Civic Intelligence

Readworks Inc.

990 • Fiscal year 2017 • EIN 13-3593812

Sep 01, 2016 to Aug 31, 2017 • Filed on Jun 15, 2018

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

44th percentile

0.07x

Higher debt load relative to assets than 44% of similar nonprofits.

2017 filings • NTEE B • $1M-$5M nonprofits • Source year 2017

Liabilities / Revenue

36th percentile

0.03x

Higher debt load relative to revenue than 36% of similar nonprofits.

2017 filings • NTEE B • $1M-$5M nonprofits • Source year 2017

Net Margin

71st percentile

12%

Higher net margin than 71% of similar nonprofits.

2017 filings • NTEE B • $1M-$5M nonprofits • Source year 2017

Top Officer Pay

87th percentile

$197,704

Higher top officer pay than 87% of similar nonprofits.

Top officer pay equals 7.9% of source-year revenue.

2017 filings • NTEE B • $1M-$5M nonprofits • Source year 2017

Asset Growth

81st percentile

29%

Faster asset growth than 81% of similar nonprofits.

2017 filings • NTEE B • $1M-$5M nonprofits • Annualized from 2016 to 2017

Revenue Growth

92nd percentile

101%

Faster revenue growth than 92% of similar nonprofits.

2017 filings • NTEE B • $1M-$5M nonprofits • Annualized from 2016 to 2017

Balance Sheet
Liabilities / Assets44th percentile

Assets

Up

$1,166,863

Up $259,396 (+29%) from 2016

Net Assets

Up

$1,081,014

Up $298,871 (+38%) from 2016

Liabilities

Down

$85,849

Down $39,475 (-31%) from 2016

Revenue And Expenses
Liabilities / Revenue36th percentileNet Margin71st percentile

Revenue

Up

$2,488,779

Up $1,247,553 (+101%) from 2016

Expenses

Up

$2,188,245

Up $562,731 (+35%) from 2016

Net Income

Up

$300,534

Up $684,822 (+178%) from 2016

Historical Trend

Balance Sheet Trend

Asset Growth81st 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

2017

Assets$1,166,863
Liabilities$85,849
Net Assets$1,081,014
Open 2017 Filing

Operations Trend

Revenue Growth92nd 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

2017

Revenue$2,488,779
Expenses$2,188,245
Net Income$300,534
Open 2017 Filing
Jump To
Filing Snapshot
Filing Period
Sep 1, 2016 to Aug 31, 2017
Signed
Jun 15, 2018
Return Version
2016v3.0
Gross Receipts
$2,488,779
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
Land, Buildings, and Equipment, Net$513,165$311,383▼ $201,782
Pledges and Grants Receivable-$269,000-
Savings and Temporary Cash Investments$30,721$263,416▲ $232,695
Investments in Publicly Traded Securities$205,520$208,815▲ $3,295
Cash and Non-Interest-Bearing Accounts$140,294$91,397▼ $48,897
Prepaid Expenses and Deferred Charges$8,967$14,052▲ $5,085
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$907,467$1,166,863▲ $259,396
Other Assets Total$8,800$8,800→ $0
Liabilities
Accounts Payable and Accrued Expenses$125,324$61,661▼ $63,663
Deferred Revenue-$24,188-
Total Liabilities$125,324$85,849▼ $39,475
Net Assets / Fund Balance
Unrestricted Net Assets$734,643$706,482▼ $28,161
Temporarily Rstr Net Assets$47,500$374,532▲ $327,032
Total Net Assets Fund Balance$782,143$1,081,014▲ $298,871
Total Liabilities and Net Assets / Fund Balance$907,467$1,166,863▲ $259,396

Asset Categories

AssetBook ValueDepreciationBasis
Equipment$311,383$353,814$665,197

Endowment Activity

PeriodBeginningContrib.Gain/LossOther UsesEnd
2016$205,520-▲ $3,295-$208,815
2015$343,078--$137,558$205,520
2014$339,855-▲ $3,223-$343,078
2013$232,221-▲ $107,634-$339,855
2012$230,445-▲ $1,776-$232,221
Compensation and Service Providers
Top Officer Pay87th percentile

