Tool Library Inc
- Assets
- $406.7k
- Revenue
- $240.8k
- Investments
- $0.0
- Employees
- 2
- Location
- Buffalo, NY
- Founding
- 02/2018
- Data as of
- 12/2023
- EIN
- 82-3550585
Organization Overview
Tool Library Inc is located in Buffalo, NY. The organization was established in 2018. According to its NTEE Classification (S20) the organization is classified as: Community & Neighborhood Development, under the broad grouping of Community Improvement & Capacity Building and related organizations. As of 12/2023, Tool Library Inc employed 2 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Tool Library 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 12/2023, Tool Library Inc generated $240.8k in total revenue. This organization has experienced exceptional growth, as over the past 4 years, it has increased revenue by an average of 33.4% each year . All expenses for the organization totaled $144.7k during the year ending 12/2023. While expenses have increased by 28.2% per year over the past 4 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
TO PROVIDE COMMUNITIES WITH THE TOOLS THEY NEED TO CREATE THE CHANGE THEY WANT
Describe the Organization's Program Activity:
Part 3 - Line 4a
1,421 ACTIVE MEMBERS BORROWED 4,874 TOOLS IN 19,478 TRANSACTIONS FOR 2023. THESE BORROWED TOOLS PROVIDED $730,889 IN SAVINGS TO OUR COMMUNITY AND CONTRIBUTED TO OUR CHARITABLE PURPOSE OF COMBATING NEIGHBORHOOD BLIGHT BY PROVIDING TOOLS, EQUIPMENT AND RESOURCES TO THE COMMUNITY.
SERVICE DAYS - 12 EVENTS IN 2023 BROUGHT TOGETHER 373 VOLUNTEERS AND A TOTAL OF 1,122 VOLUNTEER HOURS. AS A WHOLE 4,100 BULBS AND 57 TREES WERE PLANTED. THESE COMMUNITY BEAUTIFICATION EFFORTS CONTRIBUTE TO OUR EFFORTS OF COMBATING NEIGHBORHOOD BLIGHT.
DARE TO REPAIR - 11 EVENTS IN 2023 HAD 482 PARTICIPANTS WHO WERE AIDED BY 52 VOLUNTEERS TO WORK ON 379 ITEMS WHICH OTHERWISE WOULD HAVE BECOME WASTE. THERE WERE 274 SUCCESSFUL FIXES AND 2,667LBS OF WASTE WAS DIVERTED FROM LANDFILLS. HOSTING REPAIR EVENTS SUPPORTS SUSTAINABILITY EFFORTS.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Darren Cotton Executive Director | Trustee | 40 | $32,000 |
Dylan Steed Director | Trustee | 1 | $0 |
Eric Borenstein Director | Trustee | 1 | $0 |
Cheyenne Ketter-Franklin Director | Trustee | 1 | $0 |
Rob Townsley Secretarysecretary | OfficerTrustee | 5 | $0 |
Barbara Cross Treasurer | OfficerTrustee | 5 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $47,943 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $38,000 |
| All other contributions, gifts, grants, and similar amounts not included above | $136,529 |
| Noncash contributions included in lines 1a–1f | $10,654 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $222,472 |
| Total Program Service Revenue | $10,022 |
| Investment income | $1,098 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $0 |
| Net Income from Fundraising Events | $4,996 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $2,217 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $240,805 |
| 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. | $32,000 |
| Compensation of current officers, directors, key employees. | $1,856 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $30,390 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $660 |
| Payroll taxes | $5,434 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $4,000 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $4,390 |
| Advertising and promotion | $2,933 |
| Office expenses | $3,630 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $39,148 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $1,694 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $0 |
| Insurance | $4,584 |
| All other expenses | $3,752 |
| Total functional expenses | $144,713 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $245,199 |
| 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 | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $161,532 |
| Total assets | $406,731 |
| 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 | $1,983 |
| Total liabilities | $1,983 |
| Net assets without donor restrictions | $404,748 |
| Net assets with donor restrictions | $0 |
| 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 | $406,731 |