Readworks Inc
Readworks Inc. shows strong financial growth and high program spending efficiency in its latest filing.
EIN: 133593812 · Brooklyn, NY · NTEE: B240 · Updated: 2026-03-28
| Metric | Value |
|---|---|
| Total Revenue | $3.2M |
| Total Expenses | $3.0M |
| Program Spending | 80% |
| Net Assets | $2.6M |
| Transparency Score | 90/100 |
Is Readworks Inc Legit?
Some Concerns
Assessment based on IRS 990 filings, spending patterns, and AI analysis. Not a guarantee of legitimacy. Full charity check →
Readworks Inc directs 80% of its spending to programs. This exceeds the industry benchmark of 65%, indicating strong mission focus.
About Readworks Inc
Readworks Inc (EIN: 133593812) is a nonprofit organization based in Brooklyn, NY, classified under NTEE code B240. The organization reported total revenue of $3.2M and total assets of $1.8M according to its most recent IRS 990 filing. This transparency report provides an AI-powered analysis of Readworks Inc's financial health, spending patterns, executive compensation, and overall mission effectiveness based on publicly available IRS data.
Organization Overview
Readworks Inc is a mid-size nonprofit that has been operating for 35 years, with 13 years of IRS 990 filings on record (2011–2023). Revenue has grown at a compound annual rate of 12.0%.
Key Financial Metrics (2023)
From the most recent IRS 990 filing on record:
| Total Revenue | $4.6M |
| Total Expenses | $3.0M |
| Surplus / Deficit | +$1.6M |
| Total Assets | $2.7M |
| Total Liabilities | $82K |
| Net Assets | $2.6M |
| Operating Margin | 34.7% |
| Debt-to-Asset Ratio | 3.1% |
| Months of Reserves | 10.7 months |
Financial Health Grade: A
In 2023, Readworks Inc reported a surplus of $1.6M with revenue exceeding expenses, holds 10.7 months of operating reserves (strong position), has a debt-to-asset ratio of 3.1% (very low leverage).
Financial Trends
Over 13 years of filings (2011–2023), Readworks Inc's revenue has grown at a compound annual growth rate (CAGR) of 12.0%.
| Year | Revenue Change | Expense Change | Asset Change |
|---|---|---|---|
| 2023 | +143.4% | +14.9% | +135.6% |
| 2022 | -37.5% | +8.4% | -36.8% |
| 2021 | +15.9% | +7.4% | +31.5% |
| 2020 | +31.3% | +2.0% | +62.7% |
| 2019 | -6.9% | -0.2% | -20.0% |
IRS Tax-Exempt Classification
| IRS Classification Codes | 1000 |
| IRS Ruling Date | 1991 |
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 Readworks Inc with a Mission Score of 90 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: 15%
- programs: 80%
- fundraising: 5%
According to IRS 990 filings, Readworks Inc allocates its expenses as follows: admin: 15%, programs: 80%, fundraising: 5%. With 80% 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 surplus of $1.6M, with revenue exceeding expenses.
- Debt-to-asset ratio: 3.1%.
Executive Compensation Analysis
Readworks Inc. consistently reports 0% officer compensation across all available filings, indicating that no compensation was paid to officers, directors, trustees, or key employees, which is highly unusual for an organization of its size and suggests a volunteer-led executive structure or that compensation is reported differently.
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 Readworks Inc's IRS 990 filings:
- Unusually low or zero reported officer compensation across all filings, which might warrant further investigation into how leadership is compensated or structured.
Strengths
The following positive indicators were identified for Readworks Inc:
- High program spending ratio (e.g., 80% in 202308), indicating efficient use of funds for its mission.
- Significant revenue growth in the latest filing (202308: $4,603,761), demonstrating increased support.
- Strong asset growth in the latest period ($2,685,467 in 202308), enhancing financial stability.
- Consistent reporting of zero officer compensation, suggesting a highly mission-focused or volunteer-led executive team.
- Low liabilities relative to assets, indicating a healthy balance sheet and financial stability.
Frequently Asked Questions about Readworks Inc
Is Readworks Inc a legitimate charity?
Based on AI analysis of IRS 990 filings, Readworks Inc (EIN: 133593812) some concerns. Mission Score: 90/100. 1 red flag identified, 5 strengths noted.
How does Readworks Inc spend its money?
Readworks Inc directs 80% of its spending to programs and services. The remaining budget covers administration and fundraising costs.
Are donations to Readworks Inc tax-deductible?
Readworks Inc is registered as a tax-exempt nonprofit (EIN: 133593812). Donations to most 501(c)(3) organizations are tax-deductible. Consult a tax professional for your specific situation.
What percentage of Readworks Inc's spending goes to programs?
Readworks Inc directs 80% to programs, 5% to fundraising. This exceeds the 65% industry benchmark for efficient nonprofits.
How does Readworks Inc compare to similar nonprofits?
