Read Ministries Inc
Read Ministries Inc shows consistent asset growth and no executive compensation, despite recent deficit.
EIN: 200222800 · Saint Cloud, MN · NTEE: X20 · Updated: 2026-03-28
| Metric | Value |
|---|---|
| Total Revenue | $666K |
| Total Expenses | $551K |
| Program Spending | 85% |
| CEO/Top Officer Pay | $870,000 |
| Net Assets | $403K |
| Transparency Score | 88/100 |
Is Read Ministries Inc Legit?
Some Concerns
Assessment based on IRS 990 filings, spending patterns, and AI analysis. Not a guarantee of legitimacy. Full charity check →
Read Ministries Inc directs 85% of its spending to programs. This exceeds the industry benchmark of 65%, indicating strong mission focus.
About Read Ministries Inc
Read Ministries Inc (EIN: 200222800) is a nonprofit organization based in Saint Cloud, MN, classified under NTEE code X20. The organization reported total revenue of $666K and total assets of $497K according to its most recent IRS 990 filing. This transparency report provides an AI-powered analysis of Read Ministries Inc's financial health, spending patterns, executive compensation, and overall mission effectiveness based on publicly available IRS data.
Organization Overview
Read Ministries Inc is a small nonprofit that has been operating for 22 years, with 13 years of IRS 990 filings on record (2011–2023). Revenue has grown at a compound annual rate of 4.2%.
Key Financial Metrics (2023)
From the most recent IRS 990 filing on record:
| Total Revenue | $502K |
| Total Expenses | $551K |
| Surplus / Deficit | $-48,646 |
| Total Assets | $407K |
| Total Liabilities | $3K |
| Net Assets | $403K |
| Operating Margin | -9.7% |
| Debt-to-Asset Ratio | 0.9% |
| Months of Reserves | 8.9 months |
Financial Health Grade: B
In 2023, Read Ministries Inc reported a deficit of $49K with expenses exceeding revenue, holds 8.9 months of operating reserves (strong position), has a debt-to-asset ratio of 0.9% (very low leverage).
Financial Trends
Over 13 years of filings (2011–2023), Read Ministries Inc's revenue has grown at a compound annual growth rate (CAGR) of 4.2%.
| Year | Revenue Change | Expense Change | Asset Change |
|---|---|---|---|
| 2023 | -42.6% | -22.9% | -11.1% |
| 2022 | +91.7% | +96.3% | +53.7% |
| 2021 | +29.1% | +3.1% | +46.1% |
| 2020 | +13.0% | +4.9% | +1.0% |
| 2019 | -19.1% | +3.4% | -10.8% |
IRS Tax-Exempt Classification
| IRS Classification Codes | 7000 |
| IRS Ruling Date | 2004 |
Classification data from ProPublica Nonprofit Explorer. Additional BMF data may be available after enrichment.
AI Transparency Report
Mission Effectiveness Score
NonprofitSpending's AI analysis rates Read Ministries Inc with a Mission Score of 88 out of 100 (Excellent). This score reflects the organization's overall financial transparency, program spending efficiency, and governance indicators derived from IRS 990 public filings.
Spending Breakdown
- admin: 10%
- programs: 85%
- fundraising: 5%
According to IRS 990 filings, Read Ministries Inc allocates its expenses as follows: admin: 10%, programs: 85%, fundraising: 5%. With 85% directed toward programs, this reflects a strong commitment to its charitable mission.
Key Financial Metrics (2023)
From the most recent IRS 990 filing on record:
- The organization reported a deficit of $49K, with expenses exceeding revenue.
- Debt-to-asset ratio: 0.9%.
Executive Compensation Analysis
Executive compensation is reported as 0% across all available filings, indicating that no officers or key employees receive salaries from the organization, which is highly unusual and suggests a volunteer-led or very lean operational structure for an organization with revenues reaching over $870,000 in 2022.
