Read Foundation

Analysis

Read Foundation is a registered charity in United States, based in Cordova, TN. It received its IRS tax-exemption ruling in December 2009, 17 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 June 2023, Read Foundation reported income of $20.1m and spending of $19.5m, spending 97% of its income. Across the 5 years on record, from June 2019 to June 2023, income grew from $7.4m to $20.1m (+174%), an average of +29% a year. The sharpest change came in the year to June 2021, when income rose by 62%. Over the whole period it spent 90% of the income it received.

Among 66,972 United States charities whose main cause is education and training and that reported income, Read Foundation sits at the 96th percentile: it is larger than about 96% of them. Against every charity in United States with reported income it ranks in the 97th percentile, and in the 97th percentile within TN. Charities of a similar size with the same main cause include Serving Our Children Inc ($20.1m), Eastern Michigan University Foundation ($20.2m) and Sacramento Country Day School ($20.1m).

On its Form 990 for the period ending June 2023, revenue came from contributions and grants 24% and program service revenue 76% of the total. Compensation of current officers, directors and key employees was $119k (0.6% of expenses). Other salaries and wages came to $9.3m. At year end it held assets of $32.1m against liabilities of $21.6m, net assets of $10.5m. It reported 251 employees.