Public Library Of New London
- Assets
- $3.8m
- Revenue
- $1.3m
- Investments
- $0.0
- Employees
- 28
- Location
- New London, CT
- Founding
- 08/1934
- Data as of
- 06/2023
- EIN
- 06-0662170
Organization Overview
Public Library Of New London is located in New London, CT. The organization was established in 1934. As of 06/2023, Public Library Of New London employed 28 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Public Library Of New London 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 06/2023, Public Library Of New London generated $1.3m in total revenue. This represents relatively stable growth, over the past 8 years the organization has increased revenue by an average of 2.8% each year. All expenses for the organization totaled $1.2m during the year ending 06/2023. While expenses have increased by 2.5% per year over the past 8 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 PUBLIC LIBRARY OF NEW LONDON IS A PRIVATE, NOT-FOR-PROFIT INSTITUTION THAT SERVES THE NEEDS OF THE NEW LONDON COMMUNITY BY PROVIDING FREE ACCESS TO DIVERSE IDEAS AND INFORMATION THROUGH A VARIETY OF LIBRARY MATERIALS, SERVICES, AND EXPERIENCES.
Describe the Organization's Program Activity:
Part 3 - Line 4a
PUBLIC LIBRARY LOANING OF BOOKS, REFERENCE AND OTHER READING MATERIALS.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Madhu Gupta Executive Dir. | Officer | 35 | $87,550 |
Daneen Roth President | OfficerTrustee | 2 | $0 |
Gordon Angell Vice President | OfficerTrustee | 2 | $0 |
Henry Kidd III Secretary | OfficerTrustee | 2 | $0 |
William Hannaford Treasurer | OfficerTrustee | 2 | $0 |
Lonnie Braxton II Director | Trustee | 2 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $1,070,683 |
| All other contributions, gifts, grants, and similar amounts not included above | $113,621 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $1,184,304 |
| Total Program Service Revenue | $10,127 |
| Investment income | $62,149 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | -$16 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $1,259,977 |
| 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. | $93,255 |
| Compensation of current officers, directors, key employees. | $82,064 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $430,721 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $165,792 |
| Payroll taxes | $43,648 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $5,850 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $8,937 |
| Advertising and promotion | $0 |
| Office expenses | $5,011 |
| Information technology | $60,648 |
| Royalties | $0 |
| Occupancy | $49,742 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $5,655 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $93,246 |
| Insurance | $34,599 |
| All other expenses | $32,950 |
| Total functional expenses | $1,161,376 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $1,073,646 |
| Savings and temporary cash investments | $91,836 |
| 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 | $16,623 |
| Net Land, buildings, and equipment | $1,268,986 |
| Investments—publicly traded securities | $1,321,586 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $3,772,677 |
| Accounts payable and accrued expenses | $37,612 |
| 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 | $37,612 |
| Net assets without donor restrictions | $2,806,499 |
| Net assets with donor restrictions | $928,566 |
| 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 | $3,772,677 |