Civic Intelligence

Reading Edge Academy Inc.

990 • Fiscal year 2019 • EIN 59-3455253

Jul 01, 2018 to Jun 30, 2019 • Filed on Nov 25, 2019

Organization ProfileWWW.READINGEDGEACADEMY.ORG

View Organization Page

2975 Enterprise RdDebary, FL 32713

(386) 668-8911

Siviq Scores

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

Liabilities / Assets

66th percentile

0.32x

Higher debt load relative to assets than 66% of similar nonprofits.

2019 filings • 501(c)3 • $5M-$10M nonprofits • Source year 2019

Liabilities / Revenue

72nd percentile

0.48x

Higher debt load relative to revenue than 72% of similar nonprofits.

2019 filings • 501(c)3 • $5M-$10M nonprofits • Source year 2019

Net Margin

46th percentile

1.6%

Higher net margin than 46% of similar nonprofits.

2019 filings • 501(c)3 • $5M-$10M nonprofits • Source year 2019

Top Officer Pay

50th percentile

$122,844

Higher top officer pay than 50% of similar nonprofits.

Top officer pay equals 2.7% of source-year revenue.

2019 filings • 501(c)3 • $5M-$10M nonprofits • Source year 2019

Asset Growth

39th percentile

0.4%

Faster asset growth than 39% of similar nonprofits.

2019 filings • 501(c)3 • $5M-$10M nonprofits • Annualized from 2018 to 2019

Revenue Growth

32nd percentile

-2.6%

Faster revenue growth than 32% of similar nonprofits.

2019 filings • 501(c)3 • $5M-$10M nonprofits • Annualized from 2018 to 2019

Balance Sheet
Liabilities / Assets66th percentile

Assets

Up

$6,844,746

Up $28,505 (+0.4%) from 2018

Net Assets

Up

$4,647,900

Up $73,908 (+1.6%) from 2018

Liabilities

Down

$2,196,846

Down $45,403 (-2.0%) from 2018

Revenue And Expenses
Liabilities / Revenue72nd percentileNet Margin46th percentile

Revenue

Down

$4,537,015

Down $123,171 (-2.6%) from 2018

Expenses

Up

$4,463,107

Up $127,740 (+2.9%) from 2018

Net Income

Down

$73,908

Down $250,911 (-77%) from 2018

Historical Trend

Balance Sheet Trend

Asset Growth39th percentile

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

$8.0M$6.0M$4.0M$2.0M$0Assets 2018: $6,816,241Liabilities 2018: $2,242,249Net Assets 2018: $4,573,9922018Assets 2019: $6,844,746Liabilities 2019: $2,196,846Net Assets 2019: $4,647,9002019Assets 2020: $6,432,623Liabilities 2020: $1,991,988Net Assets 2020: $4,440,6352020Assets 2021: $6,194,209Liabilities 2021: $1,880,797Net Assets 2021: $4,313,4122021Assets 2022: $6,200,470Liabilities 2022: $1,828,572Net Assets 2022: $4,371,8982022Assets 2025: $5,584,226Liabilities 2025: $1,408,982Net Assets 2025: $4,175,2442025

Highlighted filing

2019

Assets$6,844,746
Liabilities$2,196,846
Net Assets$4,647,900
Open 2019 Filing

Operations Trend

Revenue Growth32nd percentile

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

$6.0M$4.0M$2.0M$0-$2.0MRevenue 2018: $4,660,186Expenses 2018: $4,335,367Net Income 2018: $324,8192018Revenue 2019: $4,537,015Expenses 2019: $4,463,107Net Income 2019: $73,9082019Revenue 2020: $4,086,904Expenses 2020: $4,294,169Net Income 2020: -$207,2652020Revenue 2021: $4,347,791Expenses 2021: $4,475,014Net Income 2021: -$127,2232021Revenue 2022: $4,846,330Expenses 2022: $4,787,844Net Income 2022: $58,4862022Revenue 2025: $5,096,099Expenses 2025: $5,005,359Net Income 2025: $90,7402025

Highlighted filing

2019

Revenue$4,537,015
Expenses$4,463,107
Net Income$73,908
Open 2019 Filing
Jump To
Filing Snapshot
Filing Period
Jul 1, 2018 to Jun 30, 2019
Signed
Nov 25, 2019
Return Version
2018v3.1
Gross Receipts
$4,537,015
Mission and Program Overview

Mission

The school is a not for profit public charter elementary school that emphasizes reading education.

