Louisville Free Public Library Foundation Inc
- Assets
- $20.6m
- Revenue
- $2.2m
- Investments
- $6.9m
- Employees
- 5
- Location
- Louisville, KY
- Founding
- 07/1980
- Data as of
- 06/2021
- EIN
- 61-0969361
Organization Overview
Louisville Free Public Library Foundation Inc is located in Louisville, KY. The organization was established in 1980. According to its NTEE Classification (B70) the organization is classified as: Libraries, under the broad grouping of Education and related organizations. As of 06/2021, Louisville Free Public Library Foundation Inc employed 5 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Louisville Free Public Library Foundation 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 06/2021, Louisville Free Public Library Foundation Inc generated $2.2m in total revenue. This represents a relatively dramatic decline in revenue. Over the past 6 years, the organization has seen revenues fall by an average of (6.9%) each year. All expenses for the organization totaled $1.3m during the year ending 06/2021. As we would expect to see with falling revenues, expenses have declined by (10.5%) per year over the past 6 years. 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 PROGRAMS AND SERVICES OF THE LOUISVILLE FREE PUBLIC LIBRARY
Describe the Organization's Program Activity:
Part 3 - Line 4a
PART III LINE 4A PROGRAM SERVICE ACCOMPLISHMENTS-IN FY21, THE LIBRARY FOUNDATION PROVIDED 856,667 IN PROGRAM SUPPORT TO THE LOUISVILLE FREE PUBLIC LIBRARY (LFPL). 775,916 DIRECTLY INCREASED PROGRAM CAPACITY AND THE SIZE OF THE BORROWABLE LIBRARY COLLECTION, INCLUDING AN ADDITIONAL 25,000 PAPER BOOKS, 8,500 EBOOKS, AND 1,825 AUDIOBOOKS. THE FOUNDATION ALSO SECURED 150,000 TO PLACE 50,000 "FOREVER" BOOKS IN THE HANDS OF OVER 10,000 LOUISVILLE TODDLERS. WHEN IN-PERSON LIBRARY CLASSES AND SCHOOL COUNSELING SERVICES WERE SUSPENDED DUE TO THE COVID-19 PANDEMIC, A 10,000 GRANT ALLOWED THE LIBRARY TO PROVIDE FREE ACT PREP PACKAGES TO 600 LOUISVILLE TEENS RIGHT IN THEIR HOMES. THIS YEAR ALSO SAW THE COMPLETION OF A MULTI-YEAR CAMPAIGN TO PROVIDE A NEW, STATE-OF-THE-ART LOUISVILLE FREE PUBLIC LIBRARY CHILDREN'S BOOKMOBILE FOR THE CITY. LOOKING TOWARD THE FUTURE, THE LIBRARY FOUNDATION INVESTED 36,481 IN A STRATEGIC PLANNING PROCESS TO ADVANCE ITS VISION TO ADVOCATE FOR PUBLIC AND PRIVATE DOLLARS AND RAISE AWARENESS OF THE MANY FREE SERVICES OFFERED AT LFPL.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Chandra Gordon Executive Di | Officer | 40 | $105,369 |
Lee Burchfield Secretary | OfficerTrustee | 1 | $0 |
Chris Garrett Treasurer | OfficerTrustee | 1 | $0 |
Stephen Gault Chair | OfficerTrustee | 1 | $0 |
Wallace H Dunbar Jr Chair | OfficerTrustee | 1 | $0 |
Callie Wall Vice Chair | OfficerTrustee | 1 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $70,500 |
| All other contributions, gifts, grants, and similar amounts not included above | $1,570,495 |
| Noncash contributions included in lines 1a–1f | $110,496 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $1,640,995 |
| Total Program Service Revenue | $0 |
| Investment income | $280,707 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $312,903 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $2,234,605 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $775,916 |
| 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. | $109,940 |
| Compensation of current officers, directors, key employees. | $32,982 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $158,690 |
| Pension plan accruals and contributions | $37,687 |
| Other employee benefits | $41,854 |
| Payroll taxes | $22,883 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $15 |
| Fees for services: Accounting | $11,939 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $82,074 |
| Advertising and promotion | $0 |
| Office expenses | $10,498 |
| Information technology | $17,058 |
| 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 | $6,429 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $1,081 |
| Insurance | $7,488 |
| All other expenses | $0 |
| Total functional expenses | $1,301,210 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $474,026 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $139,820 |
| 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 | $4,590 |
| Net Land, buildings, and equipment | $24,771 |
| Investments—publicly traded securities | $5,566,965 |
| Investments—other securities | $6,898,847 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $7,492,765 |
| Total assets | $20,601,784 |
| Accounts payable and accrued expenses | $38,542 |
| Grants payable | $0 |
| Deferred revenue | $0 |
| Tax-exempt bond liabilities | $0 |
| Escrow or custodial account liability | $7,492,765 |
| 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 | $72,773 |
| Total liabilities | $7,604,080 |
| Net assets without donor restrictions | $1,347,586 |
| Net assets with donor restrictions | $11,650,118 |
| 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 | $20,601,784 |
Grants Awarded
Over the last fiscal year, Louisville Free Public Library Foundation Inc has awarded $4,227,863 in support to 2 organizations.
| Grant Recipient | Amount |
|---|---|
GRANTS TO THE LIBRARY - RESTRICTED PURPOSE: ENHANCE THE PROGRAMS | $3,222,780 |
GRANTS TO THE LIBRARY -UNRESTRICTED PURPOSE: ENHANCE THE PROGRAM | $1,005,083 |
Grants Recieved
Over the last fiscal year, we have identified 2 grants that Louisville Free Public Library Foundation Inc has recieved totaling $4,100.
| Awarding Organization | Amount |
|---|---|
Gilbert Foundation Inc Prospect, KY PURPOSE: EDUCATIONAL-SUMMER READING PROGRAM | $2,100 |
Charles H Dishman Iii Family Foundation Inc Wilmington, DE PURPOSE: GENERAL & UNRESTRICTED | $2,000 |
Endowment Analysis
| Beg. Balance | $8,564,224 |
| Earnings | $2,368,849 |
| Grants | $639,732 |
| Ending Balance | $10,293,341 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Reuben Mcmillan Free Library Association Youngstown, OH | $89,698,038 | $21,065,303 |
Newberry Library Chicago, IL | $102,026,436 | $14,465,930 |
Greene County Public Library Xenia, OH | $9,776,484 | $13,108,130 |
Lake County Public Library Merrillville, IN | $39,933,908 | $12,781,082 |
Elyria Public Library Elyria, OH | $12,392,667 | $6,063,469 |
Ohionet Westerville, OH | $9,473,014 | $8,653,205 |
Ohio Governors Imagination Library Beavercreek, OH | $8,059,955 | $11,938,530 |
Mobius Columbia, MO | $4,062,831 | $7,262,645 |
Cabell County Public Library Huntington, WV | $12,674,770 | $6,152,653 |
Community Resource Center Inc Centralia, IL | $6,773,469 | $4,197,743 |
William A And Margaretta Taylor Memorial Association Cuyahoga Falls, OH | $3,121,756 | $3,087,926 |
Library Association Of Sandusky Ohio Sandusky, OH | $8,164,601 | $4,150,865 |