Civic Intelligence

Readworks Inc.

990 • Fiscal year 2019 • EIN 13-3593812

Sep 01, 2018 to Aug 31, 2019 • Filed on Jun 11, 2020

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

45th percentile

0.07x

Higher debt load relative to assets than 45% of similar nonprofits.

2019 filings • NTEE B • $1M-$5M nonprofits • Source year 2019

Liabilities / Revenue

35th percentile

0.03x

Higher debt load relative to revenue than 35% of similar nonprofits.

2019 filings • NTEE B • $1M-$5M nonprofits • Source year 2019

Net Margin

15th percentile

-11%

Higher net margin than 15% of similar nonprofits.

2019 filings • NTEE B • $1M-$5M nonprofits • Source year 2019

Top Officer Pay

83rd percentile

$174,427

Higher top officer pay than 83% of similar nonprofits.

Top officer pay equals 8.8% of source-year revenue.

2019 filings • NTEE B • $1M-$5M nonprofits • Source year 2019

Asset Growth

7th percentile

-20%

Faster asset growth than 7% of similar nonprofits.

2019 filings • NTEE B • $1M-$5M nonprofits • Annualized from 2018 to 2019

Revenue Growth

24th percentile

-6.9%

Faster revenue growth than 24% of similar nonprofits.

2019 filings • NTEE B • $1M-$5M nonprofits • Annualized from 2018 to 2019

Balance Sheet
Liabilities / Assets45th percentile

Assets

Down

$843,342

Down $210,605 (-20%) from 2018

Net Assets

Down

$787,648

Down $213,150 (-21%) from 2018

Liabilities

Up

$55,694

Up $2,545 (+4.8%) from 2018

Revenue And Expenses
Liabilities / Revenue35th percentileNet Margin15th percentile

Revenue

Down

$1,986,262

Down $148,186 (-6.9%) from 2018

Expenses

Down

$2,204,695

Down $3,483 (-0.2%) from 2018

Net Income

Down

-$218,433

Down $144,703 (-196%) from 2018

Historical Trend

Balance Sheet Trend

Asset Growth7th 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

2019

Assets$843,342
Liabilities$55,694
Net Assets$787,648
Open 2019 Filing

Operations Trend

Revenue Growth24th 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

2019

Revenue$1,986,262
Expenses$2,204,695
Net Income-$218,433
Open 2019 Filing
Jump To
Filing Snapshot
Filing Period
Sep 1, 2018 to Aug 31, 2019
Signed
Jun 11, 2020
Return Version
2018v3.1
Gross Receipts
$1,986,262
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
Pledges and Grants Receivable$200,000$423,430▲ $223,430
Investments in Publicly Traded Securities$209,151$221,424▲ $12,273
Savings and Temporary Cash Investments$161,976$133,084▼ $28,892
Cash and Non-Interest-Bearing Accounts$352,079$43,653▼ $308,426
Land, Buildings, and Equipment, Net$107,610$7,154▼ $100,456
Prepaid Expenses and Deferred Charges$14,331$5,797▼ $8,534
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$1,053,947$843,342▼ $210,605
Other Assets Total$8,800$8,800→ $0
Liabilities
Accounts Payable and Accrued Expenses$53,149$55,694▲ $2,545
Total Liabilities$53,149$55,694▲ $2,545
Net Assets / Fund Balance
Temporarily Rstr Net Assets$200,000$592,321▲ $392,321
Unrestricted Net Assets$800,798$195,327▼ $605,471
Total Net Assets Fund Balance$1,000,798$787,648▼ $213,150
Total Liabilities and Net Assets / Fund Balance$1,053,947$843,342▼ $210,605

Asset Categories

AssetBook ValueDepreciationBasis
Equipment$7,154$664,230$671,384

Endowment Activity

PeriodBeginningContrib.Gain/LossOther UsesEnd
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
2014$339,855-▲ $3,223-$343,078
Compensation and Service Providers
Top Officer Pay83rd percentile

