Lubec Memorial Library
- Assets
- $1.5m
- Revenue
- $58.0k
- Investments
- $0.0
- Employees
- 4
- Location
- Lubec, ME
- Founding
- 07/1997
- Data as of
- 12/2021
- EIN
- 01-0284221
Organization Overview
Lubec Memorial Library is located in Lubec, ME. The organization was established in 1997. According to its NTEE Classification (B70) the organization is classified as: Libraries, under the broad grouping of Education and related organizations. As of 12/2021, Lubec Memorial Library employed 4 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Lubec Memorial Library 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, Lubec Memorial Library generated $58.0k in total revenue. This represents relatively stable growth, over the past 7 years the organization has increased revenue by an average of 3.0% each year. All expenses for the organization totaled $53.3k during the year ending 12/2021. While expenses have increased by 2.0% 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 LUBEC MEMORIAL LIBRARY'S PRIMARY MISSION IS TO PROVIDE BOOKS, TECHNOLOGY AND PROGRAMMING WHICH ENCOURAGE LEARNING, READING AND COMMUNITY INVOLVEMENT FOR THE CITIZENS OF ALL AGES IN LUBEC AND THE SURROUNDING COMMUNITIES.
Describe the Organization's Program Activity:
Part 3 - Line 4a
PROGRAM SERVICE ACCOMPLISHMENT ONE IS TO PROVIDE PATRONS WITH READING MATERIALS THAT ARE OF INTEREST TO THEM IN A TIMELY MANNER WITH COURTESY AND RESPECT. STAFF ALSO RESPONDS VERY FAVORABLY TO SUGGESTIONS OF READING MATERIALS TO PURCHASE AND/OR BORROW FROM OTHER LIBRARIES. PATRONS INCLUDE LOCAL CITIZENS IN ITS DOWNEAST COMMUNITY AS WELL AS A LARGE CONTINGENT OF SUMMER RESIDENTS WHO LIVE ELSEWHERE IN THE WINTER. THE DIVERSITY OF PATRONS RESULTS IN AN EXPANSIVE LIBRARY TO MEET A VARIETY OF INTERESTS AND AGE GROUPS.
ANOTHER IMPORTANT DEVELOPMENT IN THE WORLD OF LIBRARIES IS THE SUBSTANTIAL INCREASE IN TECHNOLOGY THAT IS REQUESTED BY PATRONS. THE LIBRARY NOW PROVIDES 8 COMPUTERS AS WELL AS OTHER TECHNOLOGY FOR PATRONS. THIS IS AN EXPENSE BUT BRINGS A VAST CROSS-SECTION OF LOCAL AND SUMMER PEOPLE INTO THE LIBRARY.
THE LIBRARY HAS EXPANDED THEIR PROGRAMMING AS WELL AS OFFERING TECHNOLOGY, BOOKS AND OTHER LEARNING TOOLS. THERE ARE WORKSHOPS OF INTEREST, LECTURES, INTERACTIVE ACTIVITIES AND OTHER PROGRAMMING AS REQUESTED BY PATRONS AND/OR INITIATED BY LIBRARY STAFF. PROGRAMMING IS PROVIDED FOR ALL AGES AND IT HAPPENS VERY FREQUENTLY. THE LIBRARY IS NO LONGER A QUIET PLACE WHERE FOLKS SIT AROUND AND READ ALL THE TIME!
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Nancy Briggs Key Employee | Officer | 22 | $14,758 |
Katharine Jans President | OfficerTrustee | 3 | $0 |
Paula Holm Vice President | OfficerTrustee | 2 | $0 |
Janet Hough Secretary | OfficerTrustee | 1 | $0 |
Janet Weston Treasurer | OfficerTrustee | 4 | $0 |
Mary Ellen Stacy Trustee | Trustee | 1 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $28,294 |
| Related organizations | $0 |
| Government grants | $0 |
| All other contributions, gifts, grants, and similar amounts not included above | $0 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $28,294 |
| Total Program Service Revenue | $0 |
| Investment income | $9,662 |
| 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 | $57,998 |
| 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. | $14,758 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $12,957 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $0 |
| Payroll taxes | $1,734 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $0 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $0 |
| Advertising and promotion | $28 |
| Office expenses | $1,441 |
| Information technology | $4,037 |
| Royalties | $0 |
| Occupancy | $8,713 |
| 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 | $4,211 |
| All other expenses | $0 |
| Total functional expenses | $53,343 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $10,965 |
| Savings and temporary cash investments | $30,402 |
| 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 | $285,640 |
| Prepaid expenses and deferred charges | $0 |
| Net Land, buildings, and equipment | $240,604 |
| Investments—publicly traded securities | $911,874 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $1,479,485 |
| 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 | $1,343,475 |
| Net assets with donor restrictions | $136,010 |
| 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 | $1,479,485 |
Grants Recieved
Over the last fiscal year, we have identified 1 grants that Lubec Memorial Library has recieved totaling $5,000.
| Awarding Organization | Amount |
|---|---|
Eureka Foundation Inc Atlanta, GA PURPOSE: COMMUNITY ROOM EXPANSION | $5,000 |
Endowment Analysis
| Beg. Balance | $113,321 |
| Earnings | $22,274 |
| Admin Expense | $1,050 |
| Net Contributions | $1,465 |
| Ending Balance | $136,010 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Bangor Public Library Trustees Bangor, ME | $25,795,919 | $2,775,295 |
Maine Peoples Resource Center Portland, ME | $2,139,124 | $2,704,072 |
Rockport Library Foundation Rockport, ME | $310,933 | $664,921 |
The Upper Room A Family Resource Center Derry, NH | $2,012,046 | $1,533,126 |
York Public Library Association Inc York, ME | $7,085,661 | $941,036 |
Kennebunk Free Library Association Kennebunk, ME | $2,344,059 | $951,000 |
Topsham Public Library Topsham, ME | $1,623,953 | $916,950 |
Meredith Library Fund Meredith, NH | $40,551 | $10,850 |
Park Street Foundation Concord, NH | $304,435 | $636,101 |
Sanford Library Association Sanford, ME | $2,367,641 | $997,039 |
Trustees Of Merrill Memorial Library Yarmouth, ME | $4,155,143 | $731,086 |
Southwest Harbor Public Library Southwest Harbor, ME | $5,912,644 | $804,852 |