Civic Intelligence

Reading Quest

990 • Fiscal year 2021 • EIN 47-3350742

Jan 01, 2021 to Dec 31, 2021 • Filed on Oct 27, 2022

Organization ProfileWWW.READINGQUESTCENTER.ORG
991 Camino ConsueloSanta Fe, NM 87507

(505) 310-3888

Siviq Scores

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

Liabilities / Assets

52nd percentile

0.02x

Higher debt load relative to assets than 52% of similar nonprofits.

2021 filings • NTEE B • $500k-$1M nonprofits • Source year 2021

Liabilities / Revenue

45th percentile

0.01x

Higher debt load relative to revenue than 45% of similar nonprofits.

2021 filings • NTEE B • $500k-$1M nonprofits • Source year 2021

Net Margin

60th percentile

21%

Higher net margin than 60% of similar nonprofits.

2021 filings • NTEE B • $500k-$1M nonprofits • Source year 2021

Top Officer Pay

77th percentile

$64,846

Higher top officer pay than 77% of similar nonprofits.

Top officer pay equals 9.5% of source-year revenue.

2021 filings • NTEE B • $500k-$1M nonprofits • Source year 2021

Asset Growth

87th percentile

79%

Faster asset growth than 87% of similar nonprofits.

2021 filings • NTEE B • $500k-$1M nonprofits • Annualized from 2020 to 2021

Revenue Growth

80th percentile

63%

Faster revenue growth than 80% of similar nonprofits.

2021 filings • NTEE B • $500k-$1M nonprofits • Annualized from 2020 to 2021

Balance Sheet
Liabilities / Assets52nd percentile

Assets

Up

$334,562

Up $147,434 (+79%) from 2020

Net Assets

Up

$327,169

Up $142,451 (+77%) from 2020

Liabilities

Up

$7,393

Up $4,983 (+207%) from 2020

Revenue And Expenses
Liabilities / Revenue45th percentileNet Margin60th percentile

Revenue

Up

$684,753

Up $264,657 (+63%) from 2020

Expenses

Up

$543,933

Up $129,146 (+31%) from 2020

Net Income

Up

$140,820

Up $135,511 (+2552%) from 2020

Historical Trend

Balance Sheet Trend

Asset Growth87th percentile

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

$800K$600K$400K$200K$0Assets 2017: $65,218Liabilities 2017: $02017Assets 2018: $127,567Net Assets 2018: $127,5672018Assets 2019: $183,439Liabilities 2019: $4,030Net Assets 2019: $179,4092019Assets 2020: $187,128Liabilities 2020: $2,410Net Assets 2020: $184,7182020Assets 2021: $334,562Liabilities 2021: $7,393Net Assets 2021: $327,1692021Assets 2022: $304,485Liabilities 2022: $6,304Net Assets 2022: $298,1812022Assets 2023: $546,109Liabilities 2023: $8,793Net Assets 2023: $537,3162023Assets 2024: $638,515Liabilities 2024: $7,554Net Assets 2024: $630,9612024

Highlighted filing

2021

Assets$334,562
Liabilities$7,393
Net Assets$327,169
Open 2021 Filing

Operations Trend

Revenue Growth80th percentile

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

$1.5M$1.0M$500K$0-$500KRevenue 2017: $86,916Expenses 2017: $31,548Net Income 2017: $55,3682017Revenue 2018: $195,820Expenses 2018: $133,471Net Income 2018: $62,3492018Revenue 2019: $362,163Expenses 2019: $310,321Net Income 2019: $51,8422019Revenue 2020: $420,096Expenses 2020: $414,787Net Income 2020: $5,3092020Revenue 2021: $684,753Expenses 2021: $543,933Net Income 2021: $140,8202021Revenue 2022: $695,381Expenses 2022: $724,369Net Income 2022: -$28,9882022Revenue 2023: $1,032,194Expenses 2023: $793,059Net Income 2023: $239,1352023Revenue 2024: $984,362Expenses 2024: $890,717Net Income 2024: $93,6452024

Highlighted filing

2021

Revenue$684,753
Expenses$543,933
Net Income$140,820
Open 2021 Filing
Jump To
Filing Snapshot
Filing Period
Jan 1, 2021 to Dec 31, 2021
Signed
Oct 27, 2022
Return Version
2021v4.0
Gross Receipts
$684,753
Mission and Program Overview

Mission

To create materials and teach children how to read.

