Read Ministries Inc
- Assets
- $406.5k
- Revenue
- $502.3k
- Investments
- $0.0
- Employees
- 4
- Location
- St Cloud, MN
- Founding
- 03/2004
- Data as of
- 12/2023
- EIN
- 20-0222800
Organization Overview
Read Ministries Inc is located in St Cloud, MN. The organization was established in 2004. According to its NTEE Classification (X20) the organization is classified as: Christianity, under the broad grouping of Religion-Related and related organizations. As of 12/2023, Read Ministries Inc employed 4 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Read Ministries 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 12/2023, Read Ministries Inc generated $502.3k in total revenue. This represents relatively stable growth, over the past 9 years the organization has increased revenue by an average of 3.8% each year. All expenses for the organization totaled $551.0k during the year ending 12/2023. While expenses have increased by 6.9% per year over the past 9 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
2023
Describe the Organization's Mission:
Part 3 - Line 1
EQUIPPING THE EURASIAN CHURCH FOR EFFECTIVE MINISTRY (UKRAINE, KAZAKHSTAN, KYRGYZSTAN, BELARUS, RESTRICTED ACCESS COUNTRIES).
Describe the Organization's Program Activity:
Part 3 - Line 4a
SUPPORT OF WAR RELIEF INITIATIVES IN UKRAINE (DUE TO RUSSIA'S AGGRESSION WHICH STARTED IN FEBRUARY 2022): DUE TO RUSSIA'S UNPROVOKED INVASION OF UKRAINE NEAR THE END OF FEBRUARY, 2022, AND THE RESULTING HUMANITARIAN CATASTROPHE, READ MINISTRIES CONTINUED ITS CRISIS RELIEF FUND DURING 2023 TO PROVIDE FINANCIAL RESOURCES FOR ASSISTING ITS TRUSTED LEGACY UKRAINIAN PARTNERS AND THEIR CRISIS RESPONSE EFFORTS. BOTH EXISTING AND NEW FINANCIAL SUPPORTERS OF READ MINISTRIES RESPONDED WITH STUNNING GENEROSITY AND CONTINUED TO RESPOND DURING 2023. IN 2023, READ MINISTRIES DISTRIBUTED A TOTAL OF $118,600 FROM ITS CRISIS RELIEF FUND TO ITS UKRAINIAN-PARTNER NETWORK SCATTERED ACROSS UKRAINE.
SUPPORT OF RESOURCE DISTRIBUTION INITIATIVES: IN 2023, READ MINISTRIES DISTRIBUTED A TOTAL OF APPROXIMATELY 6,000 BOOKS TO THE 110+ LOCAL CHURCHES PARTICIPATING IN THEOLOGICAL SCHOOL-BASED MINISTRY TRAINING INITIATIVES FUNDED BY READ MINISTRIES AND CONDUCTED BY ITS MINISTRY PARTNERS IN KHMELNITSKY, POLTAVA, AND KHARKOV OBLASTS IN UKRAINE. IN 2023, READ MINISTRIES DONATED LITERATURE RESOURCES TO STUDENTS AND GRADUATES OF VARIOUS MEMBER THEOLOGICAL SCHOOLS. EACH OF THE APPROXIMATELY 200 GRADUATES OF ACCREDITED DEPARTMENTS WITHIN THESE MEMBER SCHOOLS RECEIVED A GIFT OF ABOUT 8-10 BOOKS UPON THEIR GRADUATION IN 2023. IN 2023, READ DONATED 10 TEXTBOOKS TO EACH OF THE APPROXIMATELY 30 GRADUATE-LEVEL STUDENTS ENROLLED IN THE MASTERS IN CHRISTIAN LEADERSHIP PROGRAM AT THE KREMENCHUK EVANGELICAL SEMINARY. IN 2023, READ MINISTRIES FUNDED A DIGITAL LIBRARY DISTRIBUTION INITIATIVE TARGETING EVANGELICAL CHURCH LEADERS IN A RESTRICTED ACCESS COUNTRY IN CENTRAL ASIA. IN 2023, READ MINISTRIES DONATED LITERATURE RESOURCES TO EACH OF THE APPROXIMATE 40 GRADUATES AT ZOLOTONOSHA BRANCH OF KREMENCHUK EVANGELICAL SEMINARY. IN 2023, READ MINISTRIES DISTRIBUTED 10 CHURCH LIBRARIES TO GRADUATES OF BOTH THE KREMENETS BRANCH OF ZAPORIZHZHYA BIBLE SEMINARY AND RIVNE REGIONAL BIBLE COLLEGE. IN 2023, READ MINISTRIES DISTRIBUTED 20 CHURCH LIBRARIES IN TERNOPIL WITH ZAPORIZHZHYA BIBLE SEMINARY. IN 2023, READ MINISTRIES, IN COLLABORATION WITH A KEY PARTNER, EMBARKED ON A DISTRIBUTION INITIATIVE OF THE CENTRAL ASIAN BIBLE COMMENTARY.
SUPPORT OF EQUIPPING MINISTRY LEADERS INITIATIVES: IN 2023, READ MINISTRIES FUNDED AND CONDUCTED A REGIONAL CONFERENCES FOR CHURCH LEADERS. ONE OF THE MAIN CONFERENCES WAS IN IVANO-FRANKIVSK WITH TAVRISKY CHRISTIAN INSTITUTE. INCLUDED IN THE CONFERENCE WAS THE DISTRIBUTION OF 20-VOLUME THEOLOGICAL LIBRARIES TO EACH CONFERENCE ATTENDEE. IN 2023, READ MINISTRIES PROVIDED FUNDING FOR A TRAINING CONFERENCE FOR 50 LEADERS IN THE TERNOPIL OBLAST. INCLUDED IN THIS CONFERENCE WAS THE DISTRIBUTION OF A A 20-VOLUME THEOLOGICAL LIBRARY TO EACH CHURCH LEADER WHO ATTENDED.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Steven Eckert Executive Director | OfficerTrustee | 40 | $96,037 |
Mark Pound Treasurer | OfficerTrustee | 1 | $0 |
Rich Schoenert Chairman | OfficerTrustee | 2 | $0 |
David Melin Board Member | Trustee | 1 | $0 |
Volodymyr Degtyaryov Board Member | Trustee | 1 | $0 |
Todd Magnuson Board Member | Trustee | 1 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $100,857 |
| Related organizations | $0 |
| Government grants | $0 |
| All other contributions, gifts, grants, and similar amounts not included above | $422,915 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $523,772 |
| Total Program Service Revenue | $0 |
| Investment income | $4,065 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $0 |
| Net Income from Fundraising Events | -$25,513 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $502,324 |
| 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 | $290,555 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $96,038 |
| Compensation of current officers, directors, key employees. | $9,604 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $84,137 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $0 |
| Payroll taxes | $2,350 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $20,200 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $0 |
| Advertising and promotion | $9,438 |
| Office expenses | $1,204 |
| Information technology | $1,148 |
| Royalties | $0 |
| Occupancy | $7,846 |
| Travel | $26,566 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $1,422 |
| Insurance | $2,144 |
| All other expenses | $4,179 |
| Total functional expenses | $550,970 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $26,989 |
| Savings and temporary cash investments | $374,633 |
| Pledges and grants receivable | $0 |
| 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 | $231 |
| Net Land, buildings, and equipment | $4,681 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $406,534 |
| Accounts payable and accrued expenses | $2,026 |
| 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 | $1,449 |
| Total liabilities | $3,475 |
| Net assets without donor restrictions | $362,865 |
| Net assets with donor restrictions | $40,194 |
| 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 | $406,534 |