CONVERGENCE MEMPHIS INC

MEMPHIS, TN | Shelby County
Affordable Housing
CONVERGENCE MEMPHIS INC
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As of , this nonprofit no longer meets findCRA's qualification requirements and will no longer appear in CQ search results.

Reason for disqualification:

Overview

CONVERGENCE MEMPHIS INC
85-4051247
1519 UNION AVE UNIT 320
MEMPHIS, TN 38104
Shelby County
(901) 251-1192

info@convergencememphis.org
Mission Statement info

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

CRA Category info
  • Affordable Housing
Nonprofit location info
  • This nonprofit is not located in any CRA geographies.
Awards & Certifications info
  • This nonprofit has not received any CRA awards or certifications.
Founded info
2019
Total Employees info
1
Total Volunteers info
67
Nonprofit Classification (NTEE Code) info
L80

L - Housing, Shelter

Housing Support

Organizations that provide supportive services which help people obtain and remain in suitable housing. Use this code for organizations that provide multiple supportive services or for supportive services specified below.

IRS Activity Codes info
-
Not reported
-
Not reported
-
Not reported
Standard Business Classification (NAICS Code) info
624229
Other Community Housing Services
Targeted Clients info
  • First-Time Homebuyers
  • Minority Individuals
CRA Income Characteristics info
  • Low-Income
  • Moderate-Income

CRA Alignment

CRA Category info
Affordable Housing
Creation, rehabilitation, operation or preservation of affordable housing.
40%
Percent LMI Served info
as reported by the nonprofit
What does it mean for a nonprofit to be CRA aligned?
Each nonprofit on Community Qualifier has been reviewed by findCRA utilizing a dual evaluation process. Nonprofits are first evaluated by our proprietary algorithm, CRANIA, and then further validated by our CRA experts. When nonprofit passes both parts of this review, we create a nonprofit profile for them on Community Qualifier. From there, a nonprofit can claim their profile and add additional information including their programs & services, counties served, targeted clients and income groups and more.
LOWHIGH
LOWHIGH
LOWHIGH
LOWHIGH
Programs & Services info
Consumer outreach & Education
This program addresses two out of our four GAP areas. The two GAP areas are the Information Gap and Trust Gap. CONVERGENCE Memphis works with consumers and housing professionals to expand the understanding of the homeownership process, including Down Payment Asst (DPA) programs and products geared towards black, indigenous, and people of color (BIPOC) homebuyers. Trust Gap works with stakeholders to narrow the trust gap between BIPOC consumers and the mortgage and real estate industries. CONVERGENCE Memphis is a visible member of the Memphis community.
Targeted Clients info
  • Families
  • First-Time Homebuyers
  • People needing Credit Counseling
  • Minority Individuals
  • Underbanked or Unbanked
CRA Income Characteristics info
  • Low-Income
  • Moderate-Income
Affordable Products and Programs
Improve awareness around the availability of affordable products and programs for potential homebuyers. CONVERGENCE Memphis informs professionals and consumers of existing products and services through its knowledge GAP activities.
Targeted Clients info
  • Economically Disadvantaged
  • Families
  • First-Time Homebuyers
  • People needing Credit Counseling
  • Minority Individuals
  • Underbanked or Unbanked
CRA Income Characteristics info
  • Low-Income
  • Moderate-Income
Market Solutions
To facilitate better market intelligence, identify and expand on available financial and technical resources, and address market GAPS. This area will focus on the lack of affordable homes available for purchase, therefore addressing Memphi's lack of affordable inventory.
Targeted Clients info
  • Economically Disadvantaged
  • Families
  • First-Time Homebuyers
  • General Public
  • People needing Credit Counseling
  • Minority Individuals
  • Nonprofits
  • Underbanked or Unbanked
CRA Income Characteristics info
  • Low-Income
  • Moderate-Income
Awards & Certifications info
Community Development Financial Institution info
Community Development Financial Institution Award Recipient info
New Market Tax Credit Recipient info
HUD Counseling Agency info
Low Income Housing Tax Credit Recipient info