Balance Sheet Detail
LineBeginningEndChange
Assets
Cash and Non-Interest-Bearing Accounts$183,205$254,666▲ $71,461
Accounts Receivable-$71,867-
Prepaid Expenses and Deferred Charges-$4,314-
Land, Buildings, and Equipment, Net$3,923$3,715▼ $208
Total Assets$187,128$334,562▲ $147,434
Liabilities
Accounts Payable and Accrued Expenses$2,410$7,393▲ $4,983
Total Liabilities$2,410$7,393▲ $4,983
Net Assets / Fund Balance
Net Assets Without Donor Restrictions$184,718$190,776▲ $6,058
Net Assets With Donor Restrictions-$136,393-
Total Net Assets Fund Balance$184,718$327,169▲ $142,451
Total Liabilities and Net Assets / Fund Balance$187,128$334,562▲ $147,434

Asset Categories

AssetBook ValueDepreciationBasis
Equipment$3,715$2,909$6,624
Compensation and Service Providers
Top Officer Pay77th percentile

Employees

NameTitleBaseTotal
Rayna DineenExecutive Di$64,846$64,846

Board Members and Trustees

NameTitle
Connor BrowneChair
Nichole Medina-stoneVice-chair
Alicia Vadillo-romeroDirector
Caroline StanleyDirector
Erin CaveDirector
Jean HinlickyDirector
Margarita Vargas-portleyDirector
Reed SoehnelDirector
Sharon EklundDirector
Rob MacdonaldTreasurer
Revenue and Support

Revenue Composition

Contributions and Grants
$570,612
Program Service Revenue
$112,607
Investment Income
$0
Other Revenue
$1,534
All Other Contributions
$500,385
Change in Net Assets
$140,820

Noncash Contribution Practices

Property subject to holding requirements
No
Reviewed unusual noncash gifts
No
Third parties used for noncash contributions
No

Noncash Contributions

Contribution TypeContribution CountReported AmountValuation Method
Other Non Cash Contri Table1$53,943Fair Market Value (FMV)
Total Noncash Contributions1$53,943-

Audited Revenue Reconciliation

Revenue per Audited Statements
$684,753
Total Revenue per Audited Statements
$684,753
Total Revenue per Form 990
$684,753
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Salaries, Compensation, and Employee Benefits$435,400
Other Expenses$108,533
Total Fundraising Expense$35,342
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Other Salaries and Wages$301,423$2,897$17,532$321,852
Current Officers, Directors, Trustees, and Key Employees$48,634$9,727$6,485$64,846
Fees for Services Other$30,272$4,945$4,326$39,543
Payroll Taxes$26,334$2,148$2,345$30,827
Other Employee Benefits$15,270$1,246$1,359$17,875
Fees for Services Accounting$11,085$1,811$1,584$14,480
Office Expenses$2,747$2,708$614$6,069
All Other Expenses$3,601$1,247$26$4,874
Insurance-$2,542-$2,542
Other Expenses$1,586$518$982$2,104
Depreciation Depletion-$1,812-$1,812
Advertising$247$730-$977
Occupancy-$340-$340
Total Functional Expenses$473,095$35,496$35,342$543,933

Audited Expense Reconciliation

Line ItemAmount
Expenses per Audited Statements$543,933
Total Expenses per Audited Statements$543,933
Total Expenses per Form 990$543,933
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
Audit committee
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
No
Audited financial statements prepared
No
Key decisions subject to board approval
No
Management duties delegated
No

Governance Explanations

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

“Reading quest's irs form 990 is reviewed by the finance committee prior to filing of the form 990. Reading quest finance committee then presents the irs form 990 to the reading quest board of directors for their review and approval.”

