Civic Intelligence

Readworks Inc.

990 • Fiscal year 2020 • EIN 13-3593812

Sep 01, 2019 to Aug 31, 2020 • Filed on Jun 30, 2021

Organization Profilewww.readworks.org
68 Jay StreetBrooklyn, NY 11201

(718) 596-4292

Siviq Scores

Precomputed percentiles for this filing year versus similar nonprofits in the same peer cohort.

Liabilities / Assets

58th percentile

0.16x

Higher debt load relative to assets than 58% of similar nonprofits.

2020 filings • 501(c)3 • $1M-$5M nonprofits • Source year 2020

Liabilities / Revenue

40th percentile

0.08x

Higher debt load relative to revenue than 40% of similar nonprofits.

2020 filings • 501(c)3 • $1M-$5M nonprofits • Source year 2020

Net Margin

65th percentile

14%

Higher net margin than 65% of similar nonprofits.

2020 filings • 501(c)3 • $1M-$5M nonprofits • Source year 2020

Top Officer Pay

Score unavailable

No value available

This filing does not contain officer compensation rows.

Source year 2020

Asset Growth

89th percentile

63%

Faster asset growth than 89% of similar nonprofits.

2020 filings • 501(c)3 • $1M-$5M nonprofits • Annualized from 2019 to 2020

Revenue Growth

81st percentile

31%

Faster revenue growth than 81% of similar nonprofits.

2020 filings • 501(c)3 • $1M-$5M nonprofits • Annualized from 2019 to 2020

Balance Sheet
Liabilities / Assets58th percentile

Assets

Up

$1,371,746

Up $528,404 (+63%) from 2019

Net Assets

Up

$1,153,155

Up $365,507 (+46%) from 2019

Liabilities

Up

$218,591

Up $162,897 (+292%) from 2019

Revenue And Expenses
Liabilities / Revenue40th percentileNet Margin65th percentile

Revenue

Up

$2,608,316

Up $622,054 (+31%) from 2019

Expenses

Up

$2,248,893

Up $44,198 (+2.0%) from 2019

Net Income

Up

$359,423

Up $577,856 (+265%) from 2019

Historical Trend

Balance Sheet Trend

Asset Growth89th percentile

The highlighted filing sits inside the broader history for assets, liabilities, and net assets.

$3.0M$2.0M$1.0M$0Assets 2011: $1,157,588Liabilities 2011: $49,675Net Assets 2011: $1,107,9132011Assets 2012: $1,337,227Liabilities 2012: $95,873Net Assets 2012: $1,241,3542012Assets 2013: $1,585,952Liabilities 2013: $21,211Net Assets 2013: $1,564,7412013Assets 2014: $1,453,833Liabilities 2014: $94,776Net Assets 2014: $1,359,0572014Assets 2015: $1,310,373Liabilities 2015: $146,140Net Assets 2015: $1,164,2332015Assets 2016: $907,467Liabilities 2016: $125,324Net Assets 2016: $782,1432016Assets 2017: $1,166,863Liabilities 2017: $85,849Net Assets 2017: $1,081,0142017Assets 2018: $1,053,947Liabilities 2018: $53,149Net Assets 2018: $1,000,7982018Assets 2019: $843,342Liabilities 2019: $55,694Net Assets 2019: $787,6482019Assets 2020: $1,371,746Liabilities 2020: $218,591Net Assets 2020: $1,153,1552020Assets 2021: $1,803,741Liabilities 2021: $42,867Net Assets 2021: $1,760,8742021Assets 2022: $1,139,705Liabilities 2022: $126,064Net Assets 2022: $1,013,6412022Assets 2023: $2,685,467Liabilities 2023: $82,239Net Assets 2023: $2,603,2282023Assets 2024: $1,775,760Liabilities 2024: $106,031Net Assets 2024: $1,669,7292024

Highlighted filing

2020

Assets$1,371,746
Liabilities$218,591
Net Assets$1,153,155
Open 2020 Filing

Operations Trend

Revenue Growth81st percentile

Revenue, expenses, and net income across loaded years, with this filing highlighted.

