Readsource INC EIN 46-5228845

Readsource INC FY2024 filing

EIN  46-5228845 Supporting organization Atlanta, GA Founded 2013
Form 990 (PDF)
You’re viewing the FY2024 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
Kara Loftin · Head of School
Money in and out
$959K revenue, $1.3M expenses
Bottom line
-39% net inflow

Helps communities support students facing learning challenges. For fiscal year 2024 it reported $959K in revenue, $1.3M in expenses, and $1.3M in net assets.Pt I

Money in and out · FY2024
Total revenue
$959K
Pt VIII · Ln 12
Total expenses
$1.3M
Pt IX · Ln 25
Net assets
$1.3M
Pt X · Ln 32
Revenue less expenses (Pt I · Ln 19): −$371K
Where spending went · Part IX cols B–D
Program services $0.80 Management & general $0.16 Fundraising $0.04
Net inflow
-39%
revenue over expenses, this year
Pass-through gifts
16%
of revenue from contributions
Program spending
80%
of expenses reach stated programs

Summary of the Filing

Part I · fiscal year 2024 · Form 990
Revenue
$959K
FY2024▼ -11%
Expenses
$1.3M
FY2024▲ +2%
Total assets
$1.5M
FY2024▼ -11%
Total liabilities
$215K
FY2024▲ +124%
Total revenue
$959K
Pt VIII · Ln 12
Total expenses
$1.3M
Pt IX · Ln 25
Net assets
$1.3M
Pt X · Ln 32
Revenue less expensesPt I · Ln 19−$371K
Total assetsPt X · Ln 16$1.5M
Program-expense ratioPt IX · col B80%
Voting members of governing bodyPt I · Ln 318
Independent voting membersPt I · Ln 418
Mission & Programs · Part III

Where the work happens

2 program services account for $1.1M of program spending, described in the organization's own filed words · FY2023.
01

Direct Remediation Services

Through the partnership with Purpose Built Schools Atlanta we provide direct remediation services to equip students in public schools with the reading skills needed to succeed.

$557Kprogram expense
02

Teacher Training & Tutoring Services

Our programs, including comprehensive Orton-Gillingham training and our free course, Reaching All Readers, are designed to equip educators with the tools needed to support diverse learners in both public and independent schools.

$505Kprogram 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 1a18
Independent voting membersPt VI · Ln 1b18
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 (FY2023); the FY2024 filing did not itemize Part VII
Head of School
$0Pt VII · Sec A
$0Pt VII · Sec A
$0Pt VII · Sec A
$0Pt VII · Sec A
Board Chair
$0Pt VII · Sec A
$0Pt VII · Sec A
$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$824K · 86%
Contributions & grants$154K · 16%
Program service revenue86%$824K
Contributions & grants16%$154K
Total revenueLn 12$959K

Statement of Functional Expenses

Part IX · allocated across program, management, and fundraising
Allocation · columns B–D
Program services $0.80 Management & general $0.16 Fundraising $0.04
Program services80%$1.1M
Management & general16%$213K
Fundraising4%$55K
Total functional expensesLn 25$1.3M

Balance Sheet

Part X · end of year
CashLn 1$1.2M
Total assetsLn 16$1.5M
Total liabilitiesLn 26$215K
Total net assetsLn 32$1.3M
Months of cash on handcomputed11.2

Financial Metrics

Form 990 · FY2024 · each ratio shown with the dollars behind it
Liquidity & Payout
Operating runway
Highly liquid reserves $1.2M · Operating expenses (Pt IX) $1.3M · Less non-cash grants $4K · Cash operating expenses/yr $1.3M
11.3 months
Where the money goes
Program services
Program services $1.1M · Total expenses $1.3M
80%
Management & General
Management & general $213K · Total expenses $1.3M
16%
Fundraising
Fundraising $55K · Total expenses $1.3M
4%
Cost to raise $1
Fundraising expense (3-yr avg) $52K · Solicited contributions (3-yr avg) $412K
$0.13 to raise $1 (3-yr avg)
Where the money comes from
Contribution dependence
Contributions & grants $154K · Total revenue $959K
16%
Government reliance
Government grants — · Total revenue $959K
Earned-income share
Program service revenue $824K · Total revenue $959K
86%
Investment reliance
Investment income $0 · Total revenue $959K
0%
Program self-sufficiency
Program service revenue $824K · Total expenses $1.3M
62%
Growth & trend
Revenue growth (YoY)
This year $959K · Prior year $1.1M
-11%
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 $959K · Expenses $1.3M
-39%
Liabilities-to-Assets
Total liabilities — · Total assets $1.5M
Net-asset ratio
Net assets $1.3M · Total assets $1.5M
86%
Marketable Investment Share
Publicly traded securities (Pt X, ln 11) $0 · Other securities (Pt X, ln 12) $0 · Total assets (Pt X, ln 16) $1.5M
0%
People & payroll
Highest Reported Total Compensation
Individual Kara Loftin · Reported title Head of School · Highest reported compensation $0 · Total expenses $1.3M
0%
Personnel share
Salaries, benefits & payroll (Pt IX 5-10) $1.1M · Total expenses $1.3M
85%
Peer comparison

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

MetricThis orgPeer medianPercentile
Program ratio 80%
Overhead ratio 16%
Fundraising cost ratio 36%
Revenue growth -11%
Investment management fee ratio 0%
Legal fee ratio 1%
Accounting fee ratio 0%
Fundraising fee ratio 0%

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