Memorial & Library Association: FY2023 Nonprofit Profile & Form 990 (EIN 05-0259005)

Revenue by fiscal year
FY2020	$2.8M
FY2021	$2.4M
FY2022	$3.1M
FY2023	$2.1M
FY2024	$4.0M
FY2025	$2.7M

Expenses by fiscal year
FY2020	$2.9M
FY2021	$2.9M
FY2022	$3.0M
FY2023	$3.0M
FY2024	$3.2M
FY2025	$3.3M

Net assets by fiscal year
FY2020	$36.3M
FY2021	$43.4M
FY2022	$37.1M
FY2023	$39.6M
FY2024	$43.4M
FY2025	$46.2M

Is it real?

Yes. Never revoked by the IRS. Latest filing on record: FY2025. IRS ruling in Jul 1944.

IRS Pub. 78 · IRS Auto-Revocation List · IRS Business Master File

Where the money goes

74 cents of each dollar spent went to programs.

74%

17%

Program services 74% · $2.2M Management & general 17% · $497K Fundraising 9% · $276K

Form 990 Part IX, line 25, columns B–D. Every line is in By the numbers.

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Who runs it and what they're paid

17 people listed on the 990.

Part VII, Section A · reportable compensation · most recent filed roster (FY2022); the FY2023 filing did not itemize Part VII

Sharon Morgan

Secretary

$0Pt VII · Sec A

Deborah Bell

Trustee

$0Pt VII · Sec A

Deborah Downie

Ex-Officio

$0Pt VII · Sec A

Thomas F Boll

Trustee

$0Pt VII · Sec A

Peggy Murphy-Bright

Ex-Officio

$0Pt VII · Sec A

Betty-Jo Cugini

President

$0Pt VII · Sec A

Peter B Robinson

Treasurer

$0Pt VII · Sec A

Jennifer Obrey

Trustee

$0Pt VII · Sec A

See Memorial & Library Association executive salaries →

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Questions the 990 asks

The form asks each of these directly. These are the filed answers.

Family or business ties among officersPt VI · Ln 2No
Top official's pay set by an independent reviewPt VI · Ln 15aYes

Programs and updates

Maintains a library, gallery, and 15-acre arboretum for public enjoyment.

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Provided by the organization

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3 programs · $2.2M · in their own filed words · FY2022

01

Library

The library provides essential services and programs that enrich the lives of all its patrons; children of all ages are welcome, & introduced to the magic of reading; it is a center for civic pride & community; it is a thriving, busy, warm, beautiful, & welcoming place.

$2.2Mprogram expense

02

Wilcox Park

Wilcox park is a nationally significant arboretum and designed landscape, and one of the cornerstones for our sense of place in the region. It is a beautiful, private park that also serves as an outdoor community space.

Pt IX · col B

03

Building

The building that houses westerly library is one of the mostsignificant structures in the historic district that surrounds it. Itis one of the great landmarks in rhode island and a strong example ofthe vision america had for the important role to be played by its LATE19TH century libraries in forging a new, democratic, post civil…

Pt IX · col B

Funders

Who pays for it.

From grant filings on record. Receipts are incomplete: individual donors are never listed.

Grants

Schedule I · funders on record

Grants received · FY2024

The Rhode Island Community FoundationFY2024$29K

Fidelity Investments Charitable Gift FundFY2024$19K

The New York Community TrustFY2024$10K

James F McCormick JR TuwFY2024$7K

Donor Advised Charitable Giving INCFY2024$6K

Washington Trust Charitable FoundationFY2024$3K

Ashaway Charitable TrustFY2024$1K

Chubb Charitable FoundationFY2024$200

Total grants receivedfrom 8 funders$75K

See all 8 funders →

By the numbers

The FY2023 990, line by line.

