The Newport Beach Library Foundation
- Assets
- $5.9m
- Revenue
- $7.1m
- Investments
- $3.4m
- Employees
- 5
- Location
- Newport Beach, CA
- Founding
- 01/1994
- Data as of
- 06/2024
- EIN
- 33-0593010
Organization Overview
The Newport Beach Library Foundation is located in Newport Beach, CA. The organization was established in 1994. According to its NTEE Classification (B11) the organization is classified as: Single Organization Support, under the broad grouping of Education and related organizations. As of 06/2024, Newport Beach Library Foundation employed 5 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Newport Beach 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 06/2024, Newport Beach Library Foundation generated $7.1m in total revenue. This organization has experienced exceptional growth, as over the past 9 years, it has increased revenue by an average of 29.1% each year . All expenses for the organization totaled $9.9m during the year ending 06/2024. While expenses have increased by 30.0% 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
2024
Describe the Organization's Mission:
Part 3 - Line 1
FOUNDATION FUNDS VALUABLE LIBRARY RESOURCES,PROGRAMS AND SERVICES, AND ENGAGES THECOMMUNITY THROUGH THE CREATION AND SPONSORSHIP OF DIVERSE LITERARY, CULTURAL AND INTELLECTUAL PROGRAMS.
Describe the Organization's Program Activity:
Part 3 - Line 4a
THE FOUNDATION PRESENTED 48 PROGRAMS IN THE 2023-2024 SEASON WITH 36 BEING FREE TO THE PUBLIC. PROGRAMMING INCLUDES THE 27TH SEASON OF DISTINGUISHED SPEAKER SERIES, WITTE LECTURES, AND THE TENTH SEASON OF THE LIBRARY LIVE AUTHOR SERIES. THESE TWO SERIES WERE SOLD OUT. FREE COMMUNITY PROGRAMS ALSO INCLUDE THE FINANCIAL LITERACY WORKSHOPS, MEDICINE IN OUR BACKYARD, SPOTLIGHT ON SCIENCE, AND THE BOOK DISCUSSION GROUP. ALL FOUR COMMUNITY PROGRAMS HAD SIGNIFICANTLY INCREASED ATTENDANCE. ADDITIONALLY, THE FOUNDATION IS IN AN AGREEMENT WITH THE CITY OF NEWPORT BEACH TO GARNER COMMUNITY SUPPORT TO FUND 50% OF A NEW LIBRARY LECTURE HALL AND CIVIC AUDITORIUM. THIS CAPITAL CAMPAIGN IS IN ADDITION TO ITS ANNUAL FUNDRAISING TO SUPPORT PROGRAMMING AND THE LIBRARY'S ANNUAL GRANT REQUEST FOR CAPITAL IMPROVEMENTS AND ADDITIONAL PATRON SERVICES.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Kevin Barlow Chair | OfficerTrustee | 5 | $0 |
Karen Heath Clark Immediate Past Chair | Trustee | 5 | $0 |
Marilyn Krahe Vice Chair & Secretary | OfficerTrustee | 5 | $0 |
Emilie Menghin Treasurer | OfficerTrustee | 5 | $0 |
Linda Beimfohr Director | Trustee | 5 | $0 |
Patricia Patty Dreyfus Director | Trustee | 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 | $6,820,414 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $6,820,414 |
| Total Program Service Revenue | $110,469 |
| Investment income | $180,792 |
| 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 | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $7,111,675 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $9,214,843 |
| 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. | $118,668 |
| Compensation of current officers, directors, key employees. | $35,722 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $137,900 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $0 |
| Payroll taxes | $20,792 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $25,452 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $13,750 |
| Fees for services: Other | $70,883 |
| Advertising and promotion | $0 |
| Office expenses | $26,982 |
| Information technology | $22,350 |
| Royalties | $0 |
| Occupancy | $0 |
| Travel | $47,634 |
| 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 | $1,745 |
| Insurance | $17,258 |
| All other expenses | $8,980 |
| Total functional expenses | $9,869,745 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $112,246 |
| Savings and temporary cash investments | $1,452,809 |
| Pledges and grants receivable | $975,544 |
| Accounts receivable, net | $6,890 |
| 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 | $8,616 |
| Net Land, buildings, and equipment | $3,872 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $3,389,081 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $5,949,058 |
| Accounts payable and accrued expenses | $51,685 |
| 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 | $2,056,043 |
| Total liabilities | $2,107,728 |
| Net assets without donor restrictions | $436,543 |
| Net assets with donor restrictions | $3,404,787 |
| 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 | $5,949,058 |
Grants Awarded
Over the last fiscal year, The Newport Beach Library Foundation has awarded $9,214,843 in support to 2 organizations.
| Grant Recipient | Amount |
|---|---|
NEWPORT BEACH PUBLIC LIBRARY PURPOSE: ANNUAL DONATION TO NEWPORT BEACH PUBLIC LIBRARY FOR VARIOUS REQUESTED PROJECTS. | $58,700 |
CITY OF NEWPORT BEACH PURPOSE: FUNDRAISING FOR THE LIBRARY AND LECTURE HALL PROJECT, THAT INCLUDES DONATIONS AND PLEDGES THROUGH JUNE 30, 2024 | $9,156,143 |