Public Library Of New London
- Assets
- $3.6m
- Revenue
- $1.2m
- Investments
- $0.0
- Employees
- 24
- Location
- New London, CT
- Founding
- 08/1934
- Data as of
- 06/2022
- EIN
- 06-0662170
Organization Overview
Public Library Of New London is located in New London, CT. The organization was established in 1934. As of 06/2022, Public Library Of New London employed 24 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 06/2022, Public Library Of New London generated $1.2m in total revenue. This represents relatively stable growth, over the past 7 years the organization has increased revenue by an average of 2.9% each year. All expenses for the organization totaled $1.1m during the year ending 06/2022. While expenses have increased by 2.3% 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
2022
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 | $81,000 |
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 | $1,019,890 |
| All other contributions, gifts, grants, and similar amounts not included above | $113,388 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $1,133,278 |
| Total Program Service Revenue | $6,537 |
| Investment income | $77,432 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $15,013 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $1,235,226 |
| 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. | $86,370 |
| Compensation of current officers, directors, key employees. | $76,006 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $433,296 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $141,064 |
| Payroll taxes | $44,562 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $5,580 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $4,786 |
| Advertising and promotion | $0 |
| Office expenses | $3,639 |
| Information technology | $59,703 |
| Royalties | $0 |
| Occupancy | $45,713 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $4,564 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $90,874 |
| Insurance | $28,317 |
| All other expenses | $30,610 |
| Total functional expenses | $1,117,283 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $961,311 |
| 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 | $10,604 |
| Net Land, buildings, and equipment | $1,330,175 |
| Investments—publicly traded securities | $1,213,755 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $3,607,681 |
| Accounts payable and accrued expenses | $25,302 |
| 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 | $1 |
| Total liabilities | $25,303 |
| Net assets without donor restrictions | $2,587,718 |
| Net assets with donor restrictions | $994,660 |
| 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 | $3,607,681 |
Grants Recieved
Over the last fiscal year, we have identified 1 grants that Public Library Of New London has recieved totaling $48,000.
| Awarding Organization | Amount |
|---|---|
James P Shea And Mary E Shea Perpetual Trust Dallas, TX PURPOSE: UNRESTRICTED GENERAL | $48,000 |
Endowment Analysis
| Beg. Balance | $964,750 |
| Earnings | -$61,234 |
| Ending Balance | $903,516 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Hartford Public Library Hartford, CT | $35,044,167 | $19,581,056 |
Great Neck Library Great Neck, NY | $34,961,861 | $11,637,861 |
Westport Library Assoc Westport, CT | $27,522,269 | $7,094,016 |
Oceanside Library Oceanside, NY | $46,476,817 | $6,978,242 |
Darien Library Inc Darien, CT | $29,008,924 | $5,931,772 |
Connetquot Public Library Bohemia, NY | $10,940,573 | $6,656,257 |
Crandall Library Glens Falls, NY | $18,989,283 | $4,650,669 |
Bryant Library Roslyn, NY | $10,311,911 | $5,190,176 |
Port Jefferson Free Library Port Jefferson, NY | $14,577,531 | $4,685,963 |
Riverhead Free Library Riverhead, NY | $9,623,554 | $4,087,006 |
Wilton Library Association Incorporated Wilton, CT | $11,356,788 | $3,701,367 |
Wallingford Public Library Assoc Wallingford, CT | $3,324,792 | $3,497,111 |