Civic Intelligence

Reading Edge Academy Inc.

990 • Fiscal year 2023 • EIN 59-3455253

Jul 01, 2022 to Jun 30, 2023 • Filed on Dec 01, 2023

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

0.30x

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

2023 filings • 501(c)3 • $5M-$10M nonprofits • Source year 2023

Liabilities / Revenue

68th percentile

0.38x

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

2023 filings • 501(c)3 • $5M-$10M nonprofits • Source year 2023

Net Margin

19th percentile

-13%

Higher net margin than 19% of similar nonprofits.

2023 filings • 501(c)3 • $5M-$10M nonprofits • Source year 2023

Top Officer Pay

50th percentile

$125,000

Higher top officer pay than 50% of similar nonprofits.

Top officer pay equals 2.9% of source-year revenue.

2023 filings • 501(c)3 • $5M-$10M nonprofits • Source year 2023

Asset Growth

8th percentile

-12%

Faster asset growth than 8% of similar nonprofits.

2023 filings • 501(c)3 • $5M-$10M nonprofits • Annualized from 2022 to 2023

Revenue Growth

24th percentile

-11%

Faster revenue growth than 24% of similar nonprofits.

2023 filings • 501(c)3 • $5M-$10M nonprofits • Annualized from 2022 to 2023

Balance Sheet
Liabilities / Assets68th percentile

Assets

Down

$5,475,124

Down $725,346 (-12%) from 2022

Net Assets

Down

$3,820,600

Down $551,298 (-13%) from 2022

Liabilities

Down

$1,654,524

Down $174,048 (-9.5%) from 2022

Revenue And Expenses
Liabilities / Revenue68th percentileNet Margin19th percentile

Revenue

Down

$4,316,985

Down $529,345 (-11%) from 2022

Expenses

Up

$4,868,283

Up $80,439 (+1.7%) from 2022

Net Income

Down

-$551,298

Down $609,784 (-1043%) from 2022

Historical Trend

Balance Sheet Trend

Asset Growth8th 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 2023: $5,475,124Liabilities 2023: $1,654,524Net Assets 2023: $3,820,6002023Assets 2025: $5,584,226Liabilities 2025: $1,408,982Net Assets 2025: $4,175,2442025

Highlighted filing

2023

Assets$5,475,124
Liabilities$1,654,524
Net Assets$3,820,600
Open 2023 Filing

Operations Trend

Revenue Growth24th 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 2023: $4,316,985Expenses 2023: $4,868,283Net Income 2023: -$551,2982023Revenue 2025: $5,096,099Expenses 2025: $5,005,359Net Income 2025: $90,7402025

Highlighted filing

2023

Revenue$4,316,985
Expenses$4,868,283
Net Income-$551,298
Open 2023 Filing
Jump To
Filing Snapshot
Filing Period
Jul 1, 2022 to Jun 30, 2023
Signed
Dec 1, 2023
Return Version
2022v5.0
Gross Receipts
$4,316,985
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$4,666,900$4,444,645▼ $222,255
Cash and Non-Interest-Bearing Accounts$711,148$494,189▼ $216,959
Savings and Temporary Cash Investments$395,015$368,542▼ $26,473
Prepaid Expenses and Deferred Charges$2,150$92,727▲ $90,577
Accounts Receivable$408,815$56,981▼ $351,834
Inventories for Sale or Use$8,192$9,790▲ $1,598
Total Assets$6,200,470$5,475,124▼ $725,346
Other Assets Total$8,250$8,250→ $0
Liabilities
Mortgage Notes Payable Secured by Investment Property$1,647,400$1,513,438▼ $133,962
Accounts Payable and Accrued Expenses$181,172$141,086▼ $40,086
Total Liabilities$1,828,572$1,654,524▼ $174,048
Net Assets / Fund Balance
Net Assets Without Donor Restrictions$4,371,898$3,820,600▼ $551,298
Total Net Assets Fund Balance$4,371,898$3,820,600▼ $551,298
Total Liabilities and Net Assets / Fund Balance$6,200,470$5,475,124▼ $725,346

Asset Categories

AssetBook ValueDepreciationBasis
Buildings$3,660,015$2,891,524$6,551,539
Land$703,616-$703,616
Equipment$81,014$362,902$443,916
Compensation and Service Providers
Top Officer Pay50th percentile

Employees

NameTitleFull / Part TimeBaseTotal
Margaret ComardoPrincipalFT$125,000$125,000

Board Members and Trustees

NameTitle
Sam HigbeeChair
Sue SmithExecutive Di
Marianne StanleyTreasurer
Revenue and Support

Revenue Composition

Contributions and Grants
$3,800,136
Program Service Revenue
$491,889
Investment Income
$8,710
Other Revenue
$16,250
All Other Contributions
$13,679
Change in Net Assets
$-551,298

