Richard Salters Storrs Library
- Assets
- $1.5m
- Revenue
- $305.6k
- Investments
- $0.0
- Employees
- 0
- Location
- Longmeadow, MA
- Founding
- 08/1944
- Data as of
- 06/2022
- EIN
- 04-6035288
Organization Overview
Richard Salters Storrs Library is located in Longmeadow, MA. The organization was established in 1944. According to its NTEE Classification (B70) the organization is classified as: Libraries, under the broad grouping of Education and related organizations. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Richard Salters Storrs 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 06/2022, Richard Salters Storrs Library generated $305.6k in total revenue. This organization has experienced exceptional growth, as over the past 7 years, it has increased revenue by an average of 17.1% each year . All expenses for the organization totaled $196.8k during the year ending 06/2022. While expenses have increased by 7.8% per year over the past 7 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
2022
Describe the Organization's Mission:
Part 3 - Line 1
THE PRIMARY EXEMPT PURPOSE IS TO MAINTAIN A FREE PUBLIC LIBRARY IN LONGMEADOW, MA
Describe the Organization's Program Activity:
Part 3 - Line 4a
PUBLIC LIBRARY THAT PROVIDES PATRONS WITH ACCESS TO PRINT AND NON-PRINT COLLECTIONS, ONLINE REFERENCES DATABASES, LOCAL HISTORY AND GENEALOGY ROOM AS WELL AS RESOURCE MATERIALS AND RESEARCH ASSISTANCE FOR CHILDREN.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Marion Germino Treasurer | OfficerTrustee | 2 | $0 |
Rob Humberston Clerk | OfficerTrustee | 2 | $0 |
Mary Rogeness President | OfficerTrustee | 2 | $0 |
Diane Fisher Trustee | Trustee | 2 | $0 |
Joan Lesser Trustee | Trustee | 2 | $0 |
Patricia Hogan Welch Trustee | Trustee | 2 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $144,776 |
| All other contributions, gifts, grants, and similar amounts not included above | $92,128 |
| Noncash contributions included in lines 1a–1f | $92,128 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $236,904 |
| Total Program Service Revenue | $7,503 |
| Investment income | $29,927 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | -$21,105 |
| Net Gain/Loss on Asset Sales | $52,351 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $305,580 |
| 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 | $0 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $0 |
| Payroll taxes | $0 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $750 |
| Fees for services: Accounting | $8,853 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $12,412 |
| Fees for services: Other | $22,234 |
| Advertising and promotion | $0 |
| Office expenses | $8,429 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $0 |
| 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 | $23,756 |
| Insurance | $8,302 |
| All other expenses | $0 |
| Total functional expenses | $196,758 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $104,768 |
| 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 | $3,211 |
| Net Land, buildings, and equipment | $230,678 |
| Investments—publicly traded securities | $1,070,247 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $59,747 |
| Total assets | $1,468,651 |
| Accounts payable and accrued expenses | $1,894 |
| 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 | $1,894 |
| Net assets without donor restrictions | $1,193,717 |
| Net assets with donor restrictions | $273,040 |
| 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 | $1,468,651 |
Grants Recieved
Over the last fiscal year, we have identified 1 grants that Richard Salters Storrs Library has recieved totaling $3,229.
| Awarding Organization | Amount |
|---|---|
Frank E Wheeler Trust Uw 59-7082506 Fbo Dallas, TX PURPOSE: UNRESTRICTED GENERAL | $3,229 |
Endowment Analysis
| Beg. Balance | $114,208 |
| Earnings | -$17,043 |
| Ending Balance | $97,165 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Pierpont Morgan Library New York, NY | $416,332,166 | $59,153,120 |
Rochester Public Library Rochester, NY | $13,709,813 | $21,920,405 |
Suffolk Cooperative Library System Bellport, NY | $18,374,423 | $17,112,722 |
Smithtown Library Nesconset, NY | $38,994,883 | $15,642,317 |
Buffalo & Erie County Public Library Buffalo, NY | $4,920,940 | $11,835,935 |
Massachusetts Library System Inc Marlborough, MA | $7,404,141 | $11,793,761 |
Ferguson Library Stamford, CT | $21,910,876 | $11,228,846 |
Proprietors Of The Boston Athenaeum Boston, MA | $130,203,809 | $11,281,803 |
Nassau Library System Uniondale, NY | $13,078,101 | $10,576,238 |
Publishers International Linking Association Inc Lynnfield, MA | $16,437,833 | $11,352,834 |
Springfield Museums Corporation Springfield, MA | $83,263,430 | $9,886,411 |
Providence Public Library Providence, RI | $36,987,936 | $6,478,555 |