Balance Sheet Detail
LineBeginningEndChange
Assets
Land, Buildings, and Equipment, Net$5,385,102$5,216,374▼ $168,728
Cash and Non-Interest-Bearing Accounts$896,376$1,021,903▲ $125,527
Savings and Temporary Cash Investments$519,092$522,033▲ $2,941
Prepaid Expenses and Deferred Charges-$48,340-
Accounts Receivable-$20,136-
Inventories for Sale or Use$7,421$7,710▲ $289
Total Assets$6,816,241$6,844,746▲ $28,505
Other Assets Total$8,250$8,250→ $0
Liabilities
Mortgage Notes Payable Secured by Investment Property$2,107,771$2,008,561▼ $99,210
Accounts Payable and Accrued Expenses$134,478$188,285▲ $53,807
Total Liabilities$2,242,249$2,196,846▼ $45,403
Net Assets / Fund Balance
Unrestricted Net Assets$4,573,992$4,647,900▲ $73,908
Total Net Assets Fund Balance$4,573,992$4,647,900▲ $73,908
Total Liabilities and Net Assets / Fund Balance$6,816,241$6,844,746▲ $28,505

Asset Categories

AssetBook ValueDepreciationBasis
Buildings$4,437,570$2,072,569$6,510,139
Land$703,616-$703,616
Equipment$75,188$251,286$326,474
Compensation and Service Providers
Top Officer Pay50th percentile

Employees

NameTitleBaseTotal
Margaret ComardoPrincipal$122,844$122,844

Board Members and Trustees

NameTitle
Arlene LoweryChair
Michael CaldwellVice-chair
Gerald KruhmMember
Sandy KentMember
Leanne CarterSecretary
Marianne StanleyTreasurer
Revenue and Support

Revenue Composition

Contributions and Grants
$4,048,638
Program Service Revenue
$481,120
Investment Income
$7,257
Other Revenue
$0
All Other Contributions
$5,624
Change in Net Assets
$73,908

Audited Revenue Reconciliation

Revenue per Audited Statements
$4,537,015
Total Revenue per Audited Statements
$4,537,015
Total Revenue per Form 990
$4,537,015
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Salaries, Compensation, and Employee Benefits$3,059,685
Other Expenses$1,403,422
Total Fundraising Expense$3,912
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Other Salaries and Wages$2,036,001$606,411-$2,642,412
Occupancy$288,447$32,049-$320,496
All Other Expenses$217,656$20,134-$237,790
Depreciation Depletion$194,411$34,314$3,912$232,637
Payroll Taxes$154,733$42,353-$197,086
Other Employee Benefits$116,701$33,324-$150,025
Interest$98,965$10,996-$109,961
Pension Plan Contributions$41,409$28,753-$70,162
Other Expenses$105,653$56,879-$56,879
Insurance$41,650$4,628-$46,278
Fees for Services Accounting-$39,187-$39,187
Office Expenses$148$9,375-$9,523
Information Technology$1,376--$1,376
Total Functional Expenses$3,540,792$918,403$3,912$4,463,107

Audited Expense Reconciliation

Line ItemAmount
Expenses per Audited Statements$4,463,107
Total Expenses per Audited Statements$4,463,107
Total Expenses per Form 990$4,463,107
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
Yes
Audit committee
Yes
Backup withholding compliance
Yes
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

“The finance manager reviews the form 990 and presents it during a board meeting. The directors are given the chance to review and ask questions regarding the form 990. An officer signs the form 990.”

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

“The board reviews and approves the yearly compensation of the principal. Management has compared the proposed principal's salary to similiar positions in this area prior to the board review.”

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

“No officer receives compensation as part of his/her duties as an officer. The key employee is the principal-process described in 15(a).”

