Civic Intelligence

Readworks Inc.

990 • Fiscal year 2022 • EIN 13-3593812

Sep 01, 2021 to Aug 31, 2022 • Filed on Jul 17, 2023

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

55th percentile

0.11x

Higher debt load relative to assets than 55% of similar nonprofits.

2022 filings • NTEE B • $1M-$5M nonprofits • Source year 2022

Liabilities / Revenue

48th percentile

0.07x

Higher debt load relative to revenue than 48% of similar nonprofits.

2022 filings • NTEE B • $1M-$5M nonprofits • Source year 2022

Net Margin

8th percentile

-38%

Higher net margin than 8% of similar nonprofits.

2022 filings • NTEE B • $1M-$5M nonprofits • Source year 2022

Top Officer Pay

89th percentile

$219,061

Higher top officer pay than 89% of similar nonprofits.

Top officer pay equals 11.6% of source-year revenue.

2022 filings • NTEE B • $1M-$5M nonprofits • Source year 2022

Asset Growth

3rd percentile

-37%

Faster asset growth than 3% of similar nonprofits.

2022 filings • NTEE B • $1M-$5M nonprofits • Annualized from 2021 to 2022

Revenue Growth

12th percentile

-37%

Faster revenue growth than 12% of similar nonprofits.

2022 filings • NTEE B • $1M-$5M nonprofits • Annualized from 2021 to 2022

Balance Sheet
Liabilities / Assets55th percentile

Assets

Down

$1,139,705

Down $664,036 (-37%) from 2021

Net Assets

Down

$1,013,641

Down $747,233 (-42%) from 2021

Liabilities

Up

$126,064

Up $83,197 (+194%) from 2021

Revenue And Expenses
Liabilities / Revenue48th percentileNet Margin8th percentile

Revenue

Down

$1,891,149

Down $1,132,700 (-37%) from 2021

Expenses

Up

$2,618,134

Up $202,073 (+8.4%) from 2021

Net Income

Down

-$726,985

Down $1,334,773 (-220%) from 2021

Historical Trend

Balance Sheet Trend

Asset Growth3rd 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

2022

Assets$1,139,705
Liabilities$126,064
Net Assets$1,013,641
Open 2022 Filing

Operations Trend

Revenue Growth12th 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

2022

Revenue$1,891,149
Expenses$2,618,134
Net Income-$726,985
Open 2022 Filing
Jump To
Filing Snapshot
Filing Period
Sep 1, 2021 to Aug 31, 2022
Signed
Jul 17, 2023
Return Version
2021v4.1
Gross Receipts
$1,891,149
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$862,930$543,081▼ $319,849
Investments in Publicly Traded Securities$235,773$249,188▲ $13,415
Pledges and Grants Receivable$544,866$201,349▼ $343,517
Cash and Non-Interest-Bearing Accounts$151,300$117,331▼ $33,969
Prepaid Expenses and Deferred Charges-$15,283-
Land, Buildings, and Equipment, Net$8,872$13,473▲ $4,601
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$1,803,741$1,139,705▼ $664,036
Other Assets Total-$0-
Liabilities
Accounts Payable and Accrued Expenses$42,867$126,064▲ $83,197
Total Liabilities$42,867$126,064▲ $83,197
Net Assets / Fund Balance
Net Assets Without Donor Restrictions$1,295,874$781,641▼ $514,233
Net Assets With Donor Restrictions$465,000$232,000▼ $233,000
Total Net Assets Fund Balance$1,760,874$1,013,641▼ $747,233
Total Liabilities and Net Assets / Fund Balance$1,803,741$1,139,705▼ $664,036

Asset Categories

AssetBook ValueDepreciationBasis
Equipment$13,473$675,039$688,512

Endowment Activity

PeriodBeginningContrib.Gain/LossOther UsesEnd
2021$235,773-▲ $13,415-$249,188
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
Compensation and Service Providers
Top Officer Pay89th percentile

Employees

NameTitleFull / Part TimeBaseOtherTotal
Terry BowmanExecutive DirectorFT$180,563$11,498$219,061
Cameron SwaimChief Tech OfficerFT$142,235$38,498$153,733
Susanne NoblesChief Academic OffFT$139,106$9,259$148,365
Kathy BloomfieldChief Operating OfFT$129,975-$129,975
Jeffrey David FleishhackerSr. Director Prod Dev.FT$111,877-$111,877

Board Members and Trustees

NameTitle
Daria L WallachChair
Cathy JamesDirector
Christopher LinenDirector
Dr Joanna WilliamsDirector
Gina N CervettiDirector
Howard SchillerDirector
Karim Kam MoolaniDirector
Willard Overlock JrDirector
Jamie BeardTreasurer
Wilson NeelyTreasurer

