Company Of The Redwood Library And Athenaem
- Assets
- $27.4m
- Revenue
- $1.6m
- Investments
- $0.0
- Employees
- 11
- Location
- Newport, RI
- Founding
- 01/1935
- Data as of
- 06/2021
- EIN
- 05-0260678
Organization Overview
Company Of The Redwood Library And Athenaem is located in Newport, RI. The organization was established in 1935. According to its NTEE Classification (B70) the organization is classified as: Libraries, under the broad grouping of Education and related organizations. As of 06/2021, Company Of The Redwood Library And Athenaem employed 11 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Company Of The Redwood Library And Athenaem 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, Company Of The Redwood Library And Athenaem generated $1.6m in total revenue. The organization has seen a slow decline revenue. Over the past 6 years, revenues have fallen by an average of (2.8%) each year. All expenses for the organization totaled $1.2m during the year ending 06/2021. As we would expect to see with falling revenues, expenses have declined by (9.4%) per year over the past 6 years. 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
FOUNDED IN 1747 ON THE ENLIGHTENMENT IDEALS OF INTELLECTUAL PURSUIT AND CIVIC ENGAGEMENT, THE REDWOOD LIBRARY AND ATHENAEUM GENERATES KNOWLEDGE IN THE HUMANITIES FOR THE BENEFIT OF THE WIDEST POSSIBLE AUDIENCE WITH NOTHING IN VIEW BUT THE GOOD OF MANKIND".
Describe the Organization's Program Activity:
Part 3 - Line 4a
MUSEUM OPERATIONS: THE ATHENAEUM EMPHASIZES PROGRAMS AND COLLECTIONS IMPORTANT TO THE STUDY OF NEWPORT AND ITS HISTORY, AS WELL AS 18TH CENTURY AMERICA AND ITS SOURCES. IT SPONSORS ENTERTAINING AND INFORMATIVE ADULT AND CHILDREN'S PROGRAMS, DISPLAYS EDUCATIONAL AND CULTURAL EXHIBITS DRAWN PRIMARILY FROM THE REDWOOD'S COLLECTIONS, PUBLISHES EDUCATIONAL CATALOGS, NEWSLETTERS, AND FINDING AIDS, AND PROVIDES SPECIAL TOURS FOCUSING ON RHODE ISLAND'S COLONIAL COMMITMENT TO FREEDOM OF RELIGION AND LIBERTY OF CONSCIENCE TO SCHOOL CHILDREN EACH YEAR.
CIRCULATION LIBRARY: OPEN TO THE PUBLIC 7 DAYS A WEEK. PATRONS, RESEARCHERS, SCHOLARS AND VISITORS CAN ENJOY THE MORE THAN 200,000 VOLUMES, MORE THAN 200 CURRENT PERIODICALS, HUNDREDS OF CD'S,BOOKS-ON-TAPE, AND E-BOOKS AVAILABLE TO BE CHECKED OUT BY MEMBERS ON-SITE AND THROUGH INTERLIBRARY LOAN.
RESEARCH LIBRARY: PERSONAL ATTENTION IS PROVIDED TO RESEARCHERS AND SCHOLARS TO ASSIST THEM WITH INDEPENDENT RESEARCH. IT SHOWCASES A PERMANENT EXHIBITION OF 18TH AND 19TH CENTURY ART, INCLUDING PORTRAITS BY JOHN SMIBERT, GILBERT STUART, ROBERT FEKE, REMBRANDT PEALE, AND CHARLES BIRD KING; TOWNSEND AND GODDARD FURNITURE; COLONIAL SILVER, CERAMICS, PAPER-BASED ART, AND MORE; AND A NATIONAL HISTORIC LANDMARK BUILDING, THE FIRST PUBLIC CLASSICAL BUILDING IN THE COLONIES.
