Richards Free Library EIN 02-0224075 Form 990 (PDF) Claim this org

Richards Free Library FY2020 filing

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Provides materials, services, and programs for information, education, understanding, and enjoyment. For fiscal year 2020 it reported $627K in revenue, $531K in expenses, and $2.6M in net assets.Pt I

Type
Public charity (501(c)(3)) · Education
Location
Newport, NH
Website
www.newport.lib.nh.us
Filings
5 on file (2020–2020)
Revenue
$627KFY2020
Expenses
$531K
Net assets
$2.6M
People
9
Filings
5
Updates
0
More identity details & actions ⌄
EIN  02-0224075 Public charity (501(c)(3)) Newport, NH
Form 990 (PDF)
You’re viewing the FY2020 filing — not the latest on file. See the latest (FY2024) →
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Size
$100K–1M
What they do
Provides materials, services, and programs for information, education, understanding, and enjoyment.
Leadership
Matthew Boyle · Vice Chair
Money in and out
$627K revenue, $531K expenses
Bottom line
84% program efficiency
Where the money goes · FY2020
Total revenue
$627K
Pt VIII · Ln 12
Total expenses
$531K
Pt IX · Ln 25
Net assets
$2.6M
Pt X · Ln 32
Revenue less expenses (Pt I · Ln 19): $96K
Where spending went · Part IX cols B–D
Program services $0.84 Management & general $0.16
Program efficiency
84%
of spending reaches programs
Operating runway
5.8mo
months of highly liquid reserves at operating expense rate
Surplus margin
+15%
revenue over expenses, this year

Summary of the Filing

Part I · fiscal year 2020 · Form 990
Revenue
$627K
FY2020
Expenses
$531K
FY2020
Total assets
$2.6M
FY2020
Total liabilities
$0
FY2020
Total revenue
$627K
Pt VIII · Ln 12
Total expenses
$531K
Pt IX · Ln 25
Net assets
$2.6M
Pt X · Ln 32
Revenue less expensesPt I · Ln 19$96K
Total assetsPt X · Ln 16$2.6M
Program-expense ratioPt IX · col B84%
Voting members of governing bodyPt I · Ln 39
Independent voting membersPt I · Ln 49
Mission & Programs · Part III

Where the work happens

1 program service account for $444K of program spending, described in the organization's own filed words · FY2020.
01

The library strives to assist people in their search for reliable information, self-education, greater understanding, and intellectual enjoyment by providing a spectrum of materials, services and programs. The library also provides space for the gathering of people and ideas to enrich themselves and the community.

$444Kprogram expense

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Identity & Classification

Form 990 Header · IRS Business Master File
Legal nameHdr · item CRichards Free Library
EINHdr · item D02-0224075
Principal addressHdr · item CNewport, NH
WebsiteHdr · item Jwww.newport.lib.nh.us
Year of formationHdr · item Lpending
State of legal domicileHdr · item MNH
Exempt statusHdr · item I501(c)(3) · active
NTEE classificationIRS BMFEducation (B71Z)
Ruling yearIRS BMFMay 1951

Governance & Policies

Part VI
Voting members of the governing bodyPt VI · Ln 1a9
Independent voting membersPt VI · Ln 1b9
Conflict-of-interest policyPt VI · Ln 12aYes
Whistleblower policyPt VI · Ln 13No
Document retention policyPt VI · Ln 14Yes
CEO/top-official compensation independently reviewedPt VI · Ln 15aYes
Family or business relationships among officers/directorsPt VI · Ln 2No

Officers, Directors & Key Employees

Part VII, Section A · reportable compensation
Vice Chair
$0Pt VII · Sec A
Board Member
$0Pt VII · Sec A
$0Pt VII · Sec A
Chairman
$0Pt VII · Sec A
Board Member
$0Pt VII · Sec A
Board Member
$0Pt VII · Sec A
Secretary
$0Pt VII · Sec A
Board Member
$0Pt VII · Sec A
See Richards Free Library executive salaries →