Highest Paid Contractors

ContractorServicesLocationCompensation
Margo DoolittleDevelopment Support50 Wildwood Lane, Weston, CT 06883$146,000
Revenue and Support

Revenue Composition

Contributions and Grants
$1,731,169
Program Service Revenue
$148,012
Investment Income
$5,154
Other Revenue
$6,814
All Other Contributions
$1,731,169
Change in Net Assets
$-726,985

Audited Revenue Reconciliation

Revenue per Audited Statements
$1,891,149
Revenue Not Reported on Form 990
$-20,248
Total Revenue per Audited Statements
$1,870,901
Total Revenue per Form 990
$1,891,149
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Salaries, Compensation, and Employee Benefits$1,680,353
Other Expenses$937,781
Total Fundraising Expense$325,906
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Other Salaries and Wages$1,155,470$19,331$42,891$1,217,692
Fees for Services Other$542,326$59,130$223,137$824,593
Current Officers, Directors, Trustees, and Key Employees$207,868$18,655$39,975$266,498
Payroll Taxes$90,718$2,491$5,435$98,644
Other Employee Benefits$91,290$1,947$4,282$97,519
Office Expenses$3,523$8,482$1,243$13,248
Insurance$11,423$243$486$12,152
Travel$2,496$7,337-$9,833
Information Technology$6,033$127$257$6,417
All Other Expenses-$4,817$23$4,840
Depreciation Depletion$4,246$117$254$4,617
Other Expenses$3,048$273$7,661$3,048
Occupancy$2,129$45$91$2,265
Conferences and Meetings$1,091--$1,091
Total Functional Expenses$2,152,078$140,150$325,906$2,618,134

Audited Expense Reconciliation

Line ItemAmount
Expenses per Audited Statements$2,618,134
Total Expenses per Audited Statements$2,618,134
Total Expenses per Form 990$2,618,134
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
2023-07-17
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Terry Bowman
Formed
1990
Legal Domicile
Ny
Voting Board Members
11
Independent Board Members
11
Employees
19

Preparer

Firm
Sax Llp
Address
389 INTERPACE PARKWAY STE 3, PARSIPPANY, NJ 07054
Preparer
Michael Schall
Phone
2122682804
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, 2019 and later are subject to examination by applicable taxing authorities.”

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IRS990/Desc0ReadWorkscontinues 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. We haveexpanded our content and curriculum offering significantly, adding new articles to our library, spanning diverse topics and interests. These texts include new content from our new and existing partners and are aligned with our diversity, equity, and inclusion goals.In 2022, we released one of our most requested features from educatorsa new single sign-on integration with Clever, one of the most widely used single sign-on portals in K-12 education that streamlines implementation with secure accounts, data management, and easy classroom access. Like our Google Classroom integration, our integration with Clever is another way to make using ReadWorks in the classroom easier for teachers. In our 2021 National Survey, 46%of respondents reported using Cleverin their classrooms. ReadWorks is also now featured inthe Clever Library.In Spring 2022, ReadWorks launched Book Studies to deliver curated content that directly integrates with the most widely-taught ELA books nationwide, simplifying the planning process for educators and giving them back the critical time needed to further support their students.Each Book Study text set is based on the research-supported Article-A-Day routine and includes seven+ passages with question sets to seamlessly build background knowledge, grow vocabularies, and strengthen strategic reading for students.In the 2021-2022 school year, ReadWorks welcomed two new Board members, Gina Cervetti and Karim (Kam) Moolani. Cervetti worked as an assistant professor at the University of Colorado, Boulder for three years. She is now an Associate Professor of Literacy, Language, and Culture at the University of Michigan School of Education, where her research focuses on the interface of literacy and content-area learning. Moolani is currently a Managing Director at Silver Point Capital in Connecticut. He has served on the New York Metro Advisory Board at the Network for Teaching Entrepreneurship (NFTE)a nonprofit providing educational programs for middle school, high school, college students, and adultssince 2014.ReadWorks is proud to have partnered with cultural institutions like the International Quilt Museum, the Gilder Lehrman Institute of American History, the National Fish and Wildlife Foundation, the Philadelphia Museum of Art, the New-York Historical Society, the American Museum of Natural History, and more. As we continue serving students and educators, we look forward to partnering with more prestigious institutions and growing our portfolio of partners to provide even more ofthe high-quality, nonfiction texts for which we are known.Our 2022 annual report can be found here:https://about.readworks.org/uploads/7/9/6/7/79679564/readworks_annual_report_2022.pdf
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Filings

Displayed year

2022 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$1,139,705
Liabilities
$126,064
Net assets
$1,013,641
Revenue
$1,891,149
Expenses
$2,618,134
Net income
-$726,985
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
2022Detailed filing. Detailed filing data is available for this year.$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
Peer Organizations

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