Springfield Library Foundation Inc
- Assets
- $13.3m
- Revenue
- $501.6k
- Investments
- $0.0
- Employees
- 0
- Location
- East Longmeadow, MA
- Founding
- 02/2005
- Data as of
- 06/2021
- EIN
- 20-1207636
Organization Overview
Springfield Library Foundation Inc is located in East Longmeadow, MA. The organization was established in 2005. According to its NTEE Classification (B70) the organization is classified as: Libraries, under the broad grouping of Education and related organizations. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Springfield Library Foundation 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 06/2021, Springfield Library Foundation Inc generated $501.6k 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 (19.1%) each year. All expenses for the organization totaled $643.5k 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 RAISE, RECEIVE, MANAGE AND DISTRIBUTE FUNDS FOR THE SUPPORT, ENHANCEMENT, MAINTENANCE AND GROWTH OF LIBRARY SERVICES IN THE CITY OF SPRINGFIELD, MASSACHUSETTS. TO SUSTAIN, ENRICH AND SUPPORT THE QUALITY OF LIBRARY SERVICES, MATERIALS AND PROGRAMS IN THE CITY.
Describe the Organization's Program Activity:
Part 3 - Line 4a
GRANTS TO SUPPORT THE SPRINGFIELD PUBLIC LIBRARY SYSTEM.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Patrick Markey President | OfficerTrustee | 2 | $0 |
Stephen N Cary Vice President | OfficerTrustee | 2 | $0 |
Molly Fogarty Clerk | OfficerTrustee | 2 | $0 |
Mary Costello Treasurer | OfficerTrustee | 2 | $0 |
Cheryl Coakley-Rivera Director | Trustee | 0.5 | $0 |
David Maynard Director | Trustee | 0.5 | $0 |
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 | $415,650 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $415,650 |
| Total Program Service Revenue | $0 |
| Investment income | $148,597 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | -$62,657 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $501,590 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $552,270 |
| 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 | $0 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $0 |
| Payroll taxes | $0 |
| Fees for services: Management | $72,761 |
| Fees for services: Legal | $1,347 |
| 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 | $1,274 |
| Information technology | $2,556 |
| 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 | $0 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $0 |
| Insurance | $0 |
| All other expenses | $0 |
| Total functional expenses | $643,458 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $186,180 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $0 |
| 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 | $0 |
| Investments—publicly traded securities | $8,860,072 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $4,285,709 |
| Total assets | $13,331,961 |
| Accounts payable and accrued expenses | $6,313 |
| 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 | $0 |
| Other liabilities | $0 |
| Total liabilities | $6,313 |
| Net assets without donor restrictions | $3,321,781 |
| Net assets with donor restrictions | $10,003,867 |
| 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 | $13,331,961 |
Grants Recieved
Over the last fiscal year, we have identified 2 grants that Springfield Library Foundation Inc has recieved totaling $120,000.
| Awarding Organization | Amount |
|---|---|
Chicopee Savings Bank Charitable Foundation Chicopee, MA PURPOSE: EXEMPT PURPOSE | $80,000 |
Chicopee Savings Bank Charitable Foundation Chicopee, MA PURPOSE: EXEMPT PURPOSE | $40,000 |
Endowment Analysis
| Beg. Balance | $4,725,783 |
| Earnings | $1,252,578 |
| Other Expense | $294,811 |
| Ending Balance | $5,683,550 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Pierpont Morgan Library New York, NY | $416,332,166 | $59,153,120 |
Rochester Public Library Rochester, NY | $13,709,813 | $21,920,405 |
Suffolk Cooperative Library System Bellport, NY | $18,374,423 | $17,112,722 |
Smithtown Library Nesconset, NY | $38,994,883 | $15,642,317 |
Buffalo & Erie County Public Library Buffalo, NY | $4,920,940 | $11,835,935 |
Massachusetts Library System Inc Marlborough, MA | $7,404,141 | $11,793,761 |
Ferguson Library Stamford, CT | $21,910,876 | $11,228,846 |
Proprietors Of The Boston Athenaeum Boston, MA | $130,203,809 | $11,281,803 |
Nassau Library System Uniondale, NY | $13,078,101 | $10,576,238 |
Publishers International Linking Association Inc Lynnfield, MA | $16,437,833 | $11,352,834 |
Springfield Museums Corporation Springfield, MA | $83,263,430 | $9,886,411 |
Providence Public Library Providence, RI | $36,987,936 | $6,478,555 |