Civic Intelligence

Reading Quest

990 • Fiscal year 2022 • EIN 47-3350742

Jan 01, 2022 to Dec 31, 2022 • Filed on Jul 10, 2023

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

56th percentile

0.02x

Higher debt load relative to assets than 56% of similar nonprofits.

2022 filings • NTEE B • $500k-$1M nonprofits • Source year 2022

Liabilities / Revenue

45th percentile

0.01x

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

2022 filings • NTEE B • $500k-$1M nonprofits • Source year 2022

Net Margin

26th percentile

-4.2%

Higher net margin than 26% of similar nonprofits.

2022 filings • NTEE B • $500k-$1M nonprofits • Source year 2022

Top Officer Pay

86th percentile

$85,527

Higher top officer pay than 86% of similar nonprofits.

Top officer pay equals 12.3% of source-year revenue.

2022 filings • NTEE B • $500k-$1M nonprofits • Source year 2022

Asset Growth

23rd percentile

-9.0%

Faster asset growth than 23% of similar nonprofits.

2022 filings • NTEE B • $500k-$1M nonprofits • Annualized from 2021 to 2022

Revenue Growth

37th percentile

1.6%

Faster revenue growth than 37% of similar nonprofits.

2022 filings • NTEE B • $500k-$1M nonprofits • Annualized from 2021 to 2022

Balance Sheet
Liabilities / Assets56th percentile

Assets

Down

$304,485

Down $30,077 (-9.0%) from 2021

Net Assets

Down

$298,181

Down $28,988 (-8.9%) from 2021

Liabilities

Down

$6,304

Down $1,089 (-15%) from 2021

Revenue And Expenses
Liabilities / Revenue45th percentileNet Margin26th percentile

Revenue

Up

$695,381

Up $10,628 (+1.6%) from 2021

Expenses

Up

$724,369

Up $180,436 (+33%) from 2021

Net Income

Down

-$28,988

Down $169,808 (-121%) from 2021

Historical Trend

Balance Sheet Trend

Asset Growth23rd 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

2022

Assets$304,485
Liabilities$6,304
Net Assets$298,181
Open 2022 Filing

Operations Trend

Revenue Growth37th 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

2022

Revenue$695,381
Expenses$724,369
Net Income-$28,988
Open 2022 Filing
Jump To
Filing Snapshot
Filing Period
Jan 1, 2022 to Dec 31, 2022
Signed
Jul 10, 2023
Return Version
2022v5.0
Gross Receipts
$696,052
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$254,666$232,056▼ $22,610
Accounts Receivable$71,867$38,958▼ $32,909
Land, Buildings, and Equipment, Net$3,715$32,398▲ $28,683
Prepaid Expenses and Deferred Charges$4,314$1,073▼ $3,241
Total Assets$334,562$304,485▼ $30,077
Liabilities
Accounts Payable and Accrued Expenses$7,393$6,304▼ $1,089
Total Liabilities$7,393$6,304▼ $1,089
Net Assets / Fund Balance
Net Assets Without Donor Restrictions$190,776$215,501▲ $24,725
Net Assets With Donor Restrictions$136,393$82,680▼ $53,713
Total Net Assets Fund Balance$327,169$298,181▼ $28,988
Total Liabilities and Net Assets / Fund Balance$334,562$304,485▼ $30,077

Asset Categories

AssetBook ValueDepreciationBasis
Equipment$32,398$13,700$46,098
Compensation and Service Providers
Top Officer Pay86th percentile

Employees

NameTitleFull / Part TimeBaseOtherTotal
Rayna DineenExecutive DiFT$75,000$10,527$85,527

Board Members and Trustees

NameTitle
Connor BrowneChair
Sharon EklundVice Chair
Nichole Medina-stoneVice-chair
Alicia Vadillo-romeroDirector
Caroline StanleyDirector
Doris OrtizDirector
Erin CaveDirector
Reed SoehnelDirector
Rob MacdonaldTreasurer
Revenue and Support

Revenue Composition

Contributions and Grants
$465,037
Program Service Revenue
$228,005
Investment Income
$-671
Other Revenue
$3,010
All Other Contributions
$465,037
Change in Net Assets
$-28,988

Audited Revenue Reconciliation

Revenue per Audited Statements
$695,381
Total Revenue per Audited Statements
$695,381
Total Revenue per Form 990
$695,381
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Salaries, Compensation, and Employee Benefits$570,554
Other Expenses$153,815
Total Fundraising Expense$44,418
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Other Salaries and Wages$418,702-$17,751$436,453
Current Officers, Directors, Trustees, and Key Employees$50,227$18,805$16,495$85,527
Payroll Taxes$35,627$1,669$3,274$40,570
Fees for Services Other$29,187$10,278$935$40,400
Fees for Services Accounting$18,651$6,567$598$25,816
Office Expenses$5,635$3,425$4,335$13,395
Depreciation Depletion-$10,791-$10,791
Other Employee Benefits$8,004--$8,004
All Other Expenses$4,722$2,143$46$6,911
Insurance-$5,670-$5,670
Other Expenses$2,880$2,776$421$2,880
Occupancy-$2,268$500$2,768
Advertising$317$1,490-$1,807
Total Functional Expenses$613,967$65,984$44,418$724,369

Audited Expense Reconciliation

Line ItemAmount
Expenses per Audited Statements$724,369
Total Expenses per Audited Statements$724,369
Total Expenses per Form 990$724,369
Fundraising, Events, and Gaming
Fundraising activities
No
Gaming activities
No
Professional fundraiser used
No

Fundraising and Gaming Totals

Line ItemAmount
Fundraising Gross Income$3,010
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
2023-07-10
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Connor Browne
Formed
2015
Legal Domicile
Nm
Voting Board Members
9
Independent Board Members
9
Employees
31

Preparer

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

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, 2019 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, 2019 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/FormAndLineReferenceDesc0FORM 990, PAGE 6, PART VI, LINE 11B
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Document Assets

No mirrored PDF or thumbnail assets are attached yet.

Filings

Displayed year

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

Open filing
Assets
$304,485
Liabilities
$6,304
Net assets
$298,181
Revenue
$695,381
Expenses
$724,369
Net income
-$28,988
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
Peer Organizations

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