Grace Foundation Of Memphis Inc

Memphis, TN
Tax-exempt since May 1992
EIN: 62-1469984

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Type of Nonprofit

Designated as a 501(c)(3) Organizations for any of the following purposes: religious, educational, charitable, scientific, literary, testing for public safety, fostering national or international amateur sports competition (as long as it doesn't provide athletic facilities or equipment), or the prevention of cruelty to children or animals.

Category: Philanthropy, Voluntarism and Grantmaking Foundations / Private Grantmaking Foundations (NTEE)

Donations to this organization are tax deductible.

Revenue

$2.46M (2024)

Expenses

$2.03M (2024)

Total Assets

$31.9M (2024)

Total Liabilities

$0 (2024)

Source: Form 990 tax filings from 2012 to 2024

Tax Filings by Year

Form 990 is an information return that most organizations claiming federal tax-exempt status must file yearly with the IRS. Nonprofit Explorer has IRS digitized Form 990 data for filings processed in 2012 and later. If this organization filed an amended return, it may not be reflected below. Duplicate download links may indicate a resubmission or amendment to this organization's original return. Form 990 data is from the IRS.

Fiscal Year Ending April
2024

Revenue

$2,463,001

Expenses

$2,031,376

Net Income

$431,625

Net Assets

$31,854,145

Notable Sources of Revenue		Percent of Total Revenue
Contributions Received	$300,000	12.2%
Interest Revenue	$0
Dividends	$1,912,332	77.6%
Sales of Assets	$163,216	6.6%
Other Income	$87,421	3.5%

Notable Expenses		Percent of Total Expenses
Charitable Disbursements	$1,702,335	83.8%
Compensation of Officers*	$0
* Officer compensation may be included in charitable disbursements, so Percent of Total Expenses may add up to greater than 100%.

Assets/Debt
Total Assets	$31,854,145
Total Liabilities	$0
Net Assets	$31,854,145

Compensation

Key Employees and Officers	Compensation	Other
Harry L Smith (Chairman Of The Board)	$0	$0
Mary Elizabeth Smith (Vice Chairman Of The Board)	$0	$0
Leslie Jones (Secretary/Treasurer)	$0	$0
Shana R South (Chief Financial Officer)	$0	$0
B Rex Jones (President/Chief Executive)	$0	$0

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990-PF

Filed on Jan. 29, 2025

Primary tax return for a private foundation's activities, finances, and governance

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Schedules ▼

XML

Fiscal Year Ending April
2023

Revenue

$476,406

Expenses

$2,349,852

Net Income

-$1,873,446

Net Assets

$32,091,556

Notable Sources of Revenue		Percent of Total Revenue
Contributions Received	$100,000	21.0%
Interest Revenue	$0
Dividends	$839,838	> 100%
Sales of Assets	-$541,683
Other Income	$78,251	16.4%

Notable Expenses		Percent of Total Expenses
Charitable Disbursements	$2,148,000	91.4%
Compensation of Officers*	$0
* Officer compensation may be included in charitable disbursements, so Percent of Total Expenses may add up to greater than 100%.

Assets/Debt
Total Assets	$32,094,250
Total Liabilities	$2,694
Net Assets	$32,091,556

Compensation

Key Employees and Officers	Compensation	Other
Harry L Smith (Chairman Of The Board)	$0	$0
Mary Elizabeth Smith (Vice Chairman Of The Board)	$0	$0
Leslie Jones (Secretary/Treasurer)	$0	$0
Shana R South (Chief Financial Officer)	$0	$0
B Rex Jones (President/Chief Executive)	$0	$0

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990-PF

Filed on Feb. 1, 2024

Primary tax return for a private foundation's activities, finances, and governance

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Schedules ▼

PDF XML

990-T

For unrelated business income from activities not substantially related to the organization's tax-exempt purpose

PDF

Fiscal Year Ending April
2022

Revenue

$1,330,944

Expenses

$2,382,218

Net Income

-$1,051,274

Net Assets

$34,211,914

Notable Sources of Revenue		Percent of Total Revenue
Contributions Received	$0
Interest Revenue	$0
Dividends	$723,343	54.3%
Sales of Assets	$456,553	34.3%
Other Income	$151,048	11.3%

Notable Expenses		Percent of Total Expenses
Charitable Disbursements	$1,989,984	83.5%
Compensation of Officers*	$0
* Officer compensation may be included in charitable disbursements, so Percent of Total Expenses may add up to greater than 100%.