Employees

NameTitleFull / Part TimeBaseOtherTotal
Kathy BloomfieldDirector of OperationsFT$165,000$9,427$174,427
Cameron SwaimUI/UX Software EngFT$140,000$12,865$152,865
Justin PaganoSoftware EngineerFT$140,000$9,427$149,427
Keith MukaiSoftware EngineerFT$110,000$9,427$119,427
Jeffrey FleishhackerHead of ProductFT$110,000$80$110,080
Terry BowmanExecutive DirectorFT$51,605-$51,605

Board Members and Trustees

NameTitle
Daria L WallachChair
Charlotte FordDirector
Christopher LinenDirector
Dr Joanna WilliamsDirector
Drummond C BellDirector
Jamie BeardDirector
Roger TaylorDirector
Willard J OverlockDirector
Bradley G KulmanDir(thru 1/19)
Jay WainwrightDir(thru 1/19)
Neal GoffDir(thru 1/19)
Steven G BrodyDir(thru 1/19)
Nancy ScharffDir(thru 12/18)
Jodi GlickmanDir(thru 9/18)
Dudley WilliamsSec(thru 1/19)
Wilson NeelyTreasurer

Highest Paid Contractors

ContractorServicesLocationCompensation
Ruben KleimanTechnology Engineer2332 Cheshire Way, Redwood City, CA 94061$138,710
Revenue and Support

Revenue Composition

Contributions and Grants
$1,951,302
Program Service Revenue
$27,000
Investment Income
$6,114
Other Revenue
$1,846
All Other Contributions
$1,951,302
Change in Net Assets
$-218,433

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$147,645Fair Value
Total Noncash Contributions3$147,645-

Audited Revenue Reconciliation

Revenue per Audited Statements
$1,986,262
Revenue Not Reported on Form 990
$5,283
Total Revenue per Audited Statements
$1,991,545
Total Revenue per Form 990
$1,986,262
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Salaries, Compensation, and Employee Benefits$1,328,352
Other Expenses$876,343
Total Fundraising Expense$143,302
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Other Salaries and Wages$967,475$13,202$3,300$983,977
Fees for Services Other$368,764$128,643$98,173$595,580
Current Officers, Directors, Trustees, and Key Employees$149,368$13,405$28,725$191,498
Depreciation Depletion$99,112$2,323$2,749$104,184
Payroll Taxes$73,351$1,720$2,034$77,105
Other Employee Benefits$73,482$1,300$990$75,772
Occupancy$68,705$1,610$1,906$72,221
Insurance$10,473$246$291$11,010
Travel$6,454$1,601$730$8,785
Information Technology$5,800$136$161$6,097
Other Expenses$3,865$820$2,292$3,865
Office Expenses$1,513$1,165$42$2,720
All Other Expenses-$927$339$1,266
Conferences and Meetings$115$499$50$664
Total Functional Expenses$1,883,895$177,498$143,302$2,204,695

Audited Expense Reconciliation

Line ItemAmount
Expenses per Audited Statements$2,204,695
Total Expenses per Audited Statements$2,204,695
Total Expenses per Form 990$2,204,695
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 Finance Committee reviews the Audit and 990 drafts and gives their approval to the Board Chair. The approved draft audit and 990 are shared with the balance of the board for their review and final approval at a Board meeting (usually June)”

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 Executive Director's salary was determined by the Board in partnership with the search firm hired to find him. This included salary comparisons for the position in the industry.”

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

“Prior to hiring a key employee, the ED with internal HR support conducts research on competitive salaries for the position in the nonprofit and for profit arenas. The ED shares the thinking with the Board Chair. The final salary decision is that of the ED's.”

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
2020-06-11
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Terry Bowman
Formed
1990
Legal Domicile
Ny
Voting Board Members
8
Independent Board Members
8
Employees
9
Volunteers
16

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, 2016 and later are subject to examination by applicable taxing authorities.”

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Document Assets

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Filings

Displayed year

2019 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$843,342
Liabilities
$55,694
Net assets
$787,648
Revenue
$1,986,262
Expenses
$2,204,695
Net income
-$218,433
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
2019Detailed filing. Detailed filing data is available for this year.$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