Literary Classics Of The United States Inc, operating under the name The Library Of America, is located in New York, NY. The organization was established in 1979. As of 06/2021, Library Of America employed 20 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Library Of America 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 06/2021, Library Of America generated $7.8m in total revenue. This represents relatively stable growth, over the past 6 years the organization has increased revenue by an average of 5.1% each year. All expenses for the organization totaled $6.7m during the year ending 06/2021. While expenses have increased by 3.9% per year over the past 6 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
2021
Describe the Organization's Mission:
Part 3 - Line 1
THE LIBRARY OF AMERICA WAS FOUNDED IN 1979 TO UNDERTAKE A HISTORIC ENDEAVOR: TO HELP PRESERVE THE NATION'S CULTURAL HERITAGE BY PUBLISHING AMERICA'S BEST AND MOST SIGNIFICANT WRITING IN DURABLE AND AUTHORITATIVE EDITIONS.
Describe the Organization's Program Activity:
Part 3 - Line 4a
THE MAIN FOCUS OF THE ORGANIZATION'S STATED EXEMPT PURPOSE IS TO ASSURE ACCESS BY THE GENERAL PUBLIC TO ESSENTIAL WORKS OF THE AMERICAN LITERARY AND HISTORICAL TRADITION IN ORDER TO PRESERVE THE AMERICAN PAST THROUGH ITS LITERARY AND HISTORICAL ACHIEVEMENTS. ALL OF THE ACTIVITIES OF THE ORGANIZATION RELATE TO ONE PROGRAM, THIS PROGRAM IS KNOWN AS THE LIBRARY OF AMERICA. THE MISSION IS CARRIED OUT BY COMPILING, EDITING AND PUBLISHING INEXPENSIVELY PRICED AND TEXTUALLYACCURATE EDITIONS OF AMERICA'S BEST AND MOST SIGNIFICANT WRITINGS OF THE PAST. THE BOOKS ARE DISTRIBUTED TO LIBRARIES, EDUCATIONAL INSTITUTIONS, BOOK STORES, AND DIRECTLY TO INDIVIDUALS, THUS MAKING THEM WIDELY AVAILABLE TO SCHOLARS, EDUCATORS, STUDENTS, AND THE ENTIRE GENERAL PUBLIC. TO DATE, THE LIBRARY OF AMERICA HAS PUBLISHED IN EXCESS OF 400 VOLUMES OF LITERATURE, POETRY, AND ANTHOLOGIES, AND, ON AVERAGE, TEN NEW VOLUMES ARE ADDED ANNUALLY. MOST OF THE WORKS ARE KEPTPERMANENTLY IN PRINT IN ORDER TO ASSURE CONTINUED ACCESS FOR FUTURE GENERATIONS. THE EXACT NUMBER OF PEOPLE WHO HAVE BEEN PROVIDED ACCESS TO OTHERWISE UNAVAILABLE WORKS OF OUR GREATEST AMERICAN AUTHORS THROUGH THE EFFORTS OF THE LIBRARY OF AMERICA IS NOT KNOWN. HOWEVER, OVER 3,500 LIBRARIES WITH VERY LIMITED RESOURCES HAVE ACQUIRED THE WORKS FROM THIS PROGRAM, AND APPROXIMATELY 300,000 VOLUMES ARE DISTRIBUTED ANNUALLY TO THE GENERAL PUBLIC, EITHER DIRECTLY OR THROUGH BOOKSTORES. TO DATE OVER SEVEN MILLION VOLUMES HAVE BEEN PRINTED AND DISTRIBUTED. IT IS ESTIMATED THAT TENS OF MILLIONS OF PEOPLE HAVE BEEN PROVIDED ACCESS TO THESE ESSENTIAL WORKS OF AMERICAN LITERATURE THROUGH THE ACTIVITIES CARRIED ON BY THE LIBRARY OF AMERICA.
