Torrington Library
- Assets
- $39.0m
- Revenue
- $2.1m
- Investments
- $33.0m
- Employees
- 17
- Location
- Torrington, CT
- Founding
- 12/1942
- Data as of
- 12/2021
- EIN
- 06-0669622
Organization Overview
Torrington Library is located in Torrington, CT. The organization was established in 1942. According to its NTEE Classification (B82) the organization is classified as: Scholarships & Student Financial Aid, under the broad grouping of Education and related organizations. As of 12/2021, Torrington Library employed 17 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Torrington 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 12/2021, Torrington Library generated $2.1m in total revenue. This represents a relatively dramatic decline in revenue. Over the past 7 years, the organization has seen revenues fall by an average of (4.2%) each year. All expenses for the organization totaled $1.3m during the year ending 12/2021. 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
ENGAGING ALL MEMBERS OF OUR COMMUNITY BY PROVIDING EQUAL ACCESS TO BOOKS, ELECTRONIC RESOURCES, PROGRAMS, AND PARTNERSHIPS TO ENRICH AND EMPOWER LIVES.
Describe the Organization's Program Activity:
Part 3 - Line 4a
CIRCULATING LIBRARY THE TORRINGTON LIBRARY OPERATES AS A PUBLIC LIBRARY, PROVIDING PRINT BOOKS, PERIODICALS, DVDS, CDS, AUDIOBOOKS, MUSEUM PASSES, VIDEO GAMES, MOBILE HOT SPOTS, ELECTRONIC RESOURCES/DATABASES, EMATERIALS, AND PUBLIC ACCESS COMPUTERS FOR PUBLIC USE. THE LIBRARY PHYSICALLY HOUSES OVER 62,000 PRINT BOOKS, 1,000 AUDIOBOOKS, 2,500 DVDS, 200 CDS, 50 MUSEUM PASSES, AND 2 MOBILE HOTSPOTS. ELECTRONICALLY, THE LIBRARY OFFERS ACCESS TO OVER 100,000 MATERIALS RANGING FROM EBOOKS TO EAUDIOBOOKS, LIVE STREAMING, CDS, AND MAGAZINES, ALL AVAILABLE FROM OUR WEBSITE. ALL SERVICES ARE FREE OF CHARGE AND AVAILABLE TO ANY TORRINGTON RESIDENTS. MOST SERVICES ARE ALSO AVAILABLE TO NON-RESIDENTS WITHIN CONNECTICUT. IN 2021, WE SAW 40,000 VISITORS AND CLOSE TO 62,000 ITEMS BORROWED.
PROGRAMMING AND COMMUNITY OUTREACH THE TORRINGTON LIBRARY HOSTED 300 PUBLIC EVENTS IN 2021 FOR ALL DEMOGRAPHICS. SAMPLE PROGRAMS FOR ADULTS INCLUDE MUSICAL PRESENTERS, LECTURERS, AUTHORS TALKS, HISTORICAL CHARACTER POTRAYALS, FILM SHOWINGS, AND CRAFT NIGHTS. PROGRAMS FOR CHILDREN AND TEENS INCLUDED STORY TIMES, CRAFT NIGHTS, BOOK CLUBS, INFORMATIONAL LECTURES, FILM SHOWINGS, HOMESCHOOLING CLUBS, ART PROGRAMS, AND MORE. IN 2021, PROGRAM ATTENDANCE REACHED OVER 18,000. THE LIBRARY ALSO CONDUCTS OFF-SITE OUTREACH.
