Otis Library
- Assets
- $11.7m
- Revenue
- $1.5m
- Investments
- $0.0
- Employees
- 32
- Location
- Norwich, CT
- Founding
- 08/1952
- Data as of
- 06/2022
- EIN
- 06-0669124
Organization Overview
Otis Library is located in Norwich, CT. The organization was established in 1952. As of 06/2022, Otis Library employed 32 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Otis Library 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, Otis Library generated $1.5m in total revenue. This represents relatively stable growth, over the past 7 years the organization has increased revenue by an average of 0.9% each year. All expenses for the organization totaled $1.6m 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
PUBLIC LIBRARY
Describe the Organization's Program Activity:
Part 3 - Line 4a
PUBLIC LIBRARY SERVING THE GREATER NORWICH, CT AREA
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Robert Farwell Executive Di | Trustee | 36 | $86,009 |
Jeanne Kurasz President | OfficerTrustee | 5 | $0 |
John Iovino Vice Preside | OfficerTrustee | 5 | $0 |
Kathryn Lord Secretary | OfficerTrustee | 5 | $0 |
Chuck Seeman Treasurer | OfficerTrustee | 5 | $0 |
Kevin Brown Director | Trustee | 1 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $1,169,233 |
| All other contributions, gifts, grants, and similar amounts not included above | $102,631 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $1,271,864 |
| Total Program Service Revenue | $12,469 |
| Investment income | $214,362 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $6,000 |
| Net Gain/Loss on Asset Sales | $35,706 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $1,541,355 |
| 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. | $86,009 |
| Compensation of current officers, directors, key employees. | $81,709 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $754,533 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $94,312 |
| Payroll taxes | $73,896 |
| 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 | $26,356 |
| Advertising and promotion | $0 |
| Office expenses | $0 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $54,621 |
| Travel | $11,432 |
| 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 | $231,990 |
| Insurance | $0 |
| All other expenses | $80,209 |
| Total functional expenses | $1,602,690 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $152,288 |
| Savings and temporary cash investments | $526,648 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $270 |
| 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 | $3,145 |
| Net Land, buildings, and equipment | $5,818,418 |
| Investments—publicly traded securities | $5,184,627 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $11,685,396 |
| Accounts payable and accrued expenses | $22,280 |
| 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 | $91,524 |
| Total liabilities | $113,804 |
| Net assets without donor restrictions | $9,761,498 |
| Net assets with donor restrictions | $1,810,094 |
| 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 | $11,685,396 |