Worcester Public Library Foundation
- Assets
- $2.0m
- Revenue
- $265.4k
- Investments
- $328.2k
- Employees
- 2
- Location
- Worcester, MA
- Founding
- 02/2004
- Data as of
- 06/2021
- EIN
- 20-0066770
Organization Overview
Worcester Public Library Foundation is located in Worcester, MA. The organization was established in 2004. According to its NTEE Classification (T22) the organization is classified as: Private Independent Foundations, under the broad grouping of Philanthropy, Voluntarism & Grantmaking Foundations and related organizations. As of 06/2021, Worcester Public Library Foundation employed 2 individuals. This organization is the central organization for a national or regional group of organizations. Worcester Public Library Foundation 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, Worcester Public Library Foundation generated $265.4k in total revenue. This represents a relatively dramatic decline in revenue. Over the past 6 years, the organization has seen revenues fall by an average of (8.1%) each year. All expenses for the organization totaled $1.2m during the year ending 06/2021. 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
TO FOSTER AND PROMOTE THE PUBLIC VISIBILITY OF THE WORCESTER PUBLIC LIBRARY, ALL ITS FACILITIES AND SERVICES; TO BUILD AN ENDOWMENT BY STIMULATING AND ENCOURAGING CONTRIBUTIONS TO THE LIBRARY ESPECIALLY THROUGH GIFTS, GRANTS, AND BEQUESTS; TO FUND SPECIAL AND CAPITAL PROJECTS; TO SOLICIT, COLLECT, RECEIVE, AND ADMINISTER FUNDS EXCLUSIVELY TO BENEFIT THE LIBRARY.
Describe the Organization's Program Activity:
Part 3 - Line 4a
TO ENHANCE THE RESOURCES AND SERVICES OF THE WORCESTER PUBLIC LIBRARY THROUGH FUNDRAISING OF RESTRICTED PROJECTS FOR LIBRARY ENHANCEMENTS AND FOR RESTRICTED SUPPORT OF FOUNDATION OPERATIONS. INCLUDING ADVANCEMENT OF THE LIBRARY TO VARIOUS SCHOOLS IN THE CITY VIA BOOKMOBILE AND LEARNING CENTERS AND IMPROVMENTS AT THE SCHOOLS.
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PDF Copies of 990 Filings
Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Christine M Murray Executive Director/clerk | Officer | 37 | $84,240 |
Timothy Loew President | OfficerTrustee | 2 | $0 |
Linda S Larrivee Co Vice-President | OfficerTrustee | 2 | $0 |
Matthew Irish Co Vice-President | OfficerTrustee | 2 | $0 |
Alan Ritacco Treasurer | OfficerTrustee | 2 | $0 |
Viviana M Abreu-Hernandez PHD Trustee | Trustee | 2 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $17,862 |
| Related organizations | $60,000 |
| Government grants | $2,000 |
| All other contributions, gifts, grants, and similar amounts not included above | $178,408 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $258,270 |
| Total Program Service Revenue | $0 |
| Investment income | $8,038 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | -$958 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $265,350 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $1,023,031 |
| 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 | $119,144 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $0 |
| Payroll taxes | $0 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $12,000 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $2,372 |
| Fees for services: Other | $3,000 |
| Advertising and promotion | $0 |
| Office expenses | $0 |
| Information technology | $2,438 |
| Royalties | $0 |
| Occupancy | $0 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $3,923 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $230 |
| Insurance | $2,661 |
| All other expenses | $2,375 |
| Total functional expenses | $1,201,168 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $1,163,880 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $261,700 |
| 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 | $0 |
| Net Land, buildings, and equipment | $115 |
| Investments—publicly traded securities | $263,546 |
| Investments—other securities | $328,249 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $2,017,490 |
| Accounts payable and accrued expenses | $4,186 |
| 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 | $21,000 |
| Other liabilities | $0 |
| Total liabilities | $25,186 |
| Net assets without donor restrictions | $529,302 |
| Net assets with donor restrictions | $1,463,002 |
| 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 | $2,017,490 |
Grants Awarded
Over the last fiscal year, Worcester Public Library Foundation has awarded $136,603 in support to 2 organizations.
| Grant Recipient | Amount |
|---|---|
WORCESTER PUBLIC LIBRARY PURPOSE: PROGRAM GRANT | $136,603 |
Grants Recieved
Over the last fiscal year, we have identified 2 grants that Worcester Public Library Foundation has recieved totaling $20,500.
| Awarding Organization | Amount |
|---|---|
Hanover Insurance Group Foundation Inc Worcester, MA PURPOSE: CHARITABLE CONTRIBUTION | $20,000 |
Hometown Bank Community Foundation Inc Oxford, MA PURPOSE: EXEMPT PURPOSE | $500 |
Endowment Analysis
| Earnings | $28,249 |
| Net Contributions | $300,000 |
| Ending Balance | $328,249 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Redhill Foundation-Sam And Jean Rothberg Family Charitable Trust New York, NY | $42,979,654 | $7,387,635 |
Robert W Wilson Charitable Tr New York, NY | $246,803,641 | $15,248,568 |
The Zegar Family Foundation New York, NY | $255,794,688 | $35,430,517 |
The Blackrock Charitable Foundation New York, NY | $304,949,202 | $10,722,340 |
High Meadows Foundation Boston, MA | $7,499,132 | $11,021,494 |
Zankel Fund New York, NY | $8,426,526 | $6,600,017 |
Synchrony Foundation Stamford, CT | $74,474,766 | $12,637,293 |
Gavin Foundation Inc South Boston, MA | $19,688,054 | $21,343,242 |
Jp Fletcher Foundation Inc Cambridge, MA | $29,829,221 | -$3,521,275 |
Estee Lauder Companies Charitable Foundation New York, NY | $35,974,866 | $21,957,506 |
Theodore J Forstmann Charitable Trust New York, NY | $79,816,371 | $674,210 |
The Carol A Ammon Foundation Albany, NY | $10,088,469 | $6,097,174 |