Civic Intelligence

Read USA Inc.

990 • Fiscal year 2023 • EIN 47-4729513

Jan 01, 2023 to Dec 31, 2023 • Filed on Nov 14, 2024

PO Box 331067Atlantic Beach, FL 32233

(904) 732-3872

Siviq Scores

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

Liabilities / Assets

85th percentile

0.53x

Higher debt load relative to assets than 85% of similar nonprofits.

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

Liabilities / Revenue

73rd percentile

0.31x

Higher debt load relative to revenue than 73% of similar nonprofits.

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

Net Margin

16th percentile

-19%

Higher net margin than 16% of similar nonprofits.

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

Top Officer Pay

87th percentile

$170,580

Higher top officer pay than 87% of similar nonprofits.

Top officer pay equals 4.3% of source-year revenue.

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

Asset Growth

78th percentile

22%

Faster asset growth than 78% of similar nonprofits.

2023 filings • 501(c)3 • $1M-$5M nonprofits • Annualized from 2021 to 2023

Revenue Growth

70th percentile

24%

Faster revenue growth than 70% of similar nonprofits.

2023 filings • 501(c)3 • $1M-$5M nonprofits • Annualized from 2021 to 2023

Assets

Up

$2,323,124

Up $772,611 (+50%) from 2021

Net Assets

Up

$1,100,062

Up $1,226 (+0.1%) from 2021

Liabilities

Up

$1,223,062

Up $771,385 (+171%) from 2021

Revenue

Up

$3,947,111

Up $1,378,104 (+54%) from 2021

Expenses

Up

$4,702,134

Up $3,218,712 (+217%) from 2021

Net Income

Down

-$755,023

Down $1,840,608 (-170%) from 2021

Historical Trend

Balance Sheet Trend

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

$3.0M$2.0M$1.0M$0Assets 2017: $5,377Liabilities 2017: $0Net Assets 2017: $5,3772017Assets 2018: $7,393Liabilities 2018: $0Net Assets 2018: $7,3932018Assets 2019: $9,747Liabilities 2019: $0Net Assets 2019: $9,7472019Assets 2020: $26,251Liabilities 2020: $13,000Net Assets 2020: $13,2512020Assets 2021: $1,550,513Liabilities 2021: $451,677Net Assets 2021: $1,098,8362021Assets 2023: $2,323,124Liabilities 2023: $1,223,062Net Assets 2023: $1,100,0622023Assets 2024: $1,622,148Liabilities 2024: $1,488,525Net Assets 2024: $133,6232024

Highlighted filing

2023

Assets$2,323,124
Liabilities$1,223,062
Net Assets$1,100,062

Operations Trend

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

$6.0M$4.0M$2.0M$0-$2.0MRevenue 2017: $79,365Expenses 2017: $73,988Net Income 2017: $5,3772017Revenue 2018: $105,855Expenses 2018: $103,839Net Income 2018: $2,0162018Revenue 2019: $350,344Expenses 2019: $347,990Net Income 2019: $2,3542019Revenue 2020: $488,776Expenses 2020: $485,272Net Income 2020: $3,5042020Revenue 2021: $2,569,007Expenses 2021: $1,483,422Net Income 2021: $1,085,5852021Revenue 2023: $3,947,111Expenses 2023: $4,702,134Net Income 2023: -$755,0232023Revenue 2024: $4,593,735Expenses 2024: $5,560,174Net Income 2024: -$966,4392024

Highlighted filing

2023

Revenue$3,947,111
Expenses$4,702,134
Net Income-$755,023
Jump To
Filing Snapshot
Filing Period
Jan 1, 2023 to Dec 31, 2023
Signed
Nov 14, 2024
Return Version
2023v5.0
Gross Receipts
$3,947,111
Mission and Program Overview

Mission

Based on research, read usa inc., is targeting breaking the cycle of poverty by equiping literacy resources to children of low income homes. Research shows that 2/3 of low income homes have zero books and 2/3 of 4th graders who struggle to read will end up in jail or on welfare. Read usa inc. Is creating awareness and action towards this issue and turning the page on these statistics in a positive way.

Read usa's mission is to solve illiteracy through high-interest books and high-quality teaching. Read usa's research-based, multi-layered programming is helping children achieve - and sometimes surpass - grade-level reading proficiency. Read usa has created and refined its unique approach to developing grade-level readers, teen leaders, and transformational teachers using evidence-based practices and programming. Read usa's multi-faceted model includes literacy tutoring, book choice & ownership, multicultural literacy programming, family engagement, workforce development, and professional development for educators. Collectively, these programs work together to end illiteracy, elevate the teaching profession, and equip and employ eager workforce talent.