Form 990, Page 6, Part VI, Line 19

“The school provides governing documents and financial statements to the public upon request. The financial statements are also available as a component unit of the volusia county school district. The financial statements are available on the school's website at www.readingedgeacademy.org”

Filing and Contact Details

Filer

Filer Name
Reading Edge Academy Inc
EIN
59-3455253
Phone
3866688911
Address
2975 ENTERPRISE RD, DEBARY, FL 32713

Signing Officer

Name
Arlene Lowery
Title
Chair
Phone
3866688911
Signed
2019-11-25

Organization Details

Principal Officer
Arlene Lowery
Formed
1997
Legal Domicile
Fl
Voting Board Members
6
Independent Board Members
6
Employees
175
Volunteers
175

Preparer

Firm
Dreggors Rigsby & Teal Pa
Address
1006 N WOODLAND BLVD, DELAND, FL 32720-2769
Preparer
Ronald J Cantlay
Phone
3867349441
Supplemental Narrative

Additional Explanations

Form 990, Page 1, Part I, Line 6

“Volunteers provide hours for parent-teacher organization projects and other school related instructional support.”

Raw XML Appendix387 raw XML fields

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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IRS990ScheduleE/DiscriminateRaceOtherActyInd0false
IRS990ScheduleE/DiscriminateRaceSchsInd0false
IRS990ScheduleE/DiscriminateRaceStdntsRghtsInd0false
IRS990ScheduleE/DiscriminateRaceUseOfFcltsInd0false
IRS990ScheduleE/GovernmentFinancialAidRcvdInd0true
IRS990ScheduleE/GovernmentFinancialAidRvkdInd0false
IRS990ScheduleE/MaintainCpyOfAllSolInd0true
IRS990ScheduleE/MaintainCpyOfBrochuresEtcInd0true
IRS990ScheduleE/MaintainRacialCompRecsInd0true
IRS990ScheduleE/MaintainScholarshipsRecsInd0true
IRS990ScheduleE/NondiscriminatoryPolicyStmtInd0true
IRS990ScheduleE/PlcyPblczdViaBroadcastMediaInd0false
IRS990ScheduleE/PolicyStmtInBrochuresEtcInd0true
IRS990ScheduleE/SupplementalInformationDetail/ExplanationTxt0THE ACADEMY'S CHARTER WITH THE SCHOOL BOARD OF VOLUSIA COUNTY, FLORIDA STATES THAT THERE IS A NONDISCRIMINATORY POLICY. THIS CHARTER IS PART OF THE PUBLIC RECORDS OF VOLUSIA COUNTY. THE ACADEMY ALSO ADVERTISES IN LOCAL PAPERS, CHURCHES AND PUBLIC PLACES.
IRS990ScheduleE/SupplementalInformationDetail/ExplanationTxt1THE ACADEMY IS A COMPONENT OF THE SCHOOL BOARD OF VOLUSIA COUNTY, FL. AND RECEIVES THE MAJORITY OF IT'S FINANCING FROM THIS GOVERNMENTAL BODY.
IRS990ScheduleE/SupplementalInformationDetail/FormAndLineReferenceDesc0SCHEDULE E, LINE 3
IRS990ScheduleE/SupplementalInformationDetail/FormAndLineReferenceDesc1SCHEDULE E, LINE 6
IRS990/ScheduleJRequiredInd0false
IRS990/ScheduleORequiredInd0true
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt0VOLUNTEERS PROVIDE HOURS FOR PARENT-TEACHER ORGANIZATION PROJECTS AND OTHER SCHOOL RELATED INSTRUCTIONAL SUPPORT.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt1THE FINANCE MANAGER REVIEWS THE FORM 990 AND PRESENTS IT DURING A BOARD MEETING. THE DIRECTORS ARE GIVEN THE CHANCE TO REVIEW AND ASK QUESTIONS REGARDING THE FORM 990. AN OFFICER SIGNS THE FORM 990.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt2THE BOARD REVIEWS AND APPROVES THE YEARLY COMPENSATION OF THE PRINCIPAL. MANAGEMENT HAS COMPARED THE PROPOSED PRINCIPAL'S SALARY TO SIMILIAR POSITIONS IN THIS AREA PRIOR TO THE BOARD REVIEW.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt3NO OFFICER RECEIVES COMPENSATION AS PART OF HIS/HER DUTIES AS AN OFFICER. THE KEY EMPLOYEE IS THE PRINCIPAL-PROCESS DESCRIBED IN 15(A).
