Civic Intelligence

Foundation for Reading Area Community College

990 • Fiscal year 2020 • EIN 23-2273163

Jul 01, 2019 to Jun 30, 2020 • Filed on Sep 15, 2020

Organization ProfileWWW.RACC.EDU/ABOUT/FOUNDATION.ASPX
PO Box 1706Reading, PA 19603-1706

(610) 607-6239

Siviq Scores

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

Liabilities / Assets

7th percentile

0.00x

Higher debt load relative to assets than 7% of similar nonprofits.

2020 filings • 501(c)3 • $10M-$25M nonprofits • Source year 2020

Liabilities / Revenue

9th percentile

0.01x

Higher debt load relative to revenue than 9% of similar nonprofits.

2020 filings • 501(c)3 • $10M-$25M nonprofits • Source year 2020

Net Margin

12th percentile

-22%

Higher net margin than 12% of similar nonprofits.

2020 filings • 501(c)3 • $10M-$25M nonprofits • Source year 2020

Top Officer Pay

66th percentile

$228,302

Higher top officer pay than 66% of similar nonprofits.

Top officer pay equals 18.2% of source-year revenue.

2020 filings • 501(c)3 • $10M-$25M nonprofits • Source year 2020

Asset Growth

24th percentile

-0.7%

Faster asset growth than 24% of similar nonprofits.

2020 filings • 501(c)3 • $10M-$25M nonprofits • Annualized from 2019 to 2020

Revenue Growth

20th percentile

-19%

Faster revenue growth than 20% of similar nonprofits.

2020 filings • 501(c)3 • $10M-$25M nonprofits • Annualized from 2019 to 2020

Balance Sheet
Liabilities / Assets7th percentile

Assets

Down

$21,281,888

Down $156,574 (-0.7%) from 2019

Net Assets

Down

$21,264,488

Down $173,974 (-0.8%) from 2019

Liabilities

Up

$17,400

Up $17,400 from 2019

Revenue And Expenses
Liabilities / Revenue9th percentileNet Margin12th percentile

Revenue

Down

$1,257,241

Down $290,035 (-19%) from 2019

Expenses

Down

$1,539,184

Down $412,603 (-21%) from 2019

Net Income

Up

-$281,943

Up $122,568 (+30%) from 2019

Historical Trend

Balance Sheet Trend

Asset Growth24th percentile

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

$40M$30M$20M$10M$0Assets 2011: $8,301,765Liabilities 2011: $0Net Assets 2011: $8,301,7652011Assets 2012: $8,544,975Liabilities 2012: $0Net Assets 2012: $8,544,9752012Assets 2013: $9,502,431Liabilities 2013: $0Net Assets 2013: $9,502,4312013Assets 2014: $11,020,895Liabilities 2014: $0Net Assets 2014: $11,020,8952014Assets 2015: $11,299,861Liabilities 2015: $0Net Assets 2015: $11,299,8612015Assets 2016: $15,895,045Liabilities 2016: $0Net Assets 2016: $15,895,0452016Assets 2017: $20,042,051Liabilities 2017: $0Net Assets 2017: $20,042,0512017Assets 2018: $21,030,085Liabilities 2018: $0Net Assets 2018: $21,030,0852018Assets 2019: $21,438,462Liabilities 2019: $0Net Assets 2019: $21,438,4622019Assets 2020: $21,281,888Liabilities 2020: $17,400Net Assets 2020: $21,264,4882020Assets 2021: $26,927,388Liabilities 2021: $18,759Net Assets 2021: $26,908,6292021Assets 2022: $24,638,373Liabilities 2022: $0Net Assets 2022: $24,638,3732022Assets 2023: $25,439,059Liabilities 2023: $2,500Net Assets 2023: $25,436,5592023Assets 2024: $28,950,000Liabilities 2024: $700Net Assets 2024: $28,949,3002024Assets 2025: $31,986,764Liabilities 2025: $0Net Assets 2025: $31,986,7642025