Balance Sheet Detail
LineBeginningEndChange
Assets
Pledges and Grants Receivable$1,691,195$1,979,623▲ $288,428
Land, Buildings, and Equipment, Net$432,054$340,844▼ $91,210
Loans From Officers Directors$400,000$300,000▼ $100,000
Cash and Non-Interest-Bearing Accounts$260,242$2,657▼ $257,585
Total Assets$2,383,491$2,323,124▼ $60,367
Liabilities
Accounts Payable and Accrued Expenses$128,406$789,133▲ $660,727
Deferred Revenue-$133,929-
Total Liabilities$528,406$1,223,062▲ $694,656
Net Assets / Fund Balance
Net Assets With Donor Restrictions$1,691,195$1,553,550▼ $137,645
Net Assets Without Donor Restrictions$163,890$-453,488▼ $617,378
Total Net Assets Fund Balance$1,855,085$1,100,062▼ $755,023
Total Liabilities and Net Assets / Fund Balance$2,383,491$2,323,124▼ $60,367

Asset Categories

AssetBook ValueDepreciationBasis
Other Land Buildings$310,457$190,687$501,144
Equipment$30,387$29,331$59,718
Compensation and Service Providers

Employees

NameTitleFull / Part TimeBaseTotal
Robert H Kelly JrCEO & PresidFT$170,580$170,580
Robert H Kelly JrCEO & President-$170,580$170,580

Board Members and Trustees

Highest Paid Contractors

ContractorServicesLocationCompensation
Whc Jax LLCBussingPO BOX 780146, Wichita, KS 67278$310,822
Revenue and Support

Revenue Composition

Contributions and Grants
$1,272,368
Program Service Revenue
$2,674,743
Investment Income
$0
Other Revenue
$0
All Other Contributions
$1,022,368
Change in Net Assets
$-755,023

Noncash Contribution Practices

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

Noncash Contributions

Contribution TypeReported AmountValuation Method
Books and Publications$192,050In-kind / Comparable Sale
Total Noncash Contributions$192,050-

Audited Revenue Reconciliation

Revenue per Audited Statements
$3,947,111
Total Revenue per Audited Statements
$3,947,111
Total Revenue per Form 990
$3,947,111
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$3,081,053
Salaries, Compensation, and Employee Benefits$1,621,081
Total Fundraising Expense$104,403
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Other Salaries and Wages$592,798$592,799$62,400$1,247,997
Current Officers, Directors, Trustees, and Key Employees$85,180$85,180$8,966$179,326
Information Technology$88,153$88,153-$176,306
Payroll Taxes$63,190$63,190$6,651$133,031
Fees for Services Other$123,962$4,486$472$128,920
Depreciation Depletion$115,602--$115,602
Advertising$76,380--$76,380
Fees for Services Accounting$33,226$33,226-$66,452
Occupancy$27,505$27,505-$55,010
Other Employee Benefits$22,855$22,855$2,406$48,116
Office Expenses$7,887$7,887-$15,774
Pension Plan Contributions$5,990$5,990$631$12,611
All Other Expenses$8,367$3,712-$12,079
Travel$5,404$5,404-$10,808
Other Expenses$4,142$4,144$22,877$8,286
Interest$1,901$1,901-$3,802
Insurance$1,067$1,067-$2,134
Total Functional Expenses$3,650,232$947,499$104,403$4,702,134

Audited Expense Reconciliation

Line ItemAmount
Expenses per Audited Statements$4,702,134
Total Expenses per Audited Statements$4,702,134
Total Expenses per Form 990$4,702,134
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
Yes
Subject to proxy tax
No
Insider Transactions and Loans

Loans and Receivables

Line ItemBeginningEndChange
Loans from Officers, Directors, Trustees, and Key Employees$400,000$300,000▼ $100,000
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
No
Annual disclosure for covered persons
Yes
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
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, Page 6, Part VI, Line 11B

The form 990 is presented to the board of directors before the return is filed.

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

The read usa, inc. Board of directors, officers, and all employees are required to disclose annually, interests that could give rise to conflict. The executive director is responsible for reviewing the disclosures and maintaining compliance with the conflict-of-interest policy. Should any potential conflicts of interest be disclosed, the board member would be asked to refrain from participating in any deliberation or decision concerning matters affected by the relationship.

Form 990, Page 6, Part VI, Line 19

The organization's governing documents are available upon request.