Assets/Debt
Total Assets	$34,214,951
Total Liabilities	$3,037
Net Assets	$34,211,914

Compensation

Key Employees and Officers	Compensation	Other
Harry L Smith (Chairman Of The Board)	$0	$0
Mary Elizabeth Smith (Vice Chairman Of The Board)	$0	$0
Leslie Jones (Secretary/Treasurer)	$0	$0
Shana R South (Chief Financial Officer)	$0	$0
B Rex Jones (President/Chief Executive)	$0	$0

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990-PF

Filed on Feb. 10, 2023

Primary tax return for a private foundation's activities, finances, and governance

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Schedules ▼

PDF XML

990-T

For unrelated business income from activities not substantially related to the organization's tax-exempt purpose

PDF

Fiscal Year Ending April
2021

Revenue

$3,475,833

Expenses

$2,174,822

Net Income

$1,301,011

Net Assets

$39,015,285

Notable Sources of Revenue		Percent of Total Revenue
Contributions Received	$0
Interest Revenue	$0
Dividends	$392,657	11.3%
Sales of Assets	$2,836,135	81.6%
Other Income	$247,041	7.1%

Notable Expenses		Percent of Total Expenses
Charitable Disbursements	$2,021,100	92.9%
Compensation of Officers*	$0
* Officer compensation may be included in charitable disbursements, so Percent of Total Expenses may add up to greater than 100%.

Assets/Debt
Total Assets	$39,021,076
Total Liabilities	$5,791
Net Assets	$39,015,285

Compensation

Key Employees and Officers	Compensation	Other
Harry L Smith (Chairman Of The Board)	$0	$0
Mary Elizabeth Smith (Vice Chairman Of The Board)	$0	$0
Leslie Jones (Secretary/Treasurer)	$0	$0
Shana R South (Chief Financial Officer)	$0	$0
B Rex Jones (President/Chief Executive)	$0	$0

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990-PF

Filed on March 8, 2022

Primary tax return for a private foundation's activities, finances, and governance

View Filing

Schedules ▼

PDF XML

Fiscal Year Ending Aug.
2020

Extracted financial data is not available for the forms filed in this tax period, but Form 990 documents are available for download.

990-T

For unrelated business income from activities not substantially related to the organization's tax-exempt purpose

PDF

Fiscal Year Ending April
2020

Revenue

$1,194,494

Expenses

$1,807,198

Net Income

-$612,704

Net Assets

$33,247,818

Notable Sources of Revenue		Percent of Total Revenue
Contributions Received	$270,000	22.6%
Interest Revenue	$0
Dividends	$476,390	39.9%
Sales of Assets	$307,487	25.7%
Other Income	$140,617	11.8%

Notable Expenses		Percent of Total Expenses
Charitable Disbursements	$1,707,770	94.5%
Compensation of Officers*	$0
* Officer compensation may be included in charitable disbursements, so Percent of Total Expenses may add up to greater than 100%.

Assets/Debt
Total Assets	$33,250,500
Total Liabilities	$2,682
Net Assets	$33,247,818

Compensation

Key Employees and Officers	Compensation	Other
Harry L Smith (Chairman Of The Board)	$0	$0
Mary Elizabeth Smith (Vice Chairman Of The Board)	$0	$0
Leslie Jones (Secretary/Treasurer)	$0	$0
Shana R South (Chief Financial Officer)	$0	$0
B Rex Jones (President/Chief Executive)	$0	$0

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990-PF

Filed on Feb. 26, 2021

Primary tax return for a private foundation's activities, finances, and governance

View Filing

Schedules ▼

PDF XML

Fiscal Year Ending April
2019

Revenue

$1,312,720

Expenses

$1,069,552

Net Income

$243,168

Net Assets

$35,068,585

Notable Sources of Revenue		Percent of Total Revenue
Contributions	$400,000	30.5%
Program Services	$0
Investment Income	$406,200	30.9%
Bond Proceeds	$0
Royalties	$4,175	0.3%
Rental Property Income	$597	0.0%
Net Fundraising	$0
Sales of Assets	$485,782	37.0%
Net Inventory Sales	$0
Other Revenue	$15,966	1.2%

Notable Expenses		Percent of Total Expenses
Executive Compensation	$0
Professional Fundraising Fees	$0
Other Salaries and Wages	$0

Assets/Debt
Total Assets	$35,071,494
Total Liabilities	$2,909
Net Assets	$35,068,585

990

Primary tax return for a nonprofit’s activities, finances, and governance

PDF

990-T

For unrelated business income from activities not substantially related to the organization's tax-exempt purpose

