Providence Public Library Foundation
- Assets
- $38.0m
- Revenue
- $2.8m
- Investments
- $0.0
- Employees
- 0
- Location
- Providence, RI
- Founding
- 08/2006
- Data as of
- 06/2021
- EIN
- 34-2052912
Organization Overview
Providence Public Library Foundation is located in Providence, RI. The organization was established in 2006. 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. Providence 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, Providence Public Library Foundation generated $2.8m in total revenue. This represents relatively stable growth, over the past 6 years the organization has increased revenue by an average of 5.1% each year. All expenses for the organization totaled $3.8m during the year ending 06/2021. While expenses have increased by 8.3% per year over the past 6 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
2021
Describe the Organization's Mission:
Part 3 - Line 1
TO NURTURE AND SUPPORT THE PROVIDENCE PUBLIC LIBRARY'S GOALS AND PRIORITIES.
Describe the Organization's Program Activity:
Part 3 - Line 4a
MANAGED THE INVESTMENTS OF THE ENDOWMENT AND PROVIDED FINANCIAL SUPPORT FOR THE PROVIDENCE PUBLIC LIBRARY.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Robert W Edwards Jr Chair | OfficerTrustee | 4 | $0 |
Aaron Peterman Chief Operating Officer | Officer | 2.5 | $0 |
Kasandra Larsen Controller | Officer | 2.5 | $0 |
Hillias J Martin Jr Library Director | Officer | 2.5 | $0 |
Robert K Taylor Trustee | Trustee | 2 | $0 |
Guy Lombardo Trustee | Trustee | 2 | $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 | $207,529 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $207,529 |
| Total Program Service Revenue | $0 |
| Investment income | $1,932,914 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $631,081 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $2,771,524 |
| 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. | $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 | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $15,251 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $211,445 |
| Fees for services: Other | $0 |
| Advertising and promotion | $0 |
| Office expenses | $0 |
| Information technology | $0 |
| 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 | $3,617,054 |
| Depreciation, depletion, and amortization | $0 |
| Insurance | $0 |
| All other expenses | $0 |
| Total functional expenses | $3,843,750 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $0 |
| 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 | $38,016,143 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $38,016,143 |
| Accounts payable and accrued expenses | $19,229 |
| 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 | $224,655 |
| Total liabilities | $243,884 |
| Net assets without donor restrictions | $31,552,207 |
| Net assets with donor restrictions | $6,220,052 |
| 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 | $38,016,143 |
Grants Recieved
Over the last fiscal year, we have identified 2 grants that Providence Public Library Foundation has recieved totaling $15,848.
| Awarding Organization | Amount |
|---|---|
North American Catholic Educational Programming Foundation Inc Johnston, RI PURPOSE: TO SUPPORT BROADBAND/TECHNOLOGY NEEDS OF THE ORGANIZATION | $10,648 |
Fidelity Investments Charitable Gift Fund Boston, MA PURPOSE: For grant recipient's exempt purposes | $5,200 |
Endowment Analysis
| Beg. Balance | $4,205,917 |
| Ending Balance | $4,205,917 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Dudley Square Realty Corporation Boston, MA | $98,074,702 | $123 |
Trustees Of The Public Library Of The City Of Boston Boston, MA | $99,754,907 | $16,249,859 |
Lord Foundation Of Massachusetts Inc Cambridge, MA | $0 | $665,000 |
Mit International Inc Cambridge, MA | $42,886,000 | $6,428,000 |
Concord Consortium Inc Concord, MA | $4,473,971 | $11,489,391 |
Charles E Cotting Charitable Corp Boston, MA | $113,711,021 | $14,477,400 |
Wcs - 333 South Street Inc Shrewsbury, MA | $39,740,486 | $7,489,378 |
Board Of Regents Of Higher Ed Mass Tchrs Assoc H & W Fund Milton, MA | $6,201,016 | $7,705,750 |
Salem State University Foundation Inc Salem, MA | $50,036,671 | $9,786,265 |
Harvard Global Research And Support Services Inc Cambridge, MA | $4,102,783 | $7,593,070 |
Onward We Learn Providence, RI | $7,332,600 | $5,470,693 |
Gruber Foundation New Haven, CT | $222,542,836 | $5,387,715 |