Civic Intelligence

Foundation for Reading Area Community College

990 • Fiscal year 2024 • EIN 23-2273163

Jul 01, 2023 to Jun 30, 2024 • Filed on Sep 23, 2024

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

4th percentile

0.00x

Higher debt load relative to assets than 4% of similar nonprofits.

2024 filings • 501(c)3 • $25M-$50M nonprofits • Source year 2024

Liabilities / Revenue

4th percentile

0.00x

Higher debt load relative to revenue than 4% of similar nonprofits.

2024 filings • 501(c)3 • $25M-$50M nonprofits • Source year 2024

Net Margin

81st percentile

29%

Higher net margin than 81% of similar nonprofits.

2024 filings • 501(c)3 • $25M-$50M nonprofits • Source year 2024

Top Officer Pay

36th percentile

$209,423

Higher top officer pay than 36% of similar nonprofits.

Top officer pay equals 5.0% of source-year revenue.

2024 filings • 501(c)3 • $25M-$50M nonprofits • Source year 2024

Asset Growth

74th percentile

14%

Faster asset growth than 74% of similar nonprofits.

2024 filings • 501(c)3 • $25M-$50M nonprofits • Annualized from 2023 to 2024

Revenue Growth

94th percentile

125%

Faster revenue growth than 94% of similar nonprofits.

2024 filings • 501(c)3 • $25M-$50M nonprofits • Annualized from 2023 to 2024

Balance Sheet
Liabilities / Assets4th percentile

Assets

Up

$28,950,000

Up $3,510,941 (+14%) from 2023

Net Assets

Up

$28,949,300

Up $3,512,741 (+14%) from 2023

Liabilities

Down

$700

Down $1,800 (-72%) from 2023

Revenue And Expenses
Liabilities / Revenue4th percentileNet Margin81st percentile

Revenue

Up

$4,212,353

Up $2,336,217 (+125%) from 2023

Expenses

Up

$2,988,127

Up $1,085,386 (+57%) from 2023

Net Income

Up

$1,224,226

Up $1,250,831 (+4701%) from 2023

Historical Trend

Balance Sheet Trend

Asset Growth74th 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

2024

Assets$28,950,000
Liabilities$700
Net Assets$28,949,300
Open 2024 Filing

Operations Trend

Revenue Growth94th 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

2024

Revenue$4,212,353
Expenses$2,988,127
Net Income$1,224,226
Open 2024 Filing
Jump To
Filing Snapshot
Filing Period
Jul 1, 2023 to Jun 30, 2024
Signed
Sep 23, 2024
Return Version
2023v5.1
Gross Receipts
$4,374,183
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$13,349,014$14,220,959▲ $871,945
Savings and Temporary Cash Investments$1,870,317$2,423,802▲ $553,485
Pledges and Grants Receivable$266,145$1,339,608▲ $1,073,463
Cash and Non-Interest-Bearing Accounts$10,669$10,605▼ $64
Total Assets$25,439,059$28,950,000▲ $3,510,941
Other Assets Total$9,942,914$10,955,026▲ $1,012,112
Liabilities
Deferred Revenue$2,500$0▼ $2,500
Accounts Payable and Accrued Expenses-$700-
Total Liabilities$2,500$700▼ $1,800
Net Assets / Fund Balance
Net Assets With Donor Restrictions$22,899,998$26,318,883▲ $3,418,885
Net Assets Without Donor Restrictions$2,536,561$2,630,417▲ $93,856
Total Net Assets Fund Balance$25,436,559$28,949,300▲ $3,512,741
Total Liabilities and Net Assets / Fund Balance$25,439,059$28,950,000▲ $3,510,941

Asset Categories

AssetBook ValueDepreciationBasis
Other Assets Org$10,955,026--

Endowment Activity

PeriodBeginningContrib.Gain/LossOther UsesEnd
2023$19,788,280$239,936▲ $1,103,063$112,505$21,018,774
2022$19,180,827$240,427▲ $419,140$52,114$19,788,280
2021$19,026,408$860,229▼ $653,949$51,861$19,180,827
2020$16,007,077$142,472▲ $2,924,733$47,874$19,026,408
2019$16,147,718$71,106▼ $164,262$47,485$16,007,077
Compensation and Service Providers
Top Officer Pay36th percentile

