Cornish Library Association
- Assets
- $1.4m
- Revenue
- $45.4k
- Investments
- $0.0
- Employees
- 2
- Location
- Cornish, ME
- Founding
- 10/1983
- Data as of
- 10/2023
- EIN
- 01-6014486
Organization Overview
Cornish Library Association, operating under the name Bonney Memorial Library, is located in Cornish, ME. The organization was established in 1983. According to its NTEE Classification (B70) the organization is classified as: Libraries, under the broad grouping of Education and related organizations. As of 10/2023, Bonney Memorial Library employed 2 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Bonney Memorial Library 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 10/2023, Bonney Memorial Library generated $45.4k in total revenue. This represents a relatively dramatic decline in revenue. Over the past 7 years, the organization has seen revenues fall by an average of (5.5%) each year. All expenses for the organization totaled $48.6k during the year ending 10/2023. As we would expect to see with falling revenues, expenses have declined by (1.5%) per year over the past 7 years. 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
CORNISH LIBRARY ASSOCIATION PROVIDES A LIBRARY WITH COMPUTERS/INTERNET ACCESS, CHILDREN'S LITERACY PROGRAMS, AND ADULT PROGRAMS. THE LIBRARY ALSO HAS A MEETING ROOM OPEN FOR USE BY THE LOCAL ADULT EDUCATION GROUP AND OTHER NON-PROFIT GROUPS.
Describe the Organization's Program Activity:
Part 3 - Line 4a
WE HAD 3,512 PATRONS ENTER THE LIBRARY. THERE WERE 526 USES OF OUR PUBLIC COMPUTERS, WE LOANED 9,711 ITEMS (BOOKS, MAGAZINES, CDS, MUSICAL INSTRUMENTS). THE LIBRARY BOUGHT SEVERAL HUNDRED NEW BOOKS WHICH BRINGS OUR COLLECTION TOTAL TO 15,411 ITEMS. WE RECEIVED OVER MANY DONATIONS OF BOOKS AND MATERIALS. WE MADE ABOUT 286 INTER-LIBRARY LOAN REQUESTS, AND LOANED OUT SEVERAL DOZEN BOOKS FROM OUR COLLECTION TO INTER-LIBRARY LOAN. WE HAD A 95TH BIRTHDAY PARTY FOR THE LIBRARY BUILDING WHICH DREW OVER 80 PEOPLE. WE HAD ABOUT 270 PEOPLE PARTICIPATE IN OTHER PROGRAMS AT THE LIBRARY DURING THE YEAR. WE PROVIDED NEW LIBRARY CARDS TO 96 PATRONS.
Get More from Intellispect for FreeCreate a free account to get more data, nonprofit salaries, advanced search and more.
Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Allaire Palmer Trustee | Trustee | 1 | $0 |
Linda Humphrey Trustee | Trustee | 1 | $0 |
Constance Forbes Trustee | Trustee | 1 | $0 |
Eleanor Pansar Trustee | Trustee | 1 | $0 |
Gary Mason Trustee | Trustee | 1 | $0 |
Stephanie Lair Vice President | OfficerTrustee | 1 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $17,000 |
| All other contributions, gifts, grants, and similar amounts not included above | $26,585 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $43,585 |
| Total Program Service Revenue | $0 |
| Investment income | $1,848 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $0 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $45,433 |
| 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. | $0 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $15,981 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $0 |
| Payroll taxes | $3,473 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $0 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $1,632 |
| Advertising and promotion | $751 |
| Office expenses | $4,750 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $14,258 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $0 |
| Insurance | $0 |
| All other expenses | $0 |
| Total functional expenses | $48,568 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $65,175 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $0 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $0 |
| Net Land, buildings, and equipment | $563,100 |
| Investments—publicly traded securities | $741,967 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $1,370,242 |
| Accounts payable and accrued expenses | $0 |
| 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 | $0 |
| Net assets without donor restrictions | $0 |
| Net assets with donor restrictions | $0 |
| 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 | $1,370,242 |
| Total liabilities and net assets/fund balances | $1,370,242 |