Reading And Education For Adult Development Inc
- Assets
- $2.0m
- Revenue
- $835.7k
- Investments
- $1.6m
- Employees
- 17
- Location
- Richmond, VA
- Founding
- 10/1986
- Data as of
- 06/2024
- EIN
- 54-1364885
Organization Overview
Reading And Education For Adult Development Inc is located in Richmond, VA. The organization was established in 1986. According to its NTEE Classification (B19) the organization is classified as: Support N.E.C., under the broad grouping of Education and related organizations. As of 06/2024, Reading And Education For Adult Development Inc employed 17 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Reading And Education For Adult Development 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 06/2024, Reading And Education For Adult Development Inc generated $835.7k in total revenue. This organization has experienced exceptional growth, as over the past 9 years, it has increased revenue by an average of 10.6% each year . All expenses for the organization totaled $730.6k during the year ending 06/2024. While expenses have increased by 11.9% 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
2024
Describe the Organization's Mission:
Part 3 - Line 1
TO HELP ADULTS WITH LOW LEVEL READING SKILLS DEVELOP BASIC READING SKILLS THROUGH CLASS INSTRUCTION AND ONE-ON-ONE TUTORING.
Describe the Organization's Program Activity:
Part 3 - Line 4a
THE ABILITY TO READ, WRITE, DO BASIC MATH, AND USE A COMPUTER IMPACTS A PERSON'S HEALTH, EMPLOYMENT, FINANCIAL STABILITY, HOUSING, AND COMMUNITY ENGAGEMENT. THE READ CENTER OFFERS LIFE-CHANGING OPPORTUNITIES TO ADULTS SEEKING TO IMPROVE THEIR LIVES BY IMPROVING THEIR LITERACY. READ PROVIDES SMALL CLASSROOM INSTRUCTION AND 1:1 TUTORING FOR ADULT LEARNERS WHO NEED TO IMPROVE THEIR LITERACY SKILLS. READ BUILDS INSTRUCTION AROUND STUDENT'S PERSONAL LITERACY AND LIFE GOALS BECAUSE LEARNING IS MOST SUCCESSFUL WHEN THE CONTENT IS MEANINGFUL, INSPIRING, AND RELEVANT. READ PROVIDES TRAINING AND ONGOING SUPPORT FOR VOLUNTEER TUTORS WHO WORK WITH STUDENTS 1:1 AND IN CLASSROOMS. READ CONNECTS WITH LIKE-MINDED ORGANIZATIONS TO BETTER SERVE STUDENTS.
IN THE 2023-2024 ACADEMIC YEAR, THE READ CENTER PROVIDED 11,097 HOURS OF INSTRUCTION TO 211 ADULT STUDENTS THROUGH BOTH ONLINE AND IN-PERSON LITERACY CLASSES AND ONE-TO-ONE TUTORING. STUDENTS ACHIEVED 684 PERSONAL GOALS INCLUDING INCREASED CONFIDENCE, IMPROVED READING, HELPING CHILDREN WITH SCHOOL, AND MANAGING THEIR HEALTH CARE. THE READ CENTER HAD OVER 150 VOLUNTEERS ASSISTING THROUGHOUT THE YEAR PROVIDING 8086 HOURS OF INSTRUCTION AND SUPPORT TO STUDENTS, TEACHERS AND STAFF.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Margaret Magee Board Member | Trustee | 4 | $0 |
Janet Palmer Board Member | Trustee | 4 | $0 |
Ellen Marie Hess Vice-President | OfficerTrustee | 4 | $0 |
William Seymour President | OfficerTrustee | 4 | $0 |
Theresa Moore Board Member | Trustee | 4 | $0 |
Anne Waleski Board Member | Trustee | 4 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $0 |
| All other contributions, gifts, grants, and similar amounts not included above | $705,697 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $705,697 |
| Total Program Service Revenue | $0 |
| Investment income | $65,050 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $0 |
| Net Income from Fundraising Events | $64,648 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $835,745 |
| 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. | $0 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $504,606 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $0 |
| Payroll taxes | $0 |
| 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 | $0 |
| Advertising and promotion | $0 |
| Office expenses | $70,824 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $52,669 |
| Travel | $0 |
| 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 | $36,518 |
| Insurance | $0 |
| All other expenses | $66,019 |
| Total functional expenses | $730,636 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $142,885 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $111,716 |
| 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 | $3,113 |
| Net Land, buildings, and equipment | $17,213 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $1,575,105 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $108,835 |
| Total assets | $1,958,867 |
| Accounts payable and accrued expenses | $19,577 |
| 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 | $108,908 |
| Total liabilities | $128,485 |
| Net assets without donor restrictions | $1,475,762 |
| Net assets with donor restrictions | $354,620 |
| 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 | $1,958,867 |