COMMUNITY MEETING SPACE THE TORRINGTON LIBRARY HAS TWO MEETING ROOMS AVAILABLE FOR RENT TO PUBLIC. THE TORRINGTON SAVINGS BANK COMMUNITY ROOM SEATS 110 AND THE MEETING ROOM SEATS 14. NOT-FOR-PROFIT AND FOR-PROFIT ORGANIZATIONS CAN RENT THE SPACES TO HOLD EVENTS AND MEETINGS. THE LIBRARY ALSO FEATURES TWO QUIET STUDY ROOMS, A READING ROOM, A ROTUNDA, AND A PROGRAM ROOM WHERE THE PUBLIC CAN GATHER AND MEET ON A DAILY BASIS, FREE OF CHARGE. ORGANIZATIONS THAT HAVE USED THE LIBRARY FOR MEETING AND/OR PARTY SPACE INCLUDE TORRINGTON/WINSTED ROTARY, THE TORRINGTON CLUB, UNITED WAY, THE TORRINGTON HISTORICAL SOCIETY, PRIME TIME HOUSE, MADD, AND MORE.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Jessica Gueniat Executive Di | Officer | 40 | $71,159 |
Steven M Temkin Vice Preside | OfficerTrustee | 2 | $0 |
Charles E Roraback Secretary | OfficerTrustee | 2 | $0 |
Lesa Vanotti Treasurer | OfficerTrustee | 2 | $0 |
Judith A Addazio Trustee | Trustee | 2 | $0 |
Susan R Carroll Trustee | Trustee | 2 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $20,276 |
| All other contributions, gifts, grants, and similar amounts not included above | $757,700 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $777,976 |
| Total Program Service Revenue | $9,795 |
| Investment income | $243,999 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $1,006,596 |
| Net Income from Fundraising Events | $15,067 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $2,061,577 |
| 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. | $71,159 |
| Compensation of current officers, directors, key employees. | $21,348 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $448,524 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $48,355 |
| Payroll taxes | $43,206 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $15,542 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $130,798 |
| Fees for services: Other | $7,260 |
| Advertising and promotion | $13,181 |
| Office expenses | $3,241 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $123,318 |
| Travel | $0 |
| 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 | $209,485 |
| Insurance | $29,150 |
| All other expenses | $17,915 |
| Total functional expenses | $1,286,245 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $140,554 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $19,986 |
| 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 | $4,005 |
| Net Land, buildings, and equipment | $5,782,036 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $33,018,523 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $38,965,104 |
| Accounts payable and accrued expenses | $37,322 |
| 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 | $37,322 |
| Net assets without donor restrictions | $33,493,224 |
| Net assets with donor restrictions | $5,434,558 |
| 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 | $38,965,104 |
Grants Recieved
Over the last fiscal year, we have identified 1 grants that Torrington Library has recieved totaling $500.
| Awarding Organization | Amount |
|---|---|
Francis J And Louisa J Oneglia Foundation Inc Torrington, CT PURPOSE: GENERAL FUND | $500 |
Endowment Analysis
| Beg. Balance | $28,527,822 |
| Earnings | $5,371,728 |
| Admin Expense | $130,798 |
| Net Contributions | $63,207 |
| Other Expense | $792,786 |
| Ending Balance | $33,039,173 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Joan And Irwin Jacobs Technion-Cornell Innovation Instit New York, NY | $205,040,861 | $18,316,542 |
Tikvah Fund New York, NY | $103,047,859 | $6,270,985 |
Catholic Schools Foundation Inc Boston, MA | $110,171,239 | $27,305,892 |
Echoing Green Inc New York, NY | $60,744,468 | $19,754,073 |
Partnership For Ed Advancement Inc New York, NY | $36,194,552 | $41,198,488 |
Alavi Foundation New York, NY | $64,468,510 | $30,201,673 |
Uncommon Lender Inc New York, NY | $174,239,408 | $12,168,791 |
Family Enrichment Network Inc Johnson City, NY | $8,020,609 | $12,621,621 |
Laspau Inc Cambridge, MA | $9,172,350 | $9,862,515 |
The Teagle Foundation Incorporated New York, NY | $172,379,349 | $12,655,674 |
Jackie Robinson Foundation Inc New York, NY | $30,161,175 | $8,662,334 |
The Cape Cod Community College Educational Foundation Inc West Barnstable, MA | $15,428,827 | $3,042,413 |