Civic Intelligence

Reading Edge Academy Inc.

990 • Fiscal year 2021 • EIN 59-3455253

Jul 01, 2020 to Jun 30, 2021 • Filed on Nov 20, 2021

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

69th percentile

0.30x

Higher debt load relative to assets than 69% of similar nonprofits.

2021 filings • 501(c)3 • $5M-$10M nonprofits • Source year 2021

Liabilities / Revenue

71st percentile

0.43x

Higher debt load relative to revenue than 71% of similar nonprofits.

2021 filings • 501(c)3 • $5M-$10M nonprofits • Source year 2021

Net Margin

18th percentile

-2.9%

Higher net margin than 18% of similar nonprofits.

2021 filings • 501(c)3 • $5M-$10M nonprofits • Source year 2021

Top Officer Pay

22nd percentile

$0

Higher top officer pay than 22% of similar nonprofits.

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

2021 filings • 501(c)3 • $5M-$10M nonprofits • Source year 2021

Asset Growth

14th percentile

-3.7%

Faster asset growth than 14% of similar nonprofits.

2021 filings • 501(c)3 • $5M-$10M nonprofits • Annualized from 2020 to 2021

Revenue Growth

42nd percentile

6.4%

Faster revenue growth than 42% of similar nonprofits.

2021 filings • 501(c)3 • $5M-$10M nonprofits • Annualized from 2020 to 2021

Balance Sheet
Liabilities / Assets69th percentile

Assets

Down

$6,194,209

Down $238,414 (-3.7%) from 2020

Net Assets

Down

$4,313,412

Down $127,223 (-2.9%) from 2020

Liabilities

Down

$1,880,797

Down $111,191 (-5.6%) from 2020

Revenue And Expenses
Liabilities / Revenue71st percentileNet Margin18th percentile

Revenue

Up

$4,347,791

Up $260,887 (+6.4%) from 2020

Expenses

Up

$4,475,014

Up $180,845 (+4.2%) from 2020

Net Income

Up

-$127,223

Up $80,042 (+39%) from 2020

Historical Trend

Balance Sheet Trend

Asset Growth14th 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

2021

Assets$6,194,209
Liabilities$1,880,797
Net Assets$4,313,412
Open 2021 Filing

Operations Trend

Revenue Growth42nd 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

2021

Revenue$4,347,791
Expenses$4,475,014
Net Income-$127,223
Open 2021 Filing
Jump To
Filing Snapshot
Filing Period
Jul 1, 2020 to Jun 30, 2021
Signed
Nov 20, 2021
Return Version
2020v4.0
Gross Receipts
$4,347,791
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$5,005,477$4,834,335▼ $171,142
Cash and Non-Interest-Bearing Accounts$893,904$949,878▲ $55,974
Savings and Temporary Cash Investments$453,815$394,818▼ $58,997
Prepaid Expenses and Deferred Charges$45,642--
Accounts Receivable$16,010--
Inventories for Sale or Use$9,525$6,928▼ $2,597
Total Assets$6,432,623$6,194,209▼ $238,414
Other Assets Total$8,250$8,250→ $0
Liabilities
Mortgage Notes Payable Secured by Investment Property$1,894,752$1,774,380▼ $120,372
Accounts Payable and Accrued Expenses$97,236$106,417▲ $9,181
Total Liabilities$1,991,988$1,880,797▼ $111,191
Net Assets / Fund Balance
Net Assets Without Donor Restrictions$4,440,635$4,313,412▼ $127,223
Total Net Assets Fund Balance$4,440,635$4,313,412▼ $127,223
Total Liabilities and Net Assets / Fund Balance$6,432,623$6,194,209▼ $238,414

Asset Categories

AssetBook ValueDepreciationBasis
Buildings$4,061,562$2,489,977$6,551,539
Land$703,616-$703,616
Equipment$69,157$299,374$368,531
Compensation and Service Providers
Top Officer Pay22nd percentile

Board Members and Trustees

NameTitle
Michael CaldwellChair
Vickie FosterVice Chair
Sandy KentMember
Arlene LowerySecretary
Marianne StanleyTreasurer
Revenue and Support

Revenue Composition

Contributions and Grants
$3,963,867
Program Service Revenue
$381,867
Investment Income
$2,057
Other Revenue
$0
All Other Contributions
$12,024
Change in Net Assets
$-127,223

Audited Revenue Reconciliation

Revenue per Audited Statements
$4,347,791
Total Revenue per Audited Statements
$4,347,791
Total Revenue per Form 990
$4,347,791
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Salaries, Compensation, and Employee Benefits$3,133,290
Other Expenses$1,341,724
Total Fundraising Expense$3,912
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Other Salaries and Wages$2,131,291$540,118-$2,671,409
Occupancy$324,691$32,794-$357,485
All Other Expenses$225,910$8,180-$234,090
Depreciation Depletion$195,213$32,164$3,912$231,289
Payroll Taxes$184,906$41,772-$226,678
Other Employee Benefits$113,689$38,266-$151,955
Interest$88,735$9,860-$98,595
Pension Plan Contributions$48,159$35,089-$83,248
Other Expenses$60,052$56,142-$56,142
Insurance$43,377$4,820-$48,197
Fees for Services Accounting-$39,461-$39,461
Office Expenses-$13,888-$13,888
Information Technology$260--$260
Total Functional Expenses$3,618,548$852,554$3,912$4,475,014

