Read Ministries Inc

Analysis

Read Ministries Inc is a registered charity in United States, based in Saint Cloud, MN. It received its IRS tax-exemption ruling in March 2004, 22 years ago. Its declared purposes cover religion-related, which this site groups under religion. The IRS classifies it as a publicly supported organisation (donations from the general public) under section 501(c)(3), and contributions to it are listed as tax-deductible.

In the financial year ending December 2023, Read Ministries Inc reported income of $502k and spending of $551k, spending 110% of what it took in. Across the 5 years on record, from December 2019 to December 2023, income grew from $313k to $502k (+61%), an average of +13% a year. The sharpest change came in the year to December 2022, when income rose by 92%. Over the whole period it spent 93% of the income it received.

Among 31,138 United States charities whose main cause is religion and that reported income, Read Ministries Inc sits at the 84th percentile: it is larger than about 84% of them. Against every charity in United States with reported income it ranks in the 70th percentile, and in the 69th percentile within MN. Charities of a similar size with the same main cause include Haven of Hope Ministry ($502k), Lifepoints Corp ($502k) and Grace Apostolic Church Inc ($502k).

On its Form 990 for the period ending December 2023, revenue came from contributions and grants 104% of the total. Compensation of current officers, directors and key employees was $96k (17% of expenses). Other salaries and wages came to $84k. At year end it held assets of $407k against liabilities of $3,475, net assets of $403k. It reported 4 employees.