Read to Succeed Inc

Nonprofit profile at a glance

EIN
743236898
IRS 990 coverage
2011–2024
Forms available
Form 990 2024, Form 990-EZ 2010
Location
Hope, RI, USA
Phone
4018285751
Rating
75
Verdict
SUPPORTED
Rating confidence
Moderate
Sector
Scholarships, Student Financial Aid Services, Awards

Official website

Reported finances

Revenue
$603,470
Expenses
$653,316
Assets
$1,347,640
Liabilities
$91,633

Source: IRS Form 990. Selected filing: tax year 2024. Amounts in USD.

Leadership & pay

17 people listed

Executive titles in this filing

  • BARBARA A PAPITTO (DIRECTOR,PRESIDENT)

People named in this filing

  • ADAM GORDON (DIRECTOR)
  • BARBARA A PAPITTO (DIRECTOR,PRESIDENT)
  • DAN CORLEY (DIRECTOR)

Selected names, not a complete roster or a statement of current roles. Open leadership details for the complete filed list.

Source: IRS Form 990. Selected filing: tax year 2024. Names and roles reflect this filing, not necessarily current officeholders.

Overview

Mission

To encourage elementary and middle school students to read during their summer vacation.

What it reported doing in 2024

425 students successfully completed the summer program and received certificates. Deposits of $1,000 to the college bound fund have been made for 425 students.

Operating model

Revenue model
Donor-supported. 94% of the money available for current operations came from contributions and gifts.
Distribution model
Grant intermediary. The nonprofit sent 72% of its reported program spending out as grants.

The verdict

SUPPORTED - A large share of available resources goes toward mission work and the filed numbers largely add up. The filing does not identify recipients for some grant dollars and some filing-based governance responses are negative or unanswered.

Rating breakdown

  • Financial Efficiency: 89
  • Transparency & Controls: 65
  • Accountability: 62
  • Sustainability: 43
  • Growth: 100

Detailed rating inputs

Financial Efficiency

  • Mission deployment rate: 99.9%; rating input score 100
  • Program expense ratio: 90%; rating input score 90
  • Fundraising efficiency: $9.24 raised per $1 spent on fundraising; rating input score 35; 35th percentile among comparable filings

Transparency & Controls

  • Consistency checks: 92.9%; rating input score 93; 19th percentile among comparable filings
  • Pay-setting controls: Limited
  • Foreign activity oversight: Limited
  • Grant itemization coverage: 0%; rating input score 0; 13th percentile among comparable filings
  • Major donor itemization: Yes; rating input score 100
  • Related-party transparency: Limited

Accountability

  • Independent voting board: 85.7%; rating input score 86; 20th percentile among comparable filings
  • Governance controls: 2 of 7 controls in place; rating input score 29
    • Conflict-of-interest policy: Fail
    • Whistleblower policy: Fail
    • Document-retention policy: Fail
    • CEO compensation review process: NotApplicable
    • Other executive compensation review process: NotApplicable
    • Form 990 shared with the board: Pass
    • Board meeting minutes documented: Pass
    • Audit committee oversight: Missing
    • Independent financial-statement audit: Fail

Sustainability

  • Operating margin: -8.3%; rating input score 19; 19th percentile among comparable filings
  • Total-asset coverage ratio: 2.06; rating input score 65; 65th percentile among comparable filings
  • Liabilities to assets ratio: 0.07; rating input score 48; 48th percentile among comparable filings
  • Officer compensation ratio: 0%; rating input score 81; 81st percentile among comparable filings

Growth

  • Program expense growth: 13.1% per year; rating input score 100; 71st percentile among comparable filings
  • Revenue growth: 2.3% per year; rating input score 100; 27th percentile among comparable filings
  • Asset growth: 5% per year; rating input score 100; 39th percentile among comparable filings

Details

  • Where the money goes: 99.9% of revenue deployed · 90% of spending went to programs
  • Governance: 12 of 14 board members independent · 2 of 7 filing controls reported
  • Programs: 1 filed program accomplishment · $588K in reported program spending
  • Leadership: top reported pay $0 · 17 people listed
  • Consistency: 18 of 19 current checks pass · 1 finding to review
  • Schedules: 6 filed schedules · includes major donors and grants
  • Filing history: 14 filing years from 2011 to 2024
  • Contacts: How to reach this organization
  • Money network: 1 filed money-flow record
  • Grant readiness: Federal tax and exclusion status, award history, and grant-maker relationships.
  • People: Everyone the filings name, and which of them the filings identify by more than a name.

Key Signals

Signals prioritize questions for review. They are not findings of misconduct.

  • High — Transparency & Controls: Grant itemization coverage scored 0/100.
  • High — Accountability: Governance controls: 4 of 6 not reported.
  • Moderate — Financial Efficiency: Fundraising efficiency scored 35/100.
  • High — Sustainability: Operating margin scored 19/100.
  • Review — Transparency & Controls: Domestic grant itemization did not reconcile in the filed values.
  • Moderate — Sustainability: Liabilities to assets ratio scored 48/100.