Mystic & Noank Library Inc
- Assets
- $10.4m
- Revenue
- $1.4m
- Investments
- $0.0
- Employees
- 25
- Location
- Mystic, CT
- Founding
- 02/1979
- Data as of
- 06/2022
- EIN
- 06-0709292
Organization Overview
Mystic & Noank Library Inc is located in Mystic, CT. The organization was established in 1979. 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, Mystic & Noank Library Inc employed 25 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Mystic & Noank Library Inc 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, Mystic & Noank Library Inc generated $1.4m in total revenue. The organization has seen a slow decline revenue. Over the past 7 years, revenues have fallen by an average of (2.6%) each year. All expenses for the organization totaled $1.0m during the year ending 06/2022. 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 MAINTAIN A COMMUNITY LIBRARY AVAIABLE TO ALL CONNECTICUT RESIDENTS HOLDING LIBRARY CARDS AND TO PROVIDE READING REFERENCE MATERIALS, AND RELATED PROGRAMS AND SERVICES.
Describe the Organization's Program Activity:
Part 3 - Line 4a
MAINTAIN A COMMUNITY LIBRARY AVAILABLE TO ALL CONNECTICUT RESIDENTS HOLDING LIBRARY CARDS AND TO PROVIDE READING REFERENCE MATERIALS AND RELATED PROGRAMS AND SERVICES.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Linda Kosta President | OfficerTrustee | 2 | $0 |
Sara Lathrop Treasurer | OfficerTrustee | 2 | $0 |
Ken Soeder Secretary | OfficerTrustee | 2 | $0 |
Caitlin Mceachern Wroblewski Vice-Preside | OfficerTrustee | 2 | $0 |
Sharon Barrett Trustee | Trustee | 2 | $0 |
Jamie Densmore Trustee | Trustee | 2 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $226,918 |
| All other contributions, gifts, grants, and similar amounts not included above | $338,514 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $565,432 |
| Total Program Service Revenue | $15 |
| Investment income | $178,679 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $684,993 |
| Net Income from Fundraising Events | $1,900 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $1,431,019 |
| 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. | $77,500 |
| Compensation of current officers, directors, key employees. | $69,750 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $394,680 |
| Pension plan accruals and contributions | $20,407 |
| Other employee benefits | $67,075 |
| Payroll taxes | $37,889 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $2,000 |
| Fees for services: Accounting | $10,750 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $36,811 |
| Advertising and promotion | $0 |
| Office expenses | $20,757 |
| Information technology | $28,016 |
| Royalties | $0 |
| Occupancy | $27,905 |
| 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 | $105,112 |
| Insurance | $36,424 |
| All other expenses | $156 |
| Total functional expenses | $1,009,717 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $102,612 |
| Savings and temporary cash investments | $142,495 |
| Pledges and grants receivable | $68,183 |
| 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 | $10,241 |
| Net Land, buildings, and equipment | $1,196,322 |
| Investments—publicly traded securities | $6,500,215 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $2,398,073 |
| Total assets | $10,418,141 |
| Accounts payable and accrued expenses | $20,603 |
| 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 | $20,603 |
| Net assets without donor restrictions | $7,207,465 |
| Net assets with donor restrictions | $3,190,073 |
| 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 | $10,418,141 |
Grants Recieved
Over the last fiscal year, we have identified 6 grants that Mystic & Noank Library Inc has recieved totaling $93,360.
| Awarding Organization | Amount |
|---|---|
Network For Good Inc Washington, DC PURPOSE: UNRESTRICTED | $60,469 |
Helios Foundation Inc Neenah, WI PURPOSE: LIBRARY PARK PROJECT | $25,000 |
Anderson-Paffard Foundation Incorporated New London, CT PURPOSE: EXEMPT PURPOSE OF DONEE | $5,000 |
Pfizer Foundation Inc New York, NY PURPOSE: MATCHING GIFTS | $1,400 |
Pfizer Foundation Inc New York, NY PURPOSE: MATCHING GIFTS | $1,338 |
Amazonsmile Foundation Seattle, WA PURPOSE: GENERAL SUPPORT | $153 |
Endowment Analysis
| Beg. Balance | $7,137,438 |
| Earnings | -$336,451 |
| Net Contributions | $118,707 |
| Other Expense | $419,479 |
| Ending Balance | $6,500,215 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
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 |
Westchester Library System Elmsford, NY | $6,787,041 | $7,508,558 |
American Antiquarian Society Worcester, MA | $122,268,688 | $9,559,298 |