Civic Intelligence

Michigan Reading Association

990 • Fiscal year 2020 • EIN 82-3993292

Jul 01, 2019 to Jun 30, 2020 • Filed on May 11, 2021

668 3 Mile Rd NWGrand Rapids, MI 49544

(616) 647-9310

Siviq Scores

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

Liabilities / Assets

73rd percentile

0.07x

Higher debt load relative to assets than 73% of similar nonprofits.

2020 filings • 501(c)3 • <$500k nonprofits • Source year 2020

Liabilities / Revenue

86th percentile

0.29x

Higher debt load relative to revenue than 86% of similar nonprofits.

2020 filings • 501(c)3 • <$500k nonprofits • Source year 2020

Net Margin

4th percentile

-306%

Higher net margin than 4% of similar nonprofits.

2020 filings • 501(c)3 • <$500k nonprofits • Source year 2020

Top Officer Pay

76th percentile

$0

Higher top officer pay than 76% of similar nonprofits.

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

2020 filings • 501(c)3 • <$500k nonprofits • Source year 2020

Asset Growth

9th percentile

-46%

Faster asset growth than 9% of similar nonprofits.

2020 filings • 501(c)3 • <$500k nonprofits • Annualized from 2019 to 2020

Revenue Growth

6th percentile

-89%

Faster revenue growth than 6% of similar nonprofits.

2020 filings • 501(c)3 • <$500k nonprofits • Annualized from 2019 to 2020

Assets

Down

$221,238

Down $186,070 (-46%) from 2019

Net Assets

Down

$204,672

Down $162,011 (-44%) from 2019

Liabilities

Down

$16,566

Down $24,059 (-59%) from 2019

Revenue

Down

$56,728

Down $462,689 (-89%) from 2019

Expenses

Down

$230,554

Down $262,042 (-53%) from 2019

Net Income

Down

-$173,826

Down $200,647 (-748%) from 2019

Historical Trend

Balance Sheet Trend

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

$600K$400K$200K$0Assets 2018: $1Liabilities 2018: $0Net Assets 2018: $02018Assets 2019: $407,308Liabilities 2019: $40,625Net Assets 2019: $366,6832019Assets 2020: $221,238Liabilities 2020: $16,566Net Assets 2020: $204,6722020Assets 2021: $184,952Liabilities 2021: $5,197Net Assets 2021: $179,7552021Assets 2022: $210,221Liabilities 2022: $14,672Net Assets 2022: $195,5492022Assets 2023: $261,566Liabilities 2023: $18,086Net Assets 2023: $243,4802023Assets 2024: $326,078Liabilities 2024: $11,454Net Assets 2024: $314,6242024Assets 2025: $400,361Liabilities 2025: $12,183Net Assets 2025: $388,1782025

Highlighted filing

2020

Assets$221,238
Liabilities$16,566
Net Assets$204,672

Operations Trend

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

$600K$400K$200K$0-$200KRevenue 2018: $0Expenses 2018: $0Net Income 2018: $02018Revenue 2019: $519,417Expenses 2019: $492,596Net Income 2019: $26,8212019Revenue 2020: $56,728Expenses 2020: $230,554Net Income 2020: -$173,8262020Revenue 2021: $141,337Expenses 2021: $166,254Net Income 2021: -$24,9172021Revenue 2022: $171,711Expenses 2022: $155,917Net Income 2022: $15,7942022Revenue 2023: $256,269Expenses 2023: $208,338Net Income 2023: $47,9312023Revenue 2024: $261,096Expenses 2024: $189,952Net Income 2024: $71,1442024Revenue 2025: $282,172Expenses 2025: $208,618Net Income 2025: $73,5542025

Highlighted filing

2020

Revenue$56,728
Expenses$230,554
Net Income-$173,826
Jump To
Filing Snapshot
Filing Period
Jul 1, 2019 to Jun 30, 2020
Signed
May 11, 2021
Return Version
2019v5.1
Gross Receipts
$56,728
Mission and Program Overview

Mission

Promote literacy by enabling the varied communities of learners to become knowledgeable decision makers and by providing opportunities to share common and diverse interests and beliefs.

Balance Sheet Detail
LineBeginningEndChange
Assets
Investments in Publicly Traded Securities$237,411$189,226▼ $48,185
Cash and Non-Interest-Bearing Accounts$152,407$32,011▼ $120,396
Prepaid Expenses and Deferred Charges$9,615--
Land, Buildings, and Equipment, Net$7,875$1▼ $7,874
Total Assets$407,308$221,238▼ $186,070
Liabilities
Deferred Revenue$26,047--
Unsecured Notes Loans Payable-$13,000-
Accounts Payable and Accrued Expenses$14,578$3,566▼ $11,012
Total Liabilities$40,625$16,566▼ $24,059
Net Assets / Fund Balance
Net Assets Without Donor Restrictions$366,683$204,672▼ $162,011
Total Net Assets Fund Balance$366,683$204,672▼ $162,011
Total Liabilities and Net Assets / Fund Balance$407,308$221,238▼ $186,070

