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Team Read EIN 01-0852888

Team Read FY2021 filing

EIN  01-0852888 Public charity (501(c)(3)) Seattle, WA Founded 2005
Form 990 (PDF)
You’re viewing the FY2021 filing — not the latest on file. See the latest (FY2024) →
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Size
$1–10M
What they do
Trains teens to tutor younger students in reading.
Leadership
Melissa Pailthorp · Executive Dir. · $139K
Money in and out
$1.0M revenue, $657K expenses
Bottom line
59% program efficiency

Trains teens to tutor younger students in reading. For fiscal year 2021 it reported $1.0M in revenue, $657K in expenses, and $849K in net assets.Pt I

Where the money goes · FY2021
Total revenue
$1.0M
Pt VIII · Ln 12
Total expenses
$657K
Pt IX · Ln 25
Net assets
$849K
Pt X · Ln 32
Revenue less expenses (Pt I · Ln 19): $358K
Where spending went · Part IX cols B–D
Program services $0.59 Management & general $0.24 Fundraising $0.17
Program efficiency
59%
of spending reaches programs
Operating runway
14.3mo
months of highly liquid reserves at operating expense rate
Surplus margin
+35%
revenue over expenses, this year

Summary of the Filing

Part I · fiscal year 2021 · Form 990
Revenue
$1.0M
FY2021▲ +38%
Expenses
$657K
FY2021▲ +13%
Total assets
$1.0M
FY2021▲ +70%
Total liabilities
$197K
FY2021▲ +59%
Total revenue
$1.0M
Pt VIII · Ln 12
Total expenses
$657K
Pt IX · Ln 25
Net assets
$849K
Pt X · Ln 32
Revenue less expensesPt I · Ln 19$358K
Total assetsPt X · Ln 16$1.0M
Program-expense ratioPt IX · col B59%
Voting members of governing bodyPt I · Ln 320
Independent voting membersPt I · Ln 420
Mission & Programs · Part III

Where the work happens

1 program service account for $387K of program spending, described in the organization's own filed words · FY2020.
01

Year-round, one-to-one tutoring program provided at Title 1 schools to students not at grade-level proficiency in reading. Tutors are area teens recruited and trained to deliver reading support.

$387Kprogram expense

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Identity & Classification

Form 990 Header · IRS Business Master File
Legal nameHdr · item CTeam Read
EINHdr · item D01-0852888
Principal addressHdr · item CSeattle, WA
WebsiteHdr · item Jwww.teamread.org
Year of formationHdr · item L2005
State of legal domicileHdr · item MWA
Exempt statusHdr · item I501(c)(3) · active
NTEE classificationIRS BMFEducation (B92)
Ruling yearIRS BMFMar 2006

Governance & Policies

Part VI
Voting members of the governing bodyPt VI · Ln 1a20
Independent voting membersPt VI · Ln 1b20
Conflict-of-interest policyPt VI · Ln 12aYes
Whistleblower policyPt VI · Ln 13Yes
Document retention policyPt VI · Ln 14Yes
CEO/top-official compensation independently reviewedPt VI · Ln 15aYes
Family or business relationships among officers/directorsPt VI · Ln 2No

Officers, Directors & Key Employees

Part VII, Section A · reportable compensation · most recent filed roster (FY2020); the FY2021 filing did not itemize Part VII
Melissa Pailthorp
Executive Dir.
$139,260Pt VII · Sec A
Chance Hunt
President
$0Pt VII · Sec A
Yolanda Eng
Vice President
$0Pt VII · Sec A
Matt Hrdlicka
Treasurer
$0Pt VII · Sec A
Seana Hayden
Secretary
$0Pt VII · Sec A
Eric Buley
Director
$0Pt VII · Sec A
$0Pt VII · Sec A
$0Pt VII · Sec A

Melissa Pailthorp’s $78K as Executive Director, Former is at the 18th percentile of top reported officer pay among 3392 $1–10M education nonprofits. Peer set: organizations in the same NTEE major field of work and revenue-size band, compared on each org’s own highest-paid officer/key-employee, from Form 990 Part VII / 990-PF Part VIII. Descriptive placement, not a verdict on whether the pay is appropriate.

Compensation history total reportable pay by year · 3 named individuals · Part VII

NameFY2024FY2024FY2023FY2022FY2021FY2020
Melissa Pailthorp$77,879$133,919$137,183—$139,260$122,743
Melissa Pailthorp———$131,280——
Ebony Pattenaude$62,645—————

Total reportable compensation (Form 990 Part VII column D / Schedule J column E) by filing year, matched by name within this organization. The Schedule J base / bonus / deferred breakdown is not parsed into this dataset.

