2011-07-05T10:26:31-05:00 2010-08-31 LOEB & TROPER LLP 655 THIRD AVENUE 12TH FLOOR NEW YORK NY 10017 990 2009-09-01 134091062 READING EXCELLENCE AND DISCOVERY FOUNDATION INC READ 6468676101 80 Maiden Lane NEW YORK NY 10038 Yvonne Petrasovits 6468676101 2011-07-05 1 FREDERICK H ROTHMAN 2128674000 2009 2016-02-24 21:20:13Z Yvonne Petrasovits 80 Maiden Lane NEW YORK NY 10038 2278203 0 X WWW.READNYC.ORG X 2000 NY TO PREPARE AT-RISK CHILDREN TO READ AT GRADE LEVEL. 17 17 1173 1030 0 0 1884491 2260204 0 5347 1424 -10009 -24695 1879829 2236933 0 0 1580940 1624509 30000 209703 562120 527610 2143060 2182119 -263231 54814 792209 839321 54486 46784 737723 792537 READ SERVES AT-RISK KINDERGARTEN AND FIRST GRADE STUDENTS BY RECRUITING AND TRAINING TEENS TO PROVIDE STRUCTURED ONE-TO-ONE TUTORING IN READING. READ IMPACTS TWO AT-RISK POPULATIONSSIMULTANEOUSLY, AND THROUGH A HIGHLY STRUCTURED, RESEARCH-BASED CURRICULUM, STUDENTS AVERAGE A FULL YEAR'S GROWTH IN READING AND THEIR TEEN TUTORS DEVELOP COLLEGE, CAREER, AND LIFE SKILLS. EARLY INTERVENTION PREVENTS READING DIFFICULTIES FROM BECOMING BARRIERS TO FUTURE SUCCESS, WHILE PROVIDING TEENS WITH THE OPPORTUNITY TO HAVE A POSITIVE DIRECT IMPACT ON THE LIVES OF CHILDREN IN THEIR COMMUNITIES THROUGH MEANINGFUL SERVICE AND JOBS. 0 0 1290543 After School Program - READ PROVIDES AT-RISK KINDERGARTEN AND FIRST GRADE STUDENTS WITH STRUCTURED ONE-TO-ONE TUTORING. READ PROVIDES TEENS WITH FORMAL TRAINING, VOLUNTEER OPPORTUNITIES, AND PAID JOBS AS READING TUTORS TO THEIR YOUNGER PEERS. 511574 Summer Program - READ'S SUMMER READING PROGRAM PROVIDES STRUCTURED ONE-TO-ONE TUTORING. SUMMER PROGRAMMING ALSO PROVIDES SUPPLEMENTAL LITERACY INSTRUCTION. IN ADDITION, READ'S SUMMER READING PROGRAM PROVIDES TEENS WITH MEANINGFUL PAID SUMMER JOBS. 1802117 1 1 0 0 0 0 0 0 0 1 1 0 0 0 0 0 0 1 1 0 0 0 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 5 0 1 1173 1 0 0 0 0 0 1 1 0 0 0 17 17 0 0 0 0 0 0 0 1 1 0 0 1 1 1 1 1 1 1 1 0 NY X Yvonne Petrasovits 6468676101 80 Maiden Lane NEW YORK NY 10038 Alain Lebec 3.50 X X 0 0 0 Robert S Brown 3.50 X X 0 0 0 Vincent Alfieri 3.50 X X 0 0 0 Raquel Fioravanti Baker 1.00 X 0 0 0 Nancy Blackford 1.00 X 0 0 0 Alan Gould 1.00 X 0 0 0 Samuel Gradess 1.00 X 0 0 0 barbara hochhauser 1.00 X 0 0 0 Fern Lazar 1.00 X 0 0 0 Sheila Murphy 1.00 X 0 0 0 amanda neville 1.00 X 0 0 0 Sonia Ortiz-Gulardo 1.00 X 0 0 0 gordon a paris 1.00 X 0 0 0 patrick ramsey 1.00 X 0 0 0 Mark Ravesloot 1.00 X 0 0 0 tom regan 1.00 X 0 0 0 alfred sikes 1.00 X 0 0 0 george irish 1.00 X 0 0 0 Yvonne Petrasovits 40.00 X 151693 0 6807 Lavinia mancuso 40.00 X 93028 0 0 244721 0 6807 1 0 1 0 0 401099 415264 1443841 10150 2260204 1424 1424 16575 401099 41270 -24695 -24695 2236933 0 0 -23271 257807 200800 32679 24328 1143973 1012800 41293 89880 102943 86466 7539 8938 119786 99302 9810 10674 2476 2476 46626 46626 30000 30000 32161 17656 14505 12272 5598 6211 463 170245 150671 8973 10601 165646 142689 9312 13645 11965 10537 580 848 41773 35984 2348 3441 18058 15556 1014 1488 MISCELLANEOUS 26388 24058 1438 892 2182119 1802117 170299 209703 600 6315 521611 583419 165342 155067 15661 23859 218291 170497 66128 47794 22867 22867 792209 839321 45986 46784 8500 0 54486 46784 X 737723 771702 20835 737723 792537 792209 839321 X 0 1 1 X 0 X 1589468 1836594 2310572 1884491 2260204 9881329 1589468 1836594 2310572 1884491 2260204 9881329 885407 8995922 21271 30440 15518 5347 1424 74000 3929 21871 10203 7500 16575 60078 10015407 0.89820 0.89920 X Schedule A, Part II, Line 10, Explanation of Other Income: Miscellaneous Special Event Income RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 218291 170497 47794 47794 2236933 2182119 54814 0 54814 2355468 118535 118535 2236933 0 2236933 2300654 118535 118535 2182119 0 2182119 Part X: Description of Uncertain Tax Positions Under FIN 48: Effective September 1, 2009, READ adopted the provision pertaining to uncertain tax positions (ASC Topic 740) and has determined that there are no material uncertain tax positions that require recognition or disclosure in the financial statements. Tax returns for the years ended August 31, 2007 and subsequent remain subject to examination by applicable taxing authorities. X X X X X X X 1 Susan Ulin Associates Ltd Consults on fundraising event 0 417674 30000 387674 417674 30000 387674 NY annual benefit 417674 