PDF

Fiscal Year Ending April
2018

Revenue

$1,304,345

Expenses

$1,521,942

Net Income

-$217,597

Net Assets

$34,745,520

Notable Sources of Revenue		Percent of Total Revenue
Contributions	$200,000	15.3%
Program Services	$0
Investment Income	$393,142	30.1%
Bond Proceeds	$0
Royalties	$1,831	0.1%
Rental Property Income	-$5,768
Net Fundraising	$0
Sales of Assets	$727,794	55.8%
Net Inventory Sales	$0
Other Revenue	-$12,654

Notable Expenses		Percent of Total Expenses
Executive Compensation	$0
Professional Fundraising Fees	$0
Other Salaries and Wages	$0

Assets/Debt
Total Assets	$34,748,438
Total Liabilities	$2,918
Net Assets	$34,745,520

Compensation

Key Employees and Officers	Compensation	Related	Other
Harry L Smith (Chairman Of The Board)	$0	$0	$0
Mary Elizabeth Smith (Vice Chairman Of The Board)	$0	$0	$0
Brenda Brazley (Secretary)	$0	$85,409	$6,833
Thomas R Dyer (Board Member)	$0	$0	$0
Shana R South (Chief Financial Officer)	$0	$89,689	$24,277
B Rex Jones (President/Chief Executive)	$0	$172,279	$18,258

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990

Filed on Feb. 12, 2019

Primary tax return for a nonprofit’s activities, finances, and governance

View Filing

Schedules ▼

PDF XML

990-T

For unrelated business income from activities not substantially related to the organization's tax-exempt purpose

PDF

Fiscal Year Ending April
2017

Revenue

$2,712,791

Expenses

$1,728,362

Net Income

$984,429

Net Assets

$34,524,649

Notable Sources of Revenue		Percent of Total Revenue
Contributions	$2,130,727	78.5%
Program Services	$0
Investment Income	$386,549	14.2%
Bond Proceeds	$0
Royalties	$757	0.0%
Rental Property Income	-$11,750
Net Fundraising	$0
Sales of Assets	$156,190	5.8%
Net Inventory Sales	$0
Other Revenue	$50,318	1.9%

Notable Expenses		Percent of Total Expenses
Executive Compensation	$0
Professional Fundraising Fees	$0
Other Salaries and Wages	$0

Assets/Debt
Total Assets	$34,604,189
Total Liabilities	$79,540
Net Assets	$34,524,649

Compensation

Key Employees and Officers	Compensation	Related	Other
Harry L Smith (Chairman Of The Board)	$0	$0	$0
Mary Elizabeth Smith (Vice Chairman Of The Board)	$0	$0	$0
Brenda Brazley (Secretary)	$0	$81,892	$6,551
Thomas R Dyer (Board Member)	$0	$0	$0
B Rex Jones (President/Chief Executive Officer)	$0	$166,818	$18,998
Shana R South (Chief Financial Officer)	$0	$85,990	$23,402

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990

Filed on Feb. 14, 2018

Primary tax return for a nonprofit’s activities, finances, and governance

View Filing

Schedules ▼

PDF XML

990-T

For unrelated business income from activities not substantially related to the organization's tax-exempt purpose

PDF

Fiscal Year Ending April
2016

Revenue

$2,112,788

Expenses

$702,158

Net Income

$1,410,630

Net Assets

$31,914,044

Notable Sources of Revenue		Percent of Total Revenue
Contributions	$678,750	32.1%
Program Services	$0
Investment Income	$354,993	16.8%
Bond Proceeds	$0
Royalties	$1,359	0.1%
Rental Property Income	-$8,619
Net Fundraising	$0
Sales of Assets	$1,113,472	52.7%
Net Inventory Sales	$0
Other Revenue	-$27,167

Notable Expenses		Percent of Total Expenses
Executive Compensation	$0
Professional Fundraising Fees	$0
Other Salaries and Wages	$0

Assets/Debt
Total Assets	$31,919,180
Total Liabilities	$5,136
Net Assets	$31,914,044

Compensation

Key Employees and Officers	Compensation	Related	Other
Harry L Smith (Chairman Of The Board)	$0	$0	$0
Mary Elizabeth Smith (Vice Chair Of The Board)	$0	$0	$0
B Rex Jones (President)	$0	$158,632	$8,752
Brenda Brazley (Secretary)	$0	$76,372	$6,110
Thomas R Dyer (Board Member)	$0	$0	$0
Shana South (Cfo)	$0	$83,169	$5,900

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990

Filed on Feb. 22, 2017

Primary tax return for a nonprofit’s activities, finances, and governance

View Filing

Schedules ▼

PDF XML

990-T

For unrelated business income from activities not substantially related to the organization's tax-exempt purpose