Audited Revenue Reconciliation

Revenue per Audited Statements
$4,316,985
Total Revenue per Audited Statements
$4,316,985
Total Revenue per Form 990
$4,316,985
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Salaries, Compensation, and Employee Benefits$3,150,060
Other Expenses$1,718,223
Total Fundraising Expense$3,912
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Other Salaries and Wages$2,200,587$522,987-$2,723,574
Occupancy$402,180$46,063-$448,243
All Other Expenses$291,354$80,003-$371,357
Depreciation Depletion$201,187$31,015$3,912$236,114
Payroll Taxes$170,808$38,995-$209,803
Other Employee Benefits$136,346$25,056-$161,402
Other Expenses$103,127$50,821-$103,127
Interest$76,470$8,497-$84,967
Insurance$59,801$6,645-$66,446
Pension Plan Contributions$38,432$16,849-$55,281
Office Expenses$109$17,240-$17,349
Total Functional Expenses$4,020,200$844,171$3,912$4,868,283

Audited Expense Reconciliation

Line ItemAmount
Expenses per Audited Statements$4,868,283
Total Expenses per Audited Statements$4,868,283
Total Expenses per Form 990$4,868,283
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
Sue Smith
Title
Executive Director
Phone
3866688911
Signed
2023-12-01

Organization Details

Principal Officer
Sue Smith
Formed
1997
Legal Domicile
Fl
Voting Board Members
3
Independent Board Members
2
Employees
65
Volunteers
275

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 Appendix378 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/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.
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IRS990ScheduleE/SupplementalInformationDetail/FormAndLineReferenceDesc1SCHEDULE E, LINE 6
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IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/PersonNm0MARGARET COMARDO
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/TitleTxt0PRINCIPAL
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/TotalCompensationFilingOrgAmt0125000
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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/TotalFunctionalExpensesGrp/FundraisingAmt03912
IRS990/TotalFunctionalExpensesGrp/ManagementAndGeneralAmt0844171
IRS990/TotalFunctionalExpensesGrp/ProgramServicesAmt04020200
IRS990/TotalFunctionalExpensesGrp/TotalAmt04868283
IRS990/TotalGrossUBIAmt00
IRS990/TotalLiabilitiesBOYAmt01828572
IRS990/TotalLiabilitiesEOYAmt01654524
IRS990/TotalLiabilitiesGrp/BOYAmt01828572
IRS990/TotalLiabilitiesGrp/EOYAmt01654524
IRS990/TotalNetAssetsFundBalanceGrp/BOYAmt04371898
IRS990/TotalNetAssetsFundBalanceGrp/EOYAmt03820600
IRS990/TotalOthProgramServiceRevGrp/ExclusionAmt018309
IRS990/TotalOthProgramServiceRevGrp/TotalRevenueColumnAmt018309
IRS990/TotalProgramServiceExpensesAmt04020200
IRS990/TotalProgramServiceRevenueAmt0491889
IRS990/TotalReportableCompFromOrgAmt0125000
IRS990/TotalRevenueGrp/ExclusionAmt0516849
IRS990/TotalRevenueGrp/TotalRevenueColumnAmt04316985
IRS990/TotalVolunteersCnt0275
IRS990/TotLiabNetAssetsFundBalanceGrp/BOYAmt06200470
IRS990/TotLiabNetAssetsFundBalanceGrp/EOYAmt05475124
IRS990/TrnsfrExmptNonChrtblRltdOrgInd0false
IRS990/TypeOfOrganizationCorpInd0X
IRS990/UnrelatedBusIncmOverLimitInd0false
IRS990/UponRequestInd0X
IRS990/VotingMembersGoverningBodyCnt03
IRS990/VotingMembersIndependentCnt02
IRS990/WebsiteAddressTxt0WWW.READINGEDGEACADEMY.ORG
IRS990/WhistleblowerPolicyInd0false
ReturnHeader/BuildTS02023-04-26 12:10:37Z
ReturnHeader/BusinessOfficerGrp/PersonNm0SUE SMITH
ReturnHeader/BusinessOfficerGrp/PersonTitleTxt0EXECUTIVE DIRECTOR
ReturnHeader/BusinessOfficerGrp/PhoneNum03866688911
ReturnHeader/BusinessOfficerGrp/SignatureDt02023-12-01
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/IRSResponsiblePrtyInfoCurrInd0false
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/PreparationDt02023-12-06
ReturnHeader/PreparerPersonGrp/PreparerPersonNm0RONALD J CANTLAY
ReturnHeader/ReturnTs02023-12-07T14:07:55-05:00
ReturnHeader/ReturnTypeCd0990
ReturnHeader/SigningOfficerGrp/PersonFullName/PersonFirstNm0SUE
ReturnHeader/SigningOfficerGrp/PersonFullName/PersonLastNm0SMITH
ReturnHeader/TaxPeriodBeginDt02022-07-01
ReturnHeader/TaxPeriodEndDt02023-06-30
ReturnHeader/TaxYr02022

Document Assets

No mirrored PDF or thumbnail assets are attached yet.

Filings

Displayed year

2023 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$5,475,124
Liabilities
$1,654,524
Net assets
$3,820,600
Revenue
$4,316,985
Expenses
$4,868,283
Net income
-$551,298
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
2023Detailed filing. Detailed filing data is available for this year.$5.48$1.65$3.82$4.32$4.87$0.55
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
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