Riverfront Development Corporation dba Memphis River Parks Partnership (MRPP)
In FY 2021, when State money started to arrive, $4.9M in private donations, appeared to be taken back by private donors. See page 11 of financials – Riverfront Development Corporation 2021
In FY 2023 a $20M revolving line of credit was established. This was unexpected as the commitment by MRPP to the public was 50/50 for a $60M Riverfront renovation project with $30M in public and $30M in private contributions. MRPP incurred $76,225 in interest charges in FY23. Please see pages 17 and 20 of financials – Riverfront Development Corporation 2023
In FY 2024, $791,717 was spent on fundraising. After spending $791K on Fundraising MRPP lost $2,258,557 in pledges. Calculate by Seeing Outstanding pledges on pg 14 of FY23 financials. Deducting donor collections from pg 11 of FY24 financials and subtracting pledges due from page 14 of FY24 Financials – 11006-2024-qg-rdc-rpt-cpa273-11-18-24.pdf
In FY 2024, the outstanding balance on the line of credit rose by $3.4M from $9.5M to $12.9M, with interest payments totaling $636,789. See page 20 – 11006-2024-qg-rdc-rpt-cpa273-11-18-24.pdf
In FY 2024, unearned revenue, a liability for MRPP, rose from by $6.3M or 190% in FY24 from $3.3M in FY23 to $9.6M in FY24. This points to a likely MRPP service or construction debt to City of Memphis taxpayers. An exhaustive listing of service/construction owed to taxpayers is needed to evaluate MRPP relationship. See FY23 and FY24 financials Pg. 9 – Riverfront Development Corporation 2023 and 11006-2024-qg-rdc-rpt-cpa273-11-18-24.pdf
Memphis Zoological Society
In FY 2023 $7.7M transferred from Memphis Zoo to Foundation. $5.9 investments, $1.6M in farm, equipment and related improvements and $222K in pledges. No 2022 or 2023 990s as of 2/3/25 publicly available for the Memphis Zoo Foundation nor can the board members of the Zoo Foundation be identified. See pages 12 and 16 – Memphis Zoological Society 2023