Highlighted filing

2020

Assets$21,281,888
Liabilities$17,400
Net Assets$21,264,488
Open 2020 Filing

Operations Trend

Revenue Growth20th percentile

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

$6.0M$4.0M$2.0M$0-$2.0MRevenue 2011: $889,367Expenses 2011: $492,663Net Income 2011: $396,7042011Revenue 2012: $1,005,936Expenses 2012: $689,297Net Income 2012: $316,6392012Expenses 2013: $983,8872013Revenue 2014: $897,135Expenses 2014: $855,309Net Income 2014: $41,8262014Revenue 2015: $997,366Expenses 2015: $970,331Net Income 2015: $27,0352015Revenue 2016: $1,291,098Expenses 2016: $1,142,447Net Income 2016: $148,6512016Revenue 2017: $5,347,466Expenses 2017: $1,854,929Net Income 2017: $3,492,5372017Revenue 2018: $1,754,724Expenses 2018: $1,648,976Net Income 2018: $105,7482018Revenue 2019: $1,547,276Expenses 2019: $1,951,787Net Income 2019: -$404,5112019Revenue 2020: $1,257,241Expenses 2020: $1,539,184Net Income 2020: -$281,9432020Revenue 2021: $1,932,063Expenses 2021: $1,633,591Net Income 2021: $298,4722021Revenue 2022: $2,074,074Expenses 2022: $1,889,449Net Income 2022: $184,6252022Revenue 2023: $1,876,136Expenses 2023: $1,902,741Net Income 2023: -$26,6052023Revenue 2024: $4,212,353Expenses 2024: $2,988,127Net Income 2024: $1,224,2262024Revenue 2025: $4,109,333Expenses 2025: $3,567,511Net Income 2025: $541,8222025

Highlighted filing

2020

Revenue$1,257,241
Expenses$1,539,184
Net Income-$281,943
Open 2020 Filing
Jump To
Filing Snapshot
Filing Period
Jul 1, 2019 to Jun 30, 2020
Signed
Sep 15, 2020
Return Version
2019v5.1
Gross Receipts
$1,257,241
Mission and Program Overview

Mission

The mission of the foundation for reading area community college is to augment and enhance the college's ability to offer affordable, quality educational opportunities to the community.

To raise, invest and manage private funds for the benefit of the college

Balance Sheet Detail
LineBeginningEndChange
Assets
Investments in Publicly Traded Securities$12,433,945$12,432,838▼ $1,107
Savings and Temporary Cash Investments$695,895$1,029,285▲ $333,390
Pledges and Grants Receivable$218,635$136,067▼ $82,568
Cash and Non-Interest-Bearing Accounts$248,378$44,055▼ $204,323
Prepaid Expenses and Deferred Charges-$3,559-
Total Assets$21,438,462$21,281,888▼ $156,574
Other Assets Total$7,841,609$7,636,084▼ $205,525
Liabilities
Deferred Revenue-$17,400-
Total Liabilities$0$17,400▲ $17,400
Net Assets / Fund Balance
Net Assets With Donor Restrictions$19,245,367$18,915,241▼ $330,126
Net Assets Without Donor Restrictions$2,193,095$2,349,247▲ $156,152
Total Net Assets Fund Balance$21,438,462$21,264,488▼ $173,974
Total Liabilities and Net Assets / Fund Balance$21,438,462$21,281,888▼ $156,574

Asset Categories

AssetBook ValueDepreciationBasis
Other Assets Org$7,511,084--

Endowment Activity

PeriodBeginningContrib.Gain/LossOther UsesEnd
2019$16,147,718$71,106▼ $164,262$47,485$16,007,077
2018$15,462,032$97,647▲ $652,671$64,632$16,147,718
2017$14,808,281$410,550▲ $316,086$72,885$15,462,032
2016$12,219,352$2,648,964▲ $20,592$80,627$14,808,281
2015$11,471,847$358,469▲ $389,036-$12,219,352
Compensation and Service Providers
Top Officer Pay66th percentile

Board Members and Trustees

NameTitle
Peter T EdelmanChair
Gary M MoyerVice-chair
Alexandra GoodmanDirector
Craig M PerrottyDirector
Guido M PichiniDirector
Gust ZogasDirector
James H YocumDirector
James a HughesDirector
Jerome I MarcusDirector
Joseph J SwopeDirector
Katie B HannonDirector
Mary M PalmerDirector
Michael J NoonDirector
Paul D CohnDirector
Paul G OxholmDirector
Roger J SchmidtDirector
Rolf D SchmidtDirector
Ronald L BashoreDirector
Sean WyandtDirector
Susan D LooneyDirector
William F BenderDirector
Michael E NagelExecutive Director
Ryan P HottensteinAssistant Treasurer
Whitney a Sanders IiSecretary
Rebecca a ClouserTreasurer
Revenue and Support

Revenue Composition

Contributions and Grants
$958,423
Program Service Revenue
$0
Investment Income
$298,818
Other Revenue
$0
All Other Contributions
$958,423
Change in Net Assets
$-281,943

Audited Revenue Reconciliation

Revenue per Audited Statements
$1,197,005
Revenue Not Reported on Financial Statements
$60,236
Revenue Not Reported on Form 990
$432,365
Total Revenue per Audited Statements
$1,629,370
Total Revenue per Form 990
$1,257,241
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Grants and Similar Amounts Paid$1,436,915
Other Expenses$102,269
Professional Fundraising Fees$0
Salaries, Compensation, and Employee Benefits$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Grants to Domestic Individuals$1,007,940--$1,007,940
Grants to Domestic Orgs$428,975--$428,975
Fees for Service Investment Mgmnt Fees$60,988--$60,988
Conferences and Meetings$13,101--$13,101
Advertising$10,466--$10,466
Fees for Services Accounting$10,450--$10,450
Other Expenses$7,264--$7,264
Total Functional Expenses$1,539,184$0$0$1,539,184

