Civic Intelligence

Reading Power Inc.

990 • Fiscal year 2023 • EIN 20-2916846

Jul 01, 2022 to Jun 30, 2023 • Filed on Dec 11, 2023

Organization ProfileREADINGPOWERINC.ORG

View Organization Page

736 North Western Ave 226Lake Forest, IL 60045

(847) 436-8060

Siviq Scores

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

Liabilities / Assets

77th percentile

0.34x

Higher debt load relative to assets than 77% of similar nonprofits.

2023 filings • 501(c)3 • $1M-$5M nonprofits • Source year 2023

Liabilities / Revenue

74th percentile

0.33x

Higher debt load relative to revenue than 74% of similar nonprofits.

2023 filings • 501(c)3 • $1M-$5M nonprofits • Source year 2023

Net Margin

21st percentile

-12%

Higher net margin than 21% of similar nonprofits.

2023 filings • 501(c)3 • $1M-$5M nonprofits • Source year 2023

Top Officer Pay

39th percentile

$0

Higher top officer pay than 39% of similar nonprofits.

Top officer pay equals 0.0% of source-year revenue.

2023 filings • 501(c)3 • $1M-$5M nonprofits • Source year 2023

Asset Growth

76th percentile

20%

Faster asset growth than 76% of similar nonprofits.

2023 filings • 501(c)3 • $1M-$5M nonprofits • Annualized from 2022 to 2023

Revenue Growth

67th percentile

20%

Faster revenue growth than 67% of similar nonprofits.

2023 filings • 501(c)3 • $1M-$5M nonprofits • Annualized from 2022 to 2023

Balance Sheet
Liabilities / Assets77th percentile

Assets

Up

$1,182,434

Up $198,239 (+20%) from 2022

Net Assets

Down

$777,493

Down $153,130 (-16%) from 2022

Liabilities

Up

$404,941

Up $351,369 (+656%) from 2022

Revenue And Expenses
Liabilities / Revenue74th percentileNet Margin21st percentile

Revenue

Up

$1,242,929

Up $207,359 (+20%) from 2022

Expenses

Up

$1,396,059

Up $371,330 (+36%) from 2022

Net Income

Down

-$153,130

Down $163,971 (-1513%) from 2022

Historical Trend

Balance Sheet Trend

Asset Growth76th percentile

The highlighted filing sits inside the broader history for assets, liabilities, and net assets.

$1.5M$1.0M$500K$0Assets 2011: $340,739Liabilities 2011: $22,539Net Assets 2011: $318,2002011Assets 2012: $389,840Liabilities 2012: $22,754Net Assets 2012: $367,0862012Assets 2013: $415,303Liabilities 2013: $4,615Net Assets 2013: $410,6882013Assets 2014: $441,333Liabilities 2014: $19,725Net Assets 2014: $421,6082014Assets 2015: $336,616Liabilities 2015: $0Net Assets 2015: $336,6162015Assets 2016: $379,808Liabilities 2016: $0Net Assets 2016: $379,8082016Assets 2017: $434,100Liabilities 2017: $2,758Net Assets 2017: $431,3422017Assets 2018: $568,924Liabilities 2018: $430Net Assets 2018: $568,4942018Assets 2019: $809,758Liabilities 2019: $1,730Net Assets 2019: $808,0282019Assets 2020: $907,456Liabilities 2020: $94,201Net Assets 2020: $813,2552020Assets 2021: $927,019Liabilities 2021: $7,237Net Assets 2021: $919,7822021Assets 2022: $984,195Liabilities 2022: $53,572Net Assets 2022: $930,6232022Assets 2023: $1,182,434Liabilities 2023: $404,941Net Assets 2023: $777,4932023Assets 2024: $1,359,797Liabilities 2024: $313,063Net Assets 2024: $1,046,7342024

Highlighted filing

2023

Assets$1,182,434
Liabilities$404,941
Net Assets$777,493
Open 2023 Filing

Operations Trend

Revenue Growth67th percentile

Revenue, expenses, and net income across loaded years, with this filing highlighted.

$2.0M$1.0M$0-$1.0MRevenue 2011: $241,214Expenses 2011: $216,085Net Income 2011: $25,1292011Revenue 2012: $315,447Expenses 2012: $266,561Net Income 2012: $48,8862012Revenue 2013: $368,798Expenses 2013: $325,196Net Income 2013: $43,6022013Revenue 2014: $326,111Expenses 2014: $315,191Net Income 2014: $10,9202014Revenue 2015: $287,943Expenses 2015: $372,935Net Income 2015: -$84,9922015Revenue 2016: $410,708Expenses 2016: $367,516Net Income 2016: $43,1922016Revenue 2017: $457,054Expenses 2017: $405,520Net Income 2017: $51,5342017Revenue 2018: $631,100Expenses 2018: $493,948Net Income 2018: $137,1522018Revenue 2019: $840,216Expenses 2019: $600,682Net Income 2019: $239,5342019Revenue 2020: $652,171Expenses 2020: $646,944Net Income 2020: $5,2272020Revenue 2021: $863,663Expenses 2021: $757,136Net Income 2021: $106,5272021Revenue 2022: $1,035,570Expenses 2022: $1,024,729Net Income 2022: $10,8412022Revenue 2023: $1,242,929Expenses 2023: $1,396,059Net Income 2023: -$153,1302023Revenue 2024: $1,917,784Expenses 2024: $1,597,424Net Income 2024: $320,3602024