PDF

Fiscal Year Ending April
2015

Revenue

$2,764,619

Expenses

$2,056,994

Net Income

$707,625

Net Assets

$34,007,739

Notable Sources of Revenue		Percent of Total Revenue
Contributions	$592,000	21.4%
Program Services	$0
Investment Income	$211,340	7.6%
Bond Proceeds	$0
Royalties	$2,281	0.1%
Rental Property Income	-$8,373
Net Fundraising	$0
Sales of Assets	$1,734,638	62.7%
Net Inventory Sales	$0
Other Revenue	$232,733	8.4%

Notable Expenses		Percent of Total Expenses
Executive Compensation	$0
Professional Fundraising Fees	$0
Other Salaries and Wages	$0

Assets/Debt
Total Assets	$34,010,570
Total Liabilities	$2,831
Net Assets	$34,007,739

Reported conflict of interest transactions

Compensation

Key Employees and Officers	Compensation	Related	Other
Harry L Smith (Chairman Of The Board)	$0	$0	$0
Mary Elizabeth Smith (Vice Chair Of The Board)	$0	$0	$0
Michael J Harris (President)	$0	$119,600	$7,972
Brenda Brazley (Secretary)	$0	$67,077	$4,502
Thomas R Dyer (Board Member)	$0	$0	$0
Shana South (Cfo)	$0	$81,822	$5,443

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990

Filed on Dec. 15, 2015

Primary tax return for a nonprofit’s activities, finances, and governance

View Filing

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PDF XML

990-T

For unrelated business income from activities not substantially related to the organization's tax-exempt purpose

PDF

Fiscal Year Ending April
2014

Revenue

$1,889,376

Expenses

$848,046

Net Income

$1,041,330

Net Assets

$33,400,181

Notable Sources of Revenue		Percent of Total Revenue
Contributions	$757,600	40.1%
Program Services	$0
Investment Income	$313,698	16.6%
Bond Proceeds	$0
Royalties	$1,847	0.1%
Rental Property Income	-$7,585
Net Fundraising	$0
Sales of Assets	$821,107	43.5%
Net Inventory Sales	$0
Other Revenue	$2,709	0.1%

Notable Expenses		Percent of Total Expenses
Executive Compensation	$0
Professional Fundraising Fees	$0
Other Salaries and Wages	$0

Assets/Debt
Total Assets	$33,402,964
Total Liabilities	$2,783
Net Assets	$33,400,181

Reported conflict of interest transactions

Compensation

Key Employees and Officers	Compensation	Related	Other
Harry L Smith (Chairman Of The Board)	$0	$0	$0
Mary Elizabeth Smith (Vice Chair Of The Board)	$0	$0	$0
Michael J Harris (President)	$0	$116,700	$8,680
Brenda Brazley (Secretary)	$0	$65,565	$4,944
Thomas R Dyer (Board Member)	$0	$0	$0
Shana South (Cfo)	$0	$78,675	$5,933

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990

Filed on March 6, 2015

Primary tax return for a nonprofit’s activities, finances, and governance

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PDF XML

990-T

For unrelated business income from activities not substantially related to the organization's tax-exempt purpose

PDF

Fiscal Year Ending April
2013

Revenue

$744,552

Expenses

$956,334

Net Income

-$211,782

Net Assets

$30,574,025

Notable Sources of Revenue		Percent of Total Revenue
Contributions	$550,000	73.9%
Program Services	$0
Investment Income	$190,075	25.5%
Bond Proceeds	$0
Royalties	$2,691	0.4%
Rental Property Income	-$13,013
Net Fundraising	$0
Sales of Assets	$149,929	20.1%
Net Inventory Sales	$0
Other Revenue	-$135,130

Notable Expenses		Percent of Total Expenses
Executive Compensation	$0
Professional Fundraising Fees	$0
Other Salaries and Wages	$0

Assets/Debt
Total Assets	$30,576,562
Total Liabilities	$2,537
Net Assets	$30,574,025

990

Filed on Dec. 31, 2013

Primary tax return for a nonprofit’s activities, finances, and governance

View Filing

Schedules ▼

PDF XML

990-T

For unrelated business income from activities not substantially related to the organization's tax-exempt purpose

PDF

Fiscal Year Ending April
2012

Revenue

$1,043,894

Expenses

$1,196,711

Net Income

-$152,817

Net Assets

$29,234,190

Notable Sources of Revenue		Percent of Total Revenue
Contributions	$815,000	78.1%
Program Services	$0
Investment Income	$124,415	11.9%
Bond Proceeds	$0
Royalties	$2,774	0.3%
Rental Property Income	-$893
Net Fundraising	$0
Sales of Assets	$177,280	17.0%
Net Inventory Sales	$0
Other Revenue	-$74,682

Notable Expenses		Percent of Total Expenses
Executive Compensation	$0
Professional Fundraising Fees	$0
Other Salaries and Wages	$0

Assets/Debt
Total Assets	$29,236,659
Total Liabilities	$2,469
Net Assets	$29,234,190

What Is This Data?