Filing and Contact Details

Filer

Filer Name
Read USA Inc
EIN
47-4729513
Phone
9047323872
Address
PO BOX 331067, ATLANTIC BEACH, FL 32233

Signing Officer

Name
Robert H Kelly Jr
Title
CEO & President
Phone
7202566143
Signed
2024-11-14

Organization Details

Principal Officer
Robert H Kelly Jr
Formed
2015
Legal Domicile
Fl
Voting Board Members
14
Independent Board Members
14
Employees
196
Volunteers
125

Preparer

Firm
Financial Solution Advisors Pllc
Address
4350 PABLO PROFESSIONAL CT STE 200, JACKSONVILLE, FL 32224-3224
Preparer
Michael B Mcleod CPA
Phone
9042962024
Supplemental Narrative

Additional Explanations

FORM 990 - ORGANIZATION'S MISSION

Read usa's mission is to solve illiteracy through high-interest books and high-quality teaching. Read usa's research-based, multi-layered programming is helping children achieve - and sometimes surpass - grade-level reading proficiency. Read usa has created and refined its unique approach to developing grade-level readers, teen leaders, and transformational teachers using evidence-based practices and programming. Read usa's multi-faceted model includes literacy tutoring, book choice & ownership, multicultural literacy programming, family engagement, workforce development, and professional development for educators. Collectively, these programs work together to end illiteracy, elevate the teaching profession, and equip and employ eager workforce talent. More specifically, read usa seeks to break the cycle of poverty by providing literacy resources to families and children in low-income households. Research shows that two-thirds of low-income homes have zero books and two-thirds of fourth-grade children who struggle to read will end up in jail or on welfare. By creating awareness and action towards this issue, read usa is turning the page on illiteracy and poverty in a positive way. Through book choice & ownership and family engagement, the organization provides families and children in under-resourced communities with free books, literacy resources, and workshops to elevate literacy skills in the home. Through literacy tutoring, read usa improves grade- level reading proficiency by pairing teen tutors, mostly from local high schools, with elementary school students who are struggling to read. Teen tutors receive robust training and in-the-moment coaching from certified reading teachers to provide daily, intensive one-to-one literacy tutoring focused on oral reading fluency, phonics, phonemic awareness, vocabulary, reading comprehension skills, and writing. Read usa also provides books and resources to children featuring characters that look like them, thereby perpetuating diversity and inclusion through multicultural literacy programming that also includes virtual "read-alouds" from diverse children's books. Furthermore, read usa publishes a monthly children's book series, jeremy's journey, that highlights local leaders, jobs, and geography, supporting florida's elementary social studies standards. The organization also offers professional development programming aimed at supporting educators with quality reading instruction in the classroom, providing teachers with engaging and effective tools to help students reach their full reading potential.

Form 990

Form 990, part i, line 1 - organization's mission or most significant activities: read usa works to solve illiteracy through high-interest books and high- quality teaching. Read usa develops grade-level readers, teen leaders, and transformational teachers with evidence-based, peer-to-peer tutoring and free book choice and ownership to end illiteracy, elevate the teaching profession, and equip and employ eager workforce talent. Read usa's mission is implemented through book choice and ownership, one- to-one literacy tutoring, multicultural literacy programming, and literacy professional development for educators. More specifically, read usa, inc. Is targeting breaking the cycle of poverty by equipping literacy resources to children of low-income homes. Research shows that two-thirds of low-income homes have zero books and two-thirds of fourth-grade children who struggle to read will end up in jail or on welfare. Read usa, inc. Is creating awareness and action towards this issue and turning the page on these statistics in a positive way. The organization provides book choice and ownership for children in under- resourced communities through book fairs and book events. The organization also works to improve grade-level reading proficiency by pairing high school teen tutors with elementary school students struggling to read, providing daily, intensive one-to-one multisensory tutoring focused on oral reading fluency, phonics, phonemic awareness, vocabulary, reading comprehension skills, and writing. The organization offers multicultural literacy programming that includes virtual "read-alouds" from diverse children's books. The organization publishes a monthly children's book series, jeremy's journey, that highlights local leaders, jobs, and geography, supporting florida's elementary social studies standards. The organization also offers professional development programming aimed at supporting educators with quality reading instruction in the classroom, providing teachers with engaging and effective tools to help students reach their full reading potential.

Form 990, Part III

Form 990, parft iii, line 1 - briefly describe the organization's mission: read usa works to solve illiteracy through high-interest books and high- quality teaching. Read usa develops grade-level readers, teen leaders, and transformational teachers with evidence-based, peer-to-peer tutoring and free book choice and ownership to end illiteracy, elevate the teaching profession, and equip and employ eager workforce talent.

