Civic Intelligence

Readworks Inc.

990 • Fiscal year 2021 • EIN 13-3593812

Sep 01, 2020 to Aug 31, 2021 • Filed on Jul 07, 2022

Organization Profilewww.readworks.org
68 Jay Street 426Brooklyn, NY 11201

(718) 596-4292

Siviq Scores

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

Liabilities / Assets

35th percentile

0.02x

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

2021 filings • NTEE B • $1M-$5M nonprofits • Source year 2021

Liabilities / Revenue

29th percentile

0.01x

Higher debt load relative to revenue than 29% of similar nonprofits.

2021 filings • NTEE B • $1M-$5M nonprofits • Source year 2021

Net Margin

62nd percentile

20%

Higher net margin than 62% of similar nonprofits.

2021 filings • NTEE B • $1M-$5M nonprofits • Source year 2021

Top Officer Pay

91st percentile

$237,106

Higher top officer pay than 91% of similar nonprofits.

Top officer pay equals 7.8% of source-year revenue.

2021 filings • NTEE B • $1M-$5M nonprofits • Source year 2021

Asset Growth

74th percentile

31%

Faster asset growth than 74% of similar nonprofits.

2021 filings • NTEE B • $1M-$5M nonprofits • Annualized from 2020 to 2021

Revenue Growth

55th percentile

16%

Faster revenue growth than 55% of similar nonprofits.

2021 filings • NTEE B • $1M-$5M nonprofits • Annualized from 2020 to 2021

Balance Sheet
Liabilities / Assets35th percentile

Assets

Up

$1,803,741

Up $431,995 (+31%) from 2020

Net Assets

Up

$1,760,874

Up $607,719 (+53%) from 2020

Liabilities

Down

$42,867

Down $175,724 (-80%) from 2020

Revenue And Expenses
Liabilities / Revenue29th percentileNet Margin62nd percentile

Revenue

Up

$3,023,849

Up $415,533 (+16%) from 2020

Expenses

Up

$2,416,061

Up $167,168 (+7.4%) from 2020

Net Income

Up

$607,788

Up $248,365 (+69%) from 2020

Historical Trend

Balance Sheet Trend

Asset Growth74th 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

2021

Assets$1,803,741
Liabilities$42,867
Net Assets$1,760,874
Open 2021 Filing

Operations Trend

Revenue Growth55th 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

2021

Revenue$3,023,849
Expenses$2,416,061
Net Income$607,788
Open 2021 Filing
Jump To
Filing Snapshot
Filing Period
Sep 1, 2020 to Aug 31, 2021
Signed
Jul 7, 2022
Return Version
2020v4.0
Gross Receipts
$3,023,849
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 an education-technology non-profit focused on improving reading comprehension that, through its digital platform, provides research-based content, curricular supports, and other features that integrate with core English Language Arts (ELA) curricula.

Balance Sheet Detail
LineBeginningEndChange
Assets
Savings and Temporary Cash Investments$628,279$862,930▲ $234,651
Pledges and Grants Receivable$312,626$544,866▲ $232,240
Investments in Publicly Traded Securities$232,158$235,773▲ $3,615
Cash and Non-Interest-Bearing Accounts$188,654$151,300▼ $37,354
Land, Buildings, and Equipment, Net$9,969$8,872▼ $1,097
Prepaid Expenses and Deferred Charges$60$0▼ $60
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$1,371,746$1,803,741▲ $431,995
Other Assets Total-$0-
Liabilities
Unsecured Notes Loans Payable$161,610--
Accounts Payable and Accrued Expenses$31,981$42,867▲ $10,886
Deferred Revenue$25,000--
Total Liabilities$218,591$42,867▼ $175,724
Net Assets / Fund Balance
Net Assets Without Donor Restrictions$908,155$1,295,874▲ $387,719
Net Assets With Donor Restrictions$245,000$465,000▲ $220,000
Total Net Assets Fund Balance$1,153,155$1,760,874▲ $607,719
Total Liabilities and Net Assets / Fund Balance$1,371,746$1,803,741▲ $431,995

Asset Categories

AssetBook ValueDepreciationBasis
Equipment$8,872$670,422$679,294

Endowment Activity

PeriodBeginningContrib.Gain/LossOther UsesEnd
2020$232,158-▲ $3,615-$235,773
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
Compensation and Service Providers
Top Officer Pay91st percentile

Employees

NameTitleFull / Part TimeBaseOtherTotal
Terry BowmanExecutive DirectorFT$200,000$11,106$237,106
Kathy BloomfieldDirector of OperationsFT$169,802$11,031$180,833
Justin PaganoSr. Director of Engr.FT$150,086$6,985$157,071
Cameron SwaimUI/UX Software EngFT$143,475$36,958$154,433
Susanne NoblesSoftware EngineerFT$142,973$10,981$153,954

