Charlotte Mecklenburg Library Foundation
- Assets
- $38.0m
- Revenue
- $6.5m
- Investments
- $21.6m
- Employees
- 0
- Location
- Charlotte, NC
- Founding
- 03/2013
- Data as of
- 06/2021
- EIN
- 46-1172548
Organization Overview
Charlotte Mecklenburg Library Foundation is located in Charlotte, NC. The organization was established in 2013. 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. Charlotte Mecklenburg 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, Charlotte Mecklenburg Library Foundation generated $6.5m in total revenue. This organization has experienced exceptional growth, as over the past 6 years, it has increased revenue by an average of 24.2% each year . All expenses for the organization totaled $1.9m during the year ending 06/2021. While expenses have increased by 13.4% 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
THE FOUNDATION SUPPORTS LIBRARY PROGRAMS THROUGH ADVOCACY, FUNDRAISING AND ENDOWMENT MANAGEMENT.
Describe the Organization's Program Activity:
Part 3 - Line 4a
DISTRIBUTED GRANTS TO SUPPORT THE CHARLOTTE MECKLENBURG LIBRARY'S OPERATIONS AND PROGRAMS.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Jennifer Green Chair | OfficerTrustee | 0.5 | $0 |
Gene Cochrane Vice Chair | OfficerTrustee | 0.5 | $0 |
Holly Welch Stubbing Secretary/treasurer | OfficerTrustee | 0.5 | $0 |
Helen Kimbrough Second Vice Chair | OfficerTrustee | 0.5 | $0 |
Crawford Pounds Past Chair | OfficerTrustee | 0.5 | $0 |
Linda Lockman-Brooks Nominating Chair | OfficerTrustee | 0.5 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $10,075 |
| Government grants | $0 |
| All other contributions, gifts, grants, and similar amounts not included above | $6,509,918 |
| Noncash contributions included in lines 1a–1f | $22,250 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $6,519,993 |
| Total Program Service Revenue | $0 |
| Investment income | $0 |
| 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 | $6,519,993 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $1,676,414 |
| 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 | $0 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $51,489 |
| Fees for services: Other | $173,943 |
| 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 | $0 |
| Depreciation, depletion, and amortization | $0 |
| Insurance | $0 |
| All other expenses | $0 |
| Total functional expenses | $1,901,846 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $0 |
| Savings and temporary cash investments | $912,067 |
| Pledges and grants receivable | $15,565,375 |
| Accounts receivable, net | $4,000 |
| 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 | $0 |
| Investments—other securities | $21,553,002 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $38,034,444 |
| Accounts payable and accrued expenses | $0 |
| Grants payable | $158,841 |
| 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 | $158,841 |
| Net assets without donor restrictions | $0 |
| Net assets with donor restrictions | $37,875,603 |
| 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 | $38,034,444 |
Grants Recieved
Over the last fiscal year, we have identified 1 grants that Charlotte Mecklenburg Library Foundation has recieved totaling $5,000.
| Awarding Organization | Amount |
|---|---|
James Family Foundation Inc Charlotte, NC PURPOSE: SUPPORT LIBRARY PROGRAMS AND SERVICES | $5,000 |
Endowment Analysis
| Beg. Balance | $7,629,261 |
| Earnings | $2,085,210 |
| Admin Expense | $97,349 |
| Net Contributions | $15,879 |
| Grants | $9,294 |
| Ending Balance | $9,623,707 |