Nonprofit · EIN 23-7048642
READ YOUTH CHARITIES
Tax-exempt · MAGNOLIA, TX 77354
Financials
| Year ended | Form | Revenue | Expenses | Net income | Total assets | Liabilities | Net assets |
|---|---|---|---|---|---|---|---|
| August 31, 2025 | 990-PF | $3,088,235 | $1,507,566 | $1,580,669 | $53,351,579 | $5 | $53,351,574 |
| August 31, 2024 | 990-PF | $3,061,631 | $1,411,069 | $1,650,562 | $51,796,016 | $25,111 | $51,770,905 |
| August 31, 2023 | 990-PF | $669,447 | $1,358,199 | -$688,752 | $50,120,348 | $5 | $50,120,343 |
Financial details: 990-PF for the year ended August 31, 2025
Revenue
- Contributions, gifts and grants
- $3,490
- Dividends
- $1,185,208
- Interest
- $142,118
- Net gain from sales of assets
- $1,568,928
- Other income
- $188,491
Expenses
- Grants and similar amounts paid
- $0
- Compensation of officers, directors and key employees
- $51,500
- Salaries, compensation and benefits (total)
- $350,054
- Disbursements for charitable purposes
- $1,128,510
- Excise tax on investment income
- $39,312
Balance sheet and other
- Total assets, start of year
- $51,796,016
- Total assets, end of year
- $53,351,579
- Total liabilities, end of year
- $5
- Net assets, end of year
- $53,351,574
- Fair market value of assets
- $71,826,256
- Qualifying distributions
- $1,922,116
- Net investment income
- $3,004,577
From the e-filed returns the IRS publishes as XML (latest three processing years; amended returns replace the original). PDF copies at the IRS.
Officers, directors and key employees
As listed on the 990-PF for the year ended August 31, 2025, highest compensation first.
| Name | Title | Hours / week | Compensation | Other / benefits |
|---|---|---|---|---|
| Charles Mazur 40443 Community Rd, Magnolia, TX 77354 | Facilities Manager Highest-paid employee | 40 | $83,485 | $4,800 |
| Kim Thornton 40443 Community Rd, Magnolia, TX 77354 | Executive Assistant Highest-paid employee | 40 | $66,641 | $3,888 |
| Michael A Thornton 40443 Community Rd, Magnolia, TX 77354 | President/Chair | 20 | $51,500 | $0 |
| Thomas Read 40443 Community Rd, Magnolia, TX 77354 | Vice President | 0.5 | $0 | $0 |
| Roy Cano 40443 Community Rd, Magnolia, TX 77354 | Secretary | 0.5 | $0 | $0 |
| Brian J Bergeron 40443 Community Rd, Magnolia, TX 77354 | Treasurer | 0.5 | $0 | $0 |
| Paul Batista 40443 Community Rd, Magnolia, TX 77354 | Trustee | 0.5 | $0 | $0 |
| Reid Cuming 40443 Community Rd, Magnolia, TX 77354 | Trustee | 0.5 | $0 | $0 |
| G Scott Cuming IV 40443 Community Rd, Magnolia, TX 77354 | Trustee | 0.5 | $0 | $0 |
| Thomas Gilbert 40443 Community Rd, Magnolia, TX 77354 | Trustee | 0.5 | $0 | $0 |
| Reid Cuming III 40443 Community Rd, Magnolia, TX 77354 | Trustee | 0.5 | $0 | $0 |
| Frank Thomas 40443 Community Rd, Magnolia, TX 77354 | Trustee | 0.5 | $0 | $0 |
| JN Whiddon 40443 Community Rd, Magnolia, TX 77354 | Trustee | 0.5 | $0 | $0 |
990-PF for the year ended August 31, 2024: 13 people
| Name | Title | Hours / week | Compensation | Other / benefits |
|---|---|---|---|---|
| Charles Mazur 40443 Community Rd, Magnolia, TX 77354 | Facilities Manager Highest-paid employee | 40 | $88,326 | $5,000 |
| Michael A Thornton 40443 Community Rd, Magnolia, TX 77354 | President/Chair | 20 | $57,250 | $0 |
| Kim Thornton 40443 Community Rd, Magnolia, TX 77354 | Executive Assistant Highest-paid employee | 40 | $56,401 | $3,050 |
| Thomas Read 40443 Community Rd, Magnolia, TX 77354 | Vice President | 0.5 | $0 | $0 |
| Roy Cano 40443 Community Rd, Magnolia, TX 77354 | Secretary | 0.5 | $0 | $0 |
| Brian J Bergeron 40443 Community Rd, Magnolia, TX 77354 | Treasurer | 0.5 | $0 | $0 |
| Paul Batista 40443 Community Rd, Magnolia, TX 77354 | Trustee | 0.5 | $0 | $0 |
| Reid Cuming 40443 Community Rd, Magnolia, TX 77354 | Trustee | 0.5 | $0 | $0 |
| G Scott Cuming IV 40443 Community Rd, Magnolia, TX 77354 | Trustee | 0.5 | $0 | $0 |
| Thomas Gilbert 40443 Community Rd, Magnolia, TX 77354 | Trustee | 0.5 | $0 | $0 |
| Reid Cuming III 40443 Community Rd, Magnolia, TX 77354 | Trustee | 0.5 | $0 | $0 |
| Frank Thomas 40443 Community Rd, Magnolia, TX 77354 | Trustee | 0.5 | $0 | $0 |
| JN Whiddon 40443 Community Rd, Magnolia, TX 77354 | Trustee | 0.5 | $0 | $0 |
990-PF for the year ended August 31, 2023: 12 people
| Name | Title | Hours / week | Compensation | Other / benefits |
|---|---|---|---|---|
