Newport Reading Room
- Assets
- $2.1m
- Revenue
- $1.0m
- Investments
- $0.0
- Employees
- 12
- Location
- Newport, RI
- Founding
- 08/1941
- Data as of
- 12/2021
- 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 12/2021, Newport Reading Room employed 12 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 12/2021, Newport Reading Room generated $1.0m in total revenue. This represents relatively stable growth, over the past 7 years the organization has increased revenue by an average of 7.3% each year. All expenses for the organization totaled $732.3k during the year ending 12/2021. While expenses have increased by 2.3% 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
2021
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 |
|---|---|---|---|
Cristina Longstreth-Cabral General Manager | 40 | $136,573 | |
Barclay Douglas Jr President | Trustee | 5 | $0 |
Michael J Murray Secretary | Trustee | 5 | $0 |
Timothy J Demy 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 | $865,120 |
| Investment income | $3,437 |
| 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 | $135,306 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $1,008,999 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $1,600 |
| 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 | $394,200 |
| Pension plan accruals and contributions | $9,380 |
| Other employee benefits | $38,664 |
| Payroll taxes | $31,000 |
| Fees for services: Management | $7,663 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $1,875 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $1,027 |
| Advertising and promotion | $0 |
| Office expenses | $27,871 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $25,532 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $344 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $53,133 |
| Insurance | $47,539 |
| All other expenses | $2,807 |
| Total functional expenses | $732,316 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $33,595 |
| Savings and temporary cash investments | $84,298 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $25,919 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $20,416 |
| Prepaid expenses and deferred charges | $0 |
| Net Land, buildings, and equipment | $1,619,174 |
| Investments—publicly traded securities | $327,036 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $2,110,438 |
| Accounts payable and accrued expenses | $18,943 |
| 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 | $420 |
| Total liabilities | $19,363 |
| 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 | $2,049,275 |
| Total liabilities and net assets/fund balances | $2,110,438 |
Grants Recieved
Over the last fiscal year, we have identified 1 grants that Newport Reading Room has recieved totaling $500.
| Awarding Organization | Amount |
|---|---|
Frederick And Diana Prince Foundation Washington, DC PURPOSE: GENERAL FUND | $500 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Country Club Chestnut Hill, MA | $75,043,157 | $30,549,304 |
Wee Burn Country Club Inc Darien, CT | $32,519,463 | $16,725,850 |
Greenwich Country Club Greenwich, CT | $48,407,804 | $23,136,592 |
Wellesley Country Club Wellesley, MA | $55,523,277 | $17,353,733 |
Woodway Country Club Incorporated Darien, CT | $32,570,201 | $14,880,536 |
Round Hill Club Incorporated Greenwich, CT | $26,532,622 | $13,385,000 |
Country Club Of New Canaan New Canaan, CT | $36,388,345 | $15,800,201 |
The Stanwich Club Incorporated Greenwich, CT | $33,116,377 | $12,033,633 |
Country Club Of Darien Darien, CT | $36,108,761 | $11,698,340 |
Pinebrook Country Club Inc Weston, MA | $32,646,318 | $13,203,918 |
Brae Burn Country Club West Newton, MA | $26,622,764 | $12,323,812 |
Tamarack Country Club Inc Greenwich, CT | $21,944,422 | $12,683,379 |