Civic Intelligence

Reading Edge Academy Inc.

990 • Fiscal year 2022 • EIN 59-3455253

Jul 01, 2021 to Jun 30, 2022 • Filed on Nov 14, 2022

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

68th percentile

0.29x

Higher debt load relative to assets than 68% of similar nonprofits.

2022 filings • 501(c)3 • $5M-$10M nonprofits • Source year 2022

Liabilities / Revenue

69th percentile

0.38x

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

2022 filings • 501(c)3 • $5M-$10M nonprofits • Source year 2022

Net Margin

37th percentile

1.2%

Higher net margin than 37% of similar nonprofits.

2022 filings • 501(c)3 • $5M-$10M nonprofits • Source year 2022

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.

2022 filings • 501(c)3 • $5M-$10M nonprofits • Source year 2022

Asset Growth

48th percentile

0.1%

Faster asset growth than 48% of similar nonprofits.

2022 filings • 501(c)3 • $5M-$10M nonprofits • Annualized from 2021 to 2022

Revenue Growth

60th percentile

11%

Faster revenue growth than 60% of similar nonprofits.

2022 filings • 501(c)3 • $5M-$10M nonprofits • Annualized from 2021 to 2022

Balance Sheet
Liabilities / Assets68th percentile

Assets

Up

$6,200,470

Up $6,261 (+0.1%) from 2021

Net Assets

Up

$4,371,898

Up $58,486 (+1.4%) from 2021

Liabilities

Down

$1,828,572

Down $52,225 (-2.8%) from 2021

Revenue And Expenses
Liabilities / Revenue69th percentileNet Margin37th percentile

Revenue

Up

$4,846,330

Up $498,539 (+11%) from 2021

Expenses

Up

$4,787,844

Up $312,830 (+7.0%) from 2021

Net Income

Up

$58,486

Up $185,709 (+146%) from 2021

Historical Trend

Balance Sheet Trend

Asset Growth48th 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

2022

Assets$6,200,470
Liabilities$1,828,572
Net Assets$4,371,898
Open 2022 Filing

Operations Trend

Revenue Growth60th 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

2022

Revenue$4,846,330
Expenses$4,787,844
Net Income$58,486
Open 2022 Filing
Jump To
Filing Snapshot
Filing Period
Jul 1, 2021 to Jun 30, 2022
Signed
Nov 14, 2022
Return Version
2021v4.0
Gross Receipts
$4,846,330
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$4,834,335$4,666,900▼ $167,435
Cash and Non-Interest-Bearing Accounts$949,878$711,148▼ $238,730
Accounts Receivable-$408,815-
Savings and Temporary Cash Investments$394,818$395,015▲ $197
Inventories for Sale or Use$6,928$8,192▲ $1,264
Prepaid Expenses and Deferred Charges-$2,150-
Total Assets$6,194,209$6,200,470▲ $6,261
Other Assets Total$8,250$8,250→ $0
Liabilities
Mortgage Notes Payable Secured by Investment Property$1,774,380$1,647,400▼ $126,980
Accounts Payable and Accrued Expenses$106,417$181,172▲ $74,755
Total Liabilities$1,880,797$1,828,572▼ $52,225
Net Assets / Fund Balance
Net Assets Without Donor Restrictions$4,313,412$4,371,898▲ $58,486
Total Net Assets Fund Balance$4,313,412$4,371,898▲ $58,486
Total Liabilities and Net Assets / Fund Balance$6,194,209$6,200,470▲ $6,261

Asset Categories

AssetBook ValueDepreciationBasis
Buildings$3,859,940$2,691,599$6,551,539
Land$703,616-$703,616
Equipment$103,344$326,715$430,059
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
$4,375,867
Program Service Revenue
$469,979
Investment Income
$502
Other Revenue
$-18
All Other Contributions
$13,941
Change in Net Assets
$58,486

