PSALMS Inc

EIN: 621106224 501(c)(3) Human Services

Memphis, TN

Total Revenue
$28,714,864
Total Expenses
$28,249,788
Total Assets
$66,748,555
Net Assets
$-23,982,632
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Financial Vulnerability Assessment (Tuckman-Chang)

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Financial Trends

Organization Details

Formation Year
1983
Legal Domicile
TN
Principal Officer
Rudolf Herzke
Phone
9013653665
Tax Period
2024-01-01 to 2024-12-31

PSALMS Inc, founded in 1983, is a mid-sized nonprofit in the Human Services sector that reported $28.7M in total revenue in fiscal year 2024. Revenue grew 10% year-over-year, indicating healthy expansion.

Mission

To faithfully serve our residents by offering them security for life, excellence in all we do, respect for individual differences and a vibrant lifestyle in an enriching environment.

Program Service Accomplishments

Program 1
Expenses: $14,079,828 Revenue: $19,507,628

In 2024 PSALMS, Inc. provided independent living services to residents in their apartments and garden homes.

Program 2
Expenses: $1,657,822 Revenue: $1,413,153

In 2024 PSALMS, Inc. provided assisted living care to residents.

Program 3
Expenses: $7,055,111 Revenue: $3,952,939

In 2024 PSALMS, Inc. provided long term care to residents.

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Trantor Score

Financial Health Score (300–850) · Liquidity · Solvency · Sustainability · Efficiency

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Liquidity (40%) • Solvency (30%) • Sustainability (20%) • Efficiency (10%)

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Financial Overview (2024)

Revenue Breakdown

Contributions & Grants $3,040,552
Program Service Revenue $24,873,720
Investment Income $746,638
Other Revenue $53,954
TOTAL REVENUE $28,714,864

Expense Breakdown

Grants Paid $0
Salaries & Benefits $9,950,910
Fundraising Expenses $0
Program Expenses $22,792,761
Other Expenses $18,298,878
TOTAL EXPENSES $28,249,788

Year-over-Year Comparison

2024 2023 Change
Revenue $28,714,864 $25,994,892 +0.1%
Expenses $28,249,788 $30,654,281 -0.1%
Net Income $465,076 $-4,659,389 -1.1%
Key Indicators
✗ Grants to Organizations ✗ Grants to Individuals ✗ Lobbying ✗ Political Activity ✗ Foreign Activities ✗ Donor Advised Fund ✓ Schedule B Required
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Financial Health Indicators

Comprehensive financial analysis: Altman Z-Score, liquidity, solvency, sustainability, efficiency, and growth metrics

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Liquidity & Cash Position

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Governance

Voting Members
8
Independent Members
7
Employees
391
Volunteers
76

Governance Policies

✓ Conflict of Interest Policy
✗ Whistleblower Policy
✓ Document Retention Policy

Special Practices & Reported Activities

✗ Operated a School
✗ Operated a Hospital
✗ Provided First Class Travel
✗ Reported Conflict of Interest
✗ Reported Asset Diversion
✗ Excess Benefit Transaction
✗ Made Political Expenditures
✗ Engaged in Lobbying
✗ Operated Donor Advised Fund
✗ Maintained Art Collections
✗ Filed Form 720

Compensation of Officers, Directors & Key Employees

Total Officers
5
$70,662
Total Directors
9
$70,662
Key Employees
0
$0
Highest Compensated
5
reported
Name Title Hours/Week Role Reportable Comp Other Comp Total
Rudolf W Herzke President 22.00
Officer Director
$52,632 $0 $52,632
Dr James Latimer Chairman 1.00
Officer Director
$18,030 $0 $18,030
Larry Braughton Secretary/Treasurer (Beg 04/2024) 22.00
Officer Director
$0 $0 $0
Berry Terry Secretary/Treasurer (Until 04/2024) 22.00
Officer Director
$0 $0 $0
Jim Ethridge Director 1.00
Director
$0 $0 $0
Linda Harrington Director 1.00
Director
$0 $0 $0
Mary Ann Hodges Director 1.00
Director
$0 $0 $0
Rusty E Linkous Director 1.00
Director
$0 $0 $0
Boyd Rhodes Jr Director 1.00
Director
$0 $0 $0
Michael J Brown Jr Executive Director 40.00
Officer
$0 $0 $0
Trudy Schenkenberger Director of Human Resources 40.00
Highest
$106,768 $0 $106,768
Barry N Rossell Licensed Practical Nurse 40.00
Highest
$102,113 $0 $102,113
Michael A Rayder Director of Grounds & Landscaping 40.00
Highest
$102,647 $0 $102,647
Anna R Bradford Nursing Home/Assisted Living 40.00
Highest
$117,314 $0 $117,314
Audie Marlar Director of Medical Services 40.00
Highest
$108,404 $0 $108,404
Note: Compensation data is self-reported by the organization on their Form 990. "Reportable Comp" includes salary, bonuses, and other reportable compensation from the organization and related organizations. "Other Comp" includes benefits, deferred compensation, and non-taxable benefits.

Historical Data

Year Revenue Expenses Assets Net Income
2024 $28,714,864 $28,249,788 $66,748,555 $465,076
2023 $25,994,892 $30,654,281 $71,757,299 $-4,659,389
2022 $26,304,402 $30,249,437 $74,159,973 $-3,945,035
2021 $27,771,852 $29,937,046 $74,570,809 $-2,165,194
2020 $33,983,532 $30,711,013 $77,389,222 $3,272,519
2019 $30,140,651 $31,203,297 $76,123,700 $-1,062,646
2018 $29,273,846 $29,723,661 $75,783,998 $-449,815
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