Highlighted filing

2023

Revenue$1,242,929
Expenses$1,396,059
Net Income-$153,130
Open 2023 Filing
Jump To
Filing Snapshot
Filing Period
Jul 1, 2022 to Jun 30, 2023
Signed
Dec 11, 2023
Return Version
2022v5.0
Gross Receipts
$1,318,337
Mission and Program Overview

Mission

Reading power, inc is a not for profit literacy tutoring program serving low-achieving children attending elementary schools. Their mission is to accelerate children's literacy learning and to develop in them a love of reading and writing. This goal is accomplished through an independent tutoring program working in partnership with the schools. The belief is that all children deserve to reach their academic potential.

Reading power, inc is a not for profit liter1cy tutoring program serving low-achieving children attending elementary schools. Their mission is to accelerate children's literacy learning and to develop in them a love of reading and writing. This goal is accomplished through an independent tutoring program working in partnership with the schools. The belief is that all children deserve to reach their academic potential.

Balance Sheet Detail
LineBeginningEndChange
Assets
Savings and Temporary Cash Investments-$615,147-
Intangible Assets-$323,804-
Cash and Non-Interest-Bearing Accounts$946,682$141,877▼ $804,805
Land, Buildings, and Equipment, Net$35,813$58,518▲ $22,705
Prepaid Expenses and Deferred Charges$1,700$25,549▲ $23,849
Pledges and Grants Receivable-$10,500-
Total Assets$984,195$1,182,434▲ $198,239
Other Assets Total-$7,039-
Liabilities
Other Liabilities$40,880$333,815▲ $292,935
Accounts Payable and Accrued Expenses$12,692$41,935▲ $29,243
Deferred Revenue-$29,191-
Total Liabilities$53,572$404,941▲ $351,369
Net Assets / Fund Balance
Net Assets Without Donor Restrictions$905,865$777,493▼ $128,372
Net Assets With Donor Restrictions$24,758--
Total Net Assets Fund Balance$930,623$777,493▼ $153,130
Total Liabilities and Net Assets / Fund Balance$984,195$1,182,434▲ $198,239

Asset Categories

AssetBook ValueDepreciationBasis
Equipment$58,518$22,706$81,224
Compensation and Service Providers
Top Officer Pay39th percentile

Board Members and Trustees

NameTitle
Kathy McfarlandChairman
Marra LochiattoVice Chairma
Ann BatesDirector
Arthur TurnerDirector
Beverky RaudabaughDirector
Frank SibleyDirector
Jacalyn Ramdin-johnsonDirector
Joanie AlleyDirector
John DavidsonDirector
Mary Jane HenderDirector
Mary WeberDirector
Melinda MooneyDirector
Rahul MalhotraDirector
Rob DavisDirector
Todd LitzsingerDirector
Tom WoodDirector
Kathleen CowieSecretary
Jim YoungTrasurer
Revenue and Support

Revenue Composition

Contributions and Grants
$1,006,092
Program Service Revenue
$0
Investment Income
$17,561
Other Revenue
$219,276
All Other Contributions
$1,006,092
Change in Net Assets
$-153,130

Audited Revenue Reconciliation

Revenue per Audited Statements
$1,242,929
Revenue Not Reported on Form 990
$366,192
Total Revenue per Audited Statements
$1,609,121
Total Revenue per Form 990
$1,242,929
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Salaries, Compensation, and Employee Benefits$1,064,409
Other Expenses$331,650
Total Fundraising Expense$273,705
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Other Salaries and Wages$707,026$77,652$176,343$961,021
Payroll Taxes$56,969$8,264$14,209$79,442
Fees for Services Accounting$11,602$29,508$35,792$76,902
Office Expenses$25,777$5,584$6,144$37,505
Advertising$9,323$3,742$17,004$30,069
Other Employee Benefits$15,606$4,200$4,140$23,946
Other Expenses$7,752$5,907$1,933$15,592
Depreciation Depletion$13,109$369$836$14,314
All Other Expenses$4,687$305$6,009$11,001
Insurance$4,710$517$1,175$6,402
Conferences and Meetings$6,006--$6,006
Travel$2,862$314$714$3,890
Interest$293$162$366$821
Total Functional Expenses$983,148$139,206$273,705$1,396,059

Audited Expense Reconciliation

Line ItemAmount
Total Expenses per Audited Statements$1,762,251
Expenses per Audited Statements$1,396,059
Total Expenses per Form 990$1,396,059
Expenses Not Reported on Form 990$366,192
Fundraising, Events, and Gaming
Fundraising activities
Yes
Gaming activities
No
Professional fundraiser used
No