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt4THE SCHOOL PROVIDES GOVERNING DOCUMENTS AND FINANCIAL STATEMENTS TO THE PUBLIC UPON REQUEST. THE FINANCIAL STATEMENTS ARE ALSO AVAILABLE AS A COMPONENT UNIT OF THE VOLUSIA COUNTY SCHOOL DISTRICT. THE FINANCIAL STATEMENTS ARE AVAILABLE ON THE SCHOOL'S WEBSITE AT WWW.READINGEDGEACADEMY.ORG
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc0FORM 990, PAGE 1, PART I, LINE 6
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc1FORM 990, PAGE 6, PART VI, LINE 11B
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc2FORM 990, PAGE 6, PART VI, LINE 15A
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc3FORM 990, PAGE 6, PART VI, LINE 15B
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc4FORM 990, PAGE 6, PART VI, LINE 19
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IRS990/SignificantChangeInd0false
IRS990/SignificantNewProgramSrvcInd0false
IRS990/StatesWhereCopyOfReturnIsFldCd0FL
IRS990/SubjectToExcsTaxNetInvstIncInd0false
IRS990/SubjectToProxyTaxInd0false
IRS990/SubjToTaxRmnrtnExPrchtPymtInd0false
IRS990/TaxablePartyNotificationInd0false
IRS990/TaxExemptBondsInd0false
IRS990/TempOrPermanentEndowmentsInd0false
IRS990/TerminateOperationsInd0false
IRS990/TotalAssetsBOYAmt06816241
IRS990/TotalAssetsEOYAmt06844746
IRS990/TotalAssetsGrp/BOYAmt06816241
IRS990/TotalAssetsGrp/EOYAmt06844746
IRS990/TotalCompGreaterThan150KInd0false
IRS990/TotalContributionsAmt04048638
IRS990/TotalEmployeeCnt0175
IRS990/TotalFunctionalExpensesGrp/FundraisingAmt03912
IRS990/TotalFunctionalExpensesGrp/ManagementAndGeneralAmt0918403
IRS990/TotalFunctionalExpensesGrp/ProgramServicesAmt03540792
IRS990/TotalFunctionalExpensesGrp/TotalAmt04463107
IRS990/TotalGrossUBIAmt00
IRS990/TotalLiabilitiesBOYAmt02242249
IRS990/TotalLiabilitiesEOYAmt02196846
IRS990/TotalLiabilitiesGrp/BOYAmt02242249
IRS990/TotalLiabilitiesGrp/EOYAmt02196846
IRS990/TotalNetAssetsFundBalanceGrp/BOYAmt04573992
IRS990/TotalNetAssetsFundBalanceGrp/EOYAmt04647900
IRS990/TotalOthProgramServiceRevGrp/ExclusionAmt024205
IRS990/TotalOthProgramServiceRevGrp/TotalRevenueColumnAmt024205
IRS990/TotalProgramServiceExpensesAmt03540792
IRS990/TotalProgramServiceRevenueAmt0481120
IRS990/TotalReportableCompFromOrgAmt0122844
IRS990/TotalRevenueGrp/ExclusionAmt0488377
IRS990/TotalRevenueGrp/TotalRevenueColumnAmt04537015
IRS990/TotalVolunteersCnt0175
IRS990/TotLiabNetAssetsFundBalanceGrp/BOYAmt06816241
IRS990/TotLiabNetAssetsFundBalanceGrp/EOYAmt06844746
IRS990/TrnsfrExmptNonChrtblRltdOrgInd0false
IRS990/TypeOfOrganizationCorpInd0X
IRS990/UnrelatedBusIncmOverLimitInd0false
IRS990/UnrestrictedNetAssetsGrp/BOYAmt04573992
IRS990/UnrestrictedNetAssetsGrp/EOYAmt04647900
IRS990/UponRequestInd0X
IRS990/VotingMembersGoverningBodyCnt06
IRS990/VotingMembersIndependentCnt06