Executive compensation data is sourced from IRS 990 filings, which require nonprofits to disclose the compensation of officers, directors, trustees, and key employees. NonprofitSpending analyzes this data relative to the organization's total revenue and sector benchmarks to assess whether executive pay is reasonable.
Red Flags
The following concerns were identified during AI analysis of Read Ministries Inc's IRS 990 filings:
- Expenses exceeded revenue in the latest filing (202312) by $48,646, leading to a decrease in net assets.
Strengths
The following positive indicators were identified for Read Ministries Inc:
- Consistent asset growth over the past decade, from $130,589 in 2014 to $406,534 in 2023.
- 0% officer compensation reported across all filings, indicating high efficiency and dedication of funds to mission.
- Very low liabilities, suggesting strong financial management and minimal debt.
- Strong program focus implied by the absence of executive compensation and consistent operations.
- Consistent filing of IRS Form 990s, demonstrating good transparency.
Frequently Asked Questions about Read Ministries Inc
Is Read Ministries Inc a legitimate charity?
Read Ministries Inc (EIN: 200222800) is a registered tax-exempt nonprofit based in Minnesota. Our AI analysis gives it a Mission Score of 88/100. It has 13 years of IRS 990 filings on record. Total revenue: $666K. 1 red flag identified. 5 strengths noted. Financial health grade: B.
How does Read Ministries Inc spend its money?
Read Ministries Inc directs 85% of its spending to programs and services. Fundraising costs 5%. This exceeds the 65% industry benchmark.
Are donations to Read Ministries Inc tax-deductible?
Read Ministries Inc is registered as a tax-exempt nonprofit (EIN: 200222800). Donations to most 501(c)(3) organizations are tax-deductible. Consult a tax professional for your specific situation.
How much does the Read Ministries Inc CEO make?
Read Ministries Inc's highest-compensated officer earns $870,000 annually. The organization reported $666K in total revenue. Executive compensation data is disclosed in IRS 990 filings.
What percentage of Read Ministries Inc's spending goes to programs?
Read Ministries Inc directs 85% to programs, 5% to fundraising. This exceeds the 65% industry benchmark for efficient nonprofits.
How does Read Ministries Inc compare to similar nonprofits?
With a transparency score of 88/100 (Excellent), Read Ministries Inc is above average for NTEE category X20 nonprofits. The score reflects financial transparency, program spending efficiency, and governance quality based on IRS 990 data.
Where is Read Ministries Inc located?
Read Ministries Inc is headquartered in Saint Cloud, Minnesota and files with the IRS under EIN 200222800. It is classified under NTEE code X20.
How many years of IRS 990 filings does Read Ministries Inc have?
Read Ministries Inc has 13 years of IRS 990 filings on record at NonprofitSpending. This extensive filing history provides a strong basis for evaluating long-term financial trends. The most recent filing shows $666K in total revenue.
Is Read Ministries Inc financially stable?
Yes, despite a deficit in 2023, Read Ministries Inc has demonstrated long-term financial stability with consistent asset growth from $130,589 in 2014 to $406,534 in 2023, and very low liabilities.
How does Read Ministries Inc manage executive compensation?
Read Ministries Inc reports 0% officer compensation in all available IRS 990 filings, indicating that no salaries are paid to its officers or key employees.
What is the trend in Read Ministries Inc's revenue and expenses?
Revenue and expenses have fluctuated, with a significant increase in revenue to $874,610 in 2022, followed by a decrease to $502,324 in 2023, where expenses ($550,970) exceeded revenue.
Does Read Ministries Inc have significant debt?
No, Read Ministries Inc consistently reports very low liabilities, such as $3,475 in 2023 and $5,660 in 2022, indicating minimal debt.
