Lenox Library Association
- Assets
- $4.2m
- Revenue
- $458.1k
- Investments
- $1.4m
- Employees
- 2
- Location
- Lenox, MA
- Founding
- 12/1942
- Data as of
- 06/2022
- EIN
- 04-2104388
Organization Overview
Lenox Library Association is located in Lenox, MA. The organization was established in 1942. According to its NTEE Classification (B70) the organization is classified as: Libraries, under the broad grouping of Education and related organizations. As of 06/2022, Lenox Library Association employed 2 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Lenox 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 06/2022, Lenox Library Association generated $458.1k 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 (3.3%) each year. All expenses for the organization totaled $312.3k during the year ending 06/2022. As we would expect to see with falling revenues, expenses have declined by (9.1%) 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
2022
Describe the Organization's Mission:
Part 3 - Line 1
TO SUPPORT A PUBLIC LIBRARY AND OTHER RELATED ACTIVITIES AND TO ENGAGE GENERALLY IN ANY CAUSES OR OBJECTIVES SIMILAR TO THE ABOVE MENTIONED IN ORDER TO PROMOTE THE INTELLECTUAL, CULTURAL AND INFORMATIONAL WELL-BEING AND GROWTH OF THE GENERAL COMMUNITY AND ITS MEMBERS.
Describe the Organization's Program Activity:
Part 3 - Line 4a
SEE SCHEDULE OWHILE LIBRARY OPERATIONS WERE TRANSFERRED TO THE TOWN OF LENOX AS OF NOVEMBER 9, 2017, THE ASSOCIATION CONTINUES TO USE ITS EXTENSIVE RESOURCES AND VOLUNTEER FUNDRAISING EFFORTS TO SUPPORT THE ORGANIZATION AND ITS RELATED ACTIVITIES. THE ASSOCIATION SERVES LIBRARY PATRONS OF ALL AGES THROUGH FREE ACCESS TO ITS COLLECTION OF BOOKS, REFERENCE MATERIALS, PERIODICALS, AUDIO AND VIDEO CATALOGUES, ARTIFACTS, AND HISTORICAL ARCHIVES. COLLECTIVELY, THESE RESOURCES ARE USED TO ENRICH THE INTELLECTUAL, CULTURAL AND INFORMATIONAL NEEDS AND WANTS OF THE GREATER LENOX COMMUNITY. IN ADDITION, THE ASSOCIATION ACTIVELY RAISES MONEY TO HELP ENSURE NEW LIBRARY RESOURCES AND PROGRAMS AND MAKES FIXED SUPPORT PAYMENTS TO THE TOWN TOWARD THIS END.PROGRAMS INCLUDE: GENERAL SUPPORT FOR THE LIBRARY, YOUTH PROGRAMS AND TANGLEWOOD TALKS (JUDKIN) - EACH SERVING 45,176, 2,475, AND 566 CLIENTS RESPECTIVELY IN FY22.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Edward Richter President | OfficerTrustee | 3.5 | $0 |
Marybeth Mitts Vice President | OfficerTrustee | 2.25 | $0 |
Bruce Gamble Treasurer | OfficerTrustee | 3.5 | $0 |
George Raymond Clerk | OfficerTrustee | 2.25 | $0 |
Barbara Sussman Goldberg Director | Trustee | 1 | $0 |
Brendan Mathews Director | Trustee | 1 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $18,080 |
| All other contributions, gifts, grants, and similar amounts not included above | $282,046 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $300,126 |
| Total Program Service Revenue | $4,744 |
| Investment income | $29,028 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $105,062 |
| Net Income from Fundraising Events | $18,361 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $458,053 |
| 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 | $79,384 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $311 |
| Payroll taxes | $4,329 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $836 |
| Fees for services: Accounting | $12,945 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $25,852 |
| Fees for services: Other | $3,351 |
| Advertising and promotion | $0 |
| Office expenses | $1,312 |
| Information technology | $2,560 |
| Royalties | $0 |
| Occupancy | $1,120 |
| 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 | $5,864 |
| Insurance | $9,428 |
| All other expenses | $5,191 |
| Total functional expenses | $312,254 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $5,092 |
| Savings and temporary cash investments | $42,580 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $18 |
| 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 | $13,194 |
| Investments—publicly traded securities | $498,718 |
| Investments—other securities | $1,421,401 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $2,224,661 |
| Total assets | $4,205,664 |
| Accounts payable and accrued expenses | $4,556 |
| 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 | $4,556 |
| Net assets without donor restrictions | $919,861 |
| Net assets with donor restrictions | $3,281,247 |
| 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 | $4,205,664 |