READING AND EDUCATION FOR ADULT DE… - Form 990 Financial Data

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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

1982

Legal Domicile

Principal Officer

RYAN CORRIGAN

Phone

8042889930

Tax Period

2023-07-01 to 2024-06-30

READING AND EDUCATION FOR ADULT DEVELOPMENT, founded in 1982, is a small nonprofit that reported $836K in total revenue in fiscal year 2023. Revenue surged 31% from the prior year, signaling strong growth momentum. Expenses of $731K left a modest 13% surplus.

Mission

THE READ CENTER ACCOMPLISHES THIS MISSION BY PROVIDING CLASSROOM INSTRUCTION AND ONE-TO-ONE TUTORING TO ADULTS OVER THE AGE OF 18 WHO WANT TO IMPROVE THEIR READING, WRITING, BASIC MATH AND DIGITAL SKILLS.

Program Service Accomplishments

Program 1

Expenses: $483,200

THE ABILITY TO READ, WRITE, DO BASIC MATH, AND USE A COMPUTER IMPACTS A PERSON'S HEALTH, EMPLOYMENT, FINANCIAL STABILITY, HOUSING, AND COMMUNITY ENGAGEMENT. THE READ CENTER OFFERS LIFE-CHANGING...

THE ABILITY TO READ, WRITE, DO BASIC MATH, AND USE A COMPUTER IMPACTS A PERSON'S HEALTH, EMPLOYMENT, FINANCIAL STABILITY, HOUSING, AND COMMUNITY ENGAGEMENT. THE READ CENTER OFFERS LIFE-CHANGING OPPORTUNITIES TO ADULTS SEEKING TO IMPROVE THEIR LIVES BY IMPROVING THEIR LITERACY. READ PROVIDES SMALL CLASSROOM INSTRUCTION AND 1:1 TUTORING FOR ADULT LEARNERS WHO NEED TO IMPROVE THEIR LITERACY SKILLS. READ BUILDS INSTRUCTION AROUND STUDENT'S PERSONAL LITERACY AND LIFE GOALS BECAUSE LEARNING IS MOST SUCCESSFUL WHEN THE CONTENT IS MEANINGFUL, INSPIRING, AND RELEVANT. READ PROVIDES TRAINING AND ONGOING SUPPORT FOR VOLUNTEER TUTORS WHO WORK WITH STUDENTS 1:1 AND IN CLASSROOMS. READ CONNECTS WITH LIKE-MINDED ORGANIZATIONS TO BETTER SERVE STUDENTS.

Program 2

IN THE 2023-2024 ACADEMIC YEAR, THE READ CENTER PROVIDED 11,097 HOURS OF INSTRUCTION TO 211 ADULT STUDENTS THROUGH BOTH ONLINE AND IN-PERSON LITERACY CLASSES AND ONE-TO-ONE TUTORING. STUDENTS...

IN THE 2023-2024 ACADEMIC YEAR, THE READ CENTER PROVIDED 11,097 HOURS OF INSTRUCTION TO 211 ADULT STUDENTS THROUGH BOTH ONLINE AND IN-PERSON LITERACY CLASSES AND ONE-TO-ONE TUTORING. STUDENTS ACHIEVED 684 PERSONAL GOALS INCLUDING INCREASED CONFIDENCE, IMPROVED READING, HELPING CHILDREN WITH SCHOOL, AND MANAGING THEIR HEALTH CARE. THE READ CENTER HAD OVER 150 VOLUNTEERS ASSISTING THROUGHOUT THE YEAR PROVIDING 8086 HOURS OF INSTRUCTION AND SUPPORT TO STUDENTS, TEACHERS AND STAFF.

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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 (2023)

Revenue Breakdown

Contributions & Grants $705,697

Program Service Revenue $0

Investment Income $65,050

Other Revenue $64,998

TOTAL REVENUE $835,745

Expense Breakdown

Grants Paid $0

Salaries & Benefits $504,606

Fundraising Expenses $156,216

Program Expenses $483,200

Other Expenses $226,030

TOTAL EXPENSES $730,636

Year-over-Year Comparison

	2023	2022	Change
Revenue	$835,745	$636,997	+0.3%
Expenses	$730,636	$659,530	+0.1%
Net Income	$105,109	$-22,533	-5.7%

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

N/A

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

Total Directors

Key Employees

Highest Compensated

reported

Name	Title	Hours/Week	Role	Reportable Comp	Other Comp	Total
MARGARET MAGEE	BOARD MEMBER	4.00	Director	$0	$0	$0
JANET PALMER	BOARD MEMBER	4.00	Director	$0	$0	$0
ELLEN MARIE HESS	VICE-PRESIDENT	4.00	Officer Director	$0	$0	$0
WILLIAM SEYMOUR	PRESIDENT	4.00	Officer Director	$0	$0	$0
THERESA MOORE	BOARD MEMBER	4.00	Director	$0	$0	$0
ANNE WALESKI	BOARD MEMBER	4.00	Director	$0	$0	$0
CASSANDRA REYNOLDS	SECRETARY	4.00	Officer Director	$0	$0	$0
JORDAN COLES	BOARD MEMBER	4.00	Director	$0	$0	$0
MICHAEL WALSH	BOARD MEMBER	4.00	Director	$0	$0	$0
MARGARET HILL	BOARD MEMBER	4.00	Director	$0	$0	$0
MATTHEW GRAVES	TREASURER	4.00	Officer Director	$0	$0	$0
KADY SALMON	VICE-PRESIDENT	4.00	Officer Director	$0	$0	$0
REBECCA J TRES	BOARD MEMBER	4.00	Director	$0	$0	$0

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	$835,745	$730,636	$1,958,867	$105,109
2023	$636,997	$659,530	$1,690,124	$-22,533
2022	$504,480	$582,036	$1,521,713	$-77,556
2021	$732,503	$511,643	$1,780,256	$220,860
2020	$944,309	$460,166	$1,353,507	$484,143
2019	$532,890	$444,440	$870,970	$88,450

READING AND EDUCATION FOR ADULT DEVELOPMENT