The New Haven Reads Community Book Bank Inc
- Assets
- $2.1m
- Revenue
- $1.3m
- Investments
- $0.0
- Employees
- 49
- Location
- New Haven, CT
- Founding
- 02/2006
- Data as of
- 06/2021
- EIN
- 76-0807330
Organization Overview
The New Haven Reads Community Book Bank Inc, operating under the name New Haven Reads, is located in New Haven, CT. The organization was established in 2006. According to its NTEE Classification (B99) the organization is classified as: Education N.E.C., under the broad grouping of Education and related organizations. As of 06/2021, New Haven Reads employed 49 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. New Haven Reads 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 06/2021, New Haven Reads generated $1.3m in total revenue. This organization has experienced exceptional growth, as over the past 6 years, it has increased revenue by an average of 12.1% each year . All expenses for the organization totaled $935.4k during the year ending 06/2021. While expenses have increased by 11.4% 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
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2021
Describe the Organization's Mission:
Part 3 - Line 1
FOUNDED TO SHARE THE JOY AND POWER OF READING, NEW HAVEN READS PARTNERS WITH THE COMMUNITY TO PROVIDE FREE 1-ON-1 TUTORING, EDUCATIONAL SUPPORT, AND A BOOK BANK TO EMPOWER ASPIRING READERS TO MASTER THE LITERACY SKILLS NEEDED TO THRIVE IN SCHOOL AND LIFE.
Describe the Organization's Program Activity:
Part 3 - Line 4a
THE ORGANIZATION RUNS A ONE-ON-ONE TUTORING PROGRAM FOR OVER 300 STUDENTS EACH WEEK. WE UTILIZE COLLEGE STUDENTS AND COMMUNITY VOLUNTEERS TO PROVIDE HIGH QUALITY INSTRUCTION IN READING AND OTHER SUBJECTS.
THE ORGANIZATION COLLECTS AND REDISTRIBUTES NEW AND GENTLY USED BOOKS FOR NEEDY ORGANIZATIONS AND INDIVIDUALS. WE DISTRIBUTED OVER 120,000 BOOKS DURING THE FISCAL YEAR AT NO COST TO AREA RESIDENTS.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Kirsten Levinsohn Executive Director | OfficerTrustee | 40 | $72,800 |
Ruth Beardsley President | OfficerTrustee | 4 | $0 |
Andy Babiak Vice President | OfficerTrustee | 2 | $0 |
Laurie Desmet Secretary | OfficerTrustee | 1 | $0 |
Alex Kleiner Treasurer | OfficerTrustee | 2 | $0 |
Sigga Benediktsdottir Board Member | Trustee | 1 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $282,946 |
| All other contributions, gifts, grants, and similar amounts not included above | $931,374 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $1,214,320 |
| Total Program Service Revenue | $0 |
| Investment income | $1,533 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $781 |
| Net Income from Fundraising Events | $11,379 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $1,265,882 |
| 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. | $72,800 |
| Compensation of current officers, directors, key employees. | $5,824 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $572,553 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $36,329 |
| Payroll taxes | $51,141 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $6,063 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $10,167 |
| Fees for services: Other | $64,708 |
| Advertising and promotion | $0 |
| Office expenses | $17,717 |
| Information technology | $4,629 |
| Royalties | $0 |
| Occupancy | $36,793 |
| 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 | $3,935 |
| Insurance | $11,965 |
| All other expenses | $1,050 |
| Total functional expenses | $935,395 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $279,532 |
| Savings and temporary cash investments | $788,223 |
| Pledges and grants receivable | $5,500 |
| 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 | $3,618 |
| Net Land, buildings, and equipment | $22,714 |
| Investments—publicly traded securities | $1,003,314 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $4,500 |
| Total assets | $2,107,401 |
| Accounts payable and accrued expenses | $7,317 |
| 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 | $7,317 |
| Net assets without donor restrictions | $2,043,576 |
| Net assets with donor restrictions | $56,508 |
| 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 | $2,107,401 |
Grants Recieved
Over the last fiscal year, we have identified 11 grants that The New Haven Reads Community Book Bank Inc has recieved totaling $177,094.
| Awarding Organization | Amount |
|---|---|
Network For Good Inc Washington, DC PURPOSE: UNRESTRICTED | $75,526 |
The Bessemer Giving Fund Woodbridge, NJ PURPOSE: GENERAL SUPPORT | $20,000 |
United Way Of Greater New Haven Inc New Haven, CT PURPOSE: SUMMER YOUTH PROGRAM | $15,000 |
Carlson Family Foundation Inc Chapel Hill, NC PURPOSE: MAJOR GRANT | $12,250 |
The Risc Foundation Inc New Haven, CT PURPOSE: PROGRAM SUPPORT | $12,000 |
Echlin Foundation Branford, CT PURPOSE: UNRESTRICTED | $10,000 |
Endowment Analysis
| Beg. Balance | $353,413 |
| Earnings | $175,953 |
| Admin Expense | $10,167 |
| Ending Balance | $519,199 |
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