$6.0M$4.0M$2.0M$0-$2.0MRevenue 2011: $1,184,657Expenses 2011: $987,657Net Income 2011: $197,0002011Revenue 2012: $1,230,729Expenses 2012: $1,099,837Net Income 2012: $130,8922012Revenue 2013: $1,571,832Expenses 2013: $1,244,323Net Income 2013: $327,5092013Revenue 2014: $1,397,816Expenses 2014: $1,605,314Net Income 2014: -$207,4982014Revenue 2015: $1,219,132Expenses 2015: $1,409,797Net Income 2015: -$190,6652015Revenue 2016: $1,241,226Expenses 2016: $1,625,514Net Income 2016: -$384,2882016Revenue 2017: $2,488,779Expenses 2017: $2,188,245Net Income 2017: $300,5342017Revenue 2018: $2,134,448Expenses 2018: $2,208,178Net Income 2018: -$73,7302018Revenue 2019: $1,986,262Expenses 2019: $2,204,695Net Income 2019: -$218,4332019Revenue 2020: $2,608,316Expenses 2020: $2,248,893Net Income 2020: $359,4232020Revenue 2021: $3,023,849Expenses 2021: $2,416,061Net Income 2021: $607,7882021Revenue 2022: $1,891,149Expenses 2022: $2,618,134Net Income 2022: -$726,9852022Revenue 2023: $4,603,761Expenses 2023: $3,007,175Net Income 2023: $1,596,5862023Revenue 2024: $2,706,987Expenses 2024: $3,649,720Net Income 2024: -$942,7332024

Highlighted filing

2020

Revenue$2,608,316
Expenses$2,248,893
Net Income$359,423
Open 2020 Filing
Jump To
Filing Snapshot
Filing Period
Sep 1, 2019 to Aug 31, 2020
Signed
Jun 30, 2021
Return Version
2019v5.0
Gross Receipts
$2,608,316
Mission and Program Overview

Mission

ReadWorks is committed to solving our nation's reading comprehension crisis and closing the achievement gap. We engage directly with teachers and instructional leaders, using research-proven curriculum and instructional practices, and innovative technology, to improve teacher effectiveness and student achievement.

ReadWorks is committed to solving Americas reading comprehension crisis and student achievement gap.

Balance Sheet Detail
LineBeginningEndChange
Assets
Savings and Temporary Cash Investments$133,084$628,279▲ $495,195
Pledges and Grants Receivable$423,430$312,626▼ $110,804
Investments in Publicly Traded Securities$221,424$232,158▲ $10,734
Cash and Non-Interest-Bearing Accounts$43,653$188,654▲ $145,001
Land, Buildings, and Equipment, Net$7,154$9,969▲ $2,815
Prepaid Expenses and Deferred Charges$5,797$60▼ $5,737
Accounts Receivable-$0-
Other Notes and Loans Receivable, Net-$0-
Receivable From Disqualified Prsn-$0-
Receivables From Officers Etc-$0-
Investments Other Securities-$0-
Investments Program Related-$0-
Intangible Assets-$0-
Inventories for Sale or Use-$0-
Total Assets$843,342$1,371,746▲ $528,404
Other Assets Total$8,800$0▼ $8,800
Liabilities
Unsecured Notes Loans Payable-$161,610-
Accounts Payable and Accrued Expenses$55,694$31,981▼ $23,713
Deferred Revenue-$25,000-
Total Liabilities$55,694$218,591▲ $162,897
Net Assets / Fund Balance
Net Assets Without Donor Restrictions$195,327$908,155▲ $712,828
Net Assets With Donor Restrictions$592,321$245,000▼ $347,321
Total Net Assets Fund Balance$787,648$1,153,155▲ $365,507
Total Liabilities and Net Assets / Fund Balance$843,342$1,371,746▲ $528,404

