Falmouth Memorial Library Association
- Assets
- $4.5m
- Revenue
- $1.2m
- Investments
- $306.9k
- Employees
- 16
- Location
- Falmouth, ME
- Founding
- 09/1944
- Data as of
- 06/2023
- EIN
- 01-6004444
Organization Overview
Falmouth Memorial Library Association is located in Falmouth, ME. The organization was established in 1944. As of 06/2023, Falmouth Memorial Library Association employed 16 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Falmouth Memorial Library Association is a 501(c)(3) and as such, is described as a "Charitable or Religous organization or a private foundation" by the IRS.
For the year ending 06/2023, Falmouth Memorial Library Association generated $1.2m in total revenue. The organization has seen a slow decline revenue. Over the past 6 years, revenues have fallen by an average of (2.3%) each year. All expenses for the organization totaled $996.5k during the year ending 06/2023. You can explore the organizations financials more deeply in the financial statements section below.
Form
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2023
Describe the Organization's Mission:
Part 3 - Line 1
TO ENHANCE THE QUALITY OF LIFE OF OUR COMMUNITY BY INSPIRING LIFELONG LEARNING, PROVIDING FREE AND OPEN ACCESS TO INFORMATION, AND FOSTERING COMMUNITY CONNECTIONS.
Describe the Organization's Program Activity:
Part 3 - Line 4a
COLLECTIONS - THE FALMOUTH MEMORIAL LIBRARY OFFERS A QUALITY COLLECTION OF LIBRARY MATERIALS FOR OUR COMMUNITY. FROM JULY 2022 TO JUNE 2023 THE LIBRARY REGISTERED 957 NEW BORROWERS. THE COLLECTION NUMBERED 51,522 AT JUNE 30, 2023. THE LIBRARY IS USUALLY OPEN 47 HOURS PER WEEK. FOR MATERIALS WHICH ARE NOT AVAILABLE IN THE COLLECTION, THE LIBRARY PARTICIPATES IN A COOPERATIVE INTER-LIBRARY (ILL) LOAN SERVICE TO BORROW ITEMS. ILL CIRCULATION WAS 13,158 ITEMS.
OTHER PROGRAM SERVICES - COMMUNITY MEETING SPACE - THE LIBRARY OFFERS FORMAL AND INFORMAL MEETING SPACES AND CULTURAL OPPORTUNITIES FOR THE COMMUNITY. THE LIBRARY OFFERED OVER 200 PROGRAMS FROM JULY 2022 TO JUNE 2023.
ELECTRONIC RESOURCES - THE LIBRARY OFFERS ACCESS TO ELECTRONIC RESOURCES INCLUDING THE INTERNET, OUR COLLECTION CATALOG, RESOURCE DATABASES, AND LINKS THROUGH OUR WEBSITE TO OTHER CAREFULLY SELECTED ELECTRONIC WEB PAGES AND RESOURCES. THE WEBSITE, OUR CATALOG, AND THE REFERENCE DATABASE ARE ACCESSIBLE 24/7. INTERNET TERMINALS ARE NORMALLY AVAILABLE 47 HOURS PER WEEK. THROUGH ITS WIRELESS SERVER, THE LIBRARY OFFERS INTERNET ACCESS ON ITS PREMISES, INSIDE AND OUT, TO THOSE BRINGING PERSONAL COMPUTERS. PATRONS-READERS MAY ALSO BORROW E-READERS AND ELECTRONIC BOOKS.
REFERENCE AND READERS ADVISORY SERVICES - THE FALMOUTH MEMORIAL LIBRARY HAS A STAFF TRAINED TO OFFER ASSISTANCE IN LOCATING APPROPRIATE MATERIALS, BOTH AT THE LIBRARY AND ONLINE. FROM JULY 2022 TO JUNE 2023, STAFF ADDRESSED 4,160 REFERENCE QUESTIONS.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Danielle Tracy President | OfficerTrustee | 25 | $0 |
Bill Shain Vice President | OfficerTrustee | 10 | $0 |
Vanessa Record Recording Secretary | OfficerTrustee | 5 | $0 |
Philip Chin Trustee | Trustee | 5 | $0 |
Kate Fox Trustee | Trustee | 5 | $0 |
Julie Fraser Trustee | Trustee | 5 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $1,023,418 |
| All other contributions, gifts, grants, and similar amounts not included above | $146,507 |
| Noncash contributions included in lines 1a–1f | $13,271 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $1,169,925 |
| Total Program Service Revenue | $33,984 |
| Investment income | $11,504 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $4,742 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $1,230,100 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $0 |
| Grants and other assistance to domestic individuals. | $0 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $84,765 |
| Compensation of current officers, directors, key employees. | $33,906 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $414,485 |
| Pension plan accruals and contributions | $13,127 |
| Other employee benefits | $74,068 |
| Payroll taxes | $11,578 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $25,442 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $0 |
| Advertising and promotion | $0 |
| Office expenses | $12,203 |
| Information technology | $14,298 |
| Royalties | $0 |
| Occupancy | $98,299 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $3,822 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $121,629 |
| Insurance | $13,380 |
| All other expenses | $0 |
| Total functional expenses | $996,465 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $439,368 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $1,550 |
| Accounts receivable, net | $0 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $240,739 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $2,919 |
| Net Land, buildings, and equipment | $3,284,136 |
| Investments—publicly traded securities | $147,189 |
| Investments—other securities | $306,865 |
| Investments—program-related | $71,910 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $4,494,676 |
| Accounts payable and accrued expenses | $69,315 |
| Grants payable | $0 |
| Deferred revenue | $0 |
| Tax-exempt bond liabilities | $0 |
| Escrow or custodial account liability | $0 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
| Secured mortgages and notes payable | $0 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $0 |
| Total liabilities | $69,315 |
| Net assets without donor restrictions | $3,962,644 |
| Net assets with donor restrictions | $462,717 |
| Capital stock or trust principal, or current funds | $0 |
| Paid-in or capital surplus, or land, building, or equipment fund | $0 |
| Retained earnings, endowment, accumulated income, or other funds | $0 |
| Total liabilities and net assets/fund balances | $4,494,676 |