Civic Intelligence

Reading Edge Academy Inc.

990 • Fiscal year 2020 • EIN 59-3455253

Jul 01, 2019 to Jun 30, 2020 • Filed on Dec 01, 2020

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

64th percentile

0.31x

Higher debt load relative to assets than 64% of similar nonprofits.

2020 filings • 501(c)3 • $5M-$10M nonprofits • Source year 2020

Liabilities / Revenue

70th percentile

0.49x

Higher debt load relative to revenue than 70% of similar nonprofits.

2020 filings • 501(c)3 • $5M-$10M nonprofits • Source year 2020

Net Margin

26th percentile

-5.1%

Higher net margin than 26% of similar nonprofits.

2020 filings • 501(c)3 • $5M-$10M nonprofits • Source year 2020

Top Officer Pay

21st percentile

$0

Higher top officer pay than 21% of similar nonprofits.

Top officer pay equals 0.0% of source-year revenue.

2020 filings • 501(c)3 • $5M-$10M nonprofits • Source year 2020

Asset Growth

11th percentile

-6.0%

Faster asset growth than 11% of similar nonprofits.

2020 filings • 501(c)3 • $5M-$10M nonprofits • Annualized from 2019 to 2020

Revenue Growth

29th percentile

-9.9%

Faster revenue growth than 29% of similar nonprofits.

2020 filings • 501(c)3 • $5M-$10M nonprofits • Annualized from 2019 to 2020

Balance Sheet
Liabilities / Assets64th percentile

Assets

Down

$6,432,623

Down $412,123 (-6.0%) from 2019

Net Assets

Down

$4,440,635

Down $207,265 (-4.5%) from 2019

Liabilities

Down

$1,991,988

Down $204,858 (-9.3%) from 2019

Revenue And Expenses
Liabilities / Revenue70th percentileNet Margin26th percentile

Revenue

Down

$4,086,904

Down $450,111 (-9.9%) from 2019

Expenses

Down

$4,294,169

Down $168,938 (-3.8%) from 2019

Net Income

Down

-$207,265

Down $281,173 (-380%) from 2019

Historical Trend

Balance Sheet Trend

Asset Growth11th 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

2020

Assets$6,432,623
Liabilities$1,991,988
Net Assets$4,440,635
Open 2020 Filing

Operations Trend

Revenue Growth29th 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

2020

Revenue$4,086,904
Expenses$4,294,169
Net Income-$207,265
Open 2020 Filing
Jump To
Filing Snapshot
Filing Period
Jul 1, 2019 to Jun 30, 2020
Signed
Dec 1, 2020
Return Version
2019v5.0
Gross Receipts
$4,086,904
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$5,216,374$5,005,477▼ $210,897
Cash and Non-Interest-Bearing Accounts$1,021,903$893,904▼ $127,999
Savings and Temporary Cash Investments$522,033$453,815▼ $68,218
Prepaid Expenses and Deferred Charges$48,340$45,642▼ $2,698
Accounts Receivable$20,136$16,010▼ $4,126
Inventories for Sale or Use$7,710$9,525▲ $1,815
Total Assets$6,844,746$6,432,623▼ $412,123
Other Assets Total$8,250$8,250→ $0
Liabilities
Mortgage Notes Payable Secured by Investment Property$2,008,561$1,894,752▼ $113,809
Accounts Payable and Accrued Expenses$188,285$97,236▼ $91,049
Total Liabilities$2,196,846$1,991,988▼ $204,858
Net Assets / Fund Balance
Net Assets Without Donor Restrictions$4,647,900$4,440,635▼ $207,265
Total Net Assets Fund Balance$4,647,900$4,440,635▼ $207,265
Total Liabilities and Net Assets / Fund Balance$6,844,746$6,432,623▼ $412,123

Asset Categories

AssetBook ValueDepreciationBasis
Buildings$4,232,185$2,284,004$6,516,189
Land$703,616-$703,616
Equipment$69,676$274,056$343,732
Compensation and Service Providers
Top Officer Pay21st percentile

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
$3,740,301
Program Service Revenue
$338,514
Investment Income
$8,089
Other Revenue
$0
All Other Contributions
$12,263
Change in Net Assets
$-207,265

