Louisville Free Public Library Foundation Inc
- Assets
- $19.5m
- Revenue
- $2.8m
- Investments
- $6.3m
- Employees
- 5
- Location
- Louisville, KY
- Founding
- 07/1980
- Data as of
- 06/2023
- 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 06/2023, 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 06/2023, Louisville Free Public Library Foundation Inc generated $2.8m in total revenue. The organization has seen a slow decline revenue. Over the past 8 years, revenues have fallen by an average of (2.4%) each year. All expenses for the organization totaled $2.0m during the year ending 06/2023. As we would expect to see with falling revenues, expenses have declined by (3.0%) per year over the past 8 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
2023
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
IN FY23, THE LIBRARY FOUNDATION PROVIDED 1.1 MILLION IN DIRECT PROGRAM SUPPORT FOR THE LOUISVILLE FREE PUBLIC LIBRARY (LFPL), WHICH OFFERS FREE, YEAR-ROUND PROGRAMS AND RESOURCES AT 17 LIBRARY LOCATIONS. ONGOING PROGRAMS THAT ARE UNDERWRITTEN, IN PART, BY THE LIBRARY FOUNDATION RANGE FROM EARLY CHILDHOOD EDUCATION PROGRAMS (STORYTIME, 1000 BOOKS BEFORE KINDERGARTEN CHALLENGE, ETC.) TO ACT/SAT PREPARATION FOR TEENS, TO ADULT BOOK DISCUSSION GROUPS, AUTHOR EVENTS, SHORT COURSES ON A VARIETY OF TOPICS, IMMIGRANT SERVICES SUCH AS CITIZENSHIP STUDY GROUPS AND ENGLISH CONVERSATION CLUBS, AND WORKFORCE DEVELOPMENT TOOLS AND RESOURCES. WITH THE SUPPORT OF THE LIBRARY FOUNDATION, LFPL OFFERED ANNUAL EVENTS THAT INCLUDED THE HOW-TO FESTIVAL, SUMMER READING, AND THE "BOOKS AND BREWS" ADULT WINTER READING PROGRAM. PATRONS ALSO HAD FREE ACCESS TO COMPUTERS, INTERNET, AND LFPL'S ONLINE RESOURCES, INCLUDING EDUCATIONAL PLATFORMS SUCH AS LINKEDIN LEARNING AND TREEHOUSE (AN ONLINE PLATFORM WITH WEBSITE AND CODING CLASSES). IN FY23, THE LIBRARY FOUNDATION SUCCESSFULLY GRANTED FUNDS TO THE LFPL ALLOWING THEM TO: "PURCHASE AND GIVE AWAY 36,990 BOOKS WITH DIVERSE THEMES TO MORE THAN 36,440 TODDLERS AND THEIR PARENTS/CAREGIVERS THROUGH OUTREACH IN UNDERSERVED NEIGHBORHOODS VIA THE CHILDREN'S BOOKMOBILE AND BOOK BIKE. " HOST THE SECOND YEAR OF THE "ONCE UPON AN ORCHESTRA," A UNIQUE PARTNERSHIP BETWEEN THE LOUISVILLE ORCHESTRA AND LFPL THAT BROUGHT FREE, LITERACY-THEMED ORCHESTRA PERFORMANCES TO 1,436 CHILDREN AT ALL 17 LIBRARY BRANCHES. THE PROGRAM WAS SO POPULAR THAT FAMILIES WERE TURNED AWAY AT SEVERAL BRANCHES DUE TO LACK OF SPACE " IMPLEMENT THE 2023 SUMMER READING PROGRAM, WHICH HELPED 41,934 YOUTH READ 386,272 BOOKS AND ENGAGE IN 1,239 PROGRAMS PROVIDED BY LIBRARIANS FOR FAMILIES ACROSS THE LFPL SYSTEM. " THE LIBRARY FOUNDATION PREMIERED ITS SIGNATURE CIVIC ENGAGEMENT AND COMMUNITY ADVOCACY EVENT, "A NIGHT AT THE LIBRARY," ON APRIL 14, 2023, AT THE MAIN LIBRARY IN DOWNTOWN LOUISVILLE. 250 OF LOUISVILLE'S TOP INFLUENCERS, PHILANTHROPISTS, THOUGHT LEADERS, AND LIBRARY ADVOCATES GATHERED TO DISCUSS AND PROMOTE THE FAR-REACHING SOCIAL AND ECONOMIC IMPACT OF LFPL WHILE RAISING FUNDS TO ASSIST THE LIBRARY FOUNDATION'S WORK IN SUPPORTING LFPL'S INITIATIVES. THE EVENT FEATURED AN EDUCATIONAL DISCUSSION BY SOCIOLOGIST ERIC KLINENBERG, THE CELEBRATED AUTHOR OF "PALACES FOR THE PEOPLE." IN ADDITION TO SUPPORTING LIBRARY PROGRAMMING, THE LIBRARY FOUNDATION INITIATED COMPREHENSIVE ADVOCACY AND ENGAGEMENT WITH ELECTED OFFICIALS, LOCAL CITIZENS, AND BUSINESSES TO EDUCATE AND INFORM THEM ABOUT THE RESOURCES AND MANY FREE SERVICES OFFERED AT THE LFPL.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Chandra Gordon Executive Di | Officer | 40 | $111,059 |
Chris Garrett Chair | OfficerTrustee | 2 | $0 |
Melanie Mccoy Vice Chair | OfficerTrustee | 2 | $0 |
Lee Burchfield Secretary | OfficerTrustee | 2 | $0 |
Brian Stivers Treasurer | OfficerTrustee | 2 | $0 |
Liz Amick Director | Trustee | 1 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $100,000 |
| All other contributions, gifts, grants, and similar amounts not included above | $1,935,543 |
| Noncash contributions included in lines 1a–1f | $192,268 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $2,035,543 |
| Total Program Service Revenue | $0 |
| Investment income | $436,074 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $360,529 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $2,832,146 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $1,186,075 |
| 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. | $118,088 |
| Compensation of current officers, directors, key employees. | $29,522 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $265,052 |
| Pension plan accruals and contributions | $57,496 |
| Other employee benefits | $31,279 |
| Payroll taxes | $28,431 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $13,855 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $27,142 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $49,677 |
| Advertising and promotion | $0 |
| Office expenses | $17,665 |
| Information technology | $27,531 |
| 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 | $13,153 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $7,529 |
| Insurance | $8,542 |
| All other expenses | $0 |
| Total functional expenses | $1,978,950 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $62,129 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $108,795 |
| 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 | $4,803 |
| Net Land, buildings, and equipment | $14,469 |
| Investments—publicly traded securities | $5,870,103 |
| Investments—other securities | $6,267,867 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $7,200,218 |
| Total assets | $19,528,384 |
| Accounts payable and accrued expenses | $37,292 |
| Grants payable | $0 |
| Deferred revenue | $0 |
| Tax-exempt bond liabilities | $0 |
| Escrow or custodial account liability | $7,200,218 |
| 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 | $55,913 |
| Total liabilities | $7,293,423 |
| Net assets without donor restrictions | $1,748,915 |
| Net assets with donor restrictions | $10,486,046 |
| 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 | $19,528,384 |
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 |