The Library Foundation Of Martin County Inc
- Assets
- $3.8m
- Revenue
- $575.0k
- Investments
- $0.0
- Employees
- 2
- Location
- Stuart, FL
- Founding
- 07/1992
- Data as of
- 09/2023
- EIN
- 65-0315112
Organization Overview
The Library Foundation Of Martin County Inc is located in Stuart, FL. The organization was established in 1992. According to its NTEE Classification (B70) the organization is classified as: Libraries, under the broad grouping of Education and related organizations. As of 09/2023, Library Foundation Of Martin County Inc employed 2 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Library Foundation Of Martin County 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 09/2023, Library Foundation Of Martin County Inc generated $575.0k in total revenue. This represents a relatively dramatic decline in revenue. Over the past 8 years, the organization has seen revenues fall by an average of (3.4%) each year. All expenses for the organization totaled $488.8k during the year ending 09/2023. 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
FOUNDED IN 1992, THE LIBRARY FOUNDATION OF MARTIN COUNTY IS A MEMBERSHIP-BASED ORGANIZATION THAT SOLICITS DONATIONS FROM INDIVIDUALS, BUSINESSES AND FOUNDATIONS TO SUPPORT AND ADVANCE THE PROGRAMS, SERVICES AND FACILITIES OF THE MARTIN COUNTY LIBRARY SYSTEM.
Describe the Organization's Program Activity:
Part 3 - Line 4a
YOUTH PROGRAMS - ANNUAL SUMMER READING PROGRAM FOR CHILDREN AND STEM AND STEAM PROGRAMMING FOR CHILDREN.
OTHER - ADULT SERVICES AND COMMUNITY OUTREACH
LIBRARY BRANCHES - DONOR RESTRICTED FUND FOR A REFERENCE RESEARCH LIBRARIAN POSITION AND MISCELLANEOUS PROGRAM SERVICES.
LITERACY SERVICES - LITERACY PROGRAMS AND SERVICES FOR CHILDREN WHICH INCLUDE, 1000 BOOKS BEFORE KINDERGARTEN, 1000 BLACK GIRL BOOKS, READY, SET GO! AND DOLLY PARTONS IMAGINATION LIBRARY.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Michael Kenny Chief Executive Officer | Officer | 40 | $103,791 |
Kherri Anderson Director | Trustee | 0.2 | $0 |
Preethi Sekharan Director | Trustee | 0.2 | $0 |
Keith Gardere Treasurer | OfficerTrustee | 2.1 | $0 |
Patricia Ditmars Secretary | OfficerTrustee | 2.1 | $0 |
Karen Johnson Chair | OfficerTrustee | 2.1 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $55,911 |
| Fundraising events | $83,039 |
| Related organizations | $0 |
| Government grants | $0 |
| All other contributions, gifts, grants, and similar amounts not included above | $204,122 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $343,072 |
| Total Program Service Revenue | $0 |
| Investment income | $124,393 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $110,648 |
| Net Income from Fundraising Events | -$3,082 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $575,031 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $0 |
| 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. | $103,791 |
| Compensation of current officers, directors, key employees. | $10,379 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $55,023 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $0 |
| Payroll taxes | $12,152 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $10,000 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $0 |
| Advertising and promotion | $0 |
| Office expenses | $4,223 |
| 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 | $5,919 |
| All other expenses | $2,210 |
| Total functional expenses | $488,776 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $186,349 |
| Savings and temporary cash investments | $0 |
| 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 | $0 |
| Investments—publicly traded securities | $3,631,894 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $3,818,243 |
| Accounts payable and accrued expenses | $0 |
| 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 | $0 |
| Total liabilities | $0 |
| Net assets without donor restrictions | $2,371,136 |
| Net assets with donor restrictions | $1,447,107 |
| 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 | $3,818,243 |