Readworks INC EIN 13-3593812

Readworks INC

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Improves reading comprehension and student achievement for American students. For fiscal year 2024 it reported $2.6M in revenue, $3.6M in expenses, and $754K in net assets.Pt I

Founded
1990
Type
Public charity (501(c)(3)) · Education
Location
New York, NY
Website
www.readworks.org
Filings
5 on file (2020–2024)
Revenue
$2.6MFY2024
Expenses
$3.6M
Net assets
$754K
People
19
Filings
5
Updates
0
More identity details & actions ⌄
EIN  13-3593812 Public charity (501(c)(3)) New York, NY Founded 1990
Form 990 (PDF)
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Figures match the IRS filing checked 8/31/26 · see original: IRS
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Size
$1–10M
What they do
Improves reading comprehension and student achievement for American students.
Leadership
Terry Bowman · Executive Director · $236K
Money in and out
$2.6M revenue, $3.6M expenses
Bottom line
83% program efficiency
Where the money goes · FY2024
Total revenue
$2.6M
Pt VIII · Ln 12
Total expenses
$3.6M
Pt IX · Ln 25
Net assets
$754K
Pt X · Ln 32
Revenue less expenses (Pt I · Ln 19): −$915K
Where spending went · Part IX cols B–D
Program services $0.83 Management & general $0.08 Fundraising $0.09
Program efficiency
83%
of spending reaches programs▼ -2% vs prior filing year
Operating runway
2.8mo
months of highly liquid reserves at operating expense rate▼ -36% vs prior filing year
Surplus margin
-35%
revenue over expenses, this year+0.3% vs prior filing year

Summary of the Filing

Part I · fiscal year 2024 · Form 990
Revenue
$2.6M
FY2024▼ -3%
Expenses
$3.6M
FY2024▼ -3%
Total assets
$830K
FY2024▼ -53%
Total liabilities
$77K
FY2024▼ -28%
Total revenue
$2.6M
Pt VIII · Ln 12
Total expenses
$3.6M
Pt IX · Ln 25
Net assets
$754K
Pt X · Ln 32
Revenue less expensesPt I · Ln 19−$915K
Total assetsPt X · Ln 16$830K
Program-expense ratioPt IX · col B83%
Voting members of governing bodyPt I · Ln 311
Independent voting membersPt I · Ln 411
Mission & Programs · Part III

Where the work happens

1 program service account for $2.9M of program spending, described in the organization's own filed words · FY2024.
01

With a deep commitment to under-resourced communities, readworks supports teacher instruction that builds the knowledge and vocabulary that drive students' reading COMPREHENSION.READWORKS continues to focus on growing and improving our product to impact the millions of users we serve, based on data, the science of reading, and a deep…

$2.9Mprogram expense

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Identity & Classification

Form 990 Header · IRS Business Master File
Legal nameHdr · item CReadworks INC
EINHdr · item D13-3593812
Principal addressHdr · item CNew York, NY
WebsiteHdr · item Jwww.readworks.org
Year of formationHdr · item L1990
State of legal domicileHdr · item MNY
Exempt statusHdr · item I501(c)(3) · active
NTEE classificationIRS BMFEducation (B240)
Ruling yearIRS BMFSep 1991

Governance & Policies

Part VI
Voting members of the governing bodyPt VI · Ln 1a11
Independent voting membersPt VI · Ln 1b11
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
Executive Director
$235,842Pt VII · Sec A
Chief Technology Officer
$190,261Pt VII · Sec A
Chief Academic Officer
$189,133Pt VII · Sec A
Senior Back End Engineer
$129,929Pt VII · Sec A
SR. Dir. Product Development
$126,907Pt VII · Sec A
Senior Data Engineer
$115,088Pt VII · Sec A
Dir. Marketing & Engagement
$114,740Pt VII · Sec A
Senior Quantitative Researcher
$110,962Pt VII · Sec A

Terry Bowman’s $236K as Executive Director is at the 89th 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 · 8 named individuals · Part VII

