Read To Succeed Inc
- Assets
- $1.6m
- Revenue
- $480.5k
- Investments
- $0.0
- Employees
- 0
- Location
- Hope, RI
- Founding
- 07/2009
- Data as of
- 09/2021
- EIN
- 74-3236898
Organization Overview
Read To Succeed Inc is located in Hope, RI. The organization was established in 2009. According to its NTEE Classification (B82) the organization is classified as: Scholarships & Student Financial Aid, under the broad grouping of Education and related organizations. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Read To Succeed Inc 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 09/2021, Read To Succeed Inc generated $480.5k in total revenue. This represents relatively stable growth, over the past 6 years the organization has increased revenue by an average of 8.0% each year. All expenses for the organization totaled $406.1k during the year ending 09/2021. While expenses have increased by 7.5% 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 ENCOURAGE ELEMENTARY SCHOOL STUDENTS TO READ DURING THEIR SUMMER VACATION.
Describe the Organization's Program Activity:
Part 3 - Line 4a
254 STUDENTS SUCCESSFULLY COMPLETED THE SUMMER PROGRAM AND RECEIVED CERTIFICATES. DEPOSITS OF $1,000 TO THE COLLEGE BOUNDFUND HAVE BEEN MADE FOR 254 STUDENTS.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Barbara A Papitto Director,president | OfficerTrustee | 5 | $0 |
Edward P Pieroni Director,treasurer | OfficerTrustee | 0 | $0 |
David F Guertin Director | Trustee | 8 | $0 |
James Myers MD Director | Trustee | 0 | $0 |
Edward Power Director | Trustee | 0 | $0 |
Dan Corley Director | Trustee | 0 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $0 |
| All other contributions, gifts, grants, and similar amounts not included above | $396,666 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $396,666 |
| Total Program Service Revenue | $0 |
| Investment income | $17,414 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $66,461 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $480,541 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $0 |
| Grants and other assistance to domestic individuals. | $254,000 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $0 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $0 |
| Payroll taxes | $0 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $0 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $50,000 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $102,062 |
| Advertising and promotion | $0 |
| Office expenses | $0 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $0 |
| 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 | $0 |
| Insurance | $0 |
| All other expenses | $0 |
| Total functional expenses | $406,062 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $136,076 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $0 |
| 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 | $0 |
| Net Land, buildings, and equipment | $0 |
| Investments—publicly traded securities | $1,509,367 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $1,645,443 |
| Accounts payable and accrued expenses | $0 |
| 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 | $0 |
| Total liabilities | $0 |
| Net assets without donor restrictions | $0 |
| Net assets with donor restrictions | $0 |
| 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 | $1,645,443 |
| Total liabilities and net assets/fund balances | $1,645,443 |
Grants Recieved
Over the last fiscal year, we have identified 2 grants that Read To Succeed Inc has recieved totaling $4,000.
| Awarding Organization | Amount |
|---|---|
The Harry M Miriam C & William C Dallas, TX PURPOSE: UNRESTRICTED GENERAL | $2,500 |
William C Bowling Sr Memorial Fund Warwick, RI PURPOSE: SUPPORT EDUCATION FOR RI YOUTH | $1,500 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Massachusetts Higher Education Assistance Corporation Boston, MA | $1,090,709,677 | $124,087,298 |
Edward P Evans Andover, MA | $242,161,195 | $13,916,833 |
Ja Worldwide Inc Boston, MA | $14,229,210 | $21,801,943 |
Catholic Schools Foundation Inc Boston, MA | $110,171,239 | $27,305,892 |
Laspau Inc Cambridge, MA | $9,172,350 | $9,862,515 |
The Cape Cod Community College Educational Foundation Inc West Barnstable, MA | $15,428,827 | $3,042,413 |
Cape Cod Foundation Inc South Yarmouth, MA | $88,834,376 | $21,531,654 |
Uaspire Inc Boston, MA | $8,161,176 | $8,929,537 |
Stephen Phillips Memorial Scholarship Fund Inc Boston, MA | $45,790,109 | $8,308,700 |
Thrive Scholars Boston, MA | $14,006,320 | $13,719,971 |
Boston Latin School Association Boston, MA | $71,373,277 | -$8,021,699 |
Feigenbaum Foundation Inc Pittsfield, MA | $77,550,637 | $8,621,230 |