Trustees Of The Forbes Library
- Assets
- $10.2m
- Revenue
- $2.8m
- Investments
- $0.0
- Employees
- 56
- Location
- Northampton, MA
- Founding
- 01/1941
- Data as of
- 06/2021
- EIN
- 04-6004208
Organization Overview
Trustees Of The Forbes Library is located in Northampton, MA. The organization was established in 1941. As of 06/2021, Trustees Of The Forbes Library employed 56 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Trustees Of The Forbes 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 06/2021, Trustees Of The Forbes Library generated $2.8m in total revenue. This organization has experienced exceptional growth, as over the past 5 years, it has increased revenue by an average of 14.8% each year . All expenses for the organization totaled $2.5m during the year ending 06/2021. While expenses have increased by 8.7% per year over the past 5 years. They've been increasing with an increasing level of total revenue. 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
2021
Describe the Organization's Mission:
Part 3 - Line 1
OPERATION OF A PUBLIC LIBRARY, WHICH EXISTS TO PROVIDE A WIDE RANGE OF INFORMATION AND MATERIALS TO ALL OF THE PEOPLE OF NORTHAMPTON, AND TO ENCOURAGE AND SUPPORT THE CIVIC, INTELLECTUAL, AND CULTURAL PURSUITS OF THE COMMUNITY. FORBES LIBRARY ENCOURAGES CURIOSITY, FREE INQUIRY, AND LIFELONG LEARNING AND PROVIDES A FRIENDLY PHYSICAL ENVIRONMENT AS A COMMUNITY MEETING PLACE.
Describe the Organization's Program Activity:
Part 3 - Line 4a
FORBES LIBRARY IS A WELCOMING HAVEN FOR ALL. WE BUILD CONNECTIONS THAT STRENGTHEN OUR COMMUNITIES, INSPIRE CURIOSITY, OPEN WINDOWS TO THE PAST, AND CREATE PATHWAYS TO THE FUTURE.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Lisa Downing Director | Officer | 37.5 | $85,497 |
Cheri Buckhout Treasurer | OfficerTrustee | 8 | $7,684 |
Elizabeth Sheirer Secretary | OfficerTrustee | 3 | $3,357 |
Russell W Carrier President | OfficerTrustee | 3 | $0 |
Marjorie R Hess Vice President Thru 12/2021 | OfficerTrustee | 3 | $0 |
Joseph A Twarog Trustee | Trustee | 3 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $2,448,089 |
| All other contributions, gifts, grants, and similar amounts not included above | $140,320 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $2,588,409 |
| Total Program Service Revenue | $8,117 |
| Investment income | $127,234 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $123,007 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $360 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $2,847,127 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $50 |
| 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. | $118,601 |
| Compensation of current officers, directors, key employees. | $102,693 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $1,155,579 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $498,509 |
| Payroll taxes | $30,178 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $1,375 |
| Fees for services: Accounting | $7,500 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $12,081 |
| Fees for services: Other | $12,209 |
| Advertising and promotion | $13,383 |
| Office expenses | $24,968 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $153,996 |
| Travel | $1,781 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $2,561 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $313,283 |
| Insurance | $5,087 |
| All other expenses | $31,136 |
| Total functional expenses | $2,513,006 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $10,517 |
| Savings and temporary cash investments | $261,908 |
| Pledges and grants receivable | $8,457 |
| Accounts receivable, net | $251 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $1,265 |
| Prepaid expenses and deferred charges | $20,787 |
| Net Land, buildings, and equipment | $3,411,356 |
| Investments—publicly traded securities | $6,517,683 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $10,232,224 |
| Accounts payable and accrued expenses | $253,369 |
| Grants payable | $0 |
| Deferred revenue | $8,998 |
| 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 | $262,367 |
| Net assets without donor restrictions | $5,944,179 |
| Net assets with donor restrictions | $4,025,678 |
| 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 | $10,232,224 |
Grants Recieved
Over the last fiscal year, we have identified 3 grants that Trustees Of The Forbes Library has recieved totaling $307,260.
| Awarding Organization | Amount |
|---|---|
Community Foundation Of Western Massachusetts Springfield, MA PURPOSE: LIBRARY (EDU) | $301,248 |
American Online Giving Foundation Inc Newark, DE PURPOSE: GENERAL SUPPORT | $6,000 |
Amazonsmile Foundation Seattle, WA PURPOSE: GENERAL SUPPORT | $12 |
Endowment Analysis
| Beg. Balance | $5,281,493 |
| Earnings | $1,120,210 |
| Admin Expense | $167,107 |
| Net Contributions | $279,588 |
| Ending Balance | $6,514,184 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Hartford Public Library Hartford, CT | $35,044,167 | $19,581,056 |
Great Neck Library Great Neck, NY | $34,961,861 | $11,637,861 |
Westport Library Assoc Westport, CT | $27,522,269 | $7,094,016 |
Oceanside Library Oceanside, NY | $46,476,817 | $6,978,242 |
Darien Library Inc Darien, CT | $29,008,924 | $5,931,772 |
Connetquot Public Library Bohemia, NY | $10,940,573 | $6,656,257 |
Crandall Library Glens Falls, NY | $18,989,283 | $4,650,669 |
Bryant Library Roslyn, NY | $10,311,911 | $5,190,176 |
Port Jefferson Free Library Port Jefferson, NY | $14,577,531 | $4,685,963 |
Riverhead Free Library Riverhead, NY | $9,623,554 | $4,087,006 |
Wilton Library Association Incorporated Wilton, CT | $11,356,788 | $3,701,367 |
Wallingford Public Library Assoc Wallingford, CT | $3,324,792 | $3,497,111 |