Watertown Library Association
- Assets
- $2.0m
- Revenue
- $850.8k
- Investments
- $0.0
- Employees
- 15
- Location
- Watertown, CT
- Founding
- 07/1988
- Data as of
- 06/2022
- EIN
- 06-0646955
Organization Overview
Watertown Library Association is located in Watertown, CT. The organization was established in 1988. According to its NTEE Classification (B70) the organization is classified as: Libraries, under the broad grouping of Education and related organizations. As of 06/2022, Watertown Library Association employed 15 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Watertown 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, Watertown Library Association generated $850.8k in total revenue. This represents relatively stable growth, over the past 7 years the organization has increased revenue by an average of 1.0% each year. All expenses for the organization totaled $847.1k during the year ending 06/2022. While expenses have increased by 0.9% 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 PROMOTE INTELLECTUAL IMPROVEMENT AND SOCIAL CULTURE; AND TO ESTABLISH AND MAINTAIN A LIBRARY FOR RESIDENTS AND TAXPAYERS OF THE TOWN OF WATERTOWN, CONNECTICUT.
Describe the Organization's Program Activity:
Part 3 - Line 4a
OPERATION OF A FREE PUBLIC LIBRARY
FREE PUBLIC LIBRARY
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Joan Rintelman Director | Officer | 40 | $84,933 |
Brian Flaherty Treasurer | Officer | 0 | $0 |
Deborah Weinberger President | Officer | 0 | $0 |
Kathleen Porter Secretary | Officer | 0 | $0 |
Ted Heavenrich Trustee | Trustee | 0 | $0 |
James Maxwell Trustee | Trustee | 0 | $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 | $829,985 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $829,985 |
| Total Program Service Revenue | $1,088 |
| Investment income | $19,769 |
| 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 | $850,842 |
| 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. | $85,934 |
| Compensation of current officers, directors, key employees. | $55,857 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $309,965 |
| Pension plan accruals and contributions | $15,165 |
| Other employee benefits | $46,156 |
| Payroll taxes | $29,891 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $0 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $0 |
| Advertising and promotion | $6,558 |
| Office expenses | $850 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $121,406 |
| Travel | $814 |
| 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 | $58,927 |
| Insurance | $0 |
| All other expenses | $4,779 |
| Total functional expenses | $847,079 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $265,463 |
| Savings and temporary cash investments | $0 |
| 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 | $1,430,987 |
| Investments—publicly traded securities | $323,773 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $200 |
| Total assets | $2,020,423 |
| 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 | $1,943,863 |
| Net assets with donor restrictions | $76,560 |
| 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 | $2,020,423 |
Grants Recieved
Over the last fiscal year, we have identified 1 grants that Watertown Library Association has recieved totaling $3,000.
| Awarding Organization | Amount |
|---|---|
Tr U/W Marian W Ottley Watertown Las Vegas, NV PURPOSE: GENERAL OPERATING | $3,000 |
Endowment Analysis
| Beg. Balance | $246,788 |
| Ending Balance | $246,788 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Pierpont Morgan Library New York, NY | $416,332,166 | $59,153,120 |
Rochester Public Library Rochester, NY | $13,709,813 | $21,920,405 |
Suffolk Cooperative Library System Bellport, NY | $18,374,423 | $17,112,722 |
Smithtown Library Nesconset, NY | $38,994,883 | $15,642,317 |
Buffalo & Erie County Public Library Buffalo, NY | $4,920,940 | $11,835,935 |
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 |
Nassau Library System Uniondale, NY | $13,078,101 | $10,576,238 |
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 |