Asset Categories

AssetBook ValueDepreciationBasis
Equipment$1$38,850$38,851
Compensation and Service Providers

Board Members and Trustees

NameTitle
Theresa HasenauerPresident
Colby SharpPresident Elect
Jill ErfourthVice President
Elenore GlassMember at Large
James BaileyMember at Large
Andrea CovertRegion 1 Representative
Andy SchoenbornRegional Rep
Cathy WirthRegional Rep
Christina MartinRegional Rep
Courtney BrendelRegional Rep
Jennifer DavidsonRegional Rep
Kathy VogelRegional Rep
Kristy HobsonRegional Rep
Susan MeadowsRegional Rep
Suzanne GibbsRegional Rep
Nancy JaskiwSecretary
Sean KottkeTreasurer
Revenue and Support

Revenue Composition

Contributions and Grants
$37,913
Program Service Revenue
$18,734
Investment Income
$81
Other Revenue
$0
All Other Contributions
$498
Change in Net Assets
$-173,826
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$126,208
Salaries, Compensation, and Employee Benefits$104,346
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Other Salaries and Wages$53,158$35,438-$88,596
Occupancy$17,629$17,381-$35,010
Fees for Services Other$14,283$12,404-$26,687
Advertising$13,978$10,828-$24,806
Office Expenses$6,565$6,400-$12,965
Other Employee Benefits$7,708$5,139-$12,847
Conferences and Meetings$1,516$7,556-$9,072
Depreciation Depletion$3,937$3,937-$7,874
Insurance$1,955$4,076-$6,031
Information Technology$863$2,900-$3,763
Payroll Taxes$1,742$1,161-$2,903
Total Functional Expenses$123,334$107,220$0$230,554
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
Annual disclosure for covered persons
Yes
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
Yes
Audited financial statements prepared
No
Key decisions subject to board approval
Yes
Management duties delegated
No

Governance Explanations

Members or stockholder classes and rights Part VI line 6

The organization has members who pay membership dues and have the right to vote for officers, region reps and members-at-large. Members also must vote on bylaw changes.

Member election for additional members Part VI line 7A

Members vote on any bylaw changes.

Governing body decisions Part VI line 7B

Members vote on any bylaw changes.

Form 990 governing body review Part VI line 11

A draft copy of the 990 tax return is provided to the board of directors for review prior to quarterly board meeting. Form 990 and financial statements are reviewed at the exectuive committee and board of directors meeting. Ample time is given to the board to review, discuss, and approve prior to filing.

Conflict of interest policy compliance Part VI line 12C

All individuals within the assocation, including board of directors members, staff, committee members, will be required to sign a conflict of interest form. Additionally, all real or perceived conflicts of interest will be brought to the attention of the level of authority necessary for consideration, resolution, and direction. The association is a nonprofit, tax-exempt organization. Maintenance of its tax-exempt status is important for its continued financial stability, and the purpose of this conflict of interest policy is to protect the associations interestes and prevent transactions that result in private benefit. This policy is intended to supplement but not replace any applicable state and federal laws governing conflict of interest in nonprofit organizations.

CEO executive director top management comp Part VI line 15A

All compensation for executive director or top management is approved by the board.

Other officer or key employee compensation Part VI line 15B

No officers currently receive any compensation. All key employee compensation is approved by the board of directors. If any officers were to receive compensation in the future, it would be approved by the board of directors.

Governing documents etc available to public Part VI line 19

Documents are available to the public upon request by contacting the organization.

Filing and Contact Details

Filer

Filer Name
Michigan Reading Association
EIN
82-3993292
Address
668 3 MILE RD NW, GRAND RAPIDS, MI 49544

Signing Officer

Name
Sean Kottke
Title
Treasurer
Phone
6166479310
Signed
2021-05-11
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Theresa Hasenauer
Formed
2018
Legal Domicile
Mi
Voting Board Members
17
Independent Board Members
17
Employees
3
Volunteers
34

Preparer

Firm
Goodlander Swett and Rybicki
Address
4462 PLAINFIELD AVENUE NE, GRAND RAPIDS, MI 49525
Preparer
Jennifer Martin CPA
Phone
6163611896
Supplemental Narrative

Additional Explanations

Explanation of other changes in net assets or fund balances Part XI line 9

Part xi line 9 - michigan reading association is a successor organization to michigan reading association. Net assets were transferred to the successor ein as of july 1, 2018. The successor ein filed and obtained exempt status with the irs.

List of other fees for services expenses Part IX line 11G

Speaker fees and expenses in relation to the annual conference to promot literacy.