Asset Categories

AssetBook ValueDepreciationBasis
Equipment$9,969$666,770$676,739

Endowment Activity

PeriodBeginningContrib.Gain/LossOther UsesEnd
2019$221,424-▲ $10,734-$232,158
2018$209,151-▲ $12,273-$221,424
2017$208,815-▲ $336-$209,151
2016$205,520-▲ $3,295-$208,815
2015$343,078--$137,558$205,520
Compensation and Service Providers
Top Officer PayScore unavailable

Employees

NameTitleFull / Part TimeBaseOtherTotal
Terry BowmanExecutive DirectorFT$200,000$12,778$240,778
Kathy BloomfieldDirector of OperationsFT$165,000$12,778$177,778
Justin PaganoSr. Director of Engr.FT$142,800$40,778$155,578
Cameron SwaimUI/UX Software EngFT$141,445$80$141,525
Keith MukaiSoftware EngineerFT$110,000$12,778$122,778
Jeffrey FleishhackerHead of ProductFT$110,000$80$110,080

Board Members and Trustees

NameTitle
Daria L WallachChair
Christopher LinenDirector
Dr Joanna WilliamsDirector
Drummond C BellDirector
Jamie BeardDirector
Willard J OverlockDirector
Roger TaylorDirector (thru 3/20)
Wilson NeelyTreasurer

Highest Paid Contractors

ContractorServicesLocationCompensation
Margo DoolittleDevelopment Support50 Wildwood Lane, Weston, CT 06883$141,190
Revenue and Support

Revenue Composition

Contributions and Grants
$2,537,597
Program Service Revenue
$63,450
Investment Income
$6,269
Other Revenue
$1,000
All Other Contributions
$2,537,597
Change in Net Assets
$359,423

Audited Revenue Reconciliation

Revenue per Audited Statements
$2,608,316
Revenue Not Reported on Form 990
$6,084
Total Revenue per Audited Statements
$2,614,400
Total Revenue per Form 990
$2,608,316
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Salaries, Compensation, and Employee Benefits$1,621,882
Other Expenses$627,011
Total Fundraising Expense$167,748
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Other Salaries and Wages$1,146,761$16,500$17,755$1,181,016
Fees for Services Other$259,564$92,857$100,228$452,649
Current Officers, Directors, Trustees, and Key Employees$204,967$18,394$39,417$262,778
Payroll Taxes$83,775$2,123$3,450$89,348
Other Employee Benefits$85,219$1,518$2,003$88,740
Occupancy$60,108$3,339$3,339$66,786
Insurance$17,370$965$965$19,300
Travel$5,311$2,586-$7,897
Conferences and Meetings$4,921$1,408-$6,329
Office Expenses$769$2,885$32$3,686
Information Technology$2,612$145$145$2,902
Depreciation Depletion$2,402$39$99$2,540
Other Expenses$2,265$193$193$2,265
All Other Expenses$59$763$43$865
Total Functional Expenses$1,914,543$166,602$167,748$2,248,893

Audited Expense Reconciliation

Line ItemAmount
Expenses per Audited Statements$2,248,893
Total Expenses per Audited Statements$2,248,893
Total Expenses per Form 990$2,248,893
Fundraising, Events, and Gaming
Fundraising activities
No
Gaming activities
No
Professional fundraiser used
No

Fundraising and Gaming Totals

Line ItemAmount
Professional Fundraising Fees$0
Political and Lobbying Activity
Political campaign activity
No
Lobbying activity
No
Subject to proxy tax
No
Insider Transactions and Loans

Loans and Receivables

Line ItemBeginningEndChange
Receivables from Disqualified Persons-$0-
Receivables from Officers, Directors, Trustees, and Key Employees-$0-
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
No
Annual disclosure for covered persons
Yes
Audit committee
Yes
Backup withholding compliance
Yes
Business relationship with 35% controlled entity
No
Business relationship with family members
No
Business relationship with organization members
No
Material changes to governing documents
No
Compensation from other sources disclosed
No
CEO compensation reviewed
Yes
Other officer compensation reviewed
Yes
Conflict-of-interest policy
Yes
Audited financial statements prepared
No
Key decisions subject to board approval
No
Management duties delegated
No

Governance Explanations

Form 990, Part VI, Line 11B: Form 990 Review Process

“The Board of Directors' Finance Committee reviews the 990 along with all audit document for the initial review of the Audit and recommendation for approval by the entire Board of Directors. Each Board Director is provided all audit documents including the 990 for their review and approval recommendation.”

