Duluth Library Foundation
- Assets
- $1.9m
- Revenue
- $685.1k
- Investments
- $422.9k
- Employees
- 3
- Location
- Duluth, MN
- Founding
- 08/1995
- Data as of
- 12/2021
- EIN
- 41-1696460
Organization Overview
Duluth Library Foundation is located in Duluth, MN. The organization was established in 1995. According to its NTEE Classification (B70) the organization is classified as: Libraries, under the broad grouping of Education and related organizations. As of 12/2021, Duluth Library Foundation employed 3 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Duluth 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 12/2021, Duluth Library Foundation generated $685.1k in total revenue. This organization has experienced exceptional growth, as over the past 7 years, it has increased revenue by an average of 20.6% each year . All expenses for the organization totaled $340.1k during the year ending 12/2021. While expenses have increased by 11.4% 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
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2021
Describe the Organization's Mission:
Part 3 - Line 1
TO ENHANCE THE WORK OF THE DULUTH PUBLIC LIBRARY AND SUSTAIN A STRONG LIBRARY SYSTEM.
Describe the Organization's Program Activity:
Part 3 - Line 4a
THE DULUTH LIBRARY FOUNDATION ENHANCES OUR LIBRARY'S ABILITY TO LEAD, INNOVATE, AND REACH OUT TO THE COMMUNITY, THUS HELPING THE DULUTH PUBLIC LIBRARY ADDRESS THE EMERGING COMMUNITY NEEDS AND PROVIDE OPPORTUNITIES FOR LITERACY AND LIFELONG LEARNING. WE ENERGIZE AND MOBILIZE DONORS, COMMUNITY LEADERS, AND OTHERS WHO ARE PASSIONATE ABOUT LIBRARIES. THEIR GIFTS, LARGE AND SMALL-FROM INDIVIDUALS, FOUNDATIONS, AND BUSINESSES- ENABLE US TO INVEST IN IMPORTANT DULUTH PUBLIC LIBRARY INITIATIVES THAT WOULD OTHERWISE GO UNFUNDED. IN 2021 THE FOUNDATION MADE CHARITABLE GIFTS TO THE DULUTH PUBLIC LIBRARY TOTALING $193,980. $65,994 WAS GIFTED TO THE DULUTH PUBLIC LIBRARY FOR CURRENT LIBRARY NEEDS INCLUDING A NUMBER OF RESTRICTED PASS THROUGH GRANTS. $127,985 WAS GIFTED TO THE DULUTH PUBLIC LIBRARY FOR THE EVERY CHILD READY DULUTH INITIATIVE.
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PDF Copies of 990 Filings
Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Patricia Sevastiades Executive Director (thru June) | Officer | 40 | $27,463 |
Erin Kreeger Executive Director | Officer | 40 | $22,477 |
Michael Altman Treasurer | OfficerTrustee | 0.5 | $0 |
Amy Kuronen Presdient | OfficerTrustee | 0.8 | $0 |
David Sproat MD Past Presdient | OfficerTrustee | 0.8 | $0 |
Sherry Hall Vice President | OfficerTrustee | 1 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $28,173 |
| Related organizations | $0 |
| Government grants | $0 |
| All other contributions, gifts, grants, and similar amounts not included above | $419,326 |
| Noncash contributions included in lines 1a–1f | $172,430 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $447,499 |
| Total Program Service Revenue | $0 |
| Investment income | $60,683 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $188,191 |
| Net Income from Fundraising Events | -$11,288 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $685,085 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $193,980 |
| 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. | $49,940 |
| Compensation of current officers, directors, key employees. | $13,484 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $37,045 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $0 |
| Payroll taxes | $6,665 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $2,242 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $20,655 |
| Fees for services: Other | $0 |
| Advertising and promotion | $8,138 |
| Office expenses | $5,926 |
| Information technology | $8,760 |
| Royalties | $0 |
| Occupancy | $450 |
| Travel | $1,125 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $1,878 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $0 |
| Insurance | $1,808 |
| All other expenses | $854 |
| Total functional expenses | $340,076 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $26,628 |
| Savings and temporary cash investments | $290,334 |
| 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 | $1,209,105 |
| Investments—other securities | $422,913 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $1,948,980 |
| Accounts payable and accrued expenses | $2,460 |
| 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 | $2,460 |
| Net assets without donor restrictions | $0 |
| Net assets with donor restrictions | $0 |
| 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 | $1,946,520 |
| Total liabilities and net assets/fund balances | $1,948,980 |
Grants Recieved
Over the last fiscal year, we have identified 9 grants that Duluth Library Foundation has recieved totaling $139,109.
| Awarding Organization | Amount |
|---|---|
Schwab Charitable Fund San Francisco, CA PURPOSE: EDUCATION | $35,000 |
Raft Charitable Foundation Sioux Falls, SD PURPOSE: GENERAL OPERATING | $30,000 |
Wildey H Mitchell Family Foundation Duluth, MN PURPOSE: CHARITABLE | $25,000 |
Ordean Foundation Duluth, MN PURPOSE: EVERY CHILD READY DULUTH PROGRAM | $20,000 |
Mightycause Charitable Foundation Marianna, FL PURPOSE: UNRESTRICTED | $10,986 |
Mardag Foundation St Paul, MN PURPOSE: EVERY CHILD READY DULUTH | $10,000 |
Endowment Analysis
| Beg. Balance | $1,966,389 |
| Earnings | $470,577 |
| Admin Expense | $20,655 |
| Net Contributions | $50,000 |
| Other Expense | $33 |
| Grants | $26,387 |
| Ending Balance | $2,439,891 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Tenant Resource Center Inc Madison, WI | $4,020,377 | $17,889,286 |
Arrowhead Library System Mountain Iron, MN | $7,916,564 | $3,392,560 |
Little Free Library Ltd St Paul, MN | $2,366,645 | $3,222,101 |
The Charlemagne Institute Bloomington, MN | $4,134,253 | $802,178 |
Traverse Des Sioux Library System Mankato, MN | $2,660,505 | $1,793,930 |
Hoover Presidential Foundation West Branch, IA | $16,155,016 | $4,574,597 |
Mary T And James J Hill Library Foundation St Paul, MN | $19,858,073 | $1,320,140 |
Casa Alba Melanie Hispanic Community Resource Center Of Green Green Bay, WI | $2,058,613 | $776,990 |
Iowa City Public Library Friends Foundation Iowa City, IA | $2,098,660 | $390,519 |
Maquoketa Library Corporation Maquoketa, IA | $2,024,711 | -$199,263 |
Duluth Library Foundation Duluth, MN | $1,948,980 | $685,085 |
Action Resource Center Stanley, ND | $94,885 | $266,773 |