Read Youth Charities
- Assets
- $50.8m
- Revenue
- $46.2m
- Investments
- $42.3m
- Employees
- 0
- Location
- Magnolia, TX
- Founding
- 07/1972
- Data as of
- 08/2022
- EIN
- 23-7048642
Organization Overview
Read Youth Charities is located in Magnolia, TX. The organization was established in 1972. According to its NTEE Classification (T23) the organization is classified as: Private Operating Foundations, under the broad grouping of Philanthropy, Voluntarism & Grantmaking Foundations and related organizations. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Read Youth Charities 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 08/2022, Read Youth Charities generated $46.2m in total revenue. All expenses for the organization totaled $1.1m during the year ending 08/2022. While expenses have increased by 12.5% 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
990PF
Mission & Program ActivityExcerpts From the 990PF Filing
TAX YEAR
2022
Describe the Organization's Program Activity:
Part 3 - Line 4a
SUMMER CAMP FOR UNDERPRIVILEGED BOYS AND PEDIATRIC CANCER PATIENTS
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Michael A Thornton Pres/chair | 20 | $28,000 | |
Frank Thomas Trustee | 0 | $0 | |
Jn Whiddon Trustee | 0 | $0 | |
Reid Cuming Trustee | 0 | $0 | |
Thomas Gilbert Secretary | 0 | $0 | |
Thomas Read Vice President | 0 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Contributions, Gifts, Grants & Similar | $42,971,327 |
| Interest on Savings | $0 |
| Dividends & Interest | $969,704 |
| Net Rental Income | $0 |
| Net Gain on Sale of Assets | $1,996,364 |
| Capital Gain Net Income | $1,996,364 |
| Net ST Capital Gain | $472,589 |
| Income Modifications | $0 |
| Profit on Inventory Sales | $0 |
| Other Income | $235,896 |
| Total Revenue | $46,173,291 |
| Statement of Expenses | |
|---|---|
| Compensation of officers, directors, trustees, etc | $28,000 |
| Other employee salaries and wages | $343,215 |
| Pension plans, employee benefits | $10,984 |
| Interest | $0 |
| Taxes | $76,732 |
| Depreciation | $98,830 |
| Occupancy | $0 |
| Travel, conferences, and meetings | $0 |
| Printing and publications | $0 |
| Other expenses | $446,985 |
| Total operating and administrative expenses | $1,135,025 |
| Contributions, gifts, grants paid | $0 |
| Total expenses and disbursements | $1,135,025 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $741,136 |
| Savings and temporary cash investments | $989,638 |
| Net Accounts receivable | $0 |
| Net Pledges Receivable | $0 |
| Grants receivable | $0 |
| Receivables from Officers, Directors, or Controlling Persons | $0 |
| Net other notes and loans receivable | $0 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $0 |
| Net Investments - land, buildings, equipment | $0 |
| Investments—mortgage loans | $0 |
| Investments—other | $1,787,067 |
| Net Land, buildings, and equipment | $6,770,227 |
| Other assets | $48,742 |
| Total assets | $50,809,062 |
| Accounts payable and accrued expenses | $0 |
| Grants payable | $0 |
| Deferred revenue | $0 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
| Mortgages and other notes payable | $0 |
| Other liabilities | $32,405 |
| Total liabilities | $32,405 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Nelda C And H J Lutcher Stark Foundation Orange, TX | $0 | $13,068,953 |
The Lanier Theological Library Foundation Houston, TX | $165,460,506 | $161,744,141 |
Kemper And Leila Williams Foundation New Orleans, LA | $0 | $33,926,761 |
Tom T East Sr & Alice K East & Alice H East & Robert C East Wildl San Antonio, TX | $502,937,323 | $12,880,402 |
The Caldwell Foundation Tyler, TX | $113,613,733 | $12,178,826 |
Jones Trust Springdale, AR | $87,208,961 | $7,926,357 |
Whole Kids Foundation Austin, TX | $20,924,486 | $5,788,036 |
Carl And Marilynn Thoma Art Foundation Santa Fe, NM | $0 | $36,422,281 |
Hope Center Foundation Plano, TX | $50,591,609 | $3,157,864 |
Brian D Patterson Usa - International Foundation Burkburnett, TX | $91,124 | $1,600,664 |
Shearn Moody Plaza Corporation Galveston, TX | $0 | $2,031,035 |
Dhr Health Institute For Research & Development Edinburg, TX | $765,777 | $2,008,327 |