Petersburg Library Foundation Inc
- Assets
- $154.3k
- Revenue
- $1.6m
- Investments
- $0.0
- Employees
- 3
- Location
- Petersburg, VA
- Founding
- 10/2003
- Data as of
- 12/2021
- EIN
- 74-3090885
Organization Overview
Petersburg Library Foundation Inc is located in Petersburg, VA. The organization was established in 2003. According to its NTEE Classification (B80) the organization is classified as: Student Services, under the broad grouping of Education and related organizations. As of 12/2021, Petersburg Library Foundation Inc employed 3 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Petersburg 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 12/2021, Petersburg Library Foundation Inc generated $1.6m in total revenue. This organization has experienced exceptional growth, as over the past 7 years, it has increased revenue by an average of 32.8% each year . All expenses for the organization totaled $2.3m during the year ending 12/2021. While expenses have increased by 41.7% per year over the past 7 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 MISSION OF THE PETERSBURG LIBRARY FOUNDATION IS TO ENSURE THAT THE CITY OF PETERSBURG HAS A SUPERIOR LIBRARY SYSTEM HAVING EXCELLENT FACILITIES AND PROVIDING QUALITY RESOURCES AND INNOVATIVE SOURCES TO ENHANCE EDUCATIONAL AND CULTURAL OPPORTUNITIES FOR ITS CITIZENS.
Describe the Organization's Program Activity:
Part 3 - Line 4a
THIS PROGRAM INCLUDES CONTRIBUTIONS MADE TO PPL, DEVELOPMENT CO, INC. FOR LIBRARY CONSTRUCTION EXPENDITURES. THIS INCLUDES CONSTRUCTION ADMINISTRATION EXPENDITURES TO THE VARIOUS SERVICE PROVIDERS AND FORGIVING THE LEVERAGED LOAN AS PART OF THE STRUCTURED UNWINDING OF THE NEW MARKET TAX CREDITS. ALSO, THE LEASE PAYMENTS FOR THE LIBRARY BUILDING ARE INCLUDED IN THIS PROGRAM EXPENDITURE. THE ANNUAL LEASE PAYMENTS TOTAL $ 137,000 PER YEAR AND ARE PAID TO PPL DEVELOPMENT CO. INC.
THIS PROGRAM INCLUDES PETERSBURG LIBRARY SUPPORT PROGRAMS. THIS CATEGORY INCLUDES PRIMARILY THE SALARY AND BENEFITS OF AN INDIVIDUAL WHO WILL DEVELOP VARIOUS PROGRAMS FOR THE LIBARY TO OFFER TO THE GENERAL PUBLIC. THE GOAL OF THESE PROGRAMS IS TO GET THE COMMUNITY OF PETERSBURG MORE INVOLVED WITH USING THE LIBRARY. OTHER EXPENDITURES FOR LIBRARY SUPPORT PROGRAMS INCLUDE ITEMS NEEDED FOR THE LIBRARY SUCH AS CHRISTMAS DECORATIONS, LIGHTS, PLAYSTATION, WHEELCHAIRS FOR DISABLED INDIVIDUALS.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Robert C Walker Chairman | OfficerTrustee | 15 | $0 |
Ann C Taylor Vice Chairwoman | OfficerTrustee | 5 | $0 |
Wayne M Crocker Secretary | OfficerTrustee | 5 | $0 |
F Heath Myers Jr Treasurer | OfficerTrustee | 10 | $0 |
Neila L Gunter Director | Trustee | 1 | $0 |
Willis W Walter 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 | $1,477,180 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $1,477,180 |
| Total Program Service Revenue | $145,600 |
| 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 | $1,622,780 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $2,045,743 |
| 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 | $79,148 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $0 |
| Payroll taxes | $6,055 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $6,900 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $18,334 |
| Advertising and promotion | $692 |
| Office expenses | $7,976 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $137,000 |
| 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 | $1,861 |
| Insurance | $2,692 |
| All other expenses | $643 |
| Total functional expenses | $2,327,709 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $130,517 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $6,755 |
| Accounts receivable, net | $7,500 |
| 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 | $9,575 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $154,347 |
| Accounts payable and accrued expenses | $3,710 |
| 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 | $7,885 |
| Total liabilities | $11,595 |
| Net assets without donor restrictions | $96,404 |
| Net assets with donor restrictions | $46,348 |
| 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 | $154,347 |
Grants Recieved
Over the last fiscal year, we have identified 2 grants that Petersburg Library Foundation Inc has recieved totaling $12,000.
| Awarding Organization | Amount |
|---|---|
Bon Secours Richmond Health System Richmond, VA PURPOSE: MISSION SUPPORT | $10,000 |
Cameron Foundation Petersburg, VA PURPOSE: UNRESTRICTED:MATCHING GIFT PROGRAM | $2,000 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Results For America Washington, DC | $34,611,584 | $37,342,488 |
Israel On Campus Coalition Washington, DC | $6,950,162 | $10,725,464 |
Tennessee State Collaborative On Reforming Education Nashville, TN | $23,375,202 | $18,088,323 |
Ulh Inc Louisville, KY | $43,242,391 | $8,714,119 |
Cameron Foundation Petersburg, VA | $170,387,931 | $14,350,568 |
Green River Regional Education Cooperative Inc Bowling Green, KY | $8,161,400 | $7,463,495 |
Frameworks Institute Washington, DC | $8,374,816 | $6,057,104 |
News Literacy Project Inc Bethesda, MD | $6,963,162 | $5,070,663 |
Seed Foundation Inc Washington, DC | $10,420,742 | $4,996,042 |
College Summit Inc Washington, DC | $4,976,677 | $6,077,996 |
Maryland Business Roundtable For Education Inc Baltimore, MD | $721,059 | $3,522,017 |
Virginia Tech Services Inc Blacksburg, VA | $8,676,644 | $3,908,616 |