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Statement of Revenue

Part VIII
Contributions & grants$502K · 80%
Investment income$74K · 12%
Program service revenue$26K · 4%
Other revenue$25K · 4%
Contributions & grants80%$502K
Investment income12%$74K
Program service revenue4%$26K
Other revenue4%$25K
— government grantsLn 1e$368K
Total revenueLn 12$627K

Statement of Functional Expenses

Part IX · allocated across program, management, and fundraising
Allocation · columns B–D
Program services $0.84 Management & general $0.16
Program services84%$444K
Management & general16%$87K
Total functional expensesLn 25$531K

Balance Sheet

Part X · end of year
CashLn 1$255K
Total assetsLn 16$2.6M
Total liabilitiesLn 26$0
Total net assetsLn 32$2.6M
Months of cash on handcomputed5.8

Financial Metrics

Form 990 · FY2020 · each ratio shown with the dollars behind it
Liquidity & Payout
Operating runway
Highly liquid reserves $255K · Operating expenses/yr $531K
5.8 months
Where the money goes
Program services
Program services $444K · Total expenses $531K
84%
Management & General
Management & general $87K · Total expenses $531K
16%
Fundraising
Fundraising $0 · Total expenses $531K
0%
Cost to raise $1
Fundraising expense $0 · Solicited contributions $134K
Solicited contributions below reporting floor
Where the money comes from
Contribution dependence
Contributions & grants $502K · Total revenue $627K
80%
Government reliance
Government grants $368K · Total revenue $627K
59%
Earned-income share
Program service revenue $26K · Total revenue $627K
4%
Investment reliance
Investment income $74K · Total revenue $627K
+12%
Program self-sufficiency
Program service revenue $26K · Total expenses $531K
5%
Growth & trend
Revenue growth (YoY)
This year $627K · Prior year —
No prior year on file
Net-asset trend (YoY)
End of year $2.6M · Beginning of year —
Beginning net assets not meaningfully positive — showing dollar change
Balance sheet
Surplus Margin
Revenue $627K · Expenses $531K
+15%
Liabilities-to-Assets
Total liabilities — · Total assets $2.6M
Net-asset ratio
Net assets $2.6M · Total assets $2.6M
100%
Marketable Investment Share
Publicly traded securities (Pt X, ln 11) — · Other securities (Pt X, ln 12) — · Total assets (Pt X, ln 16) $2.6M
Excludes program-related investments (Pt X, ln 13)
People & payroll
Highest Reported Total Compensation
Individual Matthew Boyle · Reported title VICE CHAIR · Highest reported compensation $0 · Total expenses $531K
0%
Personnel share
Salaries, benefits & payroll (Pt IX 5-10) $335K · Total expenses $531K
63%
Peer comparison

Same NTEE category, revenue band, and state where available. Descriptive — not a grade.

MetricThis orgPeer medianPercentile
Program ratio 84%
Overhead ratio 16%
Fundraising cost ratio 0%
Accounting fee ratio 1.0%

Straight from the Form 990 — descriptive, not an evaluation. A ratio is hidden when its base is zero or too small to be meaningful; the dollars are always shown.

Grants

Schedule I · funders on record
Grants received · FY2024
Total grants receivedfrom 2 funders$112K

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Filings & Schedule Manifest

Part IV
III · Programs I · Grants R · Related orgs G · Fundraising L · Interested persons A · Public support F · Foreign M · Noncash
FY2024 (Latest)$802K revenue · ⤓ 990 PDF
FY2023$908K revenue · ⤓ 990 PDF
FY2022$686K revenue · ⤓ 990 PDF
FY2021$772K revenue · ⤓ 990 PDF
FY2020$627K revenue · viewing · ⤓ 990 PDF

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Sources

Every figure above is drawn from these filings
Form 990 e-file (XML) · FY2020IRS
Classification, formation year, addressIRS Business Master File
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