Form 990, Part VI, Line 12C: Explanation of Monitoring and Enforcement of Conflicts

“Annually, the Board Members are sent the conflict of interest policy and are asked to sign off that they have no conflicts or if they do, to disclose them. If they do, the conflicts are discussed with the ED & Board Chair for resolution.”

Form 990, Part VI, Line 15A: Compensation Review & Approval Process - CEO, Top Management

“The Board Chair & Finance committee review the ED performance based on specific annual goals. If the goals are achieved, they determine the new compensation level (salary and bonsu) based on comparables for the role and the financial position of the organization.”

Form 990, Part VI, Line 15B: Compensation Review and Approval Process for Officers and Key Employees

“The ED reviews the 2 key officers,COO and CAO, performance and proposed compensstion with the Board Chair. The Finance Committee may be included in these conversation as is necessary and at the discretion of the Board Chair.”

Form 990, Part VI, Line 19: Other Organization Documents Publicly Available

“Organizational documents are available upon request.”

Filing and Contact Details

Filer

Filer Name
ReadworksInc
EIN
13-3593812
Phone
7185964292
Address
68 Jay Street, Brooklyn, NY 11201

Signing Officer

Name
Terry Bowman
Title
Executive Director
Signed
2021-06-30
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Terry Bowman
Formed
1990
Legal Domicile
Ny
Voting Board Members
7
Independent Board Members
7
Employees
15

Preparer

Firm
Schall & Ashenfarb Cpas
Address
307 5th Ave 15th Floor, NEW YORK, NY 10016
Preparer
Michael Schall
Phone
2122682800
Supplemental Narrative

Financial Statement Notes

Part V, Line 4: Intended uses of the endowment fund.

“The Organization maintains a board designated endowment which can be used for general operating purposes upon approval by the board of directors. Any expenditures must be include a formally adopted plan to replenish the amount in a realistic timeframe.”

Part X : FIN48 Footnote

“The Organization does not believe its financial statements include any material, uncertain tax positions. Tax filings for periods ending August 31, 2017 and later are subject to examination by applicable taxing authorities.”

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Filings

Displayed year

2020 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$1,371,746
Liabilities
$218,591
Net assets
$1,153,155
Revenue
$2,608,316
Expenses
$2,248,893
Net income
$359,423
Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2024Detailed filing. Detailed filing data is available for this year.$1.78$0.11$1.67$2.71$3.65$0.94
2023Detailed filing. Detailed filing data is available for this year.$2.69$0.08$2.60$4.60$3.01$1.60
2022Import issue. A filing source exists for this year, but detailed import did not complete cleanly.$1.14$0.13$1.01$1.89$2.62$0.73
2021Detailed filing. Detailed filing data is available for this year.$1.80$0.04$1.76$3.02$2.42$0.61
2020Detailed filing. Detailed filing data is available for this year.$1.37$0.22$1.15$2.61$2.25$0.36
2019XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$0.84$0.06$0.79$1.99$2.20$0.22
2018XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$1.05$0.05$1.00$2.13$2.21$0.07
2017XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$1.17$0.09$1.08$2.49$2.19$0.30
2016Detailed filing. Detailed filing data is available for this year.$0.91$0.13$0.78$1.24$1.63$0.38
2015XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$1.31$0.15$1.16$1.22$1.41$0.19
2014Detailed filing. Detailed filing data is available for this year.$1.45$0.09$1.36$1.40$1.61$0.21
2013Facts available. Structured filing facts are available, but richer extracted sections are limited.$1.59$0.02$1.56$1.57$1.24$0.33
2012Summary only. Only limited summary data is available for this year.$1.34$0.10$1.24$1.23$1.10$0.13
2011Summary only. Only limited summary data is available for this year.$1.16$0.05$1.11$1.18$0.99$0.20