Audited Revenue Reconciliation

Revenue per Audited Statements
$4,846,330
Total Revenue per Audited Statements
$4,846,330
Total Revenue per Form 990
$4,846,330
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Salaries, Compensation, and Employee Benefits$3,263,292
Other Expenses$1,524,552
Total Fundraising Expense$3,912
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Other Salaries and Wages$2,205,468$601,569-$2,807,037
Occupancy$423,304$45,025-$468,329
Payroll Taxes$183,722$46,519-$230,241
Depreciation Depletion$194,036$31,014$3,912$228,962
All Other Expenses$157,888$62,643-$220,531
Other Employee Benefits$103,917$29,736-$133,653
Pension Plan Contributions$61,445$30,916-$92,361
Interest$82,769$9,197-$91,966
Other Expenses$58,952--$58,952
Insurance$51,644$5,738-$57,382
Fees for Services Accounting-$45,407-$45,407
Office Expenses-$15,537-$15,537
Advertising$4,600--$4,600
Information Technology$160--$160
Total Functional Expenses$3,860,631$923,301$3,912$4,787,844

Audited Expense Reconciliation

Line ItemAmount
Expenses per Audited Statements$4,787,844
Total Expenses per Audited Statements$4,787,844
Total Expenses per Form 990$4,787,844
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
2022-11-14

Organization Details

Principal Officer
Margaret Comardo
Formed
1997
Legal Domicile
Fl
Voting Board Members
5
Independent Board Members
5
Employees
71
Volunteers
320

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 Appendix366 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/TotalContributionsAmt04375867
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IRS990/TotalFunctionalExpensesGrp/FundraisingAmt03912
IRS990/TotalFunctionalExpensesGrp/ManagementAndGeneralAmt0923301
IRS990/TotalFunctionalExpensesGrp/ProgramServicesAmt03860631
IRS990/TotalFunctionalExpensesGrp/TotalAmt04787844
IRS990/TotalGrossUBIAmt00
IRS990/TotalLiabilitiesBOYAmt01880797
IRS990/TotalLiabilitiesEOYAmt01828572
IRS990/TotalLiabilitiesGrp/BOYAmt01880797
IRS990/TotalLiabilitiesGrp/EOYAmt01828572
IRS990/TotalNetAssetsFundBalanceGrp/BOYAmt04313412
IRS990/TotalNetAssetsFundBalanceGrp/EOYAmt04371898
IRS990/TotalOthProgramServiceRevGrp/ExclusionAmt026931
IRS990/TotalOthProgramServiceRevGrp/TotalRevenueColumnAmt026931
IRS990/TotalProgramServiceExpensesAmt03860631
IRS990/TotalProgramServiceRevenueAmt0469979
IRS990/TotalRevenueGrp/ExclusionAmt0470463
IRS990/TotalRevenueGrp/TotalRevenueColumnAmt04846330
IRS990/TotalVolunteersCnt0320
IRS990/TotLiabNetAssetsFundBalanceGrp/BOYAmt06194209
IRS990/TotLiabNetAssetsFundBalanceGrp/EOYAmt06200470
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IRS990/TypeOfOrganizationCorpInd0X
IRS990/UnrelatedBusIncmOverLimitInd0false
IRS990/UponRequestInd0X
IRS990/VotingMembersGoverningBodyCnt05
IRS990/VotingMembersIndependentCnt05
IRS990/WebsiteAddressTxt0WWW.READINGEDGEACADEMY.ORG
IRS990/WhistleblowerPolicyInd0false
ReturnHeader/BuildTS02023-03-07 01:45:13Z
ReturnHeader/BusinessOfficerGrp/PersonNm0MARGARET COMARDO
ReturnHeader/BusinessOfficerGrp/PersonTitleTxt0PRINCIPAL
ReturnHeader/BusinessOfficerGrp/PhoneNum03866688911
ReturnHeader/BusinessOfficerGrp/SignatureDt02022-11-14
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/PreparationDt02023-01-12
ReturnHeader/PreparerPersonGrp/PreparerPersonNm0RONALD J CANTLAY
ReturnHeader/ReturnTs02023-01-17T10:02:08-05:00
ReturnHeader/ReturnTypeCd0990
ReturnHeader/SigningOfficerGrp/PersonFullName/PersonFirstNm0MARGARET
ReturnHeader/SigningOfficerGrp/PersonFullName/PersonLastNm0COMARDO
ReturnHeader/TaxPeriodBeginDt02021-07-01
ReturnHeader/TaxPeriodEndDt02022-06-30
ReturnHeader/TaxYr02021

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
$6,200,470
Liabilities
$1,828,572
Net assets
$4,371,898
Revenue
$4,846,330
Expenses
$4,787,844
Net income
$58,486
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
2022Detailed filing. Detailed filing data is available for this year.$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
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