Audited Expense Reconciliation

Line ItemAmount
Expenses per Audited Statements$4,475,014
Total Expenses per Audited Statements$4,475,014
Total Expenses per Form 990$4,475,014
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
Margaret Comardo
Title
Principal
Phone
3866688911
Signed
2021-11-20

Organization Details

Principal Officer
Margaret Comardo
Formed
1997
Legal Domicile
Fl
Voting Board Members
5
Independent Board Members
5
Employees
71
Volunteers
215

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 Appendix362 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/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/SignificantNewProgramSrvcInd0false
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IRS990/SubjectToExcsTaxNetInvstIncInd0false
IRS990/SubjectToProxyTaxInd0false
IRS990/SubjToTaxRmnrtnExPrchtPymtInd0false
IRS990/TaxablePartyNotificationInd0false
IRS990/TaxExemptBondsInd0false
IRS990/TerminateOperationsInd0false
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IRS990/TotalContributionsAmt03963867
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IRS990/TotalFunctionalExpensesGrp/FundraisingAmt03912
IRS990/TotalFunctionalExpensesGrp/ManagementAndGeneralAmt0852554
IRS990/TotalFunctionalExpensesGrp/ProgramServicesAmt03618548
IRS990/TotalFunctionalExpensesGrp/TotalAmt04475014
IRS990/TotalGrossUBIAmt00
IRS990/TotalLiabilitiesBOYAmt01991988
IRS990/TotalLiabilitiesEOYAmt01880797
IRS990/TotalLiabilitiesGrp/BOYAmt01991988
IRS990/TotalLiabilitiesGrp/EOYAmt01880797
IRS990/TotalNetAssetsFundBalanceGrp/BOYAmt04440635
IRS990/TotalNetAssetsFundBalanceGrp/EOYAmt04313412
IRS990/TotalOthProgramServiceRevGrp/ExclusionAmt015399
IRS990/TotalOthProgramServiceRevGrp/TotalRevenueColumnAmt015399
IRS990/TotalProgramServiceExpensesAmt03618548
IRS990/TotalProgramServiceRevenueAmt0381867
IRS990/TotalRevenueGrp/ExclusionAmt0381867
IRS990/TotalRevenueGrp/RelatedOrExemptFuncIncomeAmt02057
IRS990/TotalRevenueGrp/TotalRevenueColumnAmt04347791
IRS990/TotalVolunteersCnt0215
IRS990/TotLiabNetAssetsFundBalanceGrp/BOYAmt06432623
IRS990/TotLiabNetAssetsFundBalanceGrp/EOYAmt06194209
IRS990/TrnsfrExmptNonChrtblRltdOrgInd0false
IRS990/TypeOfOrganizationCorpInd0X
IRS990/UnrelatedBusIncmOverLimitInd0false
IRS990/UponRequestInd0X
IRS990/VotingMembersGoverningBodyCnt05
IRS990/VotingMembersIndependentCnt05
IRS990/WebsiteAddressTxt0WWW.READINGEDGEACADEMY.ORG
IRS990/WhistleblowerPolicyInd0false
ReturnHeader/BuildTS02022-09-23 18:48:47Z
ReturnHeader/BusinessOfficerGrp/PersonNm0MARGARET COMARDO
ReturnHeader/BusinessOfficerGrp/PersonTitleTxt0PRINCIPAL
ReturnHeader/BusinessOfficerGrp/PhoneNum03866688911
ReturnHeader/BusinessOfficerGrp/SignatureDt02021-11-20
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/PreparationDt02021-11-18
ReturnHeader/PreparerPersonGrp/PreparerPersonNm0RONALD J CANTLAY
ReturnHeader/ReturnTs02021-12-15T14:30:55-06:00
ReturnHeader/ReturnTypeCd0990
ReturnHeader/SigningOfficerGrp/PersonFullName/PersonFirstNm0MARGARET
ReturnHeader/SigningOfficerGrp/PersonFullName/PersonLastNm0COMARDO
ReturnHeader/TaxPeriodBeginDt02020-07-01
ReturnHeader/TaxPeriodEndDt02021-06-30
ReturnHeader/TaxYr02020

Document Assets

No mirrored PDF or thumbnail assets are attached yet.

Filings

Displayed year

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

Open filing
Assets
$6,194,209
Liabilities
$1,880,797
Net assets
$4,313,412
Revenue
$4,347,791
Expenses
$4,475,014
Net income
-$127,223
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
2021Detailed filing. Detailed filing data is available for this year.$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
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