Civic Intelligence

Readworks Inc.

990 • Fiscal year 2014 • EIN 13-3593812

Sep 01, 2013 to Aug 31, 2014 • Filed on Jun 11, 2015

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

41st percentile

0.07x

Higher debt load relative to assets than 41% of similar nonprofits.

2014 filings • NTEE B • $1M-$5M nonprofits • Source year 2014

Liabilities / Revenue

46th percentile

0.07x

Higher debt load relative to revenue than 46% of similar nonprofits.

2014 filings • NTEE B • $1M-$5M nonprofits • Source year 2014

Net Margin

10th percentile

-15%

Higher net margin than 10% of similar nonprofits.

2014 filings • NTEE B • $1M-$5M nonprofits • Source year 2014

Top Officer Pay

85th percentile

$170,357

Higher top officer pay than 85% of similar nonprofits.

Top officer pay equals 12.2% of source-year revenue.

2014 filings • NTEE B • $1M-$5M nonprofits • Source year 2014

Asset Growth

13th percentile

-8.3%

Faster asset growth than 13% of similar nonprofits.

2014 filings • NTEE B • $1M-$5M nonprofits • Annualized from 2013 to 2014

Revenue Growth

16th percentile

-11%

Faster revenue growth than 16% of similar nonprofits.

2014 filings • NTEE B • $1M-$5M nonprofits • Annualized from 2013 to 2014

Balance Sheet
Liabilities / Assets41st percentile

Assets

Down

$1,453,833

Down $132,119 (-8.3%) from 2013

Net Assets

Down

$1,359,057

Down $205,684 (-13%) from 2013

Liabilities

Up

$94,776

Up $73,565 (+347%) from 2013

Revenue And Expenses
Liabilities / Revenue46th percentileNet Margin10th percentile

Revenue

Down

$1,397,816

Down $174,016 (-11%) from 2013

Expenses

Up

$1,605,314

Up $360,991 (+29%) from 2013

Net Income

Down

-$207,498

Down $535,007 (-163%) from 2013

Historical Trend

Balance Sheet Trend

Asset Growth13th 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

2014

Assets$1,453,833
Liabilities$94,776
Net Assets$1,359,057
Open 2014 Filing

Operations Trend

Revenue Growth16th 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

2014

Revenue$1,397,816
Expenses$1,605,314
Net Income-$207,498
Open 2014 Filing
Jump To
Filing Snapshot
Filing Period
Sep 1, 2013 to Aug 31, 2014
Signed
Jun 11, 2015
Return Version
2013v4.0
Gross Receipts
$1,619,032
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.

Please see Schedule O.

Balance Sheet Detail
LineBeginningEndChange
Assets
Savings and Temporary Cash Investments$707,597$524,153▼ $183,444
Investments in Publicly Traded Securities$232,221$339,855▲ $107,634
Cash and Non-Interest-Bearing Accounts$252,693$294,294▲ $41,601
Pledges and Grants Receivable$370,000$220,250▼ $149,750
Prepaid Expenses and Deferred Charges$6,839$52,480▲ $45,641
Land, Buildings, and Equipment, Net$6,952$14,001▲ $7,049
Accounts Receivable$850$0▼ $850
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$1,585,952$1,453,833▼ $132,119
Other Assets Total$8,800$8,800→ $0
Liabilities
Accounts Payable and Accrued Expenses$21,211$94,776▲ $73,565
Total Liabilities$21,211$94,776▲ $73,565
Net Assets / Fund Balance
Unrestricted Net Assets$987,520$638,511▼ $349,009
Temporarily Rstr Net Assets$377,221$520,546▲ $143,325
Permanently Rstr Net Assets$200,000$200,000→ $0
Total Net Assets Fund Balance$1,564,741$1,359,057▼ $205,684
Total Liabilities and Net Assets / Fund Balance$1,585,952$1,453,833▼ $132,119

Asset Categories

AssetBook ValueDepreciationBasis
Equipment$14,001$38,215$52,216
Leasehold Improvements-$30,711$30,711
Other Land Buildings-$25,703$25,703

Endowment Activity

PeriodBeginningContrib.Gain/LossOther UsesEnd
2013$232,221-▲ $5,336-$237,557
2012$230,445-▲ $1,776-$232,221
2011$222,188-▲ $8,257-$230,445
2010$221,550-▲ $638-$222,188
2009-$14,177--$221,550
Compensation and Service Providers
Top Officer Pay85th percentile

Employees

NameTitleFull / Part TimeBaseOtherTotal
David CiullaExecutive DirecFT$161,081$9,276$170,357

Board Members and Trustees

NameTitle
Daria WallachChair
Alan LouieDirector
Andrew M SiegDirector
Barbara EvansDirector
Ben JenkinsDirector
Bradley G KulmanDirector
Catherine V JohnstonDirector
Christina GiammalvaDirector
Christopher LinenDirector
Colin M FarmerDirector
Drummond C Bell IIIDirector
Jamie BeardDirector
Jay WainwrightDirector
Joanna WIliamsDirector
Jodi Glickman BrownDirector
Nancy ScharffDirector
Neal GoffDirector
Roger TaylorDirector
Steven G BrodyDirector
Willard J Overlock JrDirector
Wilson S NeelyDirector
Dudley N Williams JrSecretary