Audited Expense Reconciliation

Line ItemAmount
Total Expenses per Audited Statements$1,803,344
Total Expenses per Form 990$1,539,184
Expenses per Audited Statements$1,478,948
Expenses Not Reported on Form 990$324,396
Expenses Not Reported on Financial Statements$60,236
International Activity

Grant and Assistance Recipients

RecipientLocationCategoryPurposeAmount
Reading Area Community CollegeReading, PA-Books and Equipment, Works of Art, Arts, Culture and Lectures, Science of Success Lab Campaign$428,975
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
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
No
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, Section B, Line 11B

“Members of the board are provided the form 990 for review and approval prior to filing.”

Form 990, Part VI, Section B, Line 12C

“Annually the board members are made aware of the policy and are required to submit a signed conflict declaration.”

Form 990, Part VI, Section C, Line 18

“Documents are available upon request.”

Form 990, Part VI, Section C, Line 19

“Minutes, by-laws, annual audit, the 990 and form 1023 are available to be reviewed upon request at the organizations location.”

Filing and Contact Details

Filer

Filer Name
Foundation for Reading Area Community
EIN
23-2273163
Phone
6106076239
Address
PO BOX 1706, READING, PA 19603-1706

Signing Officer

Name
Rebecca Clouser
Title
Treasurer
Phone
6106076239
Signed
2020-09-15
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Rebecca Clouser
Formed
1981
Legal Domicile
Pa
Voting Board Members
24
Independent Board Members
24
Employees
0
Volunteers
24

Preparer

Firm
Herbein Company Inc
Address
2763 CENTURY BOULEVARD, READING, PA 19610
Preparer
Linda S Himeback CPA
Phone
6103781175
Supplemental Narrative

Financial Statement Notes

PART V, LINE 4:

“The intended use of the endowments is largely to fund scholarships, other approved reading area community college programs and operations.”

PART X, LINE 2:

“In accordance with generally accepted accounting principles, the foundation accounts for uncertain tax positions relative to unrelated business income, if any, as required.”

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IRS990/Form990PartVIISectionAGrp/TitleTxt5DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt6DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt7DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt8DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt9DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt10DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt11DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt12DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt13DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt14DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt15DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt16DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt17DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt18DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt19DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt20DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt21DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt22DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt23DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt24EXECUTIVE DIRECTOR
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IRS990/PoliticalCampaignActyInd00
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Document Assets

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Filings

Displayed year

2020 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$21,281,888
Liabilities
$17,400
Net assets
$21,264,488
Revenue
$1,257,241
Expenses
$1,539,184
Net income
-$281,943
Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2025Facts available. Structured filing facts are available, but richer extracted sections are limited.$32.0$0.00$32.0$4.11$3.57$0.54
2024Detailed filing. Detailed filing data is available for this year.$29.0$0.00$28.9$4.21$2.99$1.22
2023Detailed filing. Detailed filing data is available for this year.$25.4$0.00$25.4$1.88$1.90$0.03
2022Detailed filing. Detailed filing data is available for this year.$24.6$0.00$24.6$2.07$1.89$0.18
2021Detailed filing. Detailed filing data is available for this year.$26.9$0.02$26.9$1.93$1.63$0.30
2020Detailed filing. Detailed filing data is available for this year.$21.3$0.02$21.3$1.26$1.54$0.28
2019Detailed filing. Detailed filing data is available for this year.$21.4$0.00$21.4$1.55$1.95$0.40
2018Detailed filing. Detailed filing data is available for this year.$21.0$0.00$21.0$1.75$1.65$0.11
2017Detailed filing. Detailed filing data is available for this year.$20.0$0.00$20.0$5.35$1.85$3.49
2016Detailed filing. Detailed filing data is available for this year.$15.9$0.00$15.9$1.29$1.14$0.15
2015Detailed filing. Detailed filing data is available for this year.$11.3$0.00$11.3$1.00$0.97$0.03
2014Detailed filing. Detailed filing data is available for this year.$11.0$0.00$11.0$0.90$0.86$0.04
2013Facts available. Structured filing facts are available, but richer extracted sections are limited.$9.50$0.00$9.50$0.98
2012Summary only. Only limited summary data is available for this year.$8.54$0.00$8.54$1.01$0.69$0.32
2011Summary only. Only limited summary data is available for this year.$8.30$0.00$8.30$0.89$0.49$0.40