READ 718 INC

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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

2013

Legal Domicile

Principal Officer

EVELYN CANELA-GARCIA

Phone

7185763228

Tax Period

2024-08-01 to 2025-07-31

READ 718 INC, founded in 2013, is a community nonprofit in the Education sector that reported $1.2M in total revenue in fiscal year 2024. Revenue surged 34% from the prior year, signaling strong growth momentum. The organization ran a surplus of $303K, a strong 25% operating margin.

Mission

READ 718 PROVIDES INDIVIDUALIZED AND SMALL GROUP LITERACY INSTRUCTION TO CHILDREN IN GRADES 1-8 FROM LOW-INCOME HOUSEHOLDS IN BROOKLYN. SERVICES ARE PROVIDED IN OUR TWO LITERACY CENTERS AS WELL AS REMOTELY.

Program Service Accomplishments

Program 1

Expenses: $661,321 Revenue: $14,962

DURING THE 2024-2025 SCHOOL YEAR, READ 718 SERVED 283 CHILDREN, ANINCREASE OF ABOUT 5% OVER THE PRIOR YEAR, PROVIDING OVER 10,000 HOURSOF ONE-TO-ONE AND SMALL GROUP INSTRUCTION. FOR EACH 10 WEEK...

DURING THE 2024-2025 SCHOOL YEAR, READ 718 SERVED 283 CHILDREN, ANINCREASE OF ABOUT 5% OVER THE PRIOR YEAR, PROVIDING OVER 10,000 HOURSOF ONE-TO-ONE AND SMALL GROUP INSTRUCTION. FOR EACH 10 WEEK CYCLE, WESERVED BETWEEN 55-65 STUDENTS IN READ 718 AFTER SCHOOL (IN-PERSON INOUR TWO LITERACY CENTERS) AND BETWEEN 75-95 STUDENTS IN READ 718REMOTE. IN ADDITION, WE SERVED 138 STUDENTS ACROSS ALL OF OUR SUMMER2025 PROGRAMMING, WHICH INCLUDES SUMMER READING ROOM (IN PERSON ANDREMOTE), RISING READERS (IN PERSON ONLY), SUMMER WRITING WORKSHOPS (INPERSON ONLY), AND SUMMER BOOK CLUB (REMOTE ONLY).

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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%)

Financial Overview (2024)

Revenue Breakdown

Contributions & Grants $1,168,853

Program Service Revenue $14,962

Investment Income $35,211

Other Revenue $0

TOTAL REVENUE $1,219,026

Expense Breakdown

Grants Paid $0

Salaries & Benefits $692,247

Fundraising Expenses $126,027

Program Expenses $661,321

Other Expenses $223,809

TOTAL EXPENSES $916,056

Year-over-Year Comparison

	2024	2023	Change
Revenue	$1,219,026	$912,681	+0.3%
Expenses	$916,056	$829,201	+0.1%
Net Income	$302,970	$83,480	+2.6%

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

Governance

Voting Members

Independent Members

Employees

Volunteers

322

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

$109,192

Total Directors

Key Employees

Highest Compensated

reported

Name	Title	Hours/Week	Role	Reportable Comp	Other Comp	Total
PAMELA ATKINS	CO-CHAIR	1.00	Officer Director	$0	$0	$0
GIANNA SCORSONE	CO-CHAIR	1.00	Officer Director	$0	$0	$0
DAVID HERBSTMAN	TREASURER	1.00	Officer Director	$0	$0	$0
TAMARA CARR MULLANEY	SECRETARY	1.00	Officer Director	$0	$0	$0
BABTUNDE AKOWE	DIRECTOR	1.00	Director	$0	$0	$0
FRANCESCA ALTEMA	DIRECTOR	1.00	Director	$0	$0	$0
KIM BOURNE	DIRECTOR	1.00	Director	$0	$0	$0
CHATISHA HOSTEN	DIRECTOR	1.00	Director	$0	$0	$0
MATTIIS LIMBERGER	DIRECTOR	1.00	Director	$0	$0	$0
ALLISON OAKES	DIRECTOR	1.00	Director	$0	$0	$0
KATHLEEN O'LEARY	DIRECTOR	1.00	Director	$0	$0	$0
REBECCA ROMANO	DIRECTOR	1.00	Director	$0	$0	$0
BLANCA RUIZ	DIRECTOR	1.00	Director	$0	$0	$0
JUDITH HAUT SETHI	DIRECTOR	1.00	Director	$0	$0	$0
INDIA SNEED-WILLIAMS	DIRECTOR	1.00	Director	$0	$0	$0
MAYA WILLIAMS	DIRECTOR	1.00	Director	$0	$0	$0
EMILY KIRVEN	EXECUTIVE DIRECTOR	40.00	Officer	$91,846	$17,346	$109,192

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	$1,219,026	$916,056	$1,210,744	$302,970
2024	No data	No data	No data	No data
2023	$744,534	$695,843	$827,534	$48,691
2022	$708,000	$559,797	$774,569	$148,203
2021	$515,252	$412,945	$674,221	$102,307
2020	$375,811	$320,817	$506,182	$54,994
2019	$279,609	$247,714	$408,143	$31,895