Readworks Inc
- Assets
- $1.8m
- Revenue
- $3.0m
- Investments
- $0.0
- Employees
- 17
- Location
- Brooklyn, NY
- Founding
- 09/1991
- Data as of
- 08/2021
- EIN
- 13-3593812
Organization Overview
Readworks Inc is located in Brooklyn, NY. The organization was established in 1991. According to its NTEE Classification (B24) the organization is classified as: Primary & Elementary Schools, under the broad grouping of Education and related organizations. As of 08/2021, Readworks Inc employed 17 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Readworks Inc is a 501(c)(3) and as such, is described as a "Charitable or Religous organization or a private foundation" by the IRS.
For the year ending 08/2021, Readworks Inc generated $3.0m in total revenue. This organization has experienced exceptional growth, as over the past 6 years, it has increased revenue by an average of 16.0% each year . All expenses for the organization totaled $2.4m during the year ending 08/2021. While expenses have increased by 6.8% per year over the past 6 years. They've been increasing with an increasing level of total revenue. You can explore the organizations financials more deeply in the financial statements section below.
Form
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2021
Describe the Organization's Mission:
Part 3 - Line 1
READWORKS IS AN EDUCATION-TECHNOLOGY NON-PROFIT FOCUSED ON IMPROVING READING COMPREHENSION THAT, THROUGH ITS DIGITAL PLATFORM, PROVIDES RESEARCH-BASED CONTENT, CURRICULAR SUPPORTS, AND OTHER FEATURES THAT INTEGRATE WITH CORE ENGLISH LANGUAGE ARTS (ELA) CURRICULA.
Describe the Organization's Program Activity:
Part 3 - Line 4a
READWORKS CONTINUES TO FOCUS ON GROWING AND IMPROVING OUR PRODUCT TO IMPACT THE MILLIONS OF USERS WE SERVE, BASED ON DATA, LEARNING SCIENCE, AND A DEEP UNDERSTANDING AND EMPATHY FOR THE PRACTICAL REALITIES FACED BY TEACHERS AND STUDENTS IN CLASSROOMS TODAY. IN 2020, WE ESTABLISHED AN EDUCATOR ADVISORY GROUP OF 12 DIVERSE EDUCATORS AND WE CONVENE QUARTERLY TO DISCUSS THE WAYS WE CAN BETTER SUPPORT THEIR INSTRUCTION. WE HAVE EXPANDED OUR CONTENT AND CURRICULUM OFFERING SIGNIFICANTLY, ADDING OVER 135 NEW ARTICLES TO OUR LIBRARY, SPANNING A WIDE RANGE OF DIVERSE TOPICS AND INTERESTS. WE HAVE ALSO ADDED OVER 300 NEW HUMAN-VOICE AUDIO FILES TO TEXTS ON OUR SITE. READWORKS LAUNCHED OUR NEW INTERACTIVE VOCABULARY ACTIVITIES IN SPRING 2021 IN PARTNERSHIP WITH WORDSMYTH. OUR SCOPE & SEQUENCES TOOL LAUNCHED IN FALL 2020 AND LETS EDUCATORS PLAN AHEAD FOR A MONTH UP TO THE ENTIRE YEAR. WE ENHANCED AND RELAUNCHED ALL OF OUR TRAINING RESOURCES IN THE 2020-2021 SCHOOL YEAR WITH OUR NEW TEACHER GUIDE TO MAKE IT EASIER FOR TEACHERS TO UNDERSTAND BOTH HOW TO USE OUR PRODUCTS MOST EFFECTIVELY WITH THEIR STUDENTS AS WELL AS THE RESEARCH THAT INFORMS ALL OF OUR CURRICULAR AND TECHNOLOGY DEVELOPMENT. WE HAVE BEGUN OR CONTINUED PARTNERSHIPS WITH AMPLIFY, BEABLE, MICROSOFT EDUCATION, THE NATIONAL FISH AND WILDLIFE FOUNDATION, THE INTERNATIONAL QUILT MUSEUM, WORDSMYTH, NYUS BETAED, HARVARDS OPPORTUNITY INSIGHTS, DIGITAL PROMISE, AND MORE.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Terry Bowman Executive Dir. | Officer | 40 | $226,000 |
Kathy Bloomfield Dir Of Operations | 40 | $169,802 | |
Justin Pagano Sr. Dir Of Engr. | 40 | $150,086 | |
Cameron Swaim Ui/ux Software Eng | 40 | $143,475 | |
Susanne Nobles Software Engineer | 40 | $142,973 | |
Wilson Neely Treasurer | OfficerTrustee | 1 | $0 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Ruben Kleiman Technology Engineer | 8/30/18 | $138,710 |
Margo Albert Doolittle Fundraising Develop. | 8/30/18 | $111,352 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $161,610 |
| All other contributions, gifts, grants, and similar amounts not included above | $2,529,615 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $2,691,225 |
| Total Program Service Revenue | $327,166 |
