FIRST LITERACY INC

EIN: 042997446 501(c)(3) Education

BOSTON, MA

Total Revenue
$796,853
Total Expenses
$700,620
Total Assets
$1,401,927
Net Assets
$1,157,693
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Financial Vulnerability Assessment (Tuckman-Chang)

4 risk indicators measuring financial stability and operational resilience

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Financial Trends

Organization Details

Formation Year
1988
Legal Domicile
MA
Principal Officer
THERESA WITHERELL
Phone
6174823336
Tax Period
2023-07-01 to 2024-06-30

FIRST LITERACY INC, founded in 1988, is a small nonprofit in the Education sector that reported $797K in total revenue in fiscal year 2023. Revenue surged 62% from the prior year, signaling strong growth momentum. Expenses of $701K left a modest 12% surplus.

Mission

FUNDING INNOVATION IN ADULT LITERACY TO CHANGE LIVES.

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Trantor Score

Financial Health Score (300–850) · Liquidity · Solvency · Sustainability · Efficiency

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Liquidity (40%) • Solvency (30%) • Sustainability (20%) • Efficiency (10%)

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Financial Overview (2023)

Revenue Breakdown

Contributions & Grants $475,748
Program Service Revenue $0
Investment Income $70,753
Other Revenue $250,352
TOTAL REVENUE $796,853

Expense Breakdown

Grants Paid $71,450
Salaries & Benefits $415,735
Fundraising Expenses $134,186
Program Expenses $481,842
Other Expenses $213,435
TOTAL EXPENSES $700,620

Year-over-Year Comparison

2023 2022 Change
Revenue $796,853 $490,804 +0.6%
Expenses $700,620 $752,639 -0.1%
Net Income $96,233 $-261,835 -1.4%
Key Indicators
✓ Grants to Organizations ✓ Grants to Individuals ✗ Lobbying ✗ Political Activity ✗ Foreign Activities ✗ Donor Advised Fund ✓ Schedule B Required
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Financial Health Indicators

Comprehensive financial analysis: Altman Z-Score, liquidity, solvency, sustainability, efficiency, and growth metrics

Financial Distress Indicator

Liquidity & Cash Position

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Altman Z-Score • Liquidity Ratios • Solvency Analysis • Growth Indicators • Efficiency Metrics

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Governance

Voting Members
17
Independent Members
16
Employees
8
Volunteers
25

Governance Policies

✓ Conflict of Interest Policy
✓ Whistleblower Policy
✓ Document Retention Policy

Special Practices & Reported Activities

✗ Operated a School
✗ Operated a Hospital
✗ Provided First Class Travel
✗ Reported Conflict of Interest
✗ Reported Asset Diversion
✗ Excess Benefit Transaction
✗ Made Political Expenditures
✗ Engaged in Lobbying
✗ Operated Donor Advised Fund
✗ Maintained Art Collections
✗ Filed Form 720

Compensation of Officers, Directors & Key Employees

Total Officers
3
$152,749
Total Directors
13
$152,749
Key Employees
0
$0
Highest Compensated
0
reported
Name Title Hours/Week Role Reportable Comp Other Comp Total
JAMES NOLAN CHAIRMAN 1.50
Officer Director
$0 $0 $0
HOLLY REEVES TREASURER 1.00
Officer Director
$0 $0 $0
KARIME ADBEL-HAY BOARD MEMBER 1.50
Director
$0 $0 $0
JEFFREY P BEALE VICE PRESIDENT 1.50
Director
$0 $0 $0
RUDY BOZAS BOARD MEMBER 0.50
Director
$0 $0 $0
LAWRENCE FAHEY VICE PRESIDENT 1.00
Director
$0 $0 $0
COREY GROVES BOARD MEMBER 0.50
Director
$0 $0 $0
NILAN JAYASINGHE BOARD MEMBER 1.00
Director
$0 $0 $0
OLGA KASPAROVA BOARD MEMBER 0.50
Director
$0 $0 $0
TONY DAY SILVA BOARD MEMBER 0.50
Director
$0 $0 $0
BARBARA GARNER BOARD MEMBER 0.50
Director
$0 $0 $0
LEE KENYON BOARD MEMBER 0.50
Director
$0 $0 $0
THERESA B WITHERELL EXECUTIVE DIRECTOR 50.00
Officer Director
$152,749 $0 $152,749
Note: Compensation data is self-reported by the organization on their Form 990. "Reportable Comp" includes salary, bonuses, and other reportable compensation from the organization and related organizations. "Other Comp" includes benefits, deferred compensation, and non-taxable benefits.

Historical Data

Year Revenue Expenses Assets Net Income
2025 No data No data No data No data
2024 $796,853 $700,620 $1,401,927 $96,233
2023 $490,804 $752,639 $1,129,162 $-261,835
2022 $615,900 $729,964 $1,268,482 $-114,064
2021 $653,913 $645,880 $1,650,211 $8,033
2020 $458,574 $540,497 $1,342,823 $-81,923
2019 $655,242 $565,559 $1,345,307 $89,683
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