MARYLAND READS INC

EIN: 921574563 501(c)(3) Education

KENSINGTON, MD

Total Revenue
$355,083
Total Expenses
$451,391
Total Assets
$67,775
Net Assets
$67,775
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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
2022
Legal Domicile
MD
Principal Officer
Particia Brennan-Gac
Phone
2023600165
Tax Period
2024-01-01 to 2024-12-31

MARYLAND READS INC, founded in 2022, is a small nonprofit in the Education sector that reported $355K in total revenue in fiscal year 2024. Revenue surged 22% from the prior year, signaling strong growth momentum. Expenses of $451K exceeded revenue, resulting in a 27% operating deficit.

Mission

To foster a transformative culture that dramatically improves reading proficiency across Maryland by empowering stakeholders and amplifying their collective voices to drive meaningful change in policy and practice within their communities and our state.

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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 (2024)

Revenue Breakdown

Contributions & Grants $355,000
Program Service Revenue $0
Investment Income $0
Other Revenue $83
TOTAL REVENUE $355,083

Expense Breakdown

Grants Paid $0
Salaries & Benefits $416,217
Fundraising Expenses $3,875
Program Expenses $338,976
Other Expenses $31,299
TOTAL EXPENSES $451,391

Year-over-Year Comparison

2024 2023 Change
Revenue $355,083 $290,000 +0.2%
Expenses $451,391 $125,917 +2.6%
Net Income $-96,308 $164,083 -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
6
Independent Members
6
Employees
N/A
Volunteers
2

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
0
$0
Total Directors
1
$126,300
Key Employees
1
$126,300
Highest Compensated
0
reported
Name Title Hours/Week Role Reportable Comp Other Comp Total
Patricia Brennan-Gac Executive Director 25.00
Director Key Emp
$126,300 $0 $126,300
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
2024 $355,083 $451,391 $67,775 $-96,308
2023 $290,000 $125,917 $164,083 $164,083
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