| Investment income | $5,152 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $0 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $3,023,849 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $0 |
| Grants and other assistance to domestic individuals. | $0 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $245,306 |
| Compensation of current officers, directors, key employees. | $17,171 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $1,346,892 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $109,227 |
| Payroll taxes | $108,883 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $0 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $504,938 |
| Advertising and promotion | $0 |
| Office expenses | $3,771 |
| Information technology | $1,717 |
| Royalties | $0 |
| Occupancy | $0 |
| Travel | $683 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $7,335 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $3,652 |
| Insurance | $6,605 |
| All other expenses | $1,180 |
| Total functional expenses | $2,416,061 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $151,300 |
| Savings and temporary cash investments | $862,930 |
| Pledges and grants receivable | $544,866 |
| Accounts receivable, net | $0 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $0 |
| Net Land, buildings, and equipment | $8,872 |
| Investments—publicly traded securities | $235,773 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $1,803,741 |
| Accounts payable and accrued expenses | $42,867 |
| Grants payable | $0 |
| Deferred revenue | $0 |
| Tax-exempt bond liabilities | $0 |
| Escrow or custodial account liability | $0 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
| Secured mortgages and notes payable | $0 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $0 |
| Total liabilities | $42,867 |
| Net assets without donor restrictions | $1,295,874 |
| Net assets with donor restrictions | $465,000 |
| Capital stock or trust principal, or current funds | $0 |
| Paid-in or capital surplus, or land, building, or equipment fund | $0 |
| Retained earnings, endowment, accumulated income, or other funds | $0 |
| Total liabilities and net assets/fund balances | $1,803,741 |
Grants Recieved
Over the last fiscal year, we have identified 10 grants that Readworks Inc has recieved totaling $356,275.
| Awarding Organization | Amount |
|---|---|
Tsunami Foundation West Palm Beach, FL PURPOSE: CHARITABLE CONTRIBUTION - HELP EDUCATORS MEET THE NATIONWIDE CRISIS IN READING COMPREHENSION THROUGH RESEARCH BASED, CLASSROOM PROVEN PRACTICES. | $125,000 |
Cleveland H Dodge Foundation Inc New York, NY PURPOSE: EXPANSION OF FICTION LIBRARY | $75,000 |
Cleveland H Dodge Foundation Inc New York, NY PURPOSE: EXPANSION OF FICTION LIBRARY | $75,000 |
Schwab Charitable Fund San Francisco, CA PURPOSE: EDUCATION | $27,500 |
Charities Aid Foundation America Alexandria, VA PURPOSE: CHARITABLE DONATION | $19,775 |
Falcon Fund Foundation Garden City, NY PURPOSE: GENERAL PURPOSES CONTRIBUTION | $15,000 |
Endowment Analysis
| Beg. Balance | $232,158 |
| Earnings | $3,615 |
| Ending Balance | $235,773 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
New Foundations Charter School Marlton, NJ | $17,967,778 | $23,202,828 |
Village Community School New York, NY | $70,966,980 | $22,510,782 |
Lycee International De Boston International School Of Boston Inc Cambridge, MA | $37,411,967 | $19,857,918 |
Speyer Legacy School New York, NY | $16,160,814 | $25,812,126 |
Fenn School Inc Concord, MA | $99,819,486 | $20,241,981 |
Lancaster Country Day School Lancaster, PA | $75,848,302 | $20,350,115 |
Freire Charter School Philadelphia, PA | $7,896,247 | $17,871,218 |
Academy In Manayunk Inc Conshohocken, PA | $64,687,092 | $23,625,839 |
Amistad Academy Inc New Haven, CT | $35,461,697 | $16,961,980 |
Foote School Association Inc New Haven, CT | $45,302,394 | $17,181,198 |
Rumsey Hall School Incorporated Washington Depot, CT | $67,305,104 | $16,603,122 |
Celebrate The Children Inc Denville, NJ | $8,659,449 | $15,671,388 |