Read 718

Analysis

Read 718 is a registered charity in United States, based in Brooklyn, NY. It received its IRS tax-exemption ruling in June 2014, 12 years ago. Its declared purposes cover education, which this site groups under education and training. 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 July 2023, Read 718 reported income of $745k and spending of $696k, spending 93% of its income. Across the 5 years on record, from July 2019 to July 2023, income grew from $280k to $745k (+166%), an average of +28% a year. The sharpest change came in the year to July 2022, when income rose by 37%. Over the whole period it spent 85% of the income it received.

Among 66,972 United States charities whose main cause is education and training and that reported income, Read 718 sits at the 73rd percentile: it is larger than about 72% of them. Against every charity in United States with reported income it ranks in the 76th percentile, and in the 72nd percentile within NY. Charities of a similar size with the same main cause include Ohub Foundation Inc ($745k), Achievers Educational Center Inc ($745k) and Entrepreneurs Organization ($744k).

On its Form 990 for the period ending July 2023, revenue came from contributions and grants 98% and program service revenue 1.4% of the total. Compensation of current officers, directors and key employees was $79k (11% of expenses). Other salaries and wages came to $354k. At year end it held assets of $828k against liabilities of $13k, net assets of $815k. It reported 12 employees.