Bike Library Inc
- Assets
- $500.4k
- Revenue
- $278.3k
- Investments
- $0.0
- Employees
- 3
- Location
- Iowa City, IA
- Founding
- 02/2015
- Data as of
- 12/2022
- EIN
- 46-0957576
Organization Overview
Bike Library Inc is located in Iowa City, IA. The organization was established in 2015. According to its NTEE Classification (W99) the organization is classified as: Public & Societal Benefit N.E.C., under the broad grouping of Public & Societal Benefit and related organizations. As of 12/2022, Bike Library Inc employed 3 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Bike Library 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 12/2022, Bike Library Inc generated $278.3k in total revenue. This organization has experienced exceptional growth, as over the past 4 years, it has increased revenue by an average of 34.8% each year . All expenses for the organization totaled $226.7k during the year ending 12/2022. While expenses have increased by 28.7% per year over the past 4 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
2022
Describe the Organization's Mission:
Part 3 - Line 1
THE PURPOSE OF BIKE LIBRARY INC. IS TO EXPAND CYCLING TRANSPORTATION OPTIONS, REDUCE AUTOMOBILE TRAFFIC CONGESTION, PROVIDE EDUCATION IN PROMOTION OF CYCLING, AND PROVIDE THE GENERAL HEALTH BENEFITS THAT ACCOMPANY CYCLING. BIKE LIBRARY INC IS DEDICATED TO INCREASING THE NUMBER OF PEOPLE RIDING BICYCLES FOR TRANSPORTATION.
Describe the Organization's Program Activity:
Part 3 - Line 4a
COMMUNITY BIKE SUPPORT AND EDUCATION: OUR ORGANIZATION FOCUSES ON RECYCLING AND UP-CYCLING DONATED BIKES, ADVOCATING FOR BICYCLE INFRASTRUCTURE, AND EMPOWERING DIVERSE INDIVIDUALS THROUGH REPAIR, CARE, AND RIDING EDUCATION. WITH FIFTEEN PROGRAMS, OUR FLAGSHIP SIX-MONTH BICYCLE CHECKOUT LENDS REFURBISHED BIKES, OFFERING AN AFFORDABLE ENTRY IN BICYCLING . IN 2022, THE BIKE LIBRARY CHECKED OUT 204 BICYCLES, PROVIDING A PRIMARY MODE OF TRANSPORTATION FOR MANY.OUR AS-IS BICYCLE SALES ALLOW PATRONS TO PURCHASE LOW-COST BIKES AND PARTS. WE OFFER FREE PROGRAMS, REPAIR CLASSES, AND "RENT-A-BENCH" SERVICES GUIDED BY SKILLED MECHANICS. IN 2022, WE SOLD 475 AS-IS BICYCLES, AND THROUGH OTHER PROGRAMS SERVED A TOTAL OF 800 PEOPLE WITH REFURBISHED BIKES. OUR YOUTH INITIATIVES PROVIDE FREE BIKES, SAFETY EDUCATION, AND PARTNERSHIPS FOR SCHOOL RIDES AND WEEK-LONG BICYCLE CAMPS. WE ENGAGE THE PUBLIC THROUGH COMMUNITY RIDES SO INDIVIDUALS GAIN CONFIDENCE IN CYCLING.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Haverkamp Mike President | OfficerTrustee | 1 | $0 |
Holland III Frank Delno Secretary | OfficerTrustee | 1 | $0 |
Shepherd Nathan Treasurer | OfficerTrustee | 1 | $0 |
Branch Tony Director | Trustee | 1 | $0 |
Gurrera Clarity Director | Trustee | 1 | $0 |
Johnson India Director | Trustee | 1 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $54,948 |
| All other contributions, gifts, grants, and similar amounts not included above | $54,536 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $109,484 |
| Total Program Service Revenue | $63,998 |
| Investment income | $21 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $4,800 |
| 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 | $94,252 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $278,265 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $0 |
| Grants and other assistance to domestic individuals. | $200 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $51,913 |
| Compensation of current officers, directors, key employees. | $5,192 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $50,082 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $3,926 |
| Payroll taxes | $7,428 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $3,636 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $20,486 |
| Advertising and promotion | $0 |
| Office expenses | $33,840 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $23,324 |
| Travel | $539 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $11,624 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $7,949 |
| Insurance | $5,505 |
| All other expenses | $6,199 |
| Total functional expenses | $226,651 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $70,967 |
| Savings and temporary cash investments | $20,015 |
| 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 | $409,434 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $500,416 |
| Accounts payable and accrued expenses | $225 |
| 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 | $323,523 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $13,625 |
| Total liabilities | $337,373 |
| Net assets without donor restrictions | $163,043 |
| 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 | $0 |
| Total liabilities and net assets/fund balances | $500,416 |