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

“Management for reading quest consists of an executive director and a director of operations. Management compensation is approved by the board of directors. Salaries are discussed and approved by the treasurer and finance committee and then presented to the board of directors for final approval.”

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

“Management for reading quest consists of an executive director and a director of operations. Management compensation is approved by the board of directors. Salaries are discussed and approved by the treasurer and finance committee and then presented to the board of directors for final approval.”

Form 990, Page 6, Part VI, Line 19

“Governing documents, policies, financial statements and the irs form 990 are made available to the public upon request within three working days of the date the request was made.”

Filing and Contact Details

Filer

Filer Name
Reading Quest
EIN
47-3350742
Phone
5053103888
Address
991 CAMINO CONSUELO, SANTA FE, NM 87507

Signing Officer

Name
Connor Browne
Title
Chair
Phone
5053103888
Signed
2022-10-27
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Connor Browne
Formed
2015
Legal Domicile
Nm
Voting Board Members
10
Independent Board Members
10
Employees
33
Volunteers
35

Preparer

Firm
Loftis & Lovato Group
Address
5501 EAGLE ROCK AVE NE SUITE C-5, ALBUQUERQUE, NM 87113
Preparer
Nick Loftis
Phone
5052935009
Supplemental Narrative

Additional Explanations

Form 990, Page 12, Part XII, Line 1

“The organization obtained an audit for 2021 and reported information on an accrual basis. The 990 was prepared based on the audited financial statements.”

Financial Statement Notes

Schedule D, Page 3, Part X

“Reading quest is exempt from income taxes under section 501(c)(3) of the internal revenue code and has been classified by the internal revenue service as an organization that is not a private foundation. Reading quest regularly evaluates activities as it relates to its tax exempt status. If reading quest activities are determined to be outside of its tax exempt status the potential exists for tax liabilities on those unrelated activities. Currently, reading quest engages in no activities that would be taxed as unrelated business income. Accordingly, no provision for income taxes has been reflected in the reading quest financial statements. Reading quest income tax filings are subject to audit by various taxing authorities. Reading quest open audit periods are for the years ended december 31, 2018 and thereafter. Reading quest adopted the provision of fasb asc 740-10, "accounting for uncertainty in income taxes". Reading quest has not recognized any changes to the financial statements for uncertain tax positions.”

