Read Youth Charities
- Assets
- $50.1m
- Revenue
- $669.4k
- Investments
- $42.3m
- Employees
- 0
- Location
- Magnolia, TX
- Founding
- 07/1972
- Data as of
- 08/2023
- EIN
- 23-7048642
Organization Overview
Read Youth Charities is located in Magnolia, TX. The organization was established in 1972. According to its NTEE Classification (T23) the organization is classified as: Private Operating Foundations, under the broad grouping of Philanthropy, Voluntarism & Grantmaking Foundations and related organizations. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Read Youth Charities 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 08/2023, Read Youth Charities generated $669.4k in total revenue. This represents relatively stable growth, over the past 7 years the organization has increased revenue by an average of 4.9% each year. All expenses for the organization totaled $1.4m during the year ending 08/2023. While expenses have increased by 13.5% per year over the past 7 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
990PF
Mission & Program ActivityExcerpts From the 990PF Filing
TAX YEAR
2023
Describe the Organization's Program Activity:
Part 3 - Line 4a
DEERFOOT YOUTH CAMP - A SPORTS CAMP FOR SOCIOECONOMICALLY DISADVANTAGED YOUTH.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Michael A Thornton President/chair | 20 | $52,875 | |
Thomas Read Vice President | 0.5 | $0 | |
Thomas Gilbert Secretary | 0.5 | $0 | |
Brian J Bergeron Treasurer | 0.5 | $0 | |
Paul Batista Trustee | 0.5 | $0 | |
Roy Cano Trustee | 0.5 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Contributions, Gifts, Grants & Similar | $6,291 |
| Interest on Savings | $134,079 |
| Dividends & Interest | $722,467 |
| Net Rental Income | $0 |
| Net Gain on Sale of Assets | -$358,001 |
| Capital Gain Net Income | $0 |
| Net ST Capital Gain | $0 |
| Income Modifications | $0 |
| Profit on Inventory Sales | $0 |
| Other Income | $164,611 |
| Total Revenue | $669,447 |
| Statement of Expenses | |
|---|---|
| Compensation of officers, directors, trustees, etc | $52,875 |
| Other employee salaries and wages | $360,971 |
| Pension plans, employee benefits | $49,219 |
| Interest | $0 |
| Taxes | $69,631 |
| Depreciation | $121,210 |
| Occupancy | $155,691 |
| Travel, conferences, and meetings | $0 |
| Printing and publications | $41 |
| Other expenses | $305,492 |
| Total operating and administrative expenses | $1,358,199 |
| Contributions, gifts, grants paid | $0 |
| Total expenses and disbursements | $1,358,199 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $431,337 |
| Savings and temporary cash investments | $489,307 |
| Net Accounts receivable | $1,230 |
| Net Pledges Receivable | $0 |
| Grants receivable | $0 |
| Receivables from Officers, Directors, or Controlling Persons | $0 |
| Net other notes and loans receivable | $0 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $0 |
| Net Investments - land, buildings, equipment | $0 |
| Investments—mortgage loans | $0 |
| Investments—other | $2,219,806 |
| Net Land, buildings, and equipment | $6,827,121 |
| Other assets | $36,471 |
| Total assets | $50,120,348 |
| Accounts payable and accrued expenses | $0 |
| Grants payable | $0 |
| Deferred revenue | $0 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
| Mortgages and other notes payable | $0 |
| Other liabilities | $5 |
| Total liabilities | $5 |