Fundraising and Gaming Totals

Line ItemAmount
Fundraising Gross Income$294,684
Fundraising Direct Expenses$75,408
Professional Fundraising Fees$0

Fundraising Events

EventGross ReceiptsGross RevenueDirect ExpensesNet Income
Play for Litera$294,684$294,684$75,408$219,276
Total Events$294,684$294,684$75,408$219,276
Political and Lobbying Activity
Political campaign activity
No
Lobbying activity
No
Subject to proxy tax
No
Debt and Bond Financing

Other Reported Liabilities

LiabilityAmount
Leases Payable$324,442
Accrued Payroll$9,373
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
Yes
Management duties delegated
No

Governance Explanations

Form 990, Page 6, Part VI, Line 7A

“A nominating committee suggests a slate of officers which is subsequently voted on by the board of directors.”

Form 990, Page 6, Part VI, Line 7B

“Motions are approved at board meetings.”

Form 990, Page 6, Part VI, Line 11B

“The form 990 is presented to the president and treasurer of the board for their review before filing. They discuss items of concern, if any, with the other members of the board.”

Form 990, Page 6, Part VI, Line 12C

“All board members must disclose any conflicts of interest on an annual basis.”

Form 990, Page 6, Part VI, Line 15A

“Compensation discussed at board meetings and approved.”

Form 990, Page 6, Part VI, Line 15B

“Employee compensation is discussed at board meetings and approved as part of annual budgeting process as well as part of any new hire proposal.”

Form 990, Page 6, Part VI, Line 19

“Govening documents, internal policies and financial statements are available upon request.”

Filing and Contact Details

Filer

Filer Name
Reading Power Inc
EIN
20-2916846
Phone
8474368060
Address
736 NORTH WESTERN AVE 226, LAKE FOREST, IL 60045

Signing Officer

Name
Lisa Bulzoni
Title
CEO
Phone
8474368060
Signed
2023-12-11

Organization Details

Principal Officer
Lisa Bulzoni
Formed
2005
Legal Domicile
Il
Voting Board Members
17
Independent Board Members
16
Employees
28
Volunteers
220

Preparer

Firm
Lauterbach & Amen Llp
Address
668 N RIVER RD, NAPERVILLE, IL 60563
Preparer
Ronald J Amen CPA
Phone
6304166900
Supplemental Narrative

Additional Explanations

Form 990, Page 1, Item B

“To correct the classification of contributions on part viii, statement of revenue. The contributions were originally reported on line 1e (government grants), but have been reclassified to line 1f (all other contributions) to accurately reflect that the organization does not receive government funding.”

FORM 990 - ORGANIZATION'S MISSION

“Reading power, inc is a not for profit liter1cy tutoring program serving low-achieving children attending elementary schools. Their mission is to accelerate children's literacy learning and to develop in them a love of reading and writing. This goal is accomplished through an independent tutoring program working in partnership with the schools. The belief is that all children deserve to reach their academic potential.”

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IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt0TO CORRECT THE CLASSIFICATION OF CONTRIBUTIONS ON PART VIII, STATEMENT OF REVENUE. THE CONTRIBUTIONS WERE ORIGINALLY REPORTED ON LINE 1E (GOVERNMENT GRANTS), BUT HAVE BEEN RECLASSIFIED TO LINE 1F (ALL OTHER CONTRIBUTIONS) TO ACCURATELY REFLECT THAT THE ORGANIZATION DOES NOT RECEIVE GOVERNMENT FUNDING.

Document Assets

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Filings

Displayed year

2023 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$1,182,434
Liabilities
$404,941
Net assets
$777,493
Revenue
$1,242,929
Expenses
$1,396,059
Net income
-$153,130
Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2024Facts available. Structured filing facts are available, but richer extracted sections are limited.$1.36$0.31$1.05$1.92$1.60$0.32
2023Detailed filing. Detailed filing data is available for this year.$1.18$0.40$0.78$1.24$1.40$0.15
2022XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$0.98$0.05$0.93$1.04$1.02$0.01
2021Facts available. Structured filing facts are available, but richer extracted sections are limited.$0.93$0.01$0.92$0.86$0.76$0.11
2020XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$0.91$0.09$0.81$0.65$0.65$0.01
2019XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$0.81$0.00$0.81$0.84$0.60$0.24
2018XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$0.57$0.00$0.57$0.63$0.49$0.14
2017XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$0.43$0.00$0.43$0.46$0.41$0.05
2016Detailed filing. Detailed filing data is available for this year.$0.38$0.00$0.38$0.41$0.37$0.04
2015Detailed filing. Detailed filing data is available for this year.$0.34$0.00$0.34$0.29$0.37$0.08
2014Summary only. Only limited summary data is available for this year.$0.44$0.02$0.42$0.33$0.32$0.01
2013Summary only. Only limited summary data is available for this year.$0.42$0.00$0.41$0.37$0.33$0.04
2012Summary only. Only limited summary data is available for this year.$0.39$0.02$0.37$0.32$0.27$0.05
2011Summary only. Only limited summary data is available for this year.$0.34$0.02$0.32$0.24$0.22$0.03