Cortland Free Library Inc
- Assets
- $6.3m
- Revenue
- $713.2k
- Investments
- $0.0
- Employees
- 52
- Location
- Cortland, NY
- Founding
- 06/1944
- Data as of
- 12/2023
- EIN
- 15-0569362
Organization Overview
Cortland Free Library Inc is located in Cortland, NY. The organization was established in 1944. As of 12/2023, Cortland Free Library Inc employed 52 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Cortland Free 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 12/2023, Cortland Free Library Inc generated $713.2k in total revenue. This represents relatively stable growth, over the past 9 years the organization has increased revenue by an average of 0.1% each year. All expenses for the organization totaled $671.7k during the year ending 12/2023. While expenses have increased by 3.7% per year over the past 9 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
PROVIDING INFORMATION, MATERIALS, AND PROGRAMS THAT EDUCATE, INSPIRE, ENRICH, ENTERTAIN AND INFORM; PROMOTING THE TOOLS, SKILLS, AND TECHNIQUES FOR LITERACY DEVELOPMENT, LANGUAGE SKILL ACQUISITION, LIFELONG LEARNING, RECREATION, AND RESEARCH.
Describe the Organization's Program Activity:
Part 3 - Line 4a
ASSOCIATION LIBRARY SERVICES AND PROGRAMS PROVIDED, INCLUDING THE LOAN OF APPROXIMATELY 90,000 CATALOGUED ITEMS TO 9,800 REGISTERED BORROWERS IN THE LOCAL AREA.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Kristina Petrella Trustee | Trustee | 0 | $0 |
Julie Campbell Trustee | Trustee | 0 | $0 |
Mike Anderson Secretary | OfficerTrustee | 0 | $0 |
Glenn Reisweber Trustee | Trustee | 0 | $0 |
John Hoeschele Vice President | OfficerTrustee | 0 | $0 |
Bonnie Haines Trustee | Trustee | 0 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $456,849 |
| All other contributions, gifts, grants, and similar amounts not included above | $31,171 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $488,020 |
| Total Program Service Revenue | $15,270 |
| Investment income | $91,873 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $117,031 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $713,181 |
| 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. | $63,302 |
| Compensation of current officers, directors, key employees. | $6,330 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $234,639 |
| Pension plan accruals and contributions | $24,254 |
| Other employee benefits | $29,386 |
| Payroll taxes | $21,988 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $4,000 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $0 |
| Advertising and promotion | $0 |
| Office expenses | $0 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $16,429 |
| 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 | $70,163 |
| Insurance | $6,854 |
| All other expenses | $5,473 |
| Total functional expenses | $671,734 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $809,073 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $237,104 |
| 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 | $0 |
| Net Land, buildings, and equipment | $1,803,839 |
| Investments—publicly traded securities | $3,441,066 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $4,335 |
| Other assets | $0 |
| Total assets | $6,295,417 |
| Accounts payable and accrued expenses | $13,297 |
| Grants payable | $0 |
| Deferred revenue | $558,227 |
| 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 | $14,486 |
| Total liabilities | $586,010 |
| Net assets without donor restrictions | $4,125,753 |
| Net assets with donor restrictions | $1,583,654 |
| 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 | $6,295,417 |