Employees

NameTitleFull / Part TimeBaseOtherTotal
David CiullaExecutive DirecFT$185,859$11,845$197,704
Kathy BloomfieldDirector Teach Eng COMFT$146,591$11,768$158,359

Board Members and Trustees

NameTitle
Daria L WallachChair
Alan LouieDirector
Ben JenkinsDirector
Bradley G KulmanDirector
Bret PerkinsDirector
Catherine Viscardi JohnstonDirector
Christopher LinenDirector
Colin M FarmerDirector
Dr Joanna WilliamsDirector
Drummond C BellDirector
Jamie BeardDirector
Jay WainwrightDirector
Jodi GlickmanDirector
Nancy ScharffDirector
Neal GoffDirector
Roger TaylorDirector
Steven G BrodyDirector
Willard J OverlockDirector
Dudley WilliamsSecretary
Wilson NeelyTreasurer

Highest Paid Contractors

ContractorServicesLocationCompensation
Ruben KleimanTechnology Engineer2332 Cheshire Way, Redwood City, CA 94061$225,110
Revenue and Support

Revenue Composition

Contributions and Grants
$2,150,379
Program Service Revenue
$329,712
Investment Income
$4,235
Other Revenue
$4,453
All Other Contributions
$2,150,379
Change in Net Assets
$300,534

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$220,593Market Value
Total Noncash Contributions3$220,593-

Audited Revenue Reconciliation

Revenue per Audited Statements
$2,488,779
Revenue Not Reported on Form 990
$19,742
Total Revenue per Audited Statements
$2,508,521
Total Revenue per Form 990
$2,488,779
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Salaries, Compensation, and Employee Benefits$1,172,558
Other Expenses$1,015,687
Total Fundraising Expense$69,707
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Other Salaries and Wages$820,965$5,363$3,576$829,904
Fees for Services Other$567,508$79,134$35,946$682,588
Current Officers, Directors, Trustees, and Key Employees$193,215$4,155$10,388$207,758
Depreciation Depletion$185,344$10,297$10,297$205,938
Payroll Taxes$69,646$647$936$71,229
Occupancy$60,401$3,356$3,356$67,113
Other Employee Benefits$61,994$1,169$504$63,667
Travel$11,232$1,375$1,743$14,350
Insurance$8,955$497$497$9,949
Office Expenses$4,865$1,961$143$6,969
Information Technology$5,554$309$309$6,172
Other Expenses$13$680$490$1,183
All Other Expenses-$1,048-$1,048
Total Functional Expenses$2,006,002$112,536$69,707$2,188,245

Audited Expense Reconciliation

Line ItemAmount
Total Expenses per Audited Statements$2,209,650
Expenses per Audited Statements$2,188,245
Total Expenses per Form 990$2,188,245
Expenses Not Reported on Form 990$21,405
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

“Management reviewed a draft of the form 990 with the audit/finance committee and provided edits to the tax preparer. After this process was performed, the form 990 was sent to the full board of directors prior to being filed with the IRS.”

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 as part of the annual budget process. The minutes of the Finance Committee and the Board of Directors meeting reflect the nature of this process.”

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

“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 as part of the annual budget process. The minutes of the Finance Committee and 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

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

Signing Officer

Name
Kathy Bloomfield
Title
Interim E.D.
Signed
2018-06-15
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Kathy Bloomfield
Formed
1990
Legal Domicile
Ny
Voting Board Members
17
Independent Board Members
17
Employees
15

Preparer

Firm
Schall & Ashenfarb Cpas
Address
307 5th Ave 15th Floor, NEW YORK, NY 10016-6517
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, 2014 and later are subject to examination by applicable taxing authorities.”

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Document Assets

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Filings

Displayed year

2017 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$1,166,863
Liabilities
$85,849
Net assets
$1,081,014
Revenue
$2,488,779
Expenses
$2,188,245
Net income
$300,534
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
2017Detailed filing. Detailed filing data is available for this year.$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