Download 990

from philanthropy.org

1The main four

Money inPt VIII

$2.1M

Ln 12

Gifts and grantsLn 1h$1.5M

Investment incomeLn 3$569K

Other incomeLn 4–11$41K

Money outPt IX

$3.0M

Ln 25

Programscol B$2.2M

Managementcol C$497K

Fundraisingcol D$276K

Owns and owesPt X

$39.6M

net assets · Ln 32

Cash and savingsLn 1–2$1.0M

Total assetsLn 16$40.8M

LiabilitiesLn 26$1.2M

PeoplePt VI, VII

17

listed · VII A

PaidVII A0

Voting boardVI 1a14

IndependentVI 1b14

2In more detail

Revenue in detailPt VIII

Gifts and grantsLn 1h$1.5M

Government grantsLn 1e$958K

Noncash giftsLn 1g$71K

Fundraising eventsLn 1c$31K

Fees for servicesLn 2g$10K

Investment incomeLn 3$569K

Other incomeLn 4–11$41K

Gains on assetsLn 7−$63K

Total revenueLn 12$2.1M

Assets in detailPt X, end of year

CashLn 1$114K

SavingsLn 2$896K

Cash and savings togetherLn 1–2$1.0M

InvestmentsLn 11–13$29.2M

Land, buildings, equipmentLn 10c$7.4M

Other assetsLn 15$1.9M

Total assetsLn 16$40.8M

LiabilitiesLn 26$1.2M

Net assetsLn 32$39.6M

OperationsPt I, VI

EmployeesI 549

VolunteersI 60

Fiscal year endsHeaderJune

Conflict-of-interest policyVI 12aYes

Whistleblower policyVI 13Yes

Records policyVI 14Yes

3Year over year

Balance sheet, start vs end of yearPt X · col A, B

Line	Start FY23	End FY23
Cash and savingsLn 1–2	$994K	$1.0M
InvestmentsLn 11–13	$26.8M	$29.2M
Land, buildings, equipmentLn 10c	$7.5M	$7.4M
Total assetsLn 16	$38.5M	$40.8M
LiabilitiesLn 26	$1.4M	$1.2M
Net assetsLn 32	$37.1M	$39.6M

4Every line

Statement of functional expensesPt IX · every line

Line	Total	Programs	Management	Fundraising
Other salaries and wagesLn 7	$1.4M	$1.0M	$212K	$205K
Pension plan contributionsLn 8	$25K	$15K	$5K	$4K
Other employee benefitsLn 9	$105K	$83K	$16K	$6K
Payroll taxesLn 10	$119K	$86K	$17K	$17K
Management feesLn 11a	$27K	$8K		$19K
Legal feesLn 11b	$5K		$5K
Accounting feesLn 11c	$123K		$121K	$2K
Investment management feesLn 11f	$64K		$64K
Office expensesLn 13	$8K	$485	$357	$8K
Information technologyLn 14	$118K	$77K	$32K	$8K
OccupancyLn 16	$124K	$123K		$120
TravelLn 17	$5K	$5K	$120	$360
InterestLn 20	$52K	$52K
Depreciation, depletion and amortizationLn 22	$380K	$377K	$3K
InsuranceLn 23	$53K	$47K	$6K	$191
Other expenses (24a–d)Ln 24	$277K	$271K	$5K	$419
All other expensesLn 24e	$50K	$33K	$10K	$7K
Total functional expensesLn 25	$3.0M	$2.2M	$497K	$276K

Filing history

Year	Money in	Money out	In minus out	Net assets	Download
FY2025 Latest	$2.7M	$3.3M	−$604K	$46.2M	990 PDF
FY2024	$4.0M	$3.2M	$762K	$43.4M	990 PDF
FY2023 Viewing	$2.1M	$3.0M	−$839K	$39.6M	990 PDF
FY2022	$3.1M	$3.0M	$109K	$37.1M	990 PDF
FY2021	$2.4M	$2.9M	−$573K	$43.4M	990 PDF
FY2020	$2.8M	$2.9M	−$108K	$36.3M	990 PDF

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Schedules filed Part IV

III · Programs I · Grants R · Related orgs G · Fundraising L · Interested persons A · Public support F · Foreign M · Noncash

See the full FY2023 990 (6 parts)

Part I · Summary $2,135,182 revenue, 12 lines filed

I-8 Contributions and grantsPrior year $1,436,845$1,515,603

I-9 Program service revenuePrior year $8,844$9,648

I-10 Investment incomePrior year $1,587,010$569,337

I-11 Other revenuePrior year $50,601$40,594

I-12 Total revenuePrior year $3,083,300$2,135,182

I-13 Grants and similar amounts paidPrior year $0$0

I-14 Benefits paid to membersPrior year $0$0

I-15 Salaries and benefitsPrior year $1,647,549$1,689,449

I-16a Professional fundraising feesPrior year $0$0

I-17 Other expensesPrior year $1,326,675$1,284,929

I-18 Total expensesPrior year $2,974,224$2,974,378

I-19 Revenue less expensesPrior year $109,076−$839,196

Part VI · Governance 14 of 14 board members independent, no flags

VI-1a Voting members of the governing body14

VI-1b Independent voting members14

VI-2 Family or business relationship among officers or directorsNo

VI-12a Written conflict of interest policyYes

VI-13 Written whistleblower policyYes

VI-14 Document retention and destruction policyYes

VI-15a Process for setting top official's payYes

Part VIII · Statement of revenue $2,135,182 across 12 lines filed

VIII-1c Fundraising events$31,048

VIII-1e Government grants$958,340

VIII-1f All other contributions, gifts and grants$526,215

VIII-1g Noncash contributions (included above)$71,096

VIII-1h Total contributions, gifts and grants$1,515,603

VIII-2a-f Program service revenue, itemized rows (sum of 2a–2f as filed)Related to mission $9,648$9,648

