Russell Library Company
- Assets
- $1.9m
- Revenue
- $202.1k
- Investments
- $0.0
- Employees
- 0
- Location
- Middletown, CT
- Founding
- 08/1988
- Data as of
- 06/2021
- EIN
- 06-6002310
Organization Overview
Russell Library Company is located in Middletown, CT. The organization was established in 1988. According to its NTEE Classification (B70) the organization is classified as: Libraries, under the broad grouping of Education and related organizations. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Russell Library Company 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 06/2021, Russell Library Company generated $202.1k in total revenue. This represents a relatively dramatic decline in revenue. Over the past 6 years, the organization has seen revenues fall by an average of (9.7%) each year. All expenses for the organization totaled $189.8k during the year ending 06/2021. As we would expect to see with falling revenues, expenses have declined by (3.3%) per year over the past 6 years. 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
TO OPERATE A FREE PUBLIC LIBRARY IN THE CITY OF MIDDLETOWN, CT; TO PROMOTE LITERACY AND EDUCATIONAL ACTIVITIES IN CONNECTION WITH THE LIBRARY FOR THE PERPETUAL BETTERMENT AND ENJOYMENT OF ITS INHABITANTS.
Describe the Organization's Program Activity:
Part 3 - Line 4a
THE ORGANIZATION PROVIDES THE CITIZENS OF MIDDLETOWN, CT WITH ACCESS TO SERVICES WHICH INTEGRATE THEIR INFORMATIONAL AND RECREATIONAL NEEDS WITH THE TOTAL RESOURCES OF THE LIBRARY'S COLLECTION. THE CITY OF MIDDLETOWN PROVIDED $3,603,736 OF SUPPORT, WHICH IS APPROXIMATELY 96% OF THE TOTAL SUPPORT FOR THE LIBRARY.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Eamonn Wisneski President | OfficerTrustee | 0 | $0 |
Wendy Berlind Secretary | OfficerTrustee | 0 | $0 |
Andrew Becker Treasurer | OfficerTrustee | 0 | $0 |
Shanay Fulton Vice-President | OfficerTrustee | 0 | $0 |
A Stephen Nelson Trustee | Trustee | 0 | $0 |
Jennifer Hadley Trustee | Trustee | 0 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $11,537 |
| All other contributions, gifts, grants, and similar amounts not included above | $147,296 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $158,833 |
| Total Program Service Revenue | $3,360 |
| Investment income | $39,988 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $13,056 |
| Net Gain/Loss on Asset Sales | -$13,167 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $202,070 |
| 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. | $0 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $0 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $0 |
| Payroll taxes | $0 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $6,675 |
| Fees for services: Accounting | $4,829 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $243 |
| Advertising and promotion | $0 |
| Office expenses | $0 |
| Information technology | $0 |
| 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 | $654 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $51,213 |
| Insurance | $2,736 |
| All other expenses | $1,754 |
| Total functional expenses | $189,769 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $544 |
| Savings and temporary cash investments | $54,851 |
| Pledges and grants receivable | $6,790 |
| 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 | $498 |
| Net Land, buildings, and equipment | $435,896 |
| Investments—publicly traded securities | $1,378,388 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $1,876,967 |
| Accounts payable and accrued expenses | $4,915 |
| Grants payable | $0 |
| Deferred revenue | $14,436 |
| 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 | $17,208 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $0 |
| Total liabilities | $36,559 |
| Net assets without donor restrictions | $1,337,104 |
| Net assets with donor restrictions | $503,304 |
| 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 | $1,876,967 |
Grants Recieved
Over the last fiscal year, we have identified 1 grants that Russell Library Company has recieved totaling $100.
| Awarding Organization | Amount |
|---|---|
Amazonsmile Foundation Seattle, WA PURPOSE: GENERAL SUPPORT | $100 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Pierpont Morgan Library New York, NY | $416,332,166 | $59,153,120 |
Rochester Public Library Rochester, NY | $13,709,813 | $21,920,405 |
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 |