Nonprofit Explorer includes summary data for nonprofit tax returns and full Form 990 documents, in both PDF and digital formats.

The summary data contains information processed by the IRS during the 2012-2019 calendar years; this generally consists of filings for the 2011-2018 fiscal years, but may include older records. This data release includes only a subset of what can be found in the full Form 990s.

In addition to the raw summary data, we link to PDFs and digital copies of full Form 990 documents wherever possible. This consists of separate releases by the IRS of Form 990 documents processed by the agency, which we update regularly.

We also link to copies of audits nonprofit organizations that spent $750,000 or more in Federal grant money in a single fiscal year since 2016. These audits are copied from the Federal Audit Clearinghouse.

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Nonprofit Explorer has organizations claiming tax exemption in each of the 27 subsections of the 501(c) section of the tax code, and which have filed a Form 990, Form 990EZ or Form 990PF. Taxable trusts and private foundations that are required to file a form 990PF are also included. Small organizations filing a Form 990N "e-Postcard" are not included in this data.

Types of Nonprofits

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Grace Foundation Of Memphis Inc

Organization summary

Type of Nonprofit

Summary charts: organization finances over time

Revenue $2.46M (2024)

Expenses $2.03M (2024)

Total Assets $31.9M (2024)

Total Liabilities $0 (2024)

Tax Filings by Year

Fiscal Year Ending April 2024

Extracted Financial Data

Extracted Financial Data from Form 990-PF

Compensation

Document Links

990-PF

Fiscal Year Ending April 2023

Extracted Financial Data

Extracted Financial Data from Form 990-PF

Compensation

Document Links

990-PF

990-T

Fiscal Year Ending April 2022

Extracted Financial Data

Extracted Financial Data from Form 990-PF

Compensation

Document Links

990-PF

990-T

Fiscal Year Ending April 2021

Extracted Financial Data

Extracted Financial Data from Form 990-PF

Compensation

Document Links

990-PF

Fiscal Year Ending Aug. 2020

No Extracted Financial Data

Document Links

990-T

Fiscal Year Ending April 2020

Extracted Financial Data

Extracted Financial Data from Form 990-PF

Compensation

Document Links

990-PF

Fiscal Year Ending April 2019

Extracted Financial Data

Extracted Financial Data from Form 990

Document Links

990

990-T

Fiscal Year Ending April 2018

Extracted Financial Data

Extracted Financial Data from Form 990

Compensation

Document Links

990

990-T

Fiscal Year Ending April 2017

Extracted Financial Data

Extracted Financial Data from Form 990

Compensation

Document Links

990

990-T

Fiscal Year Ending April 2016

Extracted Financial Data

Extracted Financial Data from Form 990

Compensation

Document Links

990

990-T

Fiscal Year Ending April 2015

Extracted Financial Data

Extracted Financial Data from Form 990

Other

Compensation

Document Links

990

990-T

Revenue

$2.46M (2024)

Expenses

$2.03M (2024)

Total Assets

$31.9M (2024)

Total Liabilities

$0 (2024)

Fiscal Year Ending April
2024

Fiscal Year Ending April
2023

Fiscal Year Ending April
2022

Fiscal Year Ending April
2021

Fiscal Year Ending Aug.
2020

Fiscal Year Ending April
2020

Fiscal Year Ending April
2019

Fiscal Year Ending April
2018

Fiscal Year Ending April
2017

Fiscal Year Ending April
2016

Fiscal Year Ending April
2015

Fiscal Year Ending April
2014

Fiscal Year Ending April
2013

Fiscal Year Ending April
2012

Fiscal Year Ending April
2011

Fiscal Year Ending April
2010

Fiscal Year Ending April
2009

Fiscal Year Ending April
2008

Fiscal Year Ending April
2007

Fiscal Year Ending April
2006

Fiscal Year Ending April
2005

Fiscal Year Ending April
2004

Fiscal Year Ending April
2003

Fiscal Year Ending April
2002

Fiscal Year Ending April
2001