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Team Read EIN 01-0852888

Team Read FY2022 filing

EIN  01-0852888 Public charity (501(c)(3)) Seattle, WA Founded 2005
Form 990 (PDF)
You’re viewing the FY2022 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 Director · $131K
Money in and out
$1.4M revenue, $749K expenses
Bottom line
55% program efficiency

Trains teens to tutor younger students in reading. For fiscal year 2022 it reported $1.4M in revenue, $749K in expenses, and $1.5M in net assets.Pt I

Where the money goes · FY2022
Total revenue
$1.4M
Pt VIII · Ln 12
Total expenses
$749K
Pt IX · Ln 25
Net assets
$1.5M
Pt X · Ln 32
Revenue less expenses (Pt I · Ln 19): $636K
Where spending went · Part IX cols B–D
Program services $0.55 Management & general $0.21 Fundraising $0.24
Program efficiency
55%
of spending reaches programs
Operating runway
20.1mo
months of highly liquid reserves at operating expense rate
Surplus margin
+46%
revenue over expenses, this year

Summary of the Filing

Part I · fiscal year 2022 · Form 990
Revenue
$1.4M
FY2022▲ +37%
Expenses
$749K
FY2022▲ +14%
Total assets
$1.6M
FY2022▲ +53%
Total liabilities
$118K
FY2022▼ -40%
Total revenue
$1.4M
Pt VIII · Ln 12
Total expenses
$749K
Pt IX · Ln 25
Net assets
$1.5M
Pt X · Ln 32
Revenue less expensesPt I · Ln 19$636K
Total assetsPt X · Ln 16$1.6M
Program-expense ratioPt IX · col B55%
Voting members of governing bodyPt I · Ln 314
Independent voting membersPt I · Ln 414
Mission & Programs · Part III

Where the work happens

1 program service account for $410K of program spending, described in the organization's own filed words · FY2021.
01

Year-round tutoring program succeeded in providing reading support to more than 500 elementary students and meaningful work to 384 teen reading coaches.

$410Kprogram 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 1a14
Independent voting membersPt VI · Ln 1b14
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 (FY2021); the FY2022 filing did not itemize Part VII
Melissa Pailthorp
Executive Director
$131,280Pt VII · Sec A
Matt Hrdlicka
Vice President
$0Pt VII · Sec A
Veronica Cook
Treasurer
$0Pt VII · Sec A
$0Pt VII · Sec A
Anna Cronin
Director
$0Pt VII · Sec A
Melissa Gass
Director
$0Pt VII · Sec A
$0Pt VII · Sec A
Yolanda Eng
President
$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%$1.4M
— government grantsLn 1e$397K
Total revenueLn 12$1.4M

Statement of Functional Expenses

Part IX · allocated across program, management, and fundraising
Allocation · columns B–D
Program services $0.55 Management & general $0.21 Fundraising $0.24
Program services55%$410K
Management & general21%$161K
Fundraising24%$178K
Total functional expensesLn 25$749K

Balance Sheet

Part X · end of year
CashLn 1$1.2M
Total assetsLn 16$1.6M
Total liabilitiesLn 26$118K
Total net assetsLn 32$1.5M
Months of cash on handcomputed19.1

Financial Metrics

Form 990 · FY2022 · each ratio shown with the dollars behind it
Liquidity & Payout
Operating runway
Highly liquid reserves $1.2M · Operating expenses (Pt IX) $749K · Less non-cash grants $35K · Cash operating expenses/yr $713K
20.1 months
Where the money goes
Program services
Program services $410K · Total expenses $749K
55%
Management & General
Management & general $161K · Total expenses $749K
21%
Fundraising
Fundraising $178K · Total expenses $749K
24%
Cost to raise $1
Fundraising expense (3-yr avg) $133K · Solicited contributions (3-yr avg) $755K
$0.18 to raise $1 (3-yr avg)
Where the money comes from
Contribution dependence
Contributions & grants $1.4M · Total revenue $1.4M
100%
Government reliance
Government grants $397K · Total revenue $1.4M
29%
Earned-income share
Program service revenue $0 · Total revenue $1.4M
0%
Investment reliance
Investment income $-253 · Total revenue $1.4M
0%
Program self-sufficiency
Program service revenue $0 · Total expenses $749K
0%
Growth & trend
Revenue growth (YoY)
This year $1.4M · Prior year $1.0M
+37%
Net-asset trend (YoY)
End of year $1.5M · Beginning of year —
Beginning net assets not meaningfully positive — showing dollar change
Balance sheet
Surplus Margin
Revenue $1.4M · Expenses $749K
+46%
Liabilities-to-Assets
Total liabilities — · Total assets $1.6M
—
Net-asset ratio
Net assets $1.5M · Total assets $1.6M
93%
Marketable Investment Share
Publicly traded securities (Pt X, ln 11) — · Other securities (Pt X, ln 12) — · Total assets (Pt X, ln 16) $1.6M
Excludes program-related investments (Pt X, ln 13)
People & payroll
Highest Reported Total Compensation
Individual Melissa Pailthorp · Reported title EXECUTIVE DIRECTOR · Highest reported compensation $131K · Total expenses $749K
18%
Personnel share
Salaries, benefits & payroll (Pt IX 5-10) $474K · Total expenses $749K
63%
Peer comparison

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

MetricThis orgPeer medianPercentile
Program ratio 55%——
Overhead ratio 21%——
Fundraising cost ratio 13%——
Revenue growth 37%——
Accounting fee ratio 3%——
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 · viewing · ⤓ 990 PDF
FY2021$1.0M revenue · ⤓ 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) · FY2022IRS
Classification, formation year, addressIRS Business Master File
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