Belmont Library Foundation Inc
- Assets
- $651.6k
- Revenue
- $285.5k
- Investments
- $395.3k
- Employees
- 0
- Location
- Belmont, MA
- Founding
- 02/2005
- Data as of
- 06/2023
- EIN
- 20-1798600
Organization Overview
Belmont Library Foundation Inc is located in Belmont, MA. The organization was established in 2005. According to its NTEE Classification (B11) the organization is classified as: Single Organization Support, 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. Belmont 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 06/2023, Belmont Library Foundation Inc generated $285.5k in total revenue. This organization has experienced exceptional growth, as over the past 7 years, it has increased revenue by an average of 44.2% each year . All expenses for the organization totaled $751.8k during the year ending 06/2023. While expenses have increased by 36.8% per year over the past 7 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
990PF
Mission & Program ActivityExcerpts From the 990PF Filing
TAX YEAR
2023
Describe the Organization's Program Activity:
Part 3 - Line 4a
THE ORGANIZATION'S LARGEST DIRECT CHARITABLE ACTIVITY IS TO RAISE FUNDS FOR THE CONSTRUCTION OF A NEW LIBRARY IN THE TOWN OF BELMONT, MASSACHUSETTS. THE EFFORT IS PRIMARILY FUND RAISING AND PROMOTION OF THE PROJECT AMONG CITIZENS OF BELMONT.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Ellen Schreiber Vice Preside | 1 | $0 | |
Ellen Sugarman Director | 1 | $0 | |
Marsha Semuels Director | 1 | $0 | |
Marcie Hirsch Director | 1 | $0 | |
Christina Marsh Clerk | 1 | $0 | |
Chad Onufrechuk Treasurer | 2 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Contributions, Gifts, Grants & Similar | $247,458 |
| Interest on Savings | $30,224 |
| Dividends & Interest | $7,603 |
| Net Rental Income | $0 |
| Net Gain on Sale of Assets | $208 |
| Capital Gain Net Income | $208 |
| Net ST Capital Gain | $208 |
| Income Modifications | $0 |
| Profit on Inventory Sales | $0 |
| Other Income | $0 |
| Total Revenue | $285,493 |
| Statement of Expenses | |
|---|---|
| Compensation of officers, directors, trustees, etc | $0 |
| Other employee salaries and wages | $0 |
| Pension plans, employee benefits | $0 |
| Interest | $0 |
| Taxes | $532 |
| Depreciation | $0 |
| Occupancy | $0 |
| Travel, conferences, and meetings | $0 |
| Printing and publications | $15 |
| Other expenses | $44,796 |
| Total operating and administrative expenses | $51,843 |
| Contributions, gifts, grants paid | $700,000 |
| Total expenses and disbursements | $751,843 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $0 |
| Savings and temporary cash investments | $253,568 |
| Net Accounts receivable | $0 |
| Net Pledges Receivable | $0 |
| Grants receivable | $0 |
| Receivables from Officers, Directors, or Controlling Persons | $0 |
| Net other notes and loans receivable | $0 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $271 |
| Net Investments - land, buildings, equipment | $0 |
| Investments—mortgage loans | $0 |
| Investments—other | $395,297 |
| Net Land, buildings, and equipment | $0 |
| Other assets | $2,462 |
| Total assets | $651,598 |
| Accounts payable and accrued expenses | $144 |
| Grants payable | $0 |
| Deferred revenue | $0 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
| Mortgages and other notes payable | $0 |
| Other liabilities | $0 |
| Total liabilities | $144 |