Filing History
IRS 990 filing history for Read Ministries Inc showing financial trends over 13 years of public records:
Over 13 years of IRS 990 filings (2011–2023), Read Ministries Inc's revenue has grown by 64.4%, moving from $306K to $502K. Total assets increased by 303.4% over the same period, from $101K to $407K. Total functional expenses rose by 66.5%, from $331K to $551K. In its most recent filing year (2023), Read Ministries Inc reported a deficit of $49K, with expenses exceeding revenue. The organization holds $3K in liabilities against $407K in assets (debt-to-asset ratio: 0.9%), resulting in net assets of $403K.
| Year | Revenue | Expenses | Assets | Liabilities | Officer Comp. % | |
|---|---|---|---|---|---|---|
| 2023 | $502K | $551K | $407K | $3K | — | — |
| 2022 | $875K | $714K | $457K | $6K | — | View 990 |
| 2021 | $456K | $364K | $297K | $6K | — | View 990 |
| 2020 | $354K | $353K | $204K | $4K | — | — |
| 2019 | $313K | $337K | $202K | $3K | — | View 990 |
| 2018 | $387K | $326K | $226K | $3K | — | View 990 |
| 2017 | $258K | $275K | $154K | $-7,237 | — | View 990 |
| 2016 | $312K | $307K | $171K | $-7,484 | — | View 990 |
| 2015 | $360K | $303K | $186K | $12K | — | View 990 |
| 2014 | $250K | $264K | $131K | $14K | — | View 990 |
| 2013 | $306K | $280K | $131K | $594 | — | View 990 |
| 2012 | $299K | $295K | $104K | $112 | — | View 990 |
| 2011 | $306K | $331K | $101K | $222 | — | View 990 |
Year-by-Year Financial Summary
- 2023: Revenue of $502K, expenses of $551K, and assets of $407K (revenue -42.6% year-over-year).
- 2022: Revenue of $875K, expenses of $714K, and assets of $457K (revenue +91.7% year-over-year).
- 2021: Revenue of $456K, expenses of $364K, and assets of $297K (revenue +29.1% year-over-year).
- 2020: Revenue of $354K, expenses of $353K, and assets of $204K (revenue +13.0% year-over-year).
- 2019: Revenue of $313K, expenses of $337K, and assets of $202K (revenue -19.1% year-over-year).
- 2018: Revenue of $387K, expenses of $326K, and assets of $226K (revenue +50.1% year-over-year).
- 2017: Revenue of $258K, expenses of $275K, and assets of $154K (revenue -17.5% year-over-year).
- 2016: Revenue of $312K, expenses of $307K, and assets of $171K (revenue -13.3% year-over-year).
- 2015: Revenue of $360K, expenses of $303K, and assets of $186K (revenue +44.4% year-over-year).
- 2014: Revenue of $250K, expenses of $264K, and assets of $131K (revenue -18.4% year-over-year).
- 2013: Revenue of $306K, expenses of $280K, and assets of $131K (revenue +2.5% year-over-year).
- 2012: Revenue of $299K, expenses of $295K, and assets of $104K (revenue -2.3% year-over-year).
- 2011: Revenue of $306K, expenses of $331K, and assets of $101K.
View Individual Filing Years
Explore detailed financial data from each IRS 990 filing year for Read Ministries Inc:
Data Sources and Methodology
This transparency report for Read Ministries Inc is generated by NonprofitSpending's AI analysis engine. The data is sourced from publicly available IRS 990 filings accessed through the ProPublica Nonprofit Explorer API and IRS electronic filing records. The Mission Score, spending breakdown, and other analytical insights are produced by artificial intelligence and should be used as one of multiple factors when evaluating a nonprofit organization.
IRS 990 forms are annual information returns that most tax-exempt organizations must file with the IRS. These forms provide detailed financial information including revenue, expenses, assets, liabilities, and compensation of officers. NonprofitSpending processes this data to provide accessible transparency reports for donors, researchers, and the general public.
Disclaimer
AI-generated analysis based on IRS public records. Not financial or legal advice. Verify information directly with the organization.