401099 16575 9000 16476 458 15336 417674 401099 16575 9000 16476 458 15336 41270 -24695 X X X X 0 0 0 0 0 0 0 0 0 Yvonne Petrasovits 151693 0 0 0 0 0 0 0 6807 0 158500 0 0 0 Form 990, Part VI, Section B, line 11 An electronic copy of the draft of the form 990 will be distributed to the organization's governing body prior to its filing. All the members of the governing board will review the 990 and it will not be filed with the irs prior to their authorization. Form 990, Part VI, Section B, line 12c READ has developed its conflict of interest policy and periodically reviews the policy to ensure that all its directors and officers continue to act in compliance with applicable laws and to deal with all persons doing business with READ appropriately. These policies are guidelines to protect READ's interests when it is contemplating entering into a transaction or arrangement that might benefit the private interest of an officer or director of the Corporation. These policies are intended to supplement but not replace any applicable state laws governing conflicts of interest and permissible activities applicable to nonprofit and charitable corporations. In connection with any actual or possible conflicts of interest, an interested person must disclose the existence and nature of his/her financial interests to the directors and members of committees with board delegated powers considering the proposed transaction or arrangement. After disclosure of the financial interest, the interested person shall leave the board or committee meeting while the financial interest is discussed and voted upon. The remaining Board or committee members shall decide if a conflict of interest exists. Procedures for Addressing the Conflict of Interest a. The President of READ or the Finance Committee shall, if appropriate, appoint a disinterested person or committee to investigate alternatives to the proposed transaction or arrangement. b. After exercising due diligence, the President or the Finance Committee shall determine whether READ can obtain a more advantageous transaction or arrangement with reasonable efforts from a person or entity that would give not rise to a conflict of interest. c. If a more advantageous transaction or arrangement is not reasonably attainable under circumstances that would not give rise to a conflict of interest, the Board or committee shall determine by a majority vote of the disinterested directors whether the transaction or arrangement is in the best interest and for its own benefit and whether the transaction is fair and reasonable to READ and shall make its decision as to whether to enter into the transaction or arrangement in conformity with such a determination. Violations of the Conflict of Interest Policy a. If the President or the Finance Committee has reasonable cause to believe that a member has failed to disclose actual or possible conflicts of interest, it shall inform the member of the basis for such belief and afford the member an opportunity to explain the alleged failure to disclose. b. If, after hearing the response of the member and making such further investigation and may be warranted in the circumstances, the Board or committee determines that the members has in fact failed to disclose an actual or possible conflict of interest, it shall take appropriate disciplinary and corrective action. Each director, officer and member of a committee shall sign a statement which affirms that such person: a. Has received a copy of the conflicts of interest policy b. Has read and understands the policy c. Has agreed to comply with the policy d. Understands that READ is a nonprofit organization and that in order to maintain its federal tax exemption it must engage primarily in activities which accomplish one or more of its tax-exempt purposes. Form 990, Part VI, Section B, line 15 READ's Finance Committee and Board chair determines the compensation for the president and vice president using data obtained from the 990 of other organizations. The deliberation and decision is recorded in the minutes of the finance committee. The process was last undertaken in 2009. Form 990, Part VI, Section C, line 19 READ's governing documents, conflict of interest policy and financial statements are available upon request. form 990, part xi, line 2c: The process has not changed since prior year.