Audited Revenue Reconciliation

Revenue per Audited Statements
$4,086,904
Total Revenue per Audited Statements
$4,086,904
Total Revenue per Form 990
$4,086,904
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Salaries, Compensation, and Employee Benefits$2,899,723
Other Expenses$1,394,446
Total Fundraising Expense$3,912
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Other Salaries and Wages$1,858,216$637,569-$2,495,785
Occupancy$302,592$33,622-$336,214
Depreciation Depletion$196,187$34,109$3,912$234,208
All Other Expenses$209,794$9,090-$218,884
Payroll Taxes$147,264$49,122-$196,386
Other Employee Benefits$97,615$41,981-$139,596
Interest$94,649$10,517-$105,166
Pension Plan Contributions$38,897$29,059-$67,956
Other Expenses$92,320$55,632-$55,632
Insurance$43,648$4,850-$48,498
Fees for Services Accounting-$45,097-$45,097
Office Expenses$14,813$2,013-$16,826
Advertising-$1,500-$1,500
Information Technology$337--$337
Total Functional Expenses$3,336,096$954,161$3,912$4,294,169

Audited Expense Reconciliation

Line ItemAmount
Expenses per Audited Statements$4,294,169
Total Expenses per Audited Statements$4,294,169
Total Expenses per Form 990$4,294,169
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
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
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
2020-12-01

Organization Details

Principal Officer
Arlene Lowery
Formed
1997
Legal Domicile
Fl
Voting Board Members
6
Independent Board Members
6
Employees
96

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 Appendix369 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/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/TerminateOperationsInd0false
IRS990/TotalAssetsBOYAmt06844746
IRS990/TotalAssetsEOYAmt06432623
IRS990/TotalAssetsGrp/BOYAmt06844746
IRS990/TotalAssetsGrp/EOYAmt06432623
IRS990/TotalCompGreaterThan150KInd0false
IRS990/TotalContributionsAmt03740301
IRS990/TotalEmployeeCnt096
IRS990/TotalFunctionalExpensesGrp/FundraisingAmt03912
IRS990/TotalFunctionalExpensesGrp/ManagementAndGeneralAmt0954161
IRS990/TotalFunctionalExpensesGrp/ProgramServicesAmt03336096
IRS990/TotalFunctionalExpensesGrp/TotalAmt04294169
IRS990/TotalGrossUBIAmt00
IRS990/TotalLiabilitiesBOYAmt02196846
IRS990/TotalLiabilitiesEOYAmt01991988
IRS990/TotalLiabilitiesGrp/BOYAmt02196846
IRS990/TotalLiabilitiesGrp/EOYAmt01991988
IRS990/TotalNetAssetsFundBalanceGrp/BOYAmt04647900
IRS990/TotalNetAssetsFundBalanceGrp/EOYAmt04440635
IRS990/TotalOthProgramServiceRevGrp/ExclusionAmt010751
IRS990/TotalOthProgramServiceRevGrp/TotalRevenueColumnAmt010751
IRS990/TotalProgramServiceExpensesAmt03336096
IRS990/TotalProgramServiceRevenueAmt0338514
IRS990/TotalRevenueGrp/ExclusionAmt0346603
IRS990/TotalRevenueGrp/TotalRevenueColumnAmt04086904
IRS990/TotLiabNetAssetsFundBalanceGrp/BOYAmt06844746
IRS990/TotLiabNetAssetsFundBalanceGrp/EOYAmt06432623
IRS990/TrnsfrExmptNonChrtblRltdOrgInd0false
IRS990/TypeOfOrganizationCorpInd0X
IRS990/UnrelatedBusIncmOverLimitInd0false
IRS990/UponRequestInd0X
IRS990/VotingMembersGoverningBodyCnt06
IRS990/VotingMembersIndependentCnt06
IRS990/WebsiteAddressTxt0WWW.READINGEDGEACADEMY.ORG
IRS990/WhistleblowerPolicyInd0false
ReturnHeader/BuildTS02022-09-23 18:48:47Z
ReturnHeader/BusinessOfficerGrp/PersonNm0ARLENE LOWERY
ReturnHeader/BusinessOfficerGrp/PersonTitleTxt0CHAIR
ReturnHeader/BusinessOfficerGrp/PhoneNum03866688911
ReturnHeader/BusinessOfficerGrp/SignatureDt02020-12-01
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/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/PreparationDt02020-12-14
ReturnHeader/PreparerPersonGrp/PreparerPersonNm0RONALD J CANTLAY
ReturnHeader/ReturnTs02021-01-08T15:32:00-06:00
ReturnHeader/ReturnTypeCd0990
ReturnHeader/TaxPeriodBeginDt02019-07-01
ReturnHeader/TaxPeriodEndDt02020-06-30
ReturnHeader/TaxYr02019

Document Assets

No mirrored PDF or thumbnail assets are attached yet.

Filings

Displayed year

2020 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$6,432,623
Liabilities
$1,991,988
Net assets
$4,440,635
Revenue
$4,086,904
Expenses
$4,294,169
Net income
-$207,265
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
2020Detailed filing. Detailed filing data is available for this year.$6.43$1.99$4.44$4.09$4.29$0.21
2019Facts available. Structured filing facts are available, but richer extracted sections are limited.$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

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