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IRS990/Form990PartVIISectionAGrp/TitleTxt11REGIONAL REP
IRS990/Form990PartVIISectionAGrp/TitleTxt12VICE PRESIDENT
IRS990/Form990PartVIISectionAGrp/TitleTxt13TREASURER
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IRS990/MissionDesc0PROMOTE LITERACY BY ENABLING THE VARIED COMMUNITIES OF LEARNERS TO BECOME KNOWLEDGEABLE DECISION MAKERS AND BY PROVIDING OPPORTUNITIES TO SHARE COMMON AND DIVERSE INTERESTS AND BELIEFS.
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IRS990/ProgramServiceRevenueGrp/Desc1ADVERTISING REVENUE
IRS990/ProgramServiceRevenueGrp/Desc2PUBLICATION SALES
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IRS990/ProgramServiceRevenueGrp/TotalRevenueColumnAmt018734
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IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt0THE ORGANIZATION HAS MEMBERS WHO PAY MEMBERSHIP DUES AND HAVE THE RIGHT TO VOTE FOR OFFICERS, REGION REPS AND MEMBERS-AT-LARGE. MEMBERS ALSO MUST VOTE ON BYLAW CHANGES.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt1MEMBERS VOTE ON ANY BYLAW CHANGES.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt2MEMBERS VOTE ON ANY BYLAW CHANGES.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt3A DRAFT COPY OF THE 990 TAX RETURN IS PROVIDED TO THE BOARD OF DIRECTORS FOR REVIEW PRIOR TO QUARTERLY BOARD MEETING. FORM 990 AND FINANCIAL STATEMENTS ARE REVIEWED AT THE EXECTUIVE COMMITTEE AND BOARD OF DIRECTORS MEETING. AMPLE TIME IS GIVEN TO THE BOARD TO REVIEW, DISCUSS, AND APPROVE PRIOR TO FILING.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt4ALL INDIVIDUALS WITHIN THE ASSOCATION, INCLUDING BOARD OF DIRECTORS MEMBERS, STAFF, COMMITTEE MEMBERS, WILL BE REQUIRED TO SIGN A CONFLICT OF INTEREST FORM. ADDITIONALLY, ALL REAL OR PERCEIVED CONFLICTS OF INTEREST WILL BE BROUGHT TO THE ATTENTION OF THE LEVEL OF AUTHORITY NECESSARY FOR CONSIDERATION, RESOLUTION, AND DIRECTION. THE ASSOCIATION IS A NONPROFIT, TAX-EXEMPT ORGANIZATION. MAINTENANCE OF ITS TAX-EXEMPT STATUS IS IMPORTANT FOR ITS CONTINUED FINANCIAL STABILITY, AND THE PURPOSE OF THIS CONFLICT OF INTEREST POLICY IS TO PROTECT THE ASSOCIATIONS INTERESTES AND PREVENT TRANSACTIONS THAT RESULT IN PRIVATE BENEFIT. THIS POLICY IS INTENDED TO SUPPLEMENT BUT NOT REPLACE ANY APPLICABLE STATE AND FEDERAL LAWS GOVERNING CONFLICT OF INTEREST IN NONPROFIT ORGANIZATIONS.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt5ALL COMPENSATION FOR EXECUTIVE DIRECTOR OR TOP MANAGEMENT IS APPROVED BY THE BOARD.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt6NO OFFICERS CURRENTLY RECEIVE ANY COMPENSATION. ALL KEY EMPLOYEE COMPENSATION IS APPROVED BY THE BOARD OF DIRECTORS. IF ANY OFFICERS WERE TO RECEIVE COMPENSATION IN THE FUTURE, IT WOULD BE APPROVED BY THE BOARD OF DIRECTORS.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt7DOCUMENTS ARE AVAILABLE TO THE PUBLIC UPON REQUEST BY CONTACTING THE ORGANIZATION.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt8PART XI LINE 9 - MICHIGAN READING ASSOCIATION IS A SUCCESSOR ORGANIZATION TO MICHIGAN READING ASSOCIATION. NET ASSETS WERE TRANSFERRED TO THE SUCCESSOR EIN AS OF JULY 1, 2018. THE SUCCESSOR EIN FILED AND OBTAINED EXEMPT STATUS WITH THE IRS.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt9SPEAKER FEES AND EXPENSES IN RELATION TO THE ANNUAL CONFERENCE TO PROMOT LITERACY.
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc0Members or stockholder classes and rights Part VI line 6
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc1Member election for additional members Part VI line 7a
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc2Governing body decisions Part VI line 7b
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc3Form 990 governing body review Part VI line 11
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc4Conflict of interest policy compliance Part VI line 12c
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc5CEO executive director top management comp Part VI line 15a
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc6Other officer or key employee compensation Part VI line 15b
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc7Governing documents etc available to public Part VI line 19
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc8Explanation of other changes in net assets or fund balances Part XI line 9
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc9List of other fees for services expenses Part IX line 11g
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