With a transparency score of 90/100 (Excellent), Readworks Inc is above average for NTEE category B240 nonprofits. The score reflects financial transparency, program spending efficiency, and governance quality based on IRS 990 data.
Where is Readworks Inc located?
Readworks Inc is headquartered in Brooklyn, New York and files with the IRS under EIN 133593812. It is classified under NTEE code B240.
How many years of IRS 990 filings does Readworks Inc have?
Readworks 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 $3.2M in total revenue.
Is Readworks Inc. a good charity?
Based on its financial data, Readworks Inc. appears to be a good charity. It consistently allocates a high percentage of its expenses to program services (e.g., 80% in 202308) and reports zero officer compensation, indicating a strong focus on its mission and efficient use of funds.
How has Readworks Inc.'s financial health changed recently?
Readworks Inc.'s financial health has significantly improved recently. In the 202308 period, revenue ($4,603,761) substantially exceeded expenses ($3,007,175), leading to a healthy surplus and a notable increase in assets to $2,685,467, recovering from a deficit in the 202208 period.
What is Readworks Inc.'s approach to executive compensation?
Readworks Inc. reports 0% officer compensation across all 13 available filings, suggesting that its executive leadership may be entirely volunteer-based or compensated through other means not categorized as officer compensation on the 990 form, which is a highly unusual and transparent approach to executive pay.
Filing History
IRS 990 filing history for Readworks Inc showing financial trends over 13 years of public records:
Over 13 years of IRS 990 filings (2011–2023), Readworks Inc's revenue has grown by 288.6%, moving from $1.2M to $4.6M. Total assets increased by 132% over the same period, from $1.2M to $2.7M. Total functional expenses rose by 204.5%, from $988K to $3.0M. In its most recent filing year (2023), Readworks Inc reported a surplus of $1.6M, with revenue exceeding expenses. The organization holds $82K in liabilities against $2.7M in assets (debt-to-asset ratio: 3.1%), resulting in net assets of $2.6M.
| Year | Revenue | Expenses | Assets | Liabilities | Officer Comp. % | |
|---|---|---|---|---|---|---|
| 2023 | $4.6M | $3.0M | $2.7M | $82K | — | — |
| 2022 | $1.9M | $2.6M | $1.1M | $126K | — | View 990 |
| 2021 | $3.0M | $2.4M | $1.8M | $43K | — | View 990 |
| 2020 | $2.6M | $2.2M | $1.4M | $219K | — | — |
| 2019 | $2.0M | $2.2M | $843K | $56K | — | View 990 |
| 2018 | $2.1M | $2.2M | $1.1M | $53K | — | View 990 |
| 2017 | $2.5M | $2.2M | $1.2M | $86K | — | View 990 |
| 2016 | $1.2M | $1.6M | $907K | $125K | — | View 990 |
| 2015 | $1.2M | $1.4M | $1.3M | $146K | — | View 990 |
| 2014 | $1.4M | $1.6M | $1.5M | $95K | — | View 990 |
| 2013 | $1.6M | $1.2M | $1.6M | $21K | — | View 990 |
| 2012 | $1.2M | $1.1M | $1.3M | $96K | — | View 990 |
| 2011 | $1.2M | $988K | $1.2M | $50K | — | View 990 |
Year-by-Year Financial Summary
- 2023: Revenue of $4.6M, expenses of $3.0M, and assets of $2.7M (revenue +143.4% year-over-year).
- 2022: Revenue of $1.9M, expenses of $2.6M, and assets of $1.1M (revenue -37.5% year-over-year).
- 2021: Revenue of $3.0M, expenses of $2.4M, and assets of $1.8M (revenue +15.9% year-over-year).
- 2020: Revenue of $2.6M, expenses of $2.2M, and assets of $1.4M (revenue +31.3% year-over-year).
- 2019: Revenue of $2.0M, expenses of $2.2M, and assets of $843K (revenue -6.9% year-over-year).
- 2018: Revenue of $2.1M, expenses of $2.2M, and assets of $1.1M (revenue -14.2% year-over-year).
- 2017: Revenue of $2.5M, expenses of $2.2M, and assets of $1.2M (revenue +100.5% year-over-year).
- 2016: Revenue of $1.2M, expenses of $1.6M, and assets of $907K (revenue +1.8% year-over-year).
- 2015: Revenue of $1.2M, expenses of $1.4M, and assets of $1.3M (revenue -12.8% year-over-year).
- 2014: Revenue of $1.4M, expenses of $1.6M, and assets of $1.5M (revenue -11.1% year-over-year).
- 2013: Revenue of $1.6M, expenses of $1.2M, and assets of $1.6M (revenue +27.7% year-over-year).
- 2012: Revenue of $1.2M, expenses of $1.1M, and assets of $1.3M (revenue +3.9% year-over-year).
- 2011: Revenue of $1.2M, expenses of $988K, and assets of $1.2M.
View Individual Filing Years
Explore detailed financial data from each IRS 990 filing year for Readworks Inc:
Data Sources and Methodology
This transparency report for Readworks 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.