Highest Paid Contractors

ContractorServicesLocationCompensation
NarrativelyContracting-$119,750
Revenue and Support

Revenue Composition

Contributions and Grants
$1,386,441
Program Service Revenue
$0
Investment Income
$6,364
Other Revenue
$5,011
All Other Contributions
$1,386,441
Change in Net Assets
$-207,498

Noncash Contribution Practices

Property subject to holding requirements
No
Reviewed unusual noncash gifts
No
Third parties used for noncash contributions
No

Noncash Contributions

Contribution TypeContribution CountReported AmountValuation Method
Securities Publicly Traded3$221,216Market value
Total Noncash Contributions3$221,216-

Audited Revenue Reconciliation

Revenue per Audited Statements
$1,397,816
Revenue Not Reported on Form 990
$34,660
Total Revenue per Audited Statements
$1,432,476
Total Revenue per Form 990
$1,397,816
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Salaries, Compensation, and Employee Benefits$862,453
Other Expenses$742,861
Total Fundraising Expense$78,679
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Fees for Services Other$551,404$16,270$28,311$595,985
Other Salaries and Wages$496,928$35,384$17,646$549,958
Current Officers, Directors, Trustees, and Key Employees$177,100$4,025$20,125$201,250
Other Employee Benefits$52,048$3,043$2,916$58,007
Occupancy$50,364$2,944$2,822$56,130
Payroll Taxes$47,768$2,793$2,677$53,238
Travel$17,645$264$786$18,695
Fees for Services Accounting-$12,300-$12,300
Insurance$10,996$644$616$12,256
Office Expenses$4,213$2,753$281$7,247
All Other Expenses$34$3,838$928$4,800
Other Expenses$3,365$197$189$3,751
Depreciation Depletion-$3,127-$3,127
Conferences and Meetings$1,830$280$50$2,160
Total Functional Expenses$1,436,485$90,150$78,679$1,605,314

Audited Expense Reconciliation

Line ItemAmount
Total Expenses per Audited Statements$1,638,160
Expenses per Audited Statements$1,605,314
Total Expenses per Form 990$1,605,314
Expenses Not Reported on Form 990$32,846
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 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
No
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 Form 990 is reviewed internally by the Executive Director. If there are any necessary amendments they are communicated to the tax preparers. The internally approved document is reviewed with the Finance Committee. If the document is approved by the Finance Committee, the Board will make a formal approval based on the Finance Committee's approval.”

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

“The organization has a "board approved" conflicts of interest policy. Each board member must fill out an annual declaration stating they had no conflicts or identifying the nature of their interested party transactions.”

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

“Each year, the finance committee reviews comparable salaries based on a recognized study and reviews the performance of the executive director to determine if the existing salary falls within these ranges. After a deliberation of this matter, a new proposed salary and benefit package is voted on. The minutes of the board of directors meeting reflect the nature of this process.”

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

“Organizational documents are available upon request.”

Filing and Contact Details

Filer

EIN
13-3593812
Phone
7185964292

Signing Officer

Name
David Ciulla
Title
Executive Direc
Signed
2015-06-11
Discuss with paid preparer
Yes

Organization Details

Principal Officer
David Ciulla
Formed
1990
Legal Domicile
Ny
Voting Board Members
22
Independent Board Members
22
Employees
10

Preparer

Preparer
David C Ashenfarb
Phone
2122682800
Supplemental Narrative

Financial Statement Notes

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

“The policy is to accumulate interest, dividends and other market value gains for future appropriation, if deemed prudent and necessary.”

Part X : FIN48 Footnote

“The Organization does not believe its financial statements include any material, uncertain tax positions. Tax filings for periods ending 8-31-11 and later are subject to examination by applicable taxing authorities.”

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IRS990/Desc0ReadWorks provides research-based curriculum and guidance directly to teachers and instructional leaders, online, for free, to be shared broadly, to help them improve their effectiveness and the academic achievement of their students in reading comprehension.More than 1.2 million educators have registered to use ReadWorks in 70,000 schools, reaching millions of students. In 2014, ReadWorks was named the best supplemental Reading and English Language Arts solution in the United States by the two most prestigious award providers in education content and educational technologythe Association of American Publishers, and the Software and Information Industry Association.ReadWorks has received unsolicited independent endorsements from multiple states, districts, schools, and education organizations.
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IRS990/Form990PartVIISectionAGrp/PersonNm3Christina Giammalva
IRS990/Form990PartVIISectionAGrp/PersonNm4Alan Louie
IRS990/Form990PartVIISectionAGrp/PersonNm5Catherine V Johnston
IRS990/Form990PartVIISectionAGrp/PersonNm6Christopher Linen
IRS990/Form990PartVIISectionAGrp/PersonNm7Wilson S Neely
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IRS990/Form990PartVIISectionAGrp/PersonNm19Jamie Beard
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IRS990/Form990PartVIISectionAGrp/PersonNm22David Ciulla
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Document Assets

No mirrored PDF or thumbnail assets are attached yet.

Filings

Displayed year

2014 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$1,453,833
Liabilities
$94,776
Net assets
$1,359,057
Revenue
$1,397,816
Expenses
$1,605,314
Net income
-$207,498
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
2020XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$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