Portsmouth Free Public Library Association
- Assets
- $708.9k
- Revenue
- $841.1k
- Investments
- $0.0
- Employees
- 18
- Location
- Portsmouth, RI
- Founding
- 05/1976
- Data as of
- 06/2024
- EIN
- 05-0263385
Organization Overview
Portsmouth Free Public Library Association is located in Portsmouth, RI. The organization was established in 1976. As of 06/2024, Portsmouth Free Public Library Association employed 18 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Portsmouth Free Public 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 06/2024, Portsmouth Free Public Library Association generated $841.1k in total revenue. This represents relatively stable growth, over the past 4 years the organization has increased revenue by an average of 3.5% each year. All expenses for the organization totaled $854.2k during the year ending 06/2024. While expenses have increased by 4.8% per year over the past 4 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
2024
Describe the Organization's Mission:
Part 3 - Line 1
FREE PUBLIC LIBRARY IS TO SERVE THE COMMUNITY BY PROVIDING LIBRARY SERVICES TO MEET THE INFORMATIONAL, EDUCATIONAL AND RECREATIONAL NEEDS OF THE TOWN'S RESIDENTS WITH A VARIETY OF MATERIALS, PROGRAMS, SERVICES AND FACILITIES.
Describe the Organization's Program Activity:
Part 3 - Line 4a
WE MEET OUR SERVICE GOAL OF PROVIDING THE COMMUNITY WITH PROGRAMMING, EDUCATIONAL AND LITERACY OPTIONS.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Carolyn Magnus Library Director | OfficerTrustee | 40 | $73,331 |
Michael W Mello President | Officer | 15 | $0 |
David Miller Vice President | Officer | 1 | $0 |
Gretchen Markert Secretary | 3 | $0 | |
Carol Decosta Treasurer | Officer | 2 | $0 |
Sheila Collins Trustee | 1 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $37,633 |
| Membership dues | $6,010 |
| Fundraising events | $18,558 |
| Related organizations | $0 |
| Government grants | $695,145 |
| All other contributions, gifts, grants, and similar amounts not included above | $64,999 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $822,345 |
| Total Program Service Revenue | $1,641 |
| Investment income | $17,151 |
| 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 | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $841,137 |
| 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. | $73,331 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $367,149 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $59,752 |
| Payroll taxes | $34,588 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $5,730 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $201,036 |
| Advertising and promotion | $0 |
| Office expenses | $9,471 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $90,887 |
| Travel | $269 |
| 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 | $0 |
| Insurance | $11,979 |
| All other expenses | $0 |
| Total functional expenses | $854,192 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $100 |
| Savings and temporary cash investments | $299,514 |
| 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 | $0 |
| Net Land, buildings, and equipment | $0 |
| Investments—publicly traded securities | $409,313 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $708,927 |
| Accounts payable and accrued expenses | $0 |
| 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 | $0 |
| Net assets without donor restrictions | $653,927 |
| Net assets with donor restrictions | $55,000 |
| 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 | $708,927 |