Readyct Inc

Nonprofit profile at a glance

EIN
274704040
IRS 990 coverage
2012–2024
Forms available
Form 990 2024
Location
Hartford, CT, USA
Phone
8602441109
Rating
78
Verdict
SUPPORTED
Rating confidence
Moderate
Sector
Educational Services and Schools - Other

Official website

Reported finances

Revenue
$7,475,946
Expenses
$7,189,050
Assets
$4,553,945
Liabilities
$1,474,308

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

Leadership & pay

27 people listed

Executive titles in this filing

  • SHANNON MARIMON (EXECUTIVE DIRECTOR)

Highest reported compensation

  • SHANNON MARIMON (EXECUTIVE DIRECTOR): $278,658 total reported compensation
  • SHERYL MCNAMEE (DEPUTY DIRECTOR): $184,370 total reported compensation
  • MALIA SIEVE (DIRECTOR OF QUALITY AND INNOVATIONS): $149,777 total reported compensation

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

Overview

Mission

Readyct works to advance academic excellence and career-connected learning for all public school students in Connecticut through collaboration with business, civic, and education leaders.

What it reported doing in 2024

During its 2024-25 program year, readyct significantly advanced economic mobility for Connecticut students by bridging the gap between k-12 education and the workforce. The organization provided over 2,900 students with work-based learning (wbl) experiences and delivered career-readiness training to 1,500+ participants. Readyct's deep industry integration was supported by 250+ employer partners, facilitating high-quality, paid internships for 520 students, including nearly 200 interns through the g.r.i.t. And first responders youth academy (frya) summer programs. As a leader in stem learning, readyct scaled its robotics programming to support 306 teams (including 16 rookie teams across 8 alliance districts), established 2 new practice hubs, and celebrated competition wins for 30 schools. Additional impact included 4,500+ students engaging with manufacturers via the manufacturing roadshow series, 200+ seniors completing the student 5.0 program, and 550 students participating in the lt. Governor's computing challenge. Collectively, these initiatives continue to build the talent-ready pipeline to the benefit of students and employers alike.

Operating model

Revenue model
Grant-funded. 61% of the money available for current operations came from government grants.
Distribution model
Direct operator. The filing allocates 100% of reported program-service expenses outside its grant, affiliate-payment, and member-benefit lines. This expense classification does not rule out separately announced grant awards.

The verdict

SUPPORTED - A large share of available resources goes toward mission work and most voting board members are independent. The filing does not identify recipients for some grant dollars and expenses are high relative to revenue.

Rating breakdown

  • Financial Efficiency: 87
  • Transparency & Controls: 56
  • Accountability: 100
  • Sustainability: 35
  • Growth: 100

Detailed rating inputs

Financial Efficiency

  • Mission deployment rate: 84.7%; rating input score 85
  • Program expense ratio: 87.8%; rating input score 88
  • Fundraising efficiency: $482.77 raised per $1 spent on fundraising; rating input score 96; 96th percentile among comparable filings

Transparency & Controls

  • Consistency checks: 100%; rating input score 100; 63rd percentile among comparable filings
  • Pay-setting controls: 1 of 6 controls in place; rating input score 17
    • Compensation committee: Missing
    • Independent consultant: Missing
    • Other Form 990s reviewed: Missing
    • Written employment contract: Missing
    • Compensation survey or study: Missing
    • Board or committee approval: Pass
  • Foreign activity oversight: Limited
  • Grant itemization coverage: Scored; rating input score 0
  • Major donor itemization: Yes; rating input score 100
  • Related-party transparency: Limited

Accountability

  • Independent voting board: 100%; rating input score 100; 63rd percentile among comparable filings
  • Governance controls: 8 of 8 controls in place; rating input score 100
    • Conflict-of-interest policy: Pass
    • Whistleblower policy: Pass
    • Document-retention policy: Pass
    • CEO compensation review process: Pass
    • Other executive compensation review process: NotApplicable
    • Form 990 shared with the board: Pass
    • Board meeting minutes documented: Pass
    • Audit committee oversight: Pass
    • Independent financial-statement audit: Pass

Sustainability

  • Operating margin: 3.8%; rating input score 47; 47th percentile among comparable filings
  • Total-asset coverage ratio: 0.63; rating input score 23; 23rd percentile among comparable filings
  • Liabilities to assets ratio: 0.32; rating input score 32; 32nd percentile among comparable filings
  • Officer compensation ratio: 15.7%; rating input score 18; 18th percentile among comparable filings

Growth

  • Program expense growth: 22.5% per year; rating input score 100; 87th percentile among comparable filings
  • Revenue growth: 24.6% per year; rating input score 100; 92nd percentile among comparable filings
  • Asset growth: 9.3% per year; rating input score 100; 56th percentile among comparable filings

Details

  • Where the money goes: 84.7% of revenue deployed · 87.8% of spending went to programs
  • Governance: 20 of 20 board members independent · 8 of 8 filing controls reported
  • Programs: 3 filed program accomplishments · $6.3M in reported program spending
  • Leadership: top reported pay $279K · 27 people listed · 1 of 6 pay-setting controls reported
  • Consistency: 28 of 28 current checks pass
  • Schedules: 7 filed schedules · includes major donors, grants, and executive pay
  • Filing history: 11 filing years from 2012 to 2024
  • Contacts: How to reach this organization
  • Money network: 13 filed money-flow records
  • Related organizations: 6 filed related-organization links
  • 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.

Grant-readiness screening is separate from the live rating, not a measure of program quality. Review the source records before making a grant decision.

  • High — Transparency & Controls: Grant itemization coverage scored 0/100.
  • Moderate — Sustainability: Operating margin scored 47/100.
  • High — Sustainability: Total-asset coverage ratio scored 23/100.
  • High — Sustainability: Officer compensation ratio scored 18/100.
  • Moderate — Sustainability: Liabilities to assets ratio scored 32/100.
  • High — Grant Readiness: Federal audit findings: this organization reported findings in its latest federal Single Audit.