New Britain Institute
- Assets
- $7.0m
- Revenue
- $4.6m
- Investments
- $0.0
- Employees
- 80
- Location
- New Britain, CT
- Founding
- 03/1943
- Data as of
- 06/2022
- EIN
- 06-0646767
Organization Overview
New Britain Institute is located in New Britain, CT. The organization was established in 1943. According to its NTEE Classification (B70) the organization is classified as: Libraries, under the broad grouping of Education and related organizations. As of 06/2022, New Britain Institute employed 80 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. New Britain Institute 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 06/2022, New Britain Institute generated $4.6m in total revenue. This represents relatively stable growth, over the past 7 years the organization has increased revenue by an average of 2.5% each year. All expenses for the organization totaled $3.7m during the year ending 06/2022. 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
2022
Describe the Organization's Mission:
Part 3 - Line 1
TO PROMOTE LITERARY AND SCIENTIFIC OBJECTS IN THE CITY OF NEW BRITAIN, CT.
Describe the Organization's Program Activity:
Part 3 - Line 4a
NEW BRITAIN PUBLIC LIBRARY - TO PROVIDE RESEARCH AND EDUCATIONAL MATERIALS AND SERVICES TO THE COMMUNITY.
NEW BRITAIN YOUTH MUSEUM - TO PROVIDE A BROAD RANGE OF EDUCATIONAL AND CULTURAL PROGRAMMING FOR CHILDREN.
NEW BRITAIN INDUSTRIAL MUSEUM - TO CREATE AN APPRECIATION FOR THE CITY'S PAST ACCOMPLISHMENTS AS "THE HARDWARE CITY OF THE WORLD AND TO REIGNITE IN YOUNG PEOPLE, A PRIDE IN THE COMMUNITY, SO THAT THEY TO CAN DEMONSTRATE HOW ECONOMIC SUCCESS CAN BE GENERATED THROUGH CREATIVENESS, FORESIGHT AND A STRONG WORK ETHIC.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Patricia Rutkowski Library Director | Officer | 35 | $113,451 |
Tom Pascocello Youth Museum Director | Officer | 35 | $80,960 |
Maryanne Kolitsidas Treasurer | OfficerTrustee | 1 | $0 |
Francis Volz Vice President | OfficerTrustee | 1 | $0 |
Geoffrey Bray President | OfficerTrustee | 1 | $0 |
Gil Gigliotti Secretary | OfficerTrustee | 1 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $19,323 |
| Fundraising events | $10,004 |
| Related organizations | $0 |
| Government grants | $3,387,000 |
| All other contributions, gifts, grants, and similar amounts not included above | $660,204 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $4,076,531 |
| Total Program Service Revenue | $122,093 |
| Investment income | $393,171 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $23,178 |
| Net Income from Fundraising Events | -$731 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $1,773 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $4,616,015 |
| 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. | $213,334 |
| Compensation of current officers, directors, key employees. | $22,598 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $1,810,660 |
| Pension plan accruals and contributions | $68,899 |
| Other employee benefits | $337,062 |
| Payroll taxes | $155,823 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $22,570 |
| Fees for services: Accounting | $27,459 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $43,160 |
| Fees for services: Other | $8,954 |
| Advertising and promotion | $10,811 |
| Office expenses | $124,670 |
| Information technology | $20,003 |
| Royalties | $0 |
| Occupancy | $250,990 |
| Travel | $2,372 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $7,111 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $87,360 |
| Insurance | $47,065 |
| All other expenses | $18,328 |
| Total functional expenses | $3,708,807 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $1,769,618 |
| Savings and temporary cash investments | $226,889 |
| 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 | $1,016,682 |
| Investments—publicly traded securities | $3,561,635 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $434,378 |
| Total assets | $7,009,202 |
| Accounts payable and accrued expenses | $248,400 |
| 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 | $248,400 |
| Net assets without donor restrictions | $5,721,773 |
| Net assets with donor restrictions | $1,039,029 |
| 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 | $7,009,202 |
Grants Recieved
Over the last fiscal year, we have identified 4 grants that New Britain Institute has recieved totaling $154,764.
| Awarding Organization | Amount |
|---|---|
Robert C Vance Charitable Foundation Dallas, TX PURPOSE: CAPITAL CAMPAIGN | $120,000 |
Community Foundation Of Greater New Britain Inc New Britain, CT PURPOSE: TO SUPPORT VARIOUS PROGRAMS | $19,764 |
Marjorie Moore Charitable Foundation Dallas, TX PURPOSE: UNRESTRICTED GENERAL | $8,000 |
Community Chest Of New Britain And Berlin Inc New Britain, CT PURPOSE: DEVELOPMENT AND INSTALLATION OF "EATING HEALTHY IS FUN" EXHIBIT | $7,000 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Suffolk Cooperative Library System Bellport, NY | $18,374,423 | $17,112,722 |
Smithtown Library Nesconset, NY | $38,994,883 | $15,642,317 |
Buffalo & Erie County Public Library Buffalo, NY | $4,920,940 | $11,835,935 |
Massachusetts Library System Inc Marlborough, MA | $7,404,141 | $11,793,761 |
Ferguson Library Stamford, CT | $21,910,876 | $11,228,846 |
Proprietors Of The Boston Athenaeum Boston, MA | $130,203,809 | $11,281,803 |
Nassau Library System Uniondale, NY | $13,078,101 | $10,576,238 |
Publishers International Linking Association Inc Lynnfield, MA | $16,437,833 | $11,352,834 |
Springfield Museums Corporation Springfield, MA | $83,263,430 | $9,886,411 |
Providence Public Library Providence, RI | $36,987,936 | $6,478,555 |
Westchester Library System Elmsford, NY | $6,787,041 | $7,508,558 |
American Antiquarian Society Worcester, MA | $122,268,688 | $9,559,298 |