Memorial & Library Association
- Assets
- $38.5m
- Revenue
- $3.1m
- Investments
- $0.0
- Employees
- 52
- Location
- Westerly, RI
- Founding
- 07/1944
- Data as of
- 06/2022
- EIN
- 05-0259005
Organization Overview
Memorial & Library Association is located in Westerly, RI. The organization was established in 1944. As of 06/2022, Memorial & Library Association employed 52 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Memorial & 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, Memorial & Library Association generated $3.1m in total revenue. This represents relatively stable growth, over the past 7 years the organization has increased revenue by an average of 5.8% each year. All expenses for the organization totaled $3.0m during the year ending 06/2022. While expenses have increased by 1.0% 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
TO MAINTAIN THE WESTERLY LIBRARY, HOXIE GALLERY AND WILCOX, A 15 ACRE ARBORETUM.
Describe the Organization's Program Activity:
Part 3 - Line 4a
LIBRARY - THE LIBRARY PROVIDES ESSENTIAL SERVICES AND PROGRAMS THAT ENRICH THE LIVES OF ALL ITS PATRONS; CHILDREN OF ALL AGES ARE WELCOME, & INTRODUCED TO THE MAGIC OF READING; IT IS A CENTER FOR CIVIC PRIDE & COMMUNITY; IT IS A THRIVING, BUSY, WARM, BEAUTIFUL, & WELCOMING PLACE. WE HAVE 11,795 PATRONS WITH ACTIVE LIBRARY CARDS & THOUSANDS OF OTHERS WITHOUT CARDS. OUR TOTAL CIRCULATION LAST YEAR, INCLUDING EZONE BOOKS, WAS 216,472 ITEMS, WE HAD 8,926 COMPUTER USERS & 54,078 WIRELESS SESSIONS. WE ARE PART OF A LIBRARY CONSORTIUM, SHARING AN ONLINE MATERIALS AND PATRON DATABASE, NETWORK MATERIAL LENDING, AND SUBSCRIPTION DATABASES. WE PROVIDE EBOOKS AND RESEARCH TECHNOLOGY, ACCESS TO THE INTERNET, ONLINE UNIQUE DATABASE SERVICES, AND PROGRAM INFORMATION VIA OUR WEB SITE.
WILCOX PARK - WILCOX PARK IS A NATIONALLY SIGNIFICANT ARBORETUM AND DESIGNED LANDSCAPE, AND ONE OF THE CORNERSTONES FOR OUR SENSE OF PLACE IN THE REGION. IT IS A BEAUTIFUL, PRIVATE PARK THAT ALSO SERVES AS AN OUTDOOR COMMUNITY SPACE. THE ASSOCIATION HAS DONE AN OUTSTANDING JOB OF PRESERVING THIS HISTORIC RESOURCE AND, THROUGH THAT, IN KEEPING DOWNTOWN WESTERLY LOOKING BEAUTIFUL AND WELL-MAINTAINED. THE PARK'S CONSIDERABLE EDUCATIONAL POTENTIAL IS REALIZED THROUGH PROGRAMS THAT PROMOTE A VARIETY OF THINGS INCLUDING ENVIRONMENTAL AWARENESS, WELLNESS, AND COMMUNITY. PROGRAMS INCLUDE THE ANNUAL GARDEN MARKET FAIR, THE VIRTU ART FESTIVAL WHICH SHOWCASES THE WORK OF 200 LOCAL ARTISTS, THE SUMMER POPS CONCERT BY THE CHORUS OF WESTERLY, AND THE ANNUAL SHAKESPEARE IN THE PARK PRODUCTIONS.