Form 990, Page 2, Part III, Line 4D

Read usa increased its multicultural literacy offerings through expanded partnerships with the jacksonville jaguars, the cummer museum of art & gardens, and other partners with additional book ownership opportunities for children and providing additional free digital resources, including "read alouds" by local and national leaders, instructional videos, activity guides, and other resources for educators and families.

Form 990, Part XI, Line 9

Certain reclassifications have been made to prior year financial balances to conform to classifications used in the current year. These reclassifications had no impact on net income, liabilities, or net assets.

Financial Statement Notes

Schedule D, Page 3, Part X

The organization qualifies as a tax-exempt organization under section 501 (c)(3) of the internal revenue code. The organization periodically assesses whether it has incurred income tax expense or related interest or penalties in accordance with accounting for uncertain tax positions. No such amounts were recognized for the years ending december 31, 2023 and 2022. The organization follows the income tax standard for uncertain tax positions. The organization has evaluated their tax positions and determined they have no uncertain tax positions as of december 31, 2023 and 2022. Should the organizations tax-exempt status be challenged in the future, the organizations 2020 through 2022 tax years are open for examination by the internal revenue service.

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IRS990/MissionDesc0READ USA'S MISSION IS TO SOLVE ILLITERACY THROUGH HIGH-INTEREST BOOKS AND HIGH-QUALITY TEACHING. READ USA'S RESEARCH-BASED, MULTI-LAYERED PROGRAMMING IS HELPING CHILDREN ACHIEVE - AND SOMETIMES SURPASS - GRADE-LEVEL READING PROFICIENCY. READ USA HAS CREATED AND REFINED ITS UNIQUE APPROACH TO DEVELOPING GRADE-LEVEL READERS, TEEN LEADERS, AND TRANSFORMATIONAL TEACHERS USING EVIDENCE-BASED PRACTICES AND PROGRAMMING. READ USA'S MULTI-FACETED MODEL INCLUDES LITERACY TUTORING, BOOK CHOICE & OWNERSHIP, MULTICULTURAL LITERACY PROGRAMMING, FAMILY ENGAGEMENT, WORKFORCE DEVELOPMENT, AND PROFESSIONAL DEVELOPMENT FOR EDUCATORS. COLLECTIVELY, THESE PROGRAMS WORK TOGETHER TO END ILLITERACY, ELEVATE THE TEACHING PROFESSION, AND EQUIP AND EMPLOY EAGER WORKFORCE TALENT. MORE SPECIFICALLY, READ USA SEEKS TO BREAK THE CYCLE OF POVERTY BY PROVIDING LITERACY RESOURCES TO FAMILIES AND CHILDREN IN LOW-INCOME HOUSEHOLDS. RESEARCH SHOWS THAT TWO-THIRDS OF LOW-INCOME HOMES HAVE ZERO BOOKS AND TWO-THIRDS OF FOURT
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IRS990/ProgSrvcAccomActy3Grp/Desc0READ USA HELD A COMMUNITY EVENT, "PEACE IN THE PAGES," RAISING AWARENESS FOR LITERACY AND ITS MULTI-FACETED PROGRAMMING BY HONORING SEVEN COMMUNITY LEADERS WHO EXEMPLIFY THE RELATIONSHIP BETWEEN LITERACY AND PEACE, PROSPERITY, EMPATHY, NON-VIOLENCE, JUSTICE, AND FREEDOM. PEACE IN THE PAGES ALSO PROVIDES AN ANNUAL PROGRAMMING AND IMPACT UPDATE TO THE ORGANIZATION'S DONORS, GRANTORS, AND FUNDERS.
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IRS990/ProgSrvcAccomActyOtherGrp/Desc0READ USA INCREASED ITS MULTICULTURAL LITERACY OFFERINGS THROUGH EXPANDED PARTNERSHIPS WITH THE JACKSONVILLE JAGUARS, THE CUMMER MUSEUM OF ART & GARDENS, AND OTHER PARTNERS WITH ADDITIONAL BOOK OWNERSHIP OPPORTUNITIES FOR CHILDREN AND PROVIDING ADDITIONAL FREE DIGITAL RESOURCES, INCLUDING "READ ALOUDS" BY LOCAL AND NATIONAL LEADERS, INSTRUCTIONAL VIDEOS, ACTIVITY GUIDES, AND OTHER RESOURCES FOR EDUCATORS AND FAMILIES.
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