Newport Reading Room
- Assets
- $2.6m
- Revenue
- $1.2m
- Investments
- $0.0
- Employees
- 13
- Location
- Newport, RI
- Founding
- 08/1941
- Data as of
- 12/2023
- EIN
- 05-0191260
Organization Overview
Newport Reading Room is located in Newport, RI. The organization was established in 1941. According to its NTEE Classification (N60) the organization is classified as: Amateur Sports, under the broad grouping of Recreation & Sports and related organizations. As of 12/2023, Newport Reading Room employed 13 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Newport Reading Room is a 501(c)(7) and as such, is described as a "Social and Recreational Club" by the IRS.
For the year ending 12/2023, Newport Reading Room generated $1.2m in total revenue. This organization has experienced exceptional growth, as over the past 7 years, it has increased revenue by an average of 10.2% each year . All expenses for the organization totaled $952.9k during the year ending 12/2023. While expenses have increased by 6.2% 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
2023
Describe the Organization's Mission:
Part 3 - Line 1
PROMOTING LITERARY AND SOCIAL INTERACTION AMONG ITS MEMBERS THROUGH A LIBRARY AND READING ROOM
Describe the Organization's Program Activity:
Part 3 - Line 4a
PROMOTING LITERARY AND SOCIAL INTERACTION AMONG ITS MEMBERS
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Barclay Douglas Jr President | Trustee | 5 | $0 |
Dickson G Boenning Treasurer | Trustee | 5 | $0 |
Michael J Murray Secretary | Trustee | 5 | $0 |
Richard Bohan Jr Governing Committee | Trustee | 2 | $0 |
Brian R Owens Governing Committee | Trustee | 2 | $0 |
Peter Arment Governing Committee | Trustee | 2 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $0 |
| All other contributions, gifts, grants, and similar amounts not included above | $0 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $0 |
| Total Program Service Revenue | $1,012,715 |
| Investment income | $20,510 |
| 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 | $179,484 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $1,214,234 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $1,100 |
| 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 | $505,397 |
| Pension plan accruals and contributions | $12,599 |
| Other employee benefits | $40,831 |
| Payroll taxes | $70,949 |
| Fees for services: Management | $539 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $1,975 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $2,081 |
| Advertising and promotion | $0 |
| Office expenses | $35,400 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $32,289 |
| 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 | $89,887 |
| Insurance | $61,858 |
| All other expenses | $3,521 |
| Total functional expenses | $952,873 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $85,300 |
| Savings and temporary cash investments | $155,345 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $37,835 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $20,240 |
| Prepaid expenses and deferred charges | $0 |
| Net Land, buildings, and equipment | $1,942,981 |
| Investments—publicly traded securities | $326,732 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $2,568,433 |
| Accounts payable and accrued expenses | $18,797 |
| 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 | $18,797 |
| Net assets without donor restrictions | $0 |
| Net assets with donor restrictions | $0 |
| Capital stock or trust principal, or current funds | $41,800 |
| Paid-in or capital surplus, or land, building, or equipment fund | $0 |
| Retained earnings, endowment, accumulated income, or other funds | $2,507,836 |
| Total liabilities and net assets/fund balances | $2,568,433 |