BUILDING - THE BUILDING THAT HOUSES WESTERLY LIBRARY IS ONE OF THE MOSTSIGNIFICANT STRUCTURES IN THE HISTORIC DISTRICT THAT SURROUNDS IT. ITIS ONE OF THE GREAT LANDMARKS IN RHODE ISLAND AND A STRONG EXAMPLE OFTHE VISION AMERICA HAD FOR THE IMPORTANT ROLE TO BE PLAYED BY ITS LATE19TH CENTURY LIBRARIES IN FORGING A NEW, DEMOCRATIC, POST CIVIL WARSOCIETY. THE BUILDING WENT THROUGH A MAJOR RENOVATION IN 2010 AND THERESTORATION OF THE OLD MAIN READING ROOM BROUGHT BACK TO LIFE ONE OFWESTERLY'S MOST TREASURED SPACES. THE HOXIE GALLERY WAS ALSO RESTOREDTO ITS POSITION AS A MAJOR SITE FOR THE EXHIBITION OF THE WORK OFARTISTS FROM THROUGHOUT THE REGION
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Sharon Morgan Secretary | OfficerTrustee | 1 | $0 |
Betty-Jo Cugini President | OfficerTrustee | 2 | $0 |
Peter B Robinson Treasurer | OfficerTrustee | 2 | $0 |
Ann Lain Vice President | OfficerTrustee | 0.5 | $0 |
Deborah Bell Trustee | Trustee | 0.75 | $0 |
Deborah Downie Ex-Officio | Trustee | 0.25 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $40,246 |
| Related organizations | $0 |
| Government grants | $969,455 |
| All other contributions, gifts, grants, and similar amounts not included above | $427,144 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $1,436,845 |
| Total Program Service Revenue | $8,844 |
| Investment income | $605,104 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $9,575 |
| Net Gain/Loss on Asset Sales | $981,906 |
| Net Income from Fundraising Events | $9,498 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $3,083,300 |
| 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 | $1,391,351 |
| Pension plan accruals and contributions | $26,781 |
| Other employee benefits | $109,518 |
| Payroll taxes | $119,899 |
| Fees for services: Management | $1,250 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $98,880 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $87,823 |
| Fees for services: Other | $10,577 |
| Advertising and promotion | $0 |
| Office expenses | $7,098 |
| Information technology | $99,484 |
| Royalties | $0 |
| Occupancy | $135,969 |
| Travel | $5,175 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $65,685 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $485,114 |
| Insurance | $48,730 |
| All other expenses | $53,072 |
| Total functional expenses | $2,974,224 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $38,244 |
| Savings and temporary cash investments | $955,835 |
| Pledges and grants receivable | $1,273,817 |
| Accounts receivable, net | $3,983 |
| 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 | $106,325 |
| Net Land, buildings, and equipment | $7,524,787 |
| Investments—publicly traded securities | $26,792,328 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $1,806,294 |
| Total assets | $38,501,613 |
| Accounts payable and accrued expenses | $88,135 |
| 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 | $1,279,993 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $0 |
| Total liabilities | $1,368,128 |
| Net assets without donor restrictions | $22,519,763 |
| Net assets with donor restrictions | $14,613,722 |
| 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 | $38,501,613 |
Grants Recieved
Over the last fiscal year, we have identified 7 grants that Memorial & Library Association has recieved totaling $28,060.
| Awarding Organization | Amount |
|---|---|
The Rhode Island Community Foundation Providence, RI PURPOSE: GENERAL OPERATING; GENERAL SUPPORT; WINTER FUNDRAISING; WINTER FUNDRAISER; PROGRAM SUPPORT | $24,343 |
Mary C Jolly Trust Agreement Westerly, RI PURPOSE: OPERATIONS | $2,061 |
Ashaway Charitable Trust Westerly, RI PURPOSE: OPERATIONAL | $500 |
Pfizer Foundation Inc New York, NY PURPOSE: MATCHING GIFTS | $400 |
Thomas W Smith Foundation Boca Raton, FL PURPOSE: PUBLIC POLICY | $350 |
Pfizer Foundation Inc New York, NY PURPOSE: MATCHING GIFTS | $249 |
Endowment Analysis
| Beg. Balance | $31,081,022 |
| Earnings | -$4,571,439 |
| Net Contributions | $1,629,745 |
| Other Expense | -$1,350,000 |
| Ending Balance | $29,489,328 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Hartford Public Library Hartford, CT | $35,044,167 | $19,581,056 |
Westport Library Assoc Westport, CT | $27,522,269 | $7,094,016 |
Darien Library Inc Darien, CT | $29,008,924 | $5,931,772 |
Wilton Library Association Incorporated Wilton, CT | $11,356,788 | $3,701,367 |
Wallingford Public Library Assoc Wallingford, CT | $3,324,792 | $3,497,111 |
Farmington Village Green And Library Assoc Farmington, CT | $13,374,438 | $3,538,139 |
Ridgefield Library Association Inc Ridgefield, CT | $24,615,900 | $3,459,736 |
Memorial & Library Association Westerly, RI | $38,501,613 | $3,083,300 |
Newport Public Library Newport, RI | $5,561,089 | $2,744,004 |
Trustees Of The Forbes Library Northampton, MA | $10,232,224 | $2,847,127 |
North Of Boston Library Exchange Inc Danvers, MA | $2,577,569 | $2,501,521 |
Gloucester Lyceum And Sawyer Free Library Gloucester, MA | $8,720,959 | $2,330,297 |