New Britain Institute
- Assets
- $8.3m
- Revenue
- $4.7m
- Investments
- $0.0
- Employees
- 71
- Location
- New Britain, CT
- Founding
- 03/1943
- Data as of
- 06/2023
- EIN
- 06-0646767
Organization Overview
New Britain Institute is located in New Britain, CT. The organization was established in 1943. According to its NTEE Classification (B70) the organization is classified as: Libraries, under the broad grouping of Education and related organizations. As of 06/2023, New Britain Institute employed 71 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. New Britain Institute 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 06/2023, New Britain Institute generated $4.7m in total revenue. This represents relatively stable growth, over the past 7 years the organization has increased revenue by an average of 3.0% each year. All expenses for the organization totaled $3.7m during the year ending 06/2023. 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
TO PROMOTE LITERARY AND SCIENTIFIC OBJECTS IN THE CITY OF NEW BRITAIN, CT.
Describe the Organization's Program Activity:
Part 3 - Line 4a
NEW BRITAIN PUBLIC LIBRARY - TO PROVIDE RESEARCH AND EDUCATIONAL MATERIALS AND SERVICES TO THE COMMUNITY.
NEW BRITAIN YOUTH MUSEUM - TO PROVIDE A BROAD RANGE OF EDUCATIONAL AND CULTURAL PROGRAMMING FOR CHILDREN.
NEW BRITAIN INDUSTRIAL MUSEUM - TO CREATE AN APPRECIATION FOR THE CITY'S PAST ACCOMPLISHMENTS AS "THE HARDWARE CITY OF THE WORLD AND TO REIGNITE IN YOUNG PEOPLE, A PRIDE IN THE COMMUNITY, SO THAT THEY TO CAN DEMONSTRATE HOW ECONOMIC SUCCESS CAN BE GENERATED THROUGH CREATIVENESS, FORESIGHT AND A STRONG WORK ETHIC.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Geoffrey Bray President | OfficerTrustee | 1 | $0 |
Francis Volz Vice President | OfficerTrustee | 1 | $0 |
John Whalen Treasurer | OfficerTrustee | 1 | $0 |
Gil Gigliotti Secretary | OfficerTrustee | 1 | $0 |
Michael Humen Chair Of Library Committee | Trustee | 1 | $0 |
Jonathon Scott Chair Of Industrial Museum | Trustee | 1 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $28,376 |
| Fundraising events | $20,040 |
| Related organizations | $0 |
| Government grants | $3,482,226 |
| All other contributions, gifts, grants, and similar amounts not included above | $785,330 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $4,315,972 |
| Total Program Service Revenue | $133,696 |
| Investment income | $251,066 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | -$15,614 |
| Net Income from Fundraising Events | -$191 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $739 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $4,685,668 |
| 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. | $207,517 |
| Compensation of current officers, directors, key employees. | $21,221 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $1,849,467 |
| Pension plan accruals and contributions | $76,347 |
| Other employee benefits | $306,360 |
| Payroll taxes | $153,038 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $11,526 |
| Fees for services: Accounting | $28,880 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $37,687 |
| Fees for services: Other | $19,315 |
| Advertising and promotion | $11,848 |
| Office expenses | $121,275 |
| Information technology | $6,684 |
| Royalties | $0 |
| Occupancy | $256,376 |
| Travel | $2,839 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $9,760 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $85,956 |
| Insurance | $38,609 |
| All other expenses | $19,197 |
| Total functional expenses | $3,681,107 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $1,810,926 |
| Savings and temporary cash investments | $351,613 |
| 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 | $1,573,015 |
| Investments—publicly traded securities | $4,091,260 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $462,427 |
| Total assets | $8,289,241 |
| Accounts payable and accrued expenses | $365,261 |
| 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 | $365,261 |
| Net assets without donor restrictions | $7,104,166 |
| Net assets with donor restrictions | $819,814 |
| 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 | $8,289,241 |