Board Members and Trustees

NameTitle
Daria L WallachChair
Cathy JamesDirector
Christopher LinenDirector
Dr Joanna WilliamsDirector
Drummond C BellDirector
Howard SchillerDirector
Willard J OverlockDirector
Jamie BeardTreasurer
Wilson NeelyTreasurer

Highest Paid Contractors

ContractorServicesLocationCompensation
Margo DoolittleDevelopment Support50 Wildwood Lane, Weston, CT 06883-
Revenue and Support

Revenue Composition

Contributions and Grants
$2,691,225
Program Service Revenue
$327,166
Investment Income
$5,152
Other Revenue
$306
All Other Contributions
$2,529,615
Change in Net Assets
$607,788

Audited Revenue Reconciliation

Revenue per Audited Statements
$3,023,849
Revenue Not Reported on Form 990
$-69
Total Revenue per Audited Statements
$3,023,780
Total Revenue per Form 990
$3,023,849
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Salaries, Compensation, and Employee Benefits$1,810,308
Other Expenses$605,753
Total Fundraising Expense$242,372
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Other Salaries and Wages$1,303,355$44,356$-819$1,346,892
Fees for Services Other$254,772$48,917$201,249$504,938
Current Officers, Directors, Trustees, and Key Employees$191,339$17,171$36,796$245,306
Other Employee Benefits$104,435$3,847$945$109,227
Payroll Taxes$102,336$4,184$2,363$108,883
Conferences and Meetings$7,253-$82$7,335
Insurance$6,209$132$264$6,605
Office Expenses$2,041$1,134$596$3,771
Depreciation Depletion$3,433$140$79$3,652
Information Technology$1,614$34$69$1,717
Other Expenses$59$1,194$701$1,253
All Other Expenses$1,109$24$47$1,180
Travel$349$334-$683
Total Functional Expenses$2,035,416$138,273$242,372$2,416,061

Audited Expense Reconciliation

Line ItemAmount
Expenses per Audited Statements$2,416,061
Total Expenses per Audited Statements$2,416,061
Total Expenses per Form 990$2,416,061
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 of if they do, to disclose them. If there are conflicts, they 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 thed ED performance based on specific annual goals. If the goals were achieve they determined a new compensation level (salary & bonus) 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 426, Brooklyn, NY 11201

Signing Officer

Name
Terry Bowman
Title
Executive Director
Signed
2022-07-07
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
17

Preparer

Firm
Schall & Ashenfarb Cpas LLC
Address
307 FIFTH AVE 15TH FL, 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, 2018 and later are subject to examination by applicable taxing authorities.”

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IRS990/Desc0ReadWorks continues to focus on growing and improving our product to impact the millions of users we serve, based on data, learning science, and a deep understanding and empathy for the practical realities faced by teachers and students in classrooms today. In 2020, we established an Educator Advisory Group of 12 diverse educators and we convene quarterly to discuss the ways we can better support their instruction. We have expanded our content and curriculum offering significantly, adding over 135 new articles to our library, spanning a wide range of diverse topics and interests. We have also added over 300 new human-voice audio files to texts on our site. ReadWorks launched our new interactive vocabulary activities in spring 2021 in partnership with Wordsmyth. Our Scope & Sequences tool launched in fall 2020 and lets educators plan ahead for a month up to the entire year. We enhanced and relaunched all of our training resources in the 2020-2021 school year with our new teacher guide to make it easier for teachers to understand both how to use our products most effectively with their students as well as the research that informs all of our curricular and technology development. We have begun or continued partnerships with Amplify, Beable, Microsoft Education, the National Fish and Wildlife Foundation, the International Quilt Museum, Wordsmyth, NYUs BetaEd, Harvards Opportunity Insights, Digital Promise, and more.
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IRS990/MissionDesc0ReadWorks is an education-technology non-profit focused on improving reading comprehension that, through its digital platform, provides research-based content, curricular supports, and other features that integrate with core English Language Arts (ELA) curricula. In the 2020-2021 school year alone, ReadWorks was used by more than 1 million educators and their millions of students, including those in 93% of the highest-poverty K-8 schoolsthe population we are most focused on based on our mission.
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Document Assets

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Filings

Displayed year

2021 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$1,803,741
Liabilities
$42,867
Net assets
$1,760,874
Revenue
$3,023,849
Expenses
$2,416,061
Net income
$607,788
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