OTHER EDUCATIONAL AND LIBRARY RELATED PROGRAMS
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Benedict Leca Executive Director | Officer | 40 | $126,539 |
R Daniel Prentiss ESQ President | OfficerTrustee | 1 | $0 |
Frank Ray Vice President | OfficerTrustee | 1 | $0 |
M Holt Massey Treasurer | OfficerTrustee | 1 | $0 |
Daniel Benson Secretary | OfficerTrustee | 1 | $0 |
Holly Bannister MD Director Through 9/20 | Trustee | 0.5 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $152,700 |
| All other contributions, gifts, grants, and similar amounts not included above | $727,608 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $880,308 |
| Total Program Service Revenue | $168,795 |
| Investment income | $293,087 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | -$320 |
| Net Gain/Loss on Asset Sales | $174,510 |
| Net Income from Fundraising Events | $80,961 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $1,597,341 |
| 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. | $127,500 |
| Compensation of current officers, directors, key employees. | $82,875 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $413,080 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $67,816 |
| Payroll taxes | $48,057 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $14,000 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $45,509 |
| Fees for services: Other | $0 |
| Advertising and promotion | $14,423 |
| Office expenses | $3,174 |
| Information technology | $42,143 |
| Royalties | $0 |
| Occupancy | $85,514 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $2,813 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $0 |
| Insurance | $89,942 |
| All other expenses | $35,034 |
| Total functional expenses | $1,246,411 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $364,517 |
| Savings and temporary cash investments | $71,043 |
| Pledges and grants receivable | $148,873 |
| 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 | $2,937 |
| Prepaid expenses and deferred charges | $42,187 |
| Net Land, buildings, and equipment | $11,346,208 |
| Investments—publicly traded securities | $12,965,558 |
| Investments—other securities | $0 |
| Investments—program-related | $2,318,072 |
| Intangible assets | $0 |
| Other assets | $107,812 |
| Total assets | $27,367,207 |
| Accounts payable and accrued expenses | $18,106 |
| Grants payable | $0 |
| Deferred revenue | $57,583 |
| 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 | $28,410 |
| Unsecured mortgages and notes payable | $189,608 |
| Other liabilities | $0 |
| Total liabilities | $293,707 |
| Net assets without donor restrictions | $20,555,969 |
| Net assets with donor restrictions | $6,517,531 |
| 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 | $27,367,207 |
Grants Recieved
Over the last fiscal year, we have identified 8 grants that Company Of The Redwood Library And Athenaem has recieved totaling $110,999.
| Awarding Organization | Amount |
|---|---|
Hartfield Foundation Inc Philadelphia, PA PURPOSE: GENERAL OPERATING SUPPORT | $30,000 |
Frederick Henry Prince Testamentary Trust Chicago, IL PURPOSE: GENERAL OPERATING SUPPORT | $25,000 |
George L Ohrstom Jr Foundation Inc Harrison, NY PURPOSE: GENERAL OPERATING SUPPORT | $25,000 |
Goldman Sachs Philanthropy Fund New York, NY PURPOSE: ARTS AND CULTURE | $10,000 |
The Rhode Island Community Foundation Providence, RI PURPOSE: GENERAL OPERATING; GENERAL SUPPORT | $5,999 |
R K Mellon Family Foundation Pittsburgh, PA PURPOSE: CAPITAL CAMPAIGN | $5,000 |
Endowment Analysis
| Beg. Balance | $11,025,597 |
| Earnings | $2,301,426 |
| Other Expense | $282,500 |
| Ending Balance | $13,044,523 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
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 |
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 |
American Antiquarian Society Worcester, MA | $122,268,688 | $9,559,298 |
John Fitzgerald Kennedy Library Foundation Incorporated Boston, MA | $64,242,661 | $9,493,249 |
Providence Community Library Providence, RI | $3,536,568 | $6,105,940 |
Proprietors Of The Social Law Library Boston, MA | $11,132,474 | $6,079,847 |
New Canaan Library Inc New Canaan, CT | $41,940,632 | $22,594,634 |
Greenwich Library Greenwich, CT | $86,849,437 | $8,026,445 |