| Charles Mazur 40443 Community Rd, Magnolia, TX 77354 | Facilities Manager Highest-paid employee | 40 | $85,748 | $4,800 |
| Kim Thornton 40443 Community Rd, Magnolia, TX 77354 | Executive Assistant Highest-paid employee | 40 | $53,890 | $2,928 |
| Michael A Thornton 40443 Community Rd, Magnolia, TX 77354 | President/Chair | 20 | $52,875 | $0 |
| Thomas Read 40443 Community Rd, Magnolia, TX 77354 | Vice President | 0.5 | $0 | $0 |
| Thomas Gilbert 40443 Community Rd, Magnolia, TX 77354 | Secretary | 0.5 | $0 | $0 |
| Brian J Bergeron 40443 Community Rd, Magnolia, TX 77354 | Treasurer | 0.5 | $0 | $0 |
| Paul Batista 40443 Community Rd, Magnolia, TX 77354 | Trustee | 0.5 | $0 | $0 |
| Roy Cano 40443 Community Rd, Magnolia, TX 77354 | Trustee | 0.5 | $0 | $0 |
| Reid Cuming 40443 Community Rd, Magnolia, TX 77354 | Trustee | 0.5 | $0 | $0 |
| G Scott Cuming IV 40443 Community Rd, Magnolia, TX 77354 | Trustee | 0.5 | $0 | $0 |
| Frank Thomas 40443 Community Rd, Magnolia, TX 77354 | Trustee | 0.5 | $0 | $0 |
| JN Whiddon 40443 Community Rd, Magnolia, TX 77354 | Trustee | 0.5 | $0 | $0 |
Address and contacts
- Address (IRS master file)
- 40443 COMMUNITY RD, MAGNOLIA, TX 77354-1322
- Signed the 990-PF
- Michael A Thornton, Chair of Board
- Phone
- (281) 356-1707
- Return prepared by
- Blazek & Vetterling
What it must file and when
IRS records say it files Form 990-PF. Private foundations file every year. Its accounting year ends in August, so each return is due on the 15th day of the 5th month after that.
| Tax year | Year ended | Due | IRS public records |
|---|---|---|---|
| 2025 | August 31, 2026 | January 15, 2027 | Not due yet |
| 2024 | August 31, 2025 | January 15, 2026 | 990-PF on file |
| 2023 | August 31, 2024 | January 15, 2025 | 990-PF on file |
IRS record
- EIN
- 23-7048642
- Tax-exempt status
- 501(c)(3): Charitable, religious, educational or scientific organization
- Foundation status
- Private operating foundation
- Donations deductible (Pub 78)
- Private operating foundation, 50% limit
- Exempt since
- 1972
- Accounting year ends
- August
- Files
- Form 990-PF
- Assets (IRS master file)
- $53,351,579
- Income (IRS master file)
- $12,086,026
Filing history
| Form | Year ended | Revenue | Expenses | Assets | Return |
|---|---|---|---|---|---|
| 990-PF | August 2025 | $3,088,235 | $1,507,566 | $53,351,579 | XML |
| 990-PF | August 2024 | $3,061,631 | $1,411,069 | $51,796,016 | XML |
| 990-PF | August 2023 | $669,447 | $1,358,199 | $50,120,348 | XML |
| 990-PF | August 2022 | – | – | – | IRS |
| 990-PF | August 2021 | – | – | – | IRS |
| 990-PF | August 2020 | – | – | – | IRS |
990-N: the IRS bulk file holds only the latest e-Postcard per organization; earlier years come from archived copies of that file since 2020 and can have gaps (the IRS e-Postcard search lists every one). 990, 990-EZ, 990-PF, 990-T: every e-filed return in the IRS e-file index since 2019; XML for the latest three processing years, amounts from the IRS Statistics of Income extracts before that. PDF copies and determination letters at the IRS (search EIN 23-7048642).
Questions about READ YOUTH CHARITIES
- What is the EIN of READ YOUTH CHARITIES?
- The employer identification number (EIN) of READ YOUTH CHARITIES is 23-7048642.
- Is READ YOUTH CHARITIES tax-exempt?
- Yes. The IRS lists it as tax-exempt under section 501(c)(3) since 1972.
- Are donations to READ YOUTH CHARITIES tax-deductible?
- Yes. It is listed in IRS Publication 78 (Private operating foundation, 50% limit).
- Which annual return does READ YOUTH CHARITIES file?
- Form 990-PF. Private foundations file every year.
- When is the next return of READ YOUTH CHARITIES due?
- The return for tax year 2025 (the year ending August 31, 2026) is due January 15, 2027. Form 8868 extends it by six months; the 990-N cannot be extended.
- When did READ YOUTH CHARITIES last file with the IRS?
- The latest return in the IRS public files is the 990-PF for the year ended August 2025.
- Who are the officers and directors of READ YOUTH CHARITIES?
- The 990-PF for the year ended August 31, 2025 lists 13 people; 3 received compensation from the organization, the highest $83,485 (Charles Mazur, Facilities Manager).
- How much revenue does READ YOUTH CHARITIES have?
- On its 990-PF for the year ended August 31, 2025 it reported revenue of $3,088,235, expenses of $1,507,566 and total assets of $53,351,579 at year end.
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