CONVERGENCE MEMPHIS INC

EIN: 854051247 501(c)(3) Housing & Shelter

MEMPHIS, TN

Total Revenue
$265,593
Total Expenses
$171,229
Total Assets
$457,612
Net Assets
$451,433
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Financial Vulnerability Assessment (Tuckman-Chang)

4 risk indicators measuring financial stability and operational resilience

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Financial Trends

Organization Details

Formation Year
2020
Legal Domicile
TN
Principal Officer
JEREMY LESS
Phone
9012721122
Tax Period
2024-07-01 to 2025-06-30

CONVERGENCE MEMPHIS INC, founded in 2020, is a small nonprofit in the Housing & Shelter sector that reported $266K in total revenue in fiscal year 2024. Revenue surged 1351% from the prior year, signaling strong growth momentum. The organization ran a surplus of $94K, a strong 36% operating margin.

Mission

WORKING TOGETHER TO FACILITATE NEW SOLUTIONS THAT BRING RACIAL EQUITY TO HOMEOWNERSHIP.

Program Service Accomplishments

Program 1
Expenses: $171,229 Revenue: $265,593

THE ORGANIZATION HOSTED CONSUMER OUTREACH AND EDUCATION SEMINARS AS WELL AS INDSTRUY EXPERT COLLABORATIONS. COLLABORATED TO FUND A LOCAL LAND TRUST.

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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 $263,750
Program Service Revenue $0
Investment Income $1,843
Other Revenue $0
TOTAL REVENUE $265,593

Expense Breakdown

Grants Paid $0
Salaries & Benefits $136,026
Fundraising Expenses $0
Program Expenses $171,229
Other Expenses $35,203
TOTAL EXPENSES $171,229

Year-over-Year Comparison

2024 2023 Change
Revenue $265,593 $18,304 +13.5%
Expenses $171,229 $25,030 +5.8%
Net Income $94,364 $-6,726 -15.0%
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

Financial Distress Indicator

Liquidity & Cash Position

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Altman Z-Score • Liquidity Ratios • Solvency Analysis • Growth Indicators • Efficiency Metrics

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Governance

Voting Members
4
Independent Members
4
Employees
3
Volunteers
30

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
3
$121,016
Total Directors
5
$121,016
Key Employees
0
$0
Highest Compensated
0
reported
Name Title Hours/Week Role Reportable Comp Other Comp Total
AMY SCHAFTLEIN EXECUTIVE DI 1.00
Officer Director
$19,052 $0 $121,016
MICHELE COUCH TREASURER 0.50
Officer Director
$0 $0 $0
ANDRE FOWLKES MEMBER 0.50
Director
$0 $0 $0
JEREMY LESS BOARD CHAIR 0.50
Officer Director
$0 $0 $0
KEITH TURBETT MEMBER 0.50
Director
$0 $0 $0
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
2025 $265,593 $171,229 $457,612 $94,364
2024 No data No data No data No data
2023 $433,666 $230,752 $368,594 $202,914
2022 $265,218 $104,288 $161,847 $160,930
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