Readsource INC EIN 46-5228845

Readsource INC FY2021 filing

EIN  46-5228845 Supporting organization Atlanta, GA Founded 2013
Form 990 (PDF)
You’re viewing the FY2021 filing — not the latest on file. See the latest (FY2024) →
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Size
$100K–1M
What they do
Helps communities support students facing learning challenges.
Leadership
Joshua Clark · Executive Di
Money in and out
$1.5M revenue, $1.4M expenses
Bottom line
+6% net inflow

Helps communities support students facing learning challenges. For fiscal year 2021 it reported $1.5M in revenue, $1.4M in expenses, and $1.3M in net assets.Pt I

Money in and out · FY2021
Total revenue
$1.5M
Pt VIII · Ln 12
Total expenses
$1.4M
Pt IX · Ln 25
Net assets
$1.3M
Pt X · Ln 32
Revenue less expenses (Pt I · Ln 19): $94K
Where spending went · Part IX cols B–D
Program services $0.65 Management & general $0.31 Fundraising $0.04
Net inflow
+6%
revenue over expenses, this year
Pass-through gifts
32%
of revenue from contributions
Program spending
65%
of expenses reach stated programs

Summary of the Filing

Part I · fiscal year 2021 · Form 990
Revenue
$1.5M
FY2021
Expenses
$1.4M
FY2021
Total assets
$1.5M
FY2021
Total liabilities
$217K
FY2021
Total revenue
$1.5M
Pt VIII · Ln 12
Total expenses
$1.4M
Pt IX · Ln 25
Net assets
$1.3M
Pt X · Ln 32
Revenue less expensesPt I · Ln 19$94K
Total assetsPt X · Ln 16$1.5M
Program-expense ratioPt IX · col B65%
Voting members of governing bodyPt I · Ln 34
Independent voting membersPt I · Ln 44
Mission & Programs · Part III

Where the work happens

1 program service account for $901K of program spending, described in the organization's own filed words · FY2020.
01

Teacher training to facilitate teacher training to both public and independent school faculty so that they can better teach struggling readers tutoring services to provide tutoring services to community students who have difficulty reading community partnerships to provide reading remediation services to atlanta public school students…

$901Kprogram expense

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Identity & Classification

Form 990 Header · IRS Business Master File
Legal nameHdr · item CReadsource INC
EINHdr · item D46-5228845
Principal addressHdr · item CAtlanta, GA
WebsiteHdr · item Jreadsource.com
Year of formationHdr · item L2013
State of legal domicileHdr · item MGA
Exempt statusHdr · item I501(c)(3) · active
NTEE classificationIRS BMFDiseases & Disorders (G80)
Ruling yearIRS BMFMay 2019

Governance & Policies

Part VI
Voting members of the governing bodyPt VI · Ln 1a4
Independent voting membersPt VI · Ln 1b4
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
Executive Di
$0Pt VII · Sec A
Board Chair
$0Pt VII · Sec A
Vice Chair
$0Pt VII · Sec A
Treasurer
$0Pt VII · Sec A
$0Pt VII · Sec A
See Readsource INC executive salaries →

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Statement of Revenue

Part VIII
Program service revenue$997K · 67%
Contributions & grants$476K · 32%
Program service revenue67%$997K
Contributions & grants32%$476K
Other revenue$6K
Total revenueLn 12$1.5M

Statement of Functional Expenses

Part IX · allocated across program, management, and fundraising
Allocation · columns B–D
Program services $0.65 Management & general $0.31 Fundraising $0.04
Program services65%$901K
Management & general31%$436K
Fundraising4%$49K
Total functional expensesLn 25$1.4M

Balance Sheet

Part X · end of year
CashLn 1$1.3M
Total assetsLn 16$1.5M
Total liabilitiesLn 26$217K
Total net assetsLn 32$1.3M
Months of cash on handcomputed11.1

Financial Metrics

Form 990 · FY2021 · each ratio shown with the dollars behind it
Liquidity & Payout
Operating runway
Highly liquid reserves $1.3M · Operating expenses/yr $1.4M
11.1 months
Where the money goes
Program services
Program services $901K · Total expenses $1.4M
65%
Management & General
Management & general $436K · Total expenses $1.4M
31%
Fundraising
Fundraising $49K · Total expenses $1.4M
4%
Cost to raise $1
Fundraising expense $49K · Solicited contributions $476K
$0.10 to raise $1
Where the money comes from
Contribution dependence
Contributions & grants $476K · Total revenue $1.5M
32%
Government reliance
Government grants — · Total revenue $1.5M
Earned-income share
Program service revenue $997K · Total revenue $1.5M
67%
Investment reliance
Investment income $0 · Total revenue $1.5M
0%
Program self-sufficiency
Program service revenue $997K · Total expenses $1.4M
72%
Growth & trend
Revenue growth (YoY)
This year $1.5M · Prior year —
No prior year on file
Net-asset trend (YoY)
End of year $1.3M · Beginning of year —
Beginning net assets not meaningfully positive — showing dollar change
Balance sheet
Surplus Margin
Revenue $1.5M · Expenses $1.4M
+6%
Liabilities-to-Assets
Total liabilities — · Total assets $1.5M
Net-asset ratio
Net assets $1.3M · Total assets $1.5M
85%
Marketable Investment Share
Publicly traded securities (Pt X, ln 11) — · Other securities (Pt X, ln 12) — · Total assets (Pt X, ln 16) $1.5M
Excludes program-related investments (Pt X, ln 13)
People & payroll
Highest Reported Total Compensation
Individual Joshua Clark · Reported title EXECUTIVE DI · Highest reported compensation $0 · Total expenses $1.4M
0%
Personnel share
Salaries, benefits & payroll (Pt IX 5-10) $1.0M · Total expenses $1.4M
74%
Peer comparison

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

MetricThis orgPeer medianPercentile
Program ratio 65%
Overhead ratio 31%
Fundraising cost ratio 10%
Accounting fee ratio 1%

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 · FY2024
Total grants receivedfrom 1 funder$11K

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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$959K revenue · ⤓ 990 PDF
FY2023$1.1M revenue · ⤓ 990 PDF
FY2022$2.1M revenue · ⤓ 990 PDF
FY2021$1.5M revenue · viewing · ⤓ 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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