PROJECT READY A NJ NONPROFIT CORPORATION

EIN: 861236556 501(c)(3) Education

NEWARK, NJ

Total Revenue
$1,608,983
Total Expenses
$1,941,914
Total Assets
$872,884
Net Assets
$738,609
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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
NJ
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

WE STRIVE TO CREATE A WORLD IN WHICH NO COMMUNITY IS LEFT VOICELESS. WE BELIEVE ALL COMMUNITY MEMBERS, FROM CHILDREN TO ADULTS, SHOULD BE CIVICALLY EDUCATED AND HAVE PROPER ACCESS TO VOTING PRACTICES; THEREBY BEING POWERED TO DISRUPT SYSTEMS.

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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 $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

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Governance

Voting Members
4
Independent Members
2
Employees
51
Volunteers
5

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
6
$454,785
Total Directors
7
$306,443
Key Employees
0
$0
Highest Compensated
1
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
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