VIII-3 Investment incomeExcluded from tax $631,955$631,955

VIII-6 Net rental income or lossRelated to mission $7,950$7,950

VIII-7 Net gain or loss on sales of assetsExcluded from tax −$62,618−$62,618

VIII-8 Net income from fundraising eventsExcluded from tax $1,327$1,327

VIII-11a-d Other revenue, itemized rows (sum of 11a–11d as filed)Excluded from tax $31,317$31,317

VIII-12 Total revenueRelated to mission $17,598 · Unrelated business $0 · Excluded from tax $601,981$2,135,182

Part IX · Statement of functional expenses $2,974,378 across 17 lines filed

IX-7 Other salaries and wagesPrograms $1,023,798 · Management $211,924 · Fundraising $204,811$1,440,533

IX-8 Pension plan contributionsPrograms $15,129 · Management $5,325 · Fundraising $4,211$24,665

IX-9 Other employee benefitsPrograms $83,061 · Management $15,962 · Fundraising $5,905$104,928

IX-10 Payroll taxesPrograms $85,626 · Management $17,126 · Fundraising $16,571$119,323

IX-11a Management feesPrograms $8,387 · Fundraising $18,819$27,206

IX-11b Legal feesManagement $5,335$5,335

IX-11c Accounting feesManagement $121,275 · Fundraising $1,549$122,824

IX-11f Investment management feesManagement $63,731$63,731

IX-13 Office expensesPrograms $485 · Management $357 · Fundraising $7,621$8,463

IX-14 Information technologyPrograms $77,164 · Management $31,945 · Fundraising $8,488$117,597

IX-16 OccupancyPrograms $123,413 · Fundraising $120$123,533

IX-17 TravelPrograms $4,768 · Management $120 · Fundraising $360$5,248

IX-20 InterestPrograms $51,694$51,694

IX-22 Depreciation, depletion and amortizationPrograms $376,891 · Management $2,798$379,689

IX-23 InsurancePrograms $47,389 · Management $5,568 · Fundraising $191$53,148

IX-24 Other expenses (24a–d)Programs $271,077 · Management $5,056 · Fundraising $419$276,552

IX-24e All other expensesPrograms $32,588 · Management $10,065 · Fundraising $7,256$49,909

IX-25 Total functional expensesPrograms $2,201,470 · Management $496,587 · Fundraising $276,321$2,974,378

Part X · Balance sheet $40,823,245 assets, 15 lines filed

X-1 Cash, non-interest-bearingStart of year $38,244$113,990

X-2 Savings and temporary cash investmentsStart of year $955,835$896,062

X-3 Pledges and grants receivableStart of year $1,273,817$1,228,587

X-4 Accounts receivableStart of year $3,983$3,750

X-9 Prepaid expenses and deferred chargesStart of year $106,325$43,928

X-10c Land, buildings and equipment, netStart of year $7,524,787$7,446,127

X-11 Publicly traded securitiesStart of year $26,792,328$29,175,937

X-15 Other assetsStart of year $1,806,294$1,914,864

X-16 Total assetsStart of year $38,501,613$40,823,245

X-17 Accounts payable and accrued expensesStart of year $88,135$200,860

X-26 Total liabilitiesStart of year $1,368,128$1,214,605

X-27 Net assets without donor restrictionsStart of year $22,519,763$24,693,065

X-28 Net assets with donor restrictionsStart of year $14,613,722$14,915,575

X-32 Total net assets or fund balancesStart of year $37,133,485$39,608,640

X-33 Total liabilities and net assetsStart of year $38,501,613$40,823,245

Part XI · Reconciliation of net assets $39,608,640 net assets at year end

XI-1 Total revenue$2,135,182

XI-2 Total expenses$2,974,378

XI-3 Revenue less expenses−$839,196

XI-4 Net assets at start of year$37,133,485

XI-5 Net unrealized gains (losses) on investments$3,205,781

XI-9 Other changes in net assets$108,570

XI-10 Net assets at end of year$39,608,640

Form 990 e-file (XML) FY2023 from the IRS · Classification, formation year and address from the IRS Business Master File

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Memorial & Library Association FY2023 filing

Before you give

Is it real?

Where the money goes

Who runs it and what they're paid

Questions the 990 asks

Programs and updates

Questions for Memorial & Library Association

Library

Wilcox Park

Building

Funders

Grants

By the numbers

Filing history

Schedules filed Part IV