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Statement of Revenue

Part VIII
Contributions & grants100%$1.0M
Investment income$16
— government grantsLn 1e$394K
Total revenueLn 12$1.0M

Statement of Functional Expenses

Part IX · allocated across program, management, and fundraising
Allocation · columns B–D
Program services $0.59 Management & general $0.24 Fundraising $0.17
Program services59%$387K
Management & general24%$157K
Fundraising17%$112K
Total functional expensesLn 25$657K

Balance Sheet

Part X · end of year
CashLn 1$746K
Total assetsLn 16$1.0M
Total liabilitiesLn 26$197K
Total net assetsLn 32$849K
Months of cash on handcomputed13.6

Financial Metrics

Form 990 · FY2021 · each ratio shown with the dollars behind it
Liquidity & Payout
Operating runway
Highly liquid reserves $746K · Operating expenses (Pt IX) $657K · Less non-cash grants $30K · Cash operating expenses/yr $627K
14.3 months
Where the money goes
Program services
Program services $387K · Total expenses $657K
59%
Management & General
Management & general $157K · Total expenses $657K
24%
Fundraising
Fundraising $112K · Total expenses $657K
17%
Cost to raise $1
Fundraising expense (2-yr avg) $110K · Solicited contributions (2-yr avg) $637K
$0.17 to raise $1 (2-yr avg)
Where the money comes from
Contribution dependence
Contributions & grants $1.0M · Total revenue $1.0M
100%
Government reliance
Government grants $394K · Total revenue $1.0M
39%
Earned-income share
Program service revenue $0 · Total revenue $1.0M
0%
Investment reliance
Investment income $16 · Total revenue $1.0M
0%
Program self-sufficiency
Program service revenue $0 · Total expenses $657K
0%
Growth & trend
Revenue growth (YoY)
This year $1.0M · Prior year $738K
+38%
Net-asset trend (YoY)
End of year $849K · Beginning of year —
Beginning net assets not meaningfully positive — showing dollar change
Balance sheet
Surplus Margin
Revenue $1.0M · Expenses $657K
+35%
Liabilities-to-Assets
Total liabilities — · Total assets $1.0M
—
Net-asset ratio
Net assets $849K · Total assets $1.0M
81%
Marketable Investment Share
Publicly traded securities (Pt X, ln 11) $0 · Other securities (Pt X, ln 12) $0 · Total assets (Pt X, ln 16) $1.0M
0%
People & payroll
Highest Reported Total Compensation
Individual Melissa Pailthorp · Reported title Executive Dir. · Highest reported compensation $139K · Total expenses $657K
21%
Personnel share
Salaries, benefits & payroll (Pt IX 5-10) $352K · Total expenses $657K
54%
Peer comparison

Same NTEE category, revenue band, and state where available. Descriptive — not a grade.

MetricThis orgPeer medianPercentile
Program ratio 59%——
Overhead ratio 24%——
Fundraising cost ratio 11%——
Revenue growth 38%——
Investment management fee ratio 0%——
Legal fee ratio 0%——
Accounting fee ratio 0%——
Fundraising fee ratio 3%——

Straight from the Form 990 — descriptive, not an evaluation. A ratio is hidden when its base is zero or too small to be meaningful; the dollars are always shown.

Grants

Schedule I · received and paid
Grants received · FY2025
School's Out WashingtonFY2025$78K
Total grants receivedfrom 1 funder$78K
Grants paid · 2 grants · $153K · 2024–2024
Seattle Public SchoolsFY2024$144,698
Highline Public SchoolsFY2024$7,954

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Filings & Schedule Manifest

Part IV
III · Programs I · Grants R · Related orgs G · Fundraising L · Interested persons A · Public support F · Foreign M · Noncash
FY2024$768K revenue · ⤓ 990 PDF
FY2023$1.1M revenue · ⤓ 990 PDF
FY2022$1.4M revenue · ⤓ 990 PDF
FY2021$1.0M revenue · viewing · ⤓ 990 PDF
FY2020$738K revenue · ⤓ 990 PDF

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Sources

Every figure above is drawn from these filings
Form 990 e-file (XML) · FY2021IRS
Classification, formation year, addressIRS Business Master File
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