Oliver Wolcott Library Inc
- Assets
- $5.0m
- Revenue
- $977.5k
- Investments
- $0.0
- Employees
- 20
- Location
- Litchfield, CT
- Founding
- 08/1942
- Data as of
- 06/2023
- EIN
- 06-0709304
Organization Overview
Oliver Wolcott Library Inc is located in Litchfield, CT. The organization was established in 1942. As of 06/2023, Oliver Wolcott Library Inc employed 20 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Oliver Wolcott 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, Oliver Wolcott Library Inc generated $977.5k in total revenue. This represents relatively stable growth, over the past 8 years the organization has increased revenue by an average of 1.8% each year. All expenses for the organization totaled $1.1m during the year ending 06/2023. While expenses have increased by 2.9% per year over the past 8 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
2023
Describe the Organization's Mission:
Part 3 - Line 1
TO PROVIDE FACILITIES, MATERIALS, SERVICES AND PROGRAMS THAT FOSTER LIFELONG LEARNING AND A WELCOMING ENVIRONMENT FOR COMMUNITY INTERACTION, ENHANCED BY STAFF DEDICATED TO THIS VISION AND POSSESSED OF COMPASSION, A COOPERATIVE SPIRIT AND STRONG COMMUNICATION AND INTERPERSONAL SKILLS.
Describe the Organization's Program Activity:
Part 3 - Line 4a
THE LIBRARY FACILITATES TO SERVE THE EDUCATIONAL, CULTURAL, PROFESSIONAL, RECREATIONAL AND INFORMATIONAL NEEDS OF THE CITIZENS OF LITCHFIELD, CONNECTICUT AND ITS SURROUNDING TOWNS.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Emily Dalton President | OfficerTrustee | 5 | $0 |
William Honan Vice Preside | OfficerTrustee | 5 | $0 |
John Morosani Treasurer | OfficerTrustee | 5 | $0 |
Michael Kazan Secretary | OfficerTrustee | 5 | $0 |
Timothy Breslin Director | Trustee | 1 | $0 |
Anne Dranginis Director | Trustee | 1 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $244,065 |
| Related organizations | $0 |
| Government grants | $13,111 |
| All other contributions, gifts, grants, and similar amounts not included above | $458,894 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $716,070 |
| Total Program Service Revenue | $1,735 |
| Investment income | $94,903 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $64,314 |
| Net Income from Fundraising Events | $97,748 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $977,483 |
| 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. | $0 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $460,133 |
| Pension plan accruals and contributions | $14,649 |
| Other employee benefits | $20,862 |
| Payroll taxes | $48,923 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $6,300 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $11,871 |
| Fees for services: Other | $2,145 |
| Advertising and promotion | $3,939 |
| Office expenses | $13,741 |
| Information technology | $51,638 |
| Royalties | $0 |
| Occupancy | $241,412 |
| Travel | $4,245 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $149 |
| Interest | $269 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $37,132 |
| Insurance | $20,323 |
| All other expenses | $13,189 |
| Total functional expenses | $1,069,827 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $290 |
| Savings and temporary cash investments | $121,919 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $2,393 |
| 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 | $32,372 |
| Net Land, buildings, and equipment | $313,377 |
| Investments—publicly traded securities | $4,540,484 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $5,010,835 |
| Accounts payable and accrued expenses | $47,077 |
| Grants payable | $0 |
| Deferred revenue | $24,413 |
| 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 | $16,499 |
| Other liabilities | $0 |
| Total liabilities | $87,989 |
| Net assets without donor restrictions | $4,607,741 |
| Net assets with donor restrictions | $315,105 |
| 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 | $5,010,835 |