Name (title) | Role | Hours | Compensation |
---|---|---|---|
Max Rudin President And Publisher | Officer | 50 | $292,511 |
Daniel Baker VP & CFO | Officer | 50 | $198,031 |
Carol Einhorn Dir. Of Institutional Adva | 50 | $141,052 | |
John Kulka Editorial Director | 50 | $139,255 | |
David Cloyce Smith Director Of Production | 50 | $113,839 | |
G Thomas Tanselle Secretary | OfficerTrustee | 10 | $18,000 |
Vendor Name (Service) | Service Year | Compensation |
---|---|---|
Rave Digital It Consultant Webstore Conversion | 6/29/21 | $189,000 |
Pennington Gray Llc Fundraising & Development Consultant | 6/29/21 | $111,009 |
Statement of Revenue | |
---|---|
Federated campaigns | $0 |
Membership dues | $0 |
Fundraising events | $0 |
Related organizations | $0 |
Government grants | $538,051 |
All other contributions, gifts, grants, and similar amounts not included above | $2,609,525 |
Noncash contributions included in lines 1a–1f | $0 |
Total Revenue from Contributions, Gifts, Grants & Similar | $3,147,576 |
Total Program Service Revenue | $0 |
Investment income | $349,541 |
Tax Exempt Bond Proceeds | $0 |
Royalties | $0 |
Net Rental Income | $0 |
Net Gain/Loss on Asset Sales | $0 |
Net Income from Fundraising Events | $0 |
Net Income from Gaming Activities | $0 |
Net Income from Sales of Inventory | $4,260,831 |
Miscellaneous Revenue | $0 |
Total Revenue | $7,761,557 |
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. | $591,049 |
Compensation of current officers, directors, key employees. | $436,215 |
Compensation to disqualified persons | $0 |
Other salaries and wages | $1,530,767 |
Pension plan accruals and contributions | $62,250 |
Other employee benefits | $189,583 |
Payroll taxes | $197,400 |
Fees for services: Management | $0 |
Fees for services: Legal | $1,105 |
Fees for services: Accounting | $0 |
Fees for services: Lobbying | $0 |
Fees for services: Fundraising | $139,541 |
Fees for services: Investment Management | $0 |
Fees for services: Other | $446,937 |
Advertising and promotion | $468,469 |
Office expenses | $577,643 |
Information technology | $0 |
Royalties | $418,428 |
Occupancy | $390,805 |
Travel | $970 |
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 | $14,787 |
Insurance | $14,981 |
All other expenses | $6,301 |
Total functional expenses | $6,718,390 |
Balance Sheet | |
---|---|
Cash—non-interest-bearing | $1,741,375 |
Savings and temporary cash investments | $2,170,553 |
Pledges and grants receivable | $181,240 |
Accounts receivable, net | $370,634 |
Loans from Officers, Directors, or Controlling Persons | $0 |
Loans from Disqualified Persons | $0 |
Notes and loans receivable | $0 |
Inventories for sale or use | $5,226,425 |
Prepaid expenses and deferred charges | $279,673 |
Net Land, buildings, and equipment | $39,410 |
Investments—publicly traded securities | $21,846,069 |
Investments—other securities | $0 |
Investments—program-related | $0 |
Intangible assets | $0 |
Other assets | $619,743 |
Total assets | $32,475,122 |
Accounts payable and accrued expenses | $1,157,111 |
Grants payable | $0 |
Deferred revenue | $15,684 |
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 | $1,172,795 |
Net assets without donor restrictions | $15,137,543 |
Net assets with donor restrictions | $16,164,784 |
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 | $32,475,122 |
Over the last fiscal year, we have identified 3 grants that Literary Classics Of The United States Inc has recieved totaling $269,637.
Awarding Organization | Amount |
---|---|
The Giorgi Family Foundation Temple, PA PURPOSE: GENERAL DONATION | $264,500 |
The Poetry Foundation Chicago, IL PURPOSE: POETRY PROGRAMMING | $5,000 |
Amazonsmile Foundation Seattle, WA PURPOSE: GENERAL SUPPORT | $137 |
Beg. Balance | $17,573,528 |
Earnings | $5,217,027 |
Net Contributions | $550,000 |
Other Expense | $707,000 |
Ending Balance | $22,633,556 |
Organization Name | Assets | Revenue |
---|---|---|
Literary Classics Of The United States Inc New York, NY | $32,475,122 | $7,761,557 |
Poets & Writers Inc New York, NY | $8,951,553 | $4,923,275 |
Tricycle Foundation Inc New York, NY | $2,370,095 | $3,225,957 |
Poets House Inc New York, NY | $8,003,278 | $1,599,179 |
Just Buffalo Literary Center Inc Buffalo, NY | $1,228,865 | $1,014,497 |
Atled Inc Arverne, NY | $346,965 | $992,368 |
Jewish Book Council New York, NY | $2,325,151 | $1,238,406 |
Pittsburgh Arts & Lectures Inc Pittsburgh, PA | $5,949,757 | $1,196,864 |
Writers And Books Inc Rochester, NY | $929,486 | $636,824 |
Nuyorican Poets Cafe Inc New York, NY | $25,372,996 | $4,917,152 |
Thoreau Society Inc Concord, MA | $424,719 | $499,367 |
Bloomsburg Public Library Bloomsburg, PA | $4,222,043 | $456,128 |