IRS990/WebsiteAddressTxt0WWW.READINGEDGEACADEMY.ORG
IRS990/WhistleblowerPolicyInd0false
ReturnHeader/BuildTS02020-04-17 16:48:07Z
ReturnHeader/BusinessOfficerGrp/PersonNm0ARLENE LOWERY
ReturnHeader/BusinessOfficerGrp/PersonTitleTxt0CHAIR
ReturnHeader/BusinessOfficerGrp/PhoneNum03866688911
ReturnHeader/BusinessOfficerGrp/SignatureDt02019-11-25
ReturnHeader/Filer/BusinessName/BusinessNameLine1Txt0READING EDGE ACADEMY INC
ReturnHeader/Filer/BusinessNameControlTxt0READ
ReturnHeader/Filer/EIN0593455253
ReturnHeader/Filer/PhoneNum03866688911
ReturnHeader/Filer/USAddress/AddressLine1Txt02975 ENTERPRISE RD
ReturnHeader/Filer/USAddress/CityNm0DEBARY
ReturnHeader/Filer/USAddress/StateAbbreviationCd0FL
ReturnHeader/Filer/USAddress/ZIPCd032713
ReturnHeader/FilingSecurityInformation/AtSubmissionCreationDeviceId014094BF5DBCF2155FDFCDC8DA18FA0CF127F419A
ReturnHeader/FilingSecurityInformation/AtSubmissionFilingDeviceId014094BF5DBCF2155FDFCDC8DA18FA0CF127F419A
ReturnHeader/FilingSecurityInformation/FilingLicenseTypeCd0P
ReturnHeader/FilingSecurityInformation/IPAddress/IPv4AddressTxt072.17.39.250
ReturnHeader/FilingSecurityInformation/IPDt02019-12-13
ReturnHeader/FilingSecurityInformation/IPTimezoneCd0CS
ReturnHeader/FilingSecurityInformation/IPTm006:55:51
ReturnHeader/PreparerFirmGrp/PreparerFirmEIN0593623200
ReturnHeader/PreparerFirmGrp/PreparerFirmName/BusinessNameLine1Txt0DREGGORS RIGSBY & TEAL PA
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/AddressLine1Txt01006 N WOODLAND BLVD
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/CityNm0DELAND
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/StateAbbreviationCd0FL
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/ZIPCd0327202769
ReturnHeader/PreparerPersonGrp/PhoneNum03867349441
ReturnHeader/PreparerPersonGrp/PreparationDt02019-11-20
ReturnHeader/PreparerPersonGrp/PreparerPersonNm0RONALD J CANTLAY
ReturnHeader/ReturnTs02019-12-13T06:55:51-06:00
ReturnHeader/ReturnTypeCd0990
ReturnHeader/TaxPeriodBeginDt02018-07-01
ReturnHeader/TaxPeriodEndDt02019-06-30
ReturnHeader/TaxYr02018

Document Assets

No mirrored PDF or thumbnail assets are attached yet.

Filings

Displayed year

2019 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$6,844,746
Liabilities
$2,196,846
Net assets
$4,647,900
Revenue
$4,537,015
Expenses
$4,463,107
Net income
$73,908
Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2025Facts available. Structured filing facts are available, but richer extracted sections are limited.$5.58$1.41$4.18$5.10$5.01$0.09
2022XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$6.20$1.83$4.37$4.85$4.79$0.06
2021XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$6.19$1.88$4.31$4.35$4.48$0.13
2020XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$6.43$1.99$4.44$4.09$4.29$0.21
2019Detailed filing. Detailed filing data is available for this year.$6.84$2.20$4.65$4.54$4.46$0.07
2018Facts available. Structured filing facts are available, but richer extracted sections are limited.$6.82$2.24$4.57$4.66$4.34$0.32
Peer Organizations

Similar nonprofits based on the same Siviq industry and scale cohort. 2019 filings • 501(c)3 • $5M-$10M nonprofits