Mystic & Noank Library Inc
- Assets
- $10.3m
- Revenue
- $733.7k
- Investments
- $0.0
- Employees
- 19
- Location
- Mystic, CT
- Founding
- 02/1979
- Data as of
- 06/2023
- 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 06/2023, Mystic & Noank Library Inc employed 19 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 06/2023, Mystic & Noank Library Inc generated $733.7k 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 (11.5%) each year. All expenses for the organization totaled $992.9k 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 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 |
|---|---|---|---|
Sharon Barrett Trustee | Trustee | 2 | $0 |
Jamie Densmore Trustee | Trustee | 2 | $0 |
Mary Tullis Engvall Secretary | Trustee | 2 | $0 |
Paul Finnegan Treasurer | OfficerTrustee | 2 | $0 |
Eric Janney Trustee | Trustee | 2 | $0 |
Linda Kosta President | OfficerTrustee | 2 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $262,216 |
| All other contributions, gifts, grants, and similar amounts not included above | $214,020 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $476,236 |
| Total Program Service Revenue | $295 |
| Investment income | $256,021 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $1,098 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $733,650 |
| 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. | $80,481 |
| Compensation of current officers, directors, key employees. | $72,433 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $381,128 |
| Pension plan accruals and contributions | $16,760 |
| Other employee benefits | $76,480 |
| Payroll taxes | $36,632 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $5,102 |
| Fees for services: Accounting | $11,089 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $26,739 |
| Advertising and promotion | $0 |
| Office expenses | $17,424 |
| Information technology | $30,528 |
| Royalties | $0 |
| Occupancy | $34,702 |
| 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 | $99,044 |
| Insurance | $33,960 |
| All other expenses | $278 |
| Total functional expenses | $992,911 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $59,099 |
| Savings and temporary cash investments | $91,604 |
| 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 | $5,310 |
| Net Land, buildings, and equipment | $1,112,467 |
| Investments—publicly traded securities | $6,632,285 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $2,443,790 |
| Total assets | $10,344,555 |
| Accounts payable and accrued expenses | $23,767 |
| 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 | $23,767 |
| Net assets without donor restrictions | $7,038,548 |
| Net assets with donor restrictions | $3,282,240 |
| 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 | $10,344,555 |