermemphis.org
What are the reviews and ratings of this charity?
Charity Navigator Rating: 93%, Four-Star out of Four Star Rating
Vibrant Memphis Inc has achieved a commendable Four-Star rating from Charity Navigator, reflecting its strong commitment to accountability and financial health. The organization excels in multiple areas, particularly in its Culture & Community score, which received a perfect 100. Its independent board structure is robust, with 90% of its members being independent, contributing to effective governance.
The financial metrics for Vibrant Memphis Inc are impressive, with a program expense ratio of 77.54%, indicating a significant portion of its budget is directed towards its core programs. The organization demonstrates strong oversight practices, as evidenced by its perfect scores across various accountability categories, including audit and oversight, conflict of interest policies, and financial disclosures.
However, a noted limitation involves the challenges the organization faces in collecting feedback from stakeholders, which may impact its ability to gauge community needs effectively. Despite this hurdle, the organization's high scores in feedback collection and usage suggest a proactive approach to addressing feedback when it is received. Overall, Vibrant Memphis Inc appears to be a well-managed nonprofit dedicated to its mission and community impact.
This AI summary has been generated from information found on Charity Navigator.
Is Vibrant Memphis Inc legitimate?
Vibrant Memphis Inc is a legitimate nonprofit organization registered as a 501(c)(3) entity. Vibrant Memphis Inc 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: $339,772
Professional Fundraising Fees: $0
Other Salaries and Wages: $1,219,009
For more financial information, click here
Official website here: www.epicentermemphis.org
What is the mission statement of Vibrant Memphis Inc?
Vibrant Memphis Inc serves as a hub for entrepreneurial support, aiming to establish 500 businesses and assist 1,000 entrepreneurs within a decade. Their strategy encompasses attracting and nurturing talent, transforming ideas into businesses, attracting capital, and aiding in customer acquisition. They offer a variety of services such as mentorship, executive residencies, boot camp training, incubation and coworking spaces, and networking events, among others. Vibrant Memphis Inc collaborates with partners to strengthen the entrepreneurial ecosystem, ensuring resources are utilized effectively. Their goal is to promote economic development, benefiting all residents of the area equitably, with diversity and inclusion being a fundamental aspect of their operations.
Official website here: www.epicentermemphis.org
Who is the CEO of Vibrant Memphis Inc?
Russell Ingram is the President & Ceo of Vibrant Memphis Inc. The CEO's salary of Vibrant Memphis Inc is $167,584 and their total compensation is $167,584.
Official website here: www.epicentermemphis.org
What is the revenue of Vibrant Memphis Inc?
Vibrant Memphis Inc's revenue in 2022 was $1,271,310.
Official website here: www.epicentermemphis.org
Who are the executives of Vibrant Memphis Inc and what are their salaries?
The average compensation at Vibrant Memphis Inc during 2022 was $77,939. There are 20 employees at Vibrant Memphis Inc.
Here are 13 key members and their salaries (Vibrant Memphis Inc's CEO's salary is $167,584 and their total compensation is $167,584):
- Compensation: $167,584
- Related: $0
- Other: $0
- Compensation: $172,188
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- Compensation: $119,554
- Related: $0
- Other: $0
Official website here: www.epicentermemphis.org
Where can I find the form 990 for Vibrant Memphis Inc?
Vibrant Memphis Inc's most recent form 990 was submitted in 2022 and can be accessed here.
Official website here: www.epicentermemphis.org
Learn more at the official website: www.epicentermemphis.org
Mission Statement of Vibrant Memphis Inc
Vibrant Memphis Inc, serving as a hub for entrepreneurial support in Memphis, aims to create a thriving regional economy by driving strategy and measuring impact among a network of partners. Their mission is twofold: firstly, they aim to establish 500 companies and serve 1000 entrepreneurs within a decade. This is achieved through the attraction and development of talent, converting ideas into businesses, attracting capital, and assisting in customer acquisition. Secondly, Vibrant Memphis Inc strives to strengthen the entrepreneurial ecosystem, ensuring that available resources are deployed effectively. They provide a full range of entrepreneurial support services, including mentorship, executive residencies, boot camp training, incubation and coworking spaces, the attraction of new debt and equity capital, networking and events, and corporate and customer engagement. Their services are designed to bring the benefits of economic development to all residents of Memphis equitably, with diversity and inclusion being a critical part of their operations.
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Impact
July, 2024
Vibrant Memphis Inc plays a pivotal role in creating a just, inclusive, and growing regional economy by driving strategic initiatives and measuring their impact through a network of partners. The organization focuses on increasing support for new and existing entrepreneurs in converting ideas into successful businesses, developing talent, attracting capital, and acquiring customers. By offering a full range of entrepreneurial support services such as mentorship, boot camp training, incubation, coworking spaces, and events, Vibrant Memphis Inc actively contributes to strengthening the entrepreneurial ecosystem in Memphis. Furthermore, its commitment to diversity and inclusion ensures that the benefits of economic development are equitably distributed among all residents of Memphis. Through its mission to create 500 companies and serve 1000 entrepreneurs in 10 years, Vibrant Memphis Inc plays a crucial role in fostering community improvement and economic growth in the region.
This information is meant to be a general summary of Vibrant Memphis Inc. 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: $170,014
- Program Service Revenue: $323,467
- Gross Receipts: $1,326,310
Assets and Liabilities:
- Total Assets: $17,288,383
- Total Liabilities: $3,789,977
- Net Assets: $13,498,406
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Programs
Programs are reported by nonprofits in their tax forms and are normally their tax-exempt activities.
COWORKING FEES
Revenue
$195,667
SERVICES
Revenue
$127,800
Organization Details
Founding Year
2017
Phone
(901) 500-6368Principal Officer
Russell Ingram
Main Address
150 PEABODY PLACE LOWER LEVEL, MEMPHIS, TN, 38103
Website
www.epicentermemphis.orgNTEE Category
Code: S30 - Community improvement
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