Literacy Inc
- Assets
- $4.6m
- Revenue
- $3.9m
- Investments
- $599.9k
- Employees
- 51
- Location
- New York, NY
- Founding
- 10/2005
- Data as of
- 06/2021
- EIN
- 13-3911331
Organization Overview
Literacy Inc, operating under the name Linc, is located in New York, NY. The organization was established in 2005. According to its NTEE Classification (B92) the organization is classified as: Remedial Reading & Encouragement, under the broad grouping of Education and related organizations. As of 06/2021, Linc employed 51 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Linc is a 501(c)(3) and as such, is described as a "Charitable or Religous organization or a private foundation" by the IRS.
For the year ending 06/2021, Linc generated $3.9m in total revenue. This organization has experienced exceptional growth, as over the past 6 years, it has increased revenue by an average of 16.3% each year . All expenses for the organization totaled $3.5m during the year ending 06/2021. While expenses have increased by 11.6% per year over the past 6 years. They've been increasing with an increasing level of total revenue. You can explore the organizations financials more deeply in the financial statements section below.
Form
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2021
Describe the Organization's Mission:
Part 3 - Line 1
TO ENGAGE FAMILIES AND COMMUNITIES TO SUPPORT YOUNG READERS IN HIGH NEED AREAS.
Describe the Organization's Program Activity:
Part 3 - Line 4a
SEE SCHEDULE O
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Shari Levine Executive Director | Officer | 40 | $112,500 |
Mary Fratto Rowe Vice Chair | OfficerTrustee | 2 | $0 |
Jacqueline A Kaiko Treasurer | OfficerTrustee | 2 | $0 |
Robert E Spierer Secretary | OfficerTrustee | 2 | $0 |
Kosha Udani Assistant Treasurer | OfficerTrustee | 2 | $0 |
Carlos Rodriguez Chairperson | OfficerTrustee | 2 | $0 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
True North Inc Advertising Agency | 6/29/18 | $100,610 |
Algorhythm Io Inc Evaluation Service | 6/29/18 | $222,156 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $655,547 |
| Related organizations | $0 |
| Government grants | $1,616,318 |
| All other contributions, gifts, grants, and similar amounts not included above | $1,571,977 |
| Noncash contributions included in lines 1a–1f | $115,039 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $3,843,842 |
| Total Program Service Revenue | $22,167 |
| Investment income | $234 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | -$1,538 |
| Net Income from Fundraising Events | $35,000 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $3,899,705 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $0 |
| Grants and other assistance to domestic individuals. | $0 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $159,029 |
| Compensation of current officers, directors, key employees. | $12,895 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $2,187,695 |
| Pension plan accruals and contributions | $17,031 |
| Other employee benefits | $125,453 |
| Payroll taxes | $191,804 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $51,111 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $35,000 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $309,313 |
| Advertising and promotion | $0 |
| Office expenses | $37,844 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $73,312 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $715 |
| Insurance | $12,757 |
| All other expenses | $0 |
| Total functional expenses | $3,549,655 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $1,295,471 |
| Savings and temporary cash investments | $1,777,340 |
| Pledges and grants receivable | $853,474 |
| Accounts receivable, net | $24,908 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $28,546 |
| Net Land, buildings, and equipment | $1,072 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $599,893 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $14,626 |
| Total assets | $4,595,330 |
| Accounts payable and accrued expenses | $284,841 |
| Grants payable | $0 |
| Deferred revenue | $0 |
| Tax-exempt bond liabilities | $0 |
| Escrow or custodial account liability | $0 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
| Secured mortgages and notes payable | $0 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $500,000 |
| Total liabilities | $784,841 |
| Net assets without donor restrictions | $2,357,778 |
| Net assets with donor restrictions | $1,452,711 |
| Capital stock or trust principal, or current funds | $0 |
| Paid-in or capital surplus, or land, building, or equipment fund | $0 |
| Retained earnings, endowment, accumulated income, or other funds | $0 |
| Total liabilities and net assets/fund balances | $4,595,330 |
Grants Recieved
Over the last fiscal year, we have identified 29 grants that Literacy Inc has recieved totaling $3,268,138.
| Awarding Organization | Amount |
|---|---|
Carmel Hill Fund New York, NY PURPOSE: UNRESTRICTED GRANT FOR DONEE'S EXEMPT PURPOSE | $2,000,000 |
Fjc New York, NY PURPOSE: UNRESTRICTED GENERAL SUPPORT | $200,300 |
Pinkerton Foundation New York, NY PURPOSE: EDUCATION | $177,000 |
Pinkerton Foundation New York, NY PURPOSE: EDUCATION | $170,000 |
Pinkerton Foundation New York, NY PURPOSE: EDUCATION | $147,000 |
Pinkerton Foundation New York, NY PURPOSE: EDUCATION | $109,000 |
Endowment Analysis
| Beg. Balance | $1,567,296 |
| Net Contributions | $1,091,000 |
| Other Expense | $1,205,585 |
| Ending Balance | $1,452,711 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Reach Out And Read Inc Boston, MA | $10,124,014 | $15,173,728 |
Proliteracy Worldwide Syracuse, NY | $17,604,255 | $13,411,984 |
Urban Youth Alliance International Inc Bronx, NY | $4,354,975 | $6,995,942 |
Literacy Inc New York, NY | $4,595,330 | $3,899,705 |
Read Alliance Inc New York, NY | $3,368,825 | $3,674,607 |
Nj Leep Inc Newark, NJ | $3,780,662 | $2,866,137 |
Read To Grow Inc Branford, CT | $1,292,928 | $1,217,263 |
Mujeres Unidas Avanzando Inc Dorchester, MA | $2,346,284 | $1,432,208 |
Reach Out And Read Of Greater New York Inc New York, NY | $1,043,771 | $1,407,811 |
Reading Is Fundamental Pittsburg Pittsburgh, PA | $3,385,621 | $940,540 |
The Literacy Center Allentown, PA | $813,842 | $994,402 |
Childrens Literacy Foundation Waterbury Center, VT | $3,355,968 | $2,120,012 |