Cents Ability Inc
- Assets
- $86.7k
- Revenue
- $391.7k
- Investments
- $0.0
- Employees
- 0
- Location
- New York, NY
- Founding
- 05/2004
- Data as of
- 12/2020
- EIN
- 74-3113057
Organization Overview
Cents Ability Inc is located in New York, NY. The organization was established in 2004. According to its NTEE Classification (B92) the organization is classified as: Remedial Reading & Encouragement, under the broad grouping of Education and related organizations. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Cents Ability 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 12/2020, Cents Ability Inc generated $391.7k in total revenue. This organization has experienced exceptional growth, as over the past 5 years, it has increased revenue by an average of 17.3% each year . All expenses for the organization totaled $378.0k during the year ending 12/2020. While expenses have increased by 25.1% per year over the past 5 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
2020
Describe the Organization's Mission:
Part 3 - Line 1
THE ORGANIZATION IS DEDICATED TO EDUCATING AND EMPOWERING HIGH SCHOOL STUDENTS TO ACHIEVE THEIR GOALS THROUGH THE PRUDENT AND INFORMED MANAGEMENT OF THEIR FINANCIAL RESOURCES.
Describe the Organization's Program Activity:
Part 3 - Line 4a
THE EDUCATION AND EMPOWERMENT OF HIGH SCHOOL STUDENTS TO EFFECTIVELY MANAGE THEIR FINANCIAL AFFAIRS.
THE EDUCATION AND EMPOWERMENT OF HIGH SCHOOL STUDENTS TO EFFECTIVELY MANAGE THEIR FINANCIAL AFFAIRS.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Mark Kaplan Secretary | Trustee | 0 | $0 |
Alexa Dupont Bell Chairman | Trustee | 0 | $0 |
Conner Mcgee Treasurer | Trustee | 0 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $1,244 |
| Related organizations | $0 |
| Government grants | $0 |
| All other contributions, gifts, grants, and similar amounts not included above | $390,426 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $391,670 |
| Total Program Service Revenue | $0 |
| Investment income | $0 |
| 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 | $391,670 |
| 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 | $220,003 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $8,175 |
| Payroll taxes | $9,863 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $8,450 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $711 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $19,880 |
| Advertising and promotion | $439 |
| Office expenses | $16,357 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $75,000 |
| Travel | $3,357 |
| 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 | $0 |
| Insurance | $2,676 |
| All other expenses | $0 |
| Total functional expenses | $377,976 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $86,737 |
| Savings and temporary cash investments | $0 |
| 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 | $0 |
| Net Land, buildings, and equipment | $0 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $86,737 |
| Accounts payable and accrued expenses | $5,490 |
| 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 | $5,490 |
| Net assets without donor restrictions | $81,247 |
| 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 | $86,737 |
Grants Recieved
Over the last fiscal year, we have identified 4 grants that Cents Ability Inc has recieved totaling $17,178.
| Awarding Organization | Amount |
|---|---|
Jp Morgan Chase Foundation New York, NY PURPOSE: GENERAL OPERATING SUPPORT | $15,500 |
Lazard Foundation New York, NY PURPOSE: UNRESTRICTED | $1,000 |
American Express Foundation New York, NY PURPOSE: GENERAL SUPPORT | $600 |
Amazonsmile Foundation Seattle, WA PURPOSE: GENERAL SUPPORT | $78 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Childrens Literacy Initiative Philadelphia, PA | $12,745,223 | $23,482,636 |
Reach Out And Read Inc Boston, MA | $10,124,014 | $15,173,728 |
Proliteracy Worldwide Syracuse, NY | $17,604,255 | $13,411,984 |
Urban Youth Alliance International Inc Bronx, NY | $4,354,975 | $6,995,942 |
Literacy Inc New York, NY | $4,595,330 | $3,899,705 |
Read Alliance Inc New York, NY | $3,368,825 | $3,674,607 |
Nj Leep Inc Newark, NJ | $3,780,662 | $2,866,137 |
Read To Grow Inc Branford, CT | $1,292,928 | $1,217,263 |
Mujeres Unidas Avanzando Inc Dorchester, MA | $2,346,284 | $1,432,208 |
Reach Out And Read Of Greater New York Inc New York, NY | $1,043,771 | $1,407,811 |
Reading Is Fundamental Pittsburg Pittsburgh, PA | $3,385,621 | $940,540 |
The Literacy Center Allentown, PA | $813,842 | $994,402 |