The Trustees Of The New York Society Library
- Assets
- $55.3m
- Revenue
- $3.6m
- Investments
- $0.0
- Employees
- 39
- Location
- New York, NY
- Founding
- 08/1934
- Data as of
- 12/2023
- EIN
- 13-1635307
Organization Overview
The Trustees Of The New York Society Library is located in New York, NY. The organization was established in 1934. According to its NTEE Classification (B70) the organization is classified as: Libraries, under the broad grouping of Education and related organizations. As of 12/2023, Trustees Of The New York Society Library employed 39 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Trustees Of The New York Society 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 12/2023, Trustees Of The New York Society Library generated $3.6m in total revenue. This represents a relatively dramatic decline in revenue. Over the past 9 years, the organization has seen revenues fall by an average of (3.3%) each year. All expenses for the organization totaled $3.8m during the year ending 12/2023. 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
THE LIBRARY WAS FOUNDED IN 1754 BY THE NEW YORK SOCIETY, (CONTINUED ON SCHEDULE O)A CIVIC-MINDED GROUP FORMED IN THE BELIEF THAT THE AVAILABILITY OF BOOKS WOULD HELP THE CITY OF NEW YORK TO PROSPER.
Describe the Organization's Program Activity:
Part 3 - Line 4a
EVENTS AND EXHIBITIONS THE LIBRARY IS OPEN TO THE PUBLIC FOR READING, REFERENCE, EXHIBITIONS, AND MANY EVENTS, WITH CIRCULATION AND OTHER SERVICES BY SUBSCRIPTION. AT END OF 2023, THE LIBRARY COUNTED APPROXIMATELY 2,900 FAMILY, DUAL, INDIVIDUAL, E-MEMBERSHIP AND SCHOOL/INSTITUTIONAL MEMBERSHIPS. THE LIBRARY HOUSES A COLLECTION OF OVER 300,000 VOLUMES, AND CIRCULATED APPROXIMATELY 60,000 TITLES TO MEMBERS IN 2023 AND LENT OUT NEARLY 533 BOOKS TO 298 LIBRARIES IN 45 STATES (+PUERTO RICO AND WASHINGTON DC) THROUGH ITS INTERLIBRARY LOAN SERVICE.CONTINUE ON SCHEDULE OTHE LIBRARY OFFERS A DIVERSE CALENDAR OF EVENTS FOR READERS, WRITERS, AND CHILDREN, WITH MOST EVENTS OPEN TO BOTH MEMBERS AND NON-MEMBERS. THE LIBRARY OFFERED OVER 219 PROGRAMS IN 2023, WITH PROGRAMMING HELD IN-PERSON, VIRTUALLY, AND HYBRID, WITH AN AUDIENCE IN THE THOUSANDS. THE ASSUNTA, IGNAZIO, ADA, AND ROMANO PELUSO EXHIBITION GALLERY, OPEN TO THE PUBLIC, SHOWCASES RARE BOOKS AND MATERIALS ON LITERARY AND HISTORICAL THEMES. IN 2023, THE LIBRARY OPENED QUACK! QUACK! THE WONDERFUL WORLD OF ROBERT QUACKENSBUSH, OUR FIRST EXHIBITION SHOWCASING CHILDREN'S LITERATURE AND THE WORK OF A RENOWNED CHILDREN'S AUTHOR, WITH NEARLY 1,000 VISITORS.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
George Lk Frelinghuysen Chair | OfficerTrustee | 10 | $0 |
Timothy N Wallach Treasurer | OfficerTrustee | 5 | $0 |
Susan Robbins Secretary | OfficerTrustee | 2 | $0 |
Adrienne Ingrum Board Member | Trustee | 2 | $0 |
Akosua Asamoah Board Member | Trustee | 2 | $0 |
Betty Kelly Sargent Board Member | Trustee | 2 | $0 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Larson Architecture Works Architect | 12/30/23 | $242,361 |
Beck Mack & Oliver Llc Investment Advisor | 12/30/23 | $115,244 |
Sterling Project Development Group Llc Consulting And Preconstruction | 12/30/23 | $226,197 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $0 |
| All other contributions, gifts, grants, and similar amounts not included above | $1,152,067 |
| Noncash contributions included in lines 1a–1f | $252,319 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $1,152,067 |
| Total Program Service Revenue | $771,482 |
| Investment income | $685,530 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $28,699 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $940,858 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $3,590,490 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $0 |
| Grants and other assistance to domestic individuals. | $11,000 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $165,132 |
| Compensation of current officers, directors, key employees. | $14,862 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $1,703,810 |
| Pension plan accruals and contributions | $52,689 |
| Other employee benefits | $209,000 |
| Payroll taxes | $152,271 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $13,243 |
| Fees for services: Accounting | $27,879 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $250,874 |
| Fees for services: Other | $14,375 |
| Advertising and promotion | $0 |
| Office expenses | $88,953 |
| Information technology | $189,979 |
| Royalties | $0 |
| Occupancy | $303,192 |
| 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 | $175,367 |
| Insurance | $62,334 |
| All other expenses | $19,320 |
| Total functional expenses | $3,809,468 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $578,032 |
| Savings and temporary cash investments | $35,057 |
| Pledges and grants receivable | $118,307 |
| 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 | $137,086 |
| Net Land, buildings, and equipment | $2,790,446 |
| Investments—publicly traded securities | $51,648,014 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $55,306,942 |
| Accounts payable and accrued expenses | $126,906 |
| Grants payable | $0 |
| Deferred revenue | $336,019 |
| 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 | $462,925 |
| Net assets without donor restrictions | $51,789,607 |
| Net assets with donor restrictions | $3,054,410 |
| 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 | $55,306,942 |