Board Members and Trustees

NameTitle
Gary M MoyerChair
Mary M PalmerVice-chair
Michael E NagelVice President Emeritus (non-voting
Alexandra GoodmanDirector
Becky ShemanskiDirector
Daniel B Laws JrDirector
Eric G BurkeyDirector
Gary W RightmireDirector
Jerome I MarcusDirector
Jill HackmanDirector
Katie B HannonDirector
Kristi Gage-lindermanDirector
Maryanne Post BellDirector
Michael J NoonDirector
Paul G OxholmDirector
Peter RowleyDirector
Peter T EdelmanDirector
Sandra FochtDirector
Sharon WhiteDirector
Steven a EhrlichDirector
Susan D LooneyDirector
Virginia RushDirector
William F BenderDirector
Charles FriesDirector (student Rep)
Charles BarberaDirector as of February
Kelsey FrankowskiDirector as of July
Anthony DemarcoExecutive Director
Rebecca a IannelliAssistant Treasurer
Craig M PerrottySecretary
Ryan P HottensteinTreasurer
Revenue and Support

Revenue Composition

Contributions and Grants
$4,042,956
Program Service Revenue
$0
Investment Income
$186,220
Other Revenue
$-16,823
All Other Contributions
$3,975,796
Change in Net Assets
$1,224,226

Audited Revenue Reconciliation

Revenue per Audited Statements
$4,138,229
Revenue Not Reported on Financial Statements
$74,124
Revenue Not Reported on Form 990
$2,724,630
Total Revenue per Audited Statements
$6,862,859
Total Revenue per Form 990
$4,212,353
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Grants and Similar Amounts Paid$2,846,439
Other Expenses$141,688
Professional Fundraising Fees$0
Salaries, Compensation, and Employee Benefits$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Grants to Domestic Individuals$1,613,076--$1,613,076
Grants to Domestic Orgs$1,233,363--$1,233,363
Fees for Service Investment Mgmnt Fees$76,489--$76,489
Other Expenses$19,620--$19,620
Fees for Services Accounting$14,250--$14,250
Advertising$5,420--$5,420
Insurance$3,822--$3,822
Total Functional Expenses$2,988,127$0$0$2,988,127

Audited Expense Reconciliation

Line ItemAmount
Total Expenses per Audited Statements$3,350,118
Total Expenses per Form 990$2,988,127
Expenses per Audited Statements$2,914,003
Expenses Not Reported on Form 990$436,115
Expenses Not Reported on Financial Statements$74,124
International Activity

Grant and Assistance Recipients

RecipientLocationCategoryPurposeAmount
Reading Area Community CollegeReading, PA-Science of Success Lab Campaign, Healthcare Pavilion Campaign, Books and Equipment, Works of Art, Arts, Culture and Lectures,$1,233,363
Fundraising, Events, and Gaming
Fundraising activities
Yes
Gaming activities
No
Professional fundraiser used
No

Fundraising and Gaming Totals

Line ItemAmount
Fundraising Direct Expenses$42,488
Fundraising Gross Income$25,665
Professional Fundraising Fees$0

Fundraising Events

EventGross ReceiptsGross RevenueDirect ExpensesNet Income
Golf Tournament$92,825$25,665$4,677$20,988
Miller Center Gala----
Total Events$92,825$25,665$42,488$-16,823
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
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, 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 B, Line 15A

“Compensation for the foundation's executive director is approved and paid by the related organization, reading area community college.”

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
Ryan Hottenstein
Title
Treasurer
Phone
6106076239
Signed
2024-09-23
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Ryan Hottenstein
Formed
1981
Legal Domicile
Pa
Voting Board Members
28
Independent Board Members
28
Employees
0
Volunteers
42

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, if any, as required.”

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This appendix keeps the raw XML leaves available for debugging and edge-case review. The human report above is the primary experience.

