Reading Edge Academy Inc
- Assets
- $5.5m
- Revenue
- $4.3m
- Investments
- $0.0
- Employees
- 65
- Location
- Debary, FL
- Founding
- 07/1998
- Data as of
- 06/2023
- EIN
- 59-3455253
Organization Overview
Reading Edge Academy Inc is located in Debary, FL. The organization was established in 1998. According to its NTEE Classification (Z99) the organization is classified as: Unknown, under the broad grouping of Unknown and related organizations. As of 06/2023, Reading Edge Academy Inc employed 65 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Reading Edge Academy 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 06/2023, Reading Edge Academy Inc generated $4.3m in total revenue. The organization has seen a slow decline revenue. Over the past 6 years, revenues have fallen by an average of (1.3%) each year. All expenses for the organization totaled $4.9m during the year ending 06/2023. 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
THE SCHOOL IS A NOT FOR PROFIT PUBLIC CHARTER ELEMENTARY SCHOOL THAT EMPHASIZES READING EDUCATION.
Describe the Organization's Program Activity:
Part 3 - Line 4a
READING EDGE SERVED 529 STUDENTS IN TWO LOCATIONS DURING THE SCHOOL YEAR.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Margaret Comardo Principal | 50 | $125,000 | |
Sam Higbee Chair | OfficerTrustee | $0 | |
Marianne Stanley Treasurer | OfficerTrustee | $0 | |
Sue Smith Executive Di | Officer | 50 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $3,786,457 |
| All other contributions, gifts, grants, and similar amounts not included above | $13,679 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $3,800,136 |
| Total Program Service Revenue | $491,889 |
| Investment income | $8,710 |
| 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 | $4,316,985 |
| 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 | $2,723,574 |
| Pension plan accruals and contributions | $55,281 |
| Other employee benefits | $161,402 |
| Payroll taxes | $209,803 |
| 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 | $17,349 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $448,243 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $84,967 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $236,114 |
| Insurance | $66,446 |
| All other expenses | $371,357 |
| Total functional expenses | $4,868,283 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $494,189 |
| Savings and temporary cash investments | $368,542 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $56,981 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $9,790 |
| Prepaid expenses and deferred charges | $92,727 |
| Net Land, buildings, and equipment | $4,444,645 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $8,250 |
| Total assets | $5,475,124 |
| Accounts payable and accrued expenses | $141,086 |
| 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 | $1,513,438 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $0 |
| Total liabilities | $1,654,524 |
| Net assets without donor restrictions | $3,820,600 |
| Net assets with donor restrictions | $0 |
| 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 | $5,475,124 |