Durham Library Foundation
- Assets
- $5.3m
- Revenue
- $392.1k
- Investments
- $5.0m
- Employees
- 1
- Location
- Durham, NC
- Founding
- 03/2001
- Data as of
- 06/2023
- EIN
- 56-2189129
Organization Overview
Durham Library Foundation is located in Durham, NC. The organization was established in 2001. 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. Durham 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 06/2023, Durham Library Foundation generated $392.1k in total revenue. This represents relatively stable growth, over the past 8 years the organization has increased revenue by an average of 3.4% each year. All expenses for the organization totaled $320.7k during the year ending 06/2023. While expenses have increased by 6.4% per year over the past 8 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
2023
Describe the Organization's Mission:
Part 3 - Line 1
THE FOUNDATION ENHANCES COUNTY FUNDING OF PUBLIC LIBRARY SERVICES AND FACILITIES IN DURHAM COUNTY, NORTH CAROLINA BY SECURING, MAINTAINING, AND EXPENDING OR DONATING TO THE COUNTY LIBRARY SYSTEM FOR ITS EXPENDITURE, RESOURCES FROM OTHER SOURCES, BOTH PUBLIC AND PRIVATE. THE OBJECTIVE IS TO PROVIDE A MARGIN OF EXCELLENCE, BEYOND THAT ATTAINABLE FROM COUNTY FUNDING ALONE, FOR THE COUNTY LIBRARY SYSTEM IN ITS SERVICES TO ITS PUBLIC.
Describe the Organization's Program Activity:
Part 3 - Line 4a
PROGRAMS - THE FOUNDATION SUPPORTS LIBRARY EVENTS AND SERVICES THAT FEATURE NATIONAL AND LOCAL PRESENTERS IN HUMANITIES, CHILDREN'S LITERACY, AND FUNDING FOR COLLECTIONS AND TECHNOLOGY. LIBRARY FEST, AN ANNUAL ONE-WEEK, FULL COMMUNITY CELEBRATION OF LIBRARIES, SERVED 2,000 CITIZENS IN 2023.
ADULT HUMANITIES - THE FOUNDATION'S HISTORY BEGAN WITH STRONG SUPPORT FROM THE NATIONAL ENDOWMENT FOR HUMANITIES AND LOCAL CONTRIBUTIONS IN 2007. SINCE THEN, HUNDREDS OF PRESENTATIONS HAVE FEATURED INTERNATIONAL, NATIONAL, AND LOCAL EXPERTS OF SUBJECTS INCLUDING THE ARTS, MUSIC, LOCAL HISTORY, RELIGION, LITERATURE, AND CULTURE. PROGRAMS ARE OFTEN DEVELOPED IN PARTNERSHIP WITH OUR MANY LOCAL ARTS AND HUMANITIES ORGANIZATIONS, NONPROFITS, AND INSTITUTIONS. IN ADDITION, THE FOUNDATION SUPPORTS PROJECTS FROM UNRESTRICTED FUNDS WHICH ARE OUTSIDE THE PURPOSES OF ENDOWMENT FUNDS, SUCH AS DIGGING DURHAM, A SEED LIBRARY FREE FOR DURHAM CITIZENS.
CHILDREN'S LITERACY - SUPPORT FOR CHILDREN'S LITERACY INCLUDES COLLECTIONS DEVELOPMENT AND PROGRAMS. A HIGHLIGHT WAS 1000 BOOKS BEFORE KINDERGARTEN FUNDED IN PARTNERSHIP WITH THE FOREST AT DUKE, IMPORTANT FOR LOW-INCOME FAMILIES. ADDITIONALLY, SUMMER READING AND CHILDREN'S ACTIVITIES IN LIBRARY FEST RECEIVE SUBSTANTIAL FUNDING.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Arthur Rogers Vice President | OfficerTrustee | 2 | $0 |
Liz Gustafson Secretary | OfficerTrustee | 5 | $0 |
Jennings Brody Director | Trustee | 1 | $0 |
Leta Loyd Treasurer | OfficerTrustee | 5 | $0 |
John Bowman Director | Trustee | 1 | $0 |
Sam Nichols Director | Trustee | 1 | $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 | $294,651 |
| Noncash contributions included in lines 1a–1f | $16,538 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $294,651 |
| Total Program Service Revenue | $0 |
| Investment income | $124,529 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | -$28,674 |
| Net Income from Fundraising Events | $1,599 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $392,105 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $187,042 |
| 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. | $58,984 |
| Compensation of current officers, directors, key employees. | $23,594 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $0 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $0 |
| Payroll taxes | $4,512 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $7,060 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $36,958 |
| Fees for services: Other | $9,621 |
| Advertising and promotion | $1,477 |
| Office expenses | $8,019 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $0 |
| Travel | $579 |
| 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 | $2,121 |
| All other expenses | $0 |
| Total functional expenses | $320,688 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $140,070 |
| Savings and temporary cash investments | $153,828 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $1,610 |
| 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 | $5,008,292 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $5,303,800 |
| Accounts payable and accrued expenses | $2,377 |
| 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 | $2,277 |
| Total liabilities | $4,654 |
| Net assets without donor restrictions | $962,922 |
| Net assets with donor restrictions | $4,336,224 |
| 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 | $5,303,800 |