PROJECT READY A NJ NONPROFIT CORPO… - 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

2021

Legal Domicile

Principal Officer

SHENNELL MCCLOUD

Phone

9739439740

Tax Period

2023-07-01 to 2024-06-30

PROJECT READY A NJ NONPROFIT CORPORATION, founded in 2021, is a community nonprofit in the Education sector that reported $1.6M in total revenue in fiscal year 2023. Revenue fell 48% from the prior year — a significant decline worth monitoring. Expenses of $1.9M exceeded revenue, resulting in a 21% operating deficit.

Mission

PROJECT READY WORKS TO CLOSE THE OPPORTUNITY GAPS AND IMPROVE LIFE OUTCOMES BY AMPLIFYING ISSUES AT THE INTERSECTION OF SOCIAL JUSTICE, PUBLIC HEALTH, EDUCATIONAL INEQUITIES, AND CIVIC ENGAGEMENT. BY SPEARHEADING GROUNDBREAKING INITIATIVES THAT HIGHLIGHT, UPLIFT, AND RESTORE THE NARRATIVES OF BLACK AND BROWN VOICES, PROJECT READY EMPOWERS COMMUNITIES TO RESHAPE HARMFUL POLICIES AND DEMAND SOCIAL JUSTICE.

Program Service Accomplishments

Program 1

Expenses: $670,876

STUDENT ADVOCACY:PROJECT READY SPONSORED STUDENT ORGANIZING CLUBS THROUGH OUR PARTNERSHIP WITH RHIZOME. THE ADVOCACY CLUB MEMBERS ASSISTED IN REGISTERING SENIORS DURING OUR OCTOBER WHEN WE ALL VOTE CAMPAIGN. THE CLUB ALSO SURVEYED OVER STUDENTS TO IDENTIFY SCHOOL CLIMATE NEEDS. STUDENT MEMBERS BUILD SKILLS IN DATA ANALYSIS, PUBLIC SPEAKING, NETWORKING, AND STUDENT ORGANIZING.INTRODUCING THE "DEAR AMERICA: VOICES OF THE UNHEARD" DOCU-SERIES:PROJECT READY HAS EXPANDED ITS REACH WITH A NATIONAL GET OUT THE VOTE INITIATIVE. THE DOCUMENTARY, "DEAR AMERICA: A MESSAGE FROM BLACK WOMEN," WILL BECOME THE CORNERSTONE OF A LARGER INITIATIVE - A DOCU-SERIES TITLED "DEAR AMERICA: VOICES OF THE UNHEARD." THIS PROJECT ASPIRES TO HOLD UP A SOCIETAL MIRROR, SHOWCASING THE RICH TAPESTRY OF THE AMERICAN EXPERIENCE. BEYOND A GLIMPSE INTO THE LIVES OF THE UNDERREPRESENTED, THIS SERIES IS AN URGENT CALL TO ACTION FOR TANGIBLE SOCIETAL TRANSFORMATION. AS WE STRIVE FOR EQUITY AND DEMOCRACY, "VOICES OF THE UNHEARD" AIMS TO ILLUMINATE THE PATH TO A MORE INCLUSIVE AND EQUITABLE FUTURE.PROJECT READY COMMUNITY CENTER LAUNCH:PROJECT READY HOSTED A SOFT LAUNCH FOR THE NEW COMMUNITY CENTER. THE SPACE SERVES THE PERFECT OPPORTUNITY TO FORTIFY COLLABORATIONS WITH ESTEEMED ORGANIZATIONS. THE ORGANIZATION IS THANKFUL TO HAVE PARTNERS LIKE COUNCILMAN LARRY CRUMP, 211 COMMUNITY IMPACT, READING PARTNERS, GATEWAY U, CLINTON HILL COMMUNITY CENTER, AND THE GEM PROJECT, TO NAME A FEW.

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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 $1,590,615

Program Service Revenue $0

Investment Income $18,368

Other Revenue $0

TOTAL REVENUE $1,608,983

Expense Breakdown

Grants Paid $0

Salaries & Benefits $963,147

Fundraising Expenses $36,130

Program Expenses $670,876

Other Expenses $978,767

TOTAL EXPENSES $1,941,914

Year-over-Year Comparison

	2023	2022	Change
Revenue	$1,608,983	$3,104,022	-0.5%
Expenses	$1,941,914	$2,526,155	-0.2%
Net Income	$-332,931	$577,867	-1.6%

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

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

$454,785

Total Directors

$306,443

Key Employees

Highest Compensated

reported

Name	Title	Hours/Week	Role	Reportable Comp	Other Comp	Total
SHENNELL MCCLOUD	EXECUTIVE DIRECTOR/CEO	30.00	Officer Director	$227,344	$35,889	$263,233
NAYIBE CAPELLAN	BOARD TRUSTEE	0.17	Director	$37,996	$5,214	$43,210
CALVIN SOUDER	TREASURER	0.25	Officer Director	$0	$0	$0
PAULA WHITE	OUTGOING SECRETARY (4/2024)	0.17	Officer Director	$0	$0	$0
PATRICK TERBORG	CHAIR	0.25	Officer Director	$0	$0	$0
CARLOS LEJNIEKS	OUTGOING BOARD TRUSTEE (4/2024)	0.17	Director	$0	$0	$0
KYLE ROSENKRANS	OUTGOING TREASURER (4/2024)	0.17	Officer Director	$0	$0	$0
KARIN GERALD	COO	32.00	Officer	$151,703	$39,849	$191,552
RONALD AUGUSTIN	DEPUTY EXECUTIVE DIRECTOR	40.00	Highest	$135,164	$45,017	$180,181

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	$1,608,983	$1,941,914	$872,884	$-332,931
2023	$3,104,022	$2,526,155	$1,142,697	$577,867
2022	$2,709,148	$2,215,250	$545,292	$493,898

PROJECT READY A NJ NONPROFIT CORPORATION