IRS Summary

Income
$265.2K
Revenue
$265.2K
Assets
$161.8K

IRS Business Master File Details info

As of March 2024
Exempt Ruling Date info
2021-10
Deductibility Status info
Deductible
Last Tax Filing info
2022
Organization Type info
Corporation
Organization Tax Filing Status info
990 (all other) or 990EZ return
Foundation Tax Filing Status info
990-PF not required by IRS
Affiliation Classification info
Independent Organization
Basis for Foundation/Public Charity Status info
Organization which receives a substantial part of its support from a governmental unit or the general public 170(b)(1)(A)(vi)

IRS Publication 78 Details info

As of March 2024
Verified in Publication 78 info
Yes
Deductibility Limitation info
50% (60% for cash contributions)
Organization Description info
A public charity

IRS Form 990 Returns info

Through August 2023
No IRS 990 returns are available for this nonprofit.

Nonprofit Location

Physical Address info
1519 UNION AVE UNIT 320
MEMPHIS, TN 38104
Shelby County
Area Type info
Metropolitan Statistical Area
FIPS Geocoded Address info
32820
MSA/MD info
47
State info
157
County info
0034.00
Tract info
Middle
Income Level info
Core-Based Statistical Area info
32820 - Memphis, TN-MS-AR
Combined Statistical Area info
368 - Memphis-Forrest City, TN-MS-AR
Metropolitan Division info
Not located in an MD.
Located In info
Low- or Moderate-Income Census Tract info
Opportunity Zone info
Majority Minority Census Tract info 37.63%
FFIEC Designated Distressed Census Tract info
FFIEC Underserved Census Tract info
Geographies Served info
  • TN - Shelby County

Market Data

Census Tract County
0034.00 Shelby County
Population
Total Population 2,065 926,440
Total Households 1,303 357,839
Income
Median Family Income (Census*) $67,664 $59,621
Median Family Income (2023 FFIEC est.) $79,200 $79,200
Tract Income Percentage 99.49% N/A
Below Poverty Level 18.7% 18.1%
Unemployment Level 6.9% 7.3%
Housing
Total Housing Units 1,507 401,041
Total Owner-Occupied Units 19.0% 55.2%
Total Renter-Occupied Units 67.4% 44.8%
Total Vacant Units 13.5% 8.4%
* Census tract income based on 2020 American Community Survey data as reported in the 2023 FFIEC Census Flat File; County income based on 2022 American Community Survey data.
View more than 200 performance context data points for this county now.

Management

Not reported
Total Voting Members
in Governing Body info
Not reported
Independent Voting Members
in Governing Body info
Tax Filing Signatory info
Not reported by nonprofit.
Principal Officer info
Not reported by nonprofit.
findCRA Profile Owner
Doreen Graves
Executive Director
doreen@convergencememphis.org
Key Policies & Documents info
Written Conflict of Interest Policy
Written Document Retention & Destruction Policy
Written Whistleblower Policy
CEO Compensation Review Process
Written Minutes of Board Meetings
Financial Statements & Reporting info
Compiled or Reviewed by an Independent Accountant
Audited by an Independent Accountant
Included in Consolidated Financial Statements
Internal Audit Committee Review
Federal Grant Audit Required
Federal Grand Audit Performed
Organization Activities info
Provides Credit Counseling
Conducts Gaming Activities
Engages in Lobbying Activities
Engages in Political Activities
Makes Grants to Individuals
Makes Grants to Organizations

Information in this section is not available as the nonprofit did not e-file their tax return. As such, the hyphens (“-“) in this section indicate that the information was not available.

PDFs of this nonprofit's tax filings are included in the IRS Summary section above, when available from the IRS.

This Nonprofit Profile was created using data available from publicly available government and industry sources, our own research, and information provided directly the nonprofit organization. Whenever possible, we utilize the most recent information available including information as made public by the Internal Revenue Service, U.S. Census Bureau, Federal Financial Institutions Examination Council, and more. The format and design of this Nonprofit Profile is ©findCRA. For more information about our Nonprofit Profiles, please visit help.findcra.com.