NameFY2024FY2024FY2023FY2022FY2021FY2020
Terry Bowman$235,842$235,842$279,043
Terry Bowman$207,563$226,000$228,000
Cameron Swaim$190,261$190,261$174,120
Susanne Nobles$189,133$189,133$181,439
Kathy Bloomfield$129,975$169,802$165,000
Justin Pagano$150,086$142,800
Cameron Swaim$142,235$143,475$141,445
Susanne Nobles$139,106$142,973

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 & grants$2.4M · 91%
Program service revenue$198K · 8%
Investment income$40K · 2%
Contributions & grants91%$2.4M
Program service revenue8%$198K
Investment income2%$40K
Other revenue$11K
Total revenueLn 12$2.6M

Statement of Functional Expenses

Part IX · allocated across program, management, and fundraising
Allocation · columns B–D
Program services $0.83 Management & general $0.08 Fundraising $0.09
Program services83%$2.9M
Management & general8%$273K
Fundraising9%$330K
Total functional expensesLn 25$3.6M

Balance Sheet

Part X · end of year
CashLn 1$527K
Total assetsLn 16$830K
Total liabilitiesLn 26$77K
Total net assetsLn 32$754K
Months of cash on handcomputed1.8

Financial Metrics

Form 990 · FY2024 · each ratio shown with the dollars behind it
Liquidity & Payout
Operating runway
Highly liquid reserves $785K · Operating expenses (Pt IX) $3.6M · Less non-cash grants $126K · Cash operating expenses/yr $3.4M
2.8 months
Where the money goes
Program services
Program services $2.9M · Total expenses $3.6M
83%
Management & General
Management & general $273K · Total expenses $3.6M
8%
Fundraising
Fundraising $330K · Total expenses $3.6M
9%
Cost to raise $1
Fundraising expense (3-yr avg) $283K · Solicited contributions (3-yr avg) $3.1M
$0.09 to raise $1 (3-yr avg)
Where the money comes from
Contribution dependence
Contributions & grants $2.4M · Total revenue $2.6M
91%
Government reliance
Government grants — · Total revenue $2.6M
Earned-income share
Program service revenue $198K · Total revenue $2.6M
8%
Investment reliance
Investment income $40K · Total revenue $2.6M
+2%
Program self-sufficiency
Program service revenue $198K · Total expenses $3.6M
6%
Growth & trend
Revenue growth (YoY)
This year $2.6M · Prior year $2.7M
-3%
Revenue CAGR
FY2019 $2.6M · FY2024 $2.6M
+0.2%
Net-asset trend (YoY)
End of year $754K · Beginning of year —
Beginning net assets not meaningfully positive — showing dollar change
Balance sheet
Surplus Margin
Revenue $2.6M · Expenses $3.6M
-35%
Liabilities-to-Assets
Total liabilities — · Total assets $830K
Net-asset ratio
Net assets $754K · Total assets $830K
91%
Marketable Investment Share
Publicly traded securities (Pt X, ln 11) $258K · Other securities (Pt X, ln 12) — · Total assets (Pt X, ln 16) $830K
31%
People & payroll
Highest Reported Total Compensation
Individual Terry Bowman · Reported title EXECUTIVE DIRECTOR · Highest reported compensation $236K · Total expenses $3.6M
7%
Personnel share
Salaries, benefits & payroll (Pt IX 5-10) $2.4M · Total expenses $3.6M
69%
Peer comparison

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

MetricThis orgPeer medianPercentile
Program ratio 83%
Overhead ratio 8%
Fundraising cost ratio 14%
Revenue growth -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 · funders on record
Grants received · FY2025
Total grants receivedfrom 1 funder$10K

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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$2.7M revenue · ⤓ 990 PDF
FY2023$4.6M revenue · ⤓ 990 PDF
FY2022$1.9M revenue · ⤓ 990 PDF
FY2021$3.0M revenue · ⤓ 990 PDF
FY2020$2.6M revenue · ⤓ 990 PDF

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Sources

Every figure above is drawn from these filings
Form 990 e-file (XML) · FY2024IRS
Classification, formation year, addressIRS Business Master File
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