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IRS990/Form990PartVIISectionAGrp/PersonNm25VIRGINIA RUSH
IRS990/Form990PartVIISectionAGrp/PersonNm26BECKY SHEMANSKI
IRS990/Form990PartVIISectionAGrp/PersonNm27SHARON WHITE
IRS990/Form990PartVIISectionAGrp/PersonNm28MICHAEL E NAGEL
IRS990/Form990PartVIISectionAGrp/PersonNm29ANTHONY DEMARCO
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IRS990/Form990PartVIISectionAGrp/ReportableCompFromOrgAmt90
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IRS990/Form990PartVIISectionAGrp/ReportableCompFromOrgAmt110
IRS990/Form990PartVIISectionAGrp/ReportableCompFromOrgAmt120
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IRS990/Form990PartVIISectionAGrp/ReportableCompFromOrgAmt150
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IRS990/Form990PartVIISectionAGrp/ReportableCompFromRltdOrgAmt120
IRS990/Form990PartVIISectionAGrp/ReportableCompFromRltdOrgAmt130
IRS990/Form990PartVIISectionAGrp/ReportableCompFromRltdOrgAmt140
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IRS990/Form990PartVIISectionAGrp/ReportableCompFromRltdOrgAmt240
IRS990/Form990PartVIISectionAGrp/ReportableCompFromRltdOrgAmt250
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IRS990/Form990PartVIISectionAGrp/ReportableCompFromRltdOrgAmt270
IRS990/Form990PartVIISectionAGrp/ReportableCompFromRltdOrgAmt280
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IRS990/Form990PartVIISectionAGrp/TitleTxt0CHAIR
IRS990/Form990PartVIISectionAGrp/TitleTxt1VICE-CHAIR
IRS990/Form990PartVIISectionAGrp/TitleTxt2TREASURER
IRS990/Form990PartVIISectionAGrp/TitleTxt3ASSISTANT TREASURER
IRS990/Form990PartVIISectionAGrp/TitleTxt4SECRETARY
IRS990/Form990PartVIISectionAGrp/TitleTxt5DIRECTOR AS OF FEBRUARY
IRS990/Form990PartVIISectionAGrp/TitleTxt6DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt7DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt8DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt9DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt10DIRECTOR (STUDENT REP)
IRS990/Form990PartVIISectionAGrp/TitleTxt11DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt12DIRECTOR AS OF JULY
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/TitleTxt24DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt25DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt26DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt27DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt28VICE PRESIDENT EMERITUS (NON-VOTING
IRS990/Form990PartVIISectionAGrp/TitleTxt29EXECUTIVE DIRECTOR
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IRS990/FSAuditedInd01
IRS990/FundraisingActivitiesInd01
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IRS990/FundraisingDirectExpensesAmt042488
IRS990/FundraisingGrossIncomeAmt025665
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IRS990/GamingActivitiesInd00
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IRS990/GrantsToDomesticOrgsGrp/ProgramServicesAmt01233363
IRS990/GrantsToDomesticOrgsGrp/TotalAmt01233363
IRS990/GrantsToIndividualsInd01
IRS990/GrantsToOrganizationsInd01
IRS990/GrantToRelatedPersonInd00
IRS990/GrossReceiptsAmt04374183
IRS990/GroupReturnForAffiliatesInd00
IRS990/IncludeFIN48FootnoteInd01
IRS990/IndependentAuditFinclStmtInd01
IRS990/IndependentVotingMemberCnt028
IRS990/IndivRcvdGreaterThan100KCnt00
IRS990/IndoorTanningServicesInd00
IRS990/InfoInScheduleOPartVIInd0X
IRS990/InsuranceGrp/ProgramServicesAmt03822
IRS990/InsuranceGrp/TotalAmt03822
IRS990/InvestmentIncomeGrp/ExclusionAmt0305562
IRS990/InvestmentIncomeGrp/TotalRevenueColumnAmt0305562
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IRS990/IRPDocumentCnt00
IRS990/IRPDocumentW2GCnt00
IRS990/LegalDomicileStateCd0PA
IRS990/LessCostOthBasisSalesExpnssGrp/SecuritiesAmt0119342
IRS990/LoanOutstandingInd00
IRS990/LobbyingActivitiesInd00
IRS990/LocalChaptersInd00
IRS990/MaterialDiversionOrMisuseInd00
IRS990/MembersOrStockholdersInd00
IRS990/MethodOfAccountingAccrualInd0X
IRS990/MinutesOfCommitteesInd01
IRS990/MinutesOfGoverningBodyInd01
IRS990/MissionDesc0THE 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.
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IRS990/MoreThan5000KToOrgInd00
IRS990/NetAssetsOrFundBalancesBOYAmt025436559
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IRS990/NetGainOrLossInvestmentsGrp/ExclusionAmt0-119342
IRS990/NetGainOrLossInvestmentsGrp/TotalRevenueColumnAmt0-119342
IRS990/NetIncmFromFundraisingEvtGrp/ExclusionAmt0-16823
IRS990/NetIncmFromFundraisingEvtGrp/TotalRevenueColumnAmt0-16823
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IRS990/PrincipalOfficerNm0RYAN HOTTENSTEIN
IRS990/ProfessionalFundraisingInd00
IRS990/ProgSrvcAccomActy2Grp/Desc0TO AWARD SCHOLARSHIPS AND/OR GRANTS TO FUTURE, PRESENT, AND FORMER STUDENTS OF THE READING AREA COMMUNITY COLLEGE
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IRS990/ProgSrvcAccomActy2Grp/GrantAmt01613076
IRS990/ProgSrvcAccomActy3Grp/Desc0TO PROVIDE BOOKS AND EQUIPMENT FOR READING AREA COMMUNITY COLLEGE
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IRS990/ProgSrvcAccomActy3Grp/GrantAmt092836
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IRS990/ReportLandBuildingEquipmentInd00
IRS990/ReportOtherAssetsInd01

Document Assets

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Filings

Displayed year

2024 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$28,950,000
Liabilities
$700
Net assets
$28,949,300
Revenue
$4,212,353
Expenses
$2,988,127
Net income
$1,224,226
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