Latham Memorial Library Inc
- Assets
- $762.8k
- Revenue
- $174.0k
- Investments
- $0.0
- Employees
- 4
- Location
- Thetford, VT
- Founding
- 01/1981
- Data as of
- 12/2023
- EIN
- 03-6008134
Organization Overview
Latham Memorial Library Inc is located in Thetford, VT. The organization was established in 1981. According to its NTEE Classification (B70) the organization is classified as: Libraries, under the broad grouping of Education and related organizations. As of 12/2023, Latham Memorial Library Inc employed 4 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Latham Memorial 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, Latham Memorial Library Inc generated $174.0k in total revenue. This represents relatively stable growth, over the past 5 years the organization has increased revenue by an average of 5.8% each year. All expenses for the organization totaled $160.1k during the year ending 12/2023. While expenses have increased by 7.9% per year over the past 5 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
THE MISSION OF LATHAM MEMORIAL LIBRARY IS TO BE A COMMUNITY GATHERING PLACE THAT PROVIDES UNIVERSAL ACCESS TO INFORMATION, ENABLING LEARNERS OF ALL AGES TO ENRICH THEIR LIVES.
Describe the Organization's Program Activity:
Part 3 - Line 4a
LATHAM MEMORIAL LIBRARY IS A VITAL COMMUNITY RESOURCE, PROVIDING ACCESS TO A DIVERSE COLLECTION OF TITLES IN PRINT,DIGITAL AND AUDIO FORMAT, ALONG WITH MOVIES, RESEARCH DATABASES, ONLINE CLASSES AND MORE. IN ADDITION, THE LIBRARY OFFERS A VARIETY OF SPECIAL RESOURCES TO THE COMMUNITY, INCLUDING STEAM KITS, A SEED SAVING LIBRARY, PASSES TO MUSEUMS AND LOCAL EDUCATIONAL SITES, AND A SAFE AND ENRICHING ENVIRONMENT FOR CHILDREN AFTER SCHOOL. DURING 2023, MORE THAN 2,800 PEOPLE ATTENDED PROGRAMS, AND MORE THAN 8,000 DIGITAL ITEMS AND 11,000 PHYSICAL ITEMS WERE CIRCULATED.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Holly Lague Library Director | Officer | 40 | $55,135 |
Barbara Defelice Chair | OfficerTrustee | 5.74 | $0 |
David Goudy Vice Chair | OfficerTrustee | 4.73 | $0 |
Matthias Senger Treasurer | OfficerTrustee | 2.4 | $0 |
Ashley Jamele Secretary | OfficerTrustee | 1.27 | $0 |
Matt Benzing Trustee | Trustee | 1.31 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $96,897 |
| All other contributions, gifts, grants, and similar amounts not included above | $35,218 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $132,115 |
| Total Program Service Revenue | $690 |
| Investment income | $18,221 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $19,428 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $3,594 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $174,048 |
| 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. | $64,746 |
| Compensation of current officers, directors, key employees. | $19,424 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $46,846 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $0 |
| Payroll taxes | $7,802 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $3,923 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $0 |
| Advertising and promotion | $0 |
| Office expenses | $4,179 |
| Information technology | $1,406 |
| Royalties | $0 |
| Occupancy | $0 |
| 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 | $12,366 |
| Insurance | $0 |
| All other expenses | $0 |
| Total functional expenses | $160,095 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $64,921 |
| Savings and temporary cash investments | $21,749 |
| 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 | $98,397 |
| Investments—publicly traded securities | $577,746 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $762,813 |
| Accounts payable and accrued expenses | $1,465 |
| 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 | $1,465 |
| Net assets without donor restrictions | $403,867 |
| Net assets with donor restrictions | $357,481 |
| 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 | $762,813 |