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IRS990ScheduleD/SupplementalInformationDetail/ExplanationTxt0READING QUEST IS EXEMPT FROM INCOME TAXES UNDER SECTION 501(C)(3) OF THE INTERNAL REVENUE CODE AND HAS BEEN CLASSIFIED BY THE INTERNAL REVENUE SERVICE AS AN ORGANIZATION THAT IS NOT A PRIVATE FOUNDATION. READING QUEST REGULARLY EVALUATES ACTIVITIES AS IT RELATES TO ITS TAX EXEMPT STATUS. IF READING QUEST ACTIVITIES ARE DETERMINED TO BE OUTSIDE OF ITS TAX EXEMPT STATUS THE POTENTIAL EXISTS FOR TAX LIABILITIES ON THOSE UNRELATED ACTIVITIES. CURRENTLY, READING QUEST ENGAGES IN NO ACTIVITIES THAT WOULD BE TAXED AS UNRELATED BUSINESS INCOME. ACCORDINGLY, NO PROVISION FOR INCOME TAXES HAS BEEN REFLECTED IN THE READING QUEST FINANCIAL STATEMENTS. READING QUEST INCOME TAX FILINGS ARE SUBJECT TO AUDIT BY VARIOUS TAXING AUTHORITIES. READING QUEST OPEN AUDIT PERIODS ARE FOR THE YEARS ENDED DECEMBER 31, 2018 AND THEREAFTER. READING QUEST ADOPTED THE PROVISION OF FASB ASC 740-10, "ACCOUNTING FOR UNCERTAINTY IN INCOME TAXES". READING QUEST HAS NOT RECOGNIZED ANY CHANGES TO THE FINANCIAL STATEMENTS FOR UNCERTAIN TAX POSITIONS.
IRS990ScheduleD/SupplementalInformationDetail/FormAndLineReferenceDesc0SCHEDULE D, PAGE 3, PART X
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IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt0READING QUEST'S IRS FORM 990 IS REVIEWED BY THE FINANCE COMMITTEE PRIOR TO FILING OF THE FORM 990. READING QUEST FINANCE COMMITTEE THEN PRESENTS THE IRS FORM 990 TO THE READING QUEST BOARD OF DIRECTORS FOR THEIR REVIEW AND APPROVAL.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt1MANAGEMENT FOR READING QUEST CONSISTS OF AN EXECUTIVE DIRECTOR AND A DIRECTOR OF OPERATIONS. MANAGEMENT COMPENSATION IS APPROVED BY THE BOARD OF DIRECTORS. SALARIES ARE DISCUSSED AND APPROVED BY THE TREASURER AND FINANCE COMMITTEE AND THEN PRESENTED TO THE BOARD OF DIRECTORS FOR FINAL APPROVAL.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt2MANAGEMENT FOR READING QUEST CONSISTS OF AN EXECUTIVE DIRECTOR AND A DIRECTOR OF OPERATIONS. MANAGEMENT COMPENSATION IS APPROVED BY THE BOARD OF DIRECTORS. SALARIES ARE DISCUSSED AND APPROVED BY THE TREASURER AND FINANCE COMMITTEE AND THEN PRESENTED TO THE BOARD OF DIRECTORS FOR FINAL APPROVAL.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt3GOVERNING DOCUMENTS, POLICIES, FINANCIAL STATEMENTS AND THE IRS FORM 990 ARE MADE AVAILABLE TO THE PUBLIC UPON REQUEST WITHIN THREE WORKING DAYS OF THE DATE THE REQUEST WAS MADE.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt4THE ORGANIZATION OBTAINED AN AUDIT FOR 2021 AND REPORTED INFORMATION ON AN ACCRUAL BASIS. THE 990 WAS PREPARED BASED ON THE AUDITED FINANCIAL STATEMENTS.
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc0FORM 990, PAGE 6, PART VI, LINE 11B
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc1FORM 990, PAGE 6, PART VI, LINE 15A
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc2FORM 990, PAGE 6, PART VI, LINE 15B
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc3FORM 990, PAGE 6, PART VI, LINE 19
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc4FORM 990, PAGE 12, PART XII, LINE 1
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Filings

Displayed year

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

Open filing
Assets
$334,562
Liabilities
$7,393
Net assets
$327,169
Revenue
$684,753
Expenses
$543,933
Net income
$140,820
Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2024Detailed filing. Detailed filing data is available for this year.$0.64$0.01$0.63$0.98$0.89$0.09
2023Detailed filing. Detailed filing data is available for this year.$0.55$0.01$0.54$1.03$0.79$0.24
2022Detailed filing. Detailed filing data is available for this year.$0.30$0.01$0.30$0.70$0.72$0.03
2021Detailed filing. Detailed filing data is available for this year.$0.33$0.01$0.33$0.68$0.54$0.14
2020Detailed filing. Detailed filing data is available for this year.$0.19$0.00$0.18$0.42$0.41$0.01
2019Detailed filing. Detailed filing data is available for this year.$0.18$0.00$0.18$0.36$0.31$0.05
2018Detailed filing. Detailed filing data is available for this year.$0.13$0.13$0.20$0.13$0.06
2017Summary only. Only limited summary data is available for this year.$0.07$0.00$0.09$0.03$0.06