Queens Library Foundation Inc
- Assets
- $22.5m
- Revenue
- $4.9m
- Investments
- $0.0
- Employees
- 0
- Location
- Jamaica, NY
- Founding
- 08/1990
- Data as of
- 06/2022
- EIN
- 11-3009405
Organization Overview
Queens Library Foundation Inc is located in Jamaica, NY. The organization was established in 1990. According to its NTEE Classification (B11) the organization is classified as: Single Organization Support, 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. Queens Library Foundation 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 06/2022, Queens Library Foundation Inc generated $4.9m in total revenue. This organization has experienced exceptional growth, as over the past 7 years, it has increased revenue by an average of 17.8% each year . All expenses for the organization totaled $3.7m during the year ending 06/2022. While expenses have increased by 10.3% 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 FOUNDATION BENEFITS, ASSISTS AND SUPPORTS QUEENS PUBLIC LIBRARY, ITS COMMUNITY LIBRARIES, DIVISIONS, COLLECTIONS AND SUCCESSORS, IN ALL OF ITS ACTIVITIES.
Describe the Organization's Program Activity:
Part 3 - Line 4a
THE QUEENS LIBRARY FOUNDATION RAISED $1,081,793 FROM CORPORATIONS, INDIVIDUALS AND FOUNDATIONS TO SUPPORT CAREER AND EDUCATIONAL PATHWAYS FOR YOUTH AND TEENS, ENTREPRENEURSHIP PROGRAMS FOR ASPIRING ENTREPRENEURS AND SMALL BUSINESS OWNERS, AFTER SCHOOL PROGRAMS FOR CHILDREN, EARLY LEARNING PROGRAMS FOR TODDLERS, RE-ENTRY SERVICES FOR FORMERLY INCARCERATED ADULTS, MUSIC AND ART CLASSES FOR OLDER ADULTS, AND RESOURCES FOR NEW AMERICANS. THE QUEENS LIBRARY FOUNDATION RAISED $375,000 TO SUPPORT THE INSTALLATION OF EXTENDED WI-FI DEVICES AT 40 OF THE LIBRARY'S 66 BRANCHES WHICH DO NOT CURRENTLY HAVE THIS CAPABILITY. THE INSTALLATION OF THESE DEVICES WILL EXTEND INTERNET SERVICE 400 FEET BEYOND EACH BRANCH AND ALLOW LIBRARY CUSTOMERS IN NEIGHBORHOODS WITH LOW RATES OF BROADBAND SERVICE TO ACCESS THE INTERNET OUTSIDE OF LIBRARY OPERATING HOURS. THE QUEENS LIBRARY FOUNDATION DISBURSED $242,386 IN UNRESTRICTED FUNDS TO QUEENS PUBLIC LIBRARY BRANCHES THROUGHOUT THE SYSTEM TO EXPAND COLLECTIONS, AND PROGRAM EVENTS AND ACTIVITIES THAT MEET DIVERSE COMMUNITY NEEDS; AND TO DEVELOP INNOVATIVE NEW PROGRAMS AT 10 BRANCHES.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Susan Latham Executive Director, Qlf | Officer | 36 | $102,448 |
Dennis Walcott Director | Trustee | 10 | $83,506 |
Gitte Peng Cos & SVP | Officer | 8 | $42,448 |
Michael Tragale Board Assistant Treasurer | Officer | 2 | $11,219 |
Justin Deabler General Counsel & SVP | 2 | $9,939 | |
Nick Buron Chief Librarian & SVP | 1.6 | $7,786 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Orr Associates Inc Indi. Gvng. Consult. | 6/29/22 | $160,250 |
Keith D Balderson Direct Mail | 6/29/22 | $107,374 |
K2d Strategies Fundraising Consult. | 6/29/22 | $174,850 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $373,549 |
| Related organizations | $0 |
| Government grants | $0 |
| All other contributions, gifts, grants, and similar amounts not included above | $2,969,875 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $3,343,424 |
| Total Program Service Revenue | $0 |
| Investment income | $364,039 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $1,195,099 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $4,902,562 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $1,699,179 |
| 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. | $347,647 |
| Compensation of current officers, directors, key employees. | $81,736 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $844,636 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $0 |
| Payroll taxes | $0 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $21,980 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $163,000 |
| Fees for services: Investment Management | $117,297 |
| Fees for services: Other | $170,679 |
| Advertising and promotion | $33,180 |
| Office expenses | $213,293 |
| Information technology | $109,788 |
| 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 | $4,785 |
| Insurance | $0 |
| All other expenses | $383 |
| Total functional expenses | $3,725,847 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $0 |
| Savings and temporary cash investments | $5,229,634 |
| Pledges and grants receivable | $388,963 |
| 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 | $310,588 |
| Investments—publicly traded securities | $16,554,378 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $6,067 |
| Total assets | $22,489,630 |
| Accounts payable and accrued expenses | $346,772 |
| 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 | $346,772 |
| Net assets without donor restrictions | $561,501 |
| Net assets with donor restrictions | $21,581,357 |
| 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 | $22,489,630 |
Grants Recieved
Over the last fiscal year, we have identified 27 grants that Queens Library Foundation Inc has recieved totaling $702,073.
| Awarding Organization | Amount |
|---|---|
Tides Foundation San Francisco, CA PURPOSE: QUALITY EDUCATION | $175,000 |
Richmond County Savings Foundation Staten Island, NY PURPOSE: QUEEN'S PUBLIC LIBRARY'S JOB & BUSINESS ACADEMY | $100,000 |
New York Life Foundation New York, NY PURPOSE: EDUC. GENERAL | $75,000 |
The Margaret And Daniel Loeb Foundation New York, NY PURPOSE: CHARITABLE | $50,000 |
Bank Of America Charitable Foundation Inc Charlotte, NC PURPOSE: OPERATIONAL SUPPORT | $50,000 |
Pinkerton Foundation New York, NY PURPOSE: EDUCATION | $48,000 |
Endowment Analysis
| Beg. Balance | $14,973,599 |
| Earnings | -$2,286,562 |
| Admin Expense | $188,389 |
| Net Contributions | $1,000 |
| Ending Balance | $12,499,648 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Hunter College Foundation Inc New York, NY | $144,509,988 | $37,248,838 |
The American Friends Of Winchester College New York, NY | $259,900 | $15,435,931 |
Friends Of@ascend Charter Schools Inc Brooklyn, NY | $51,013,536 | $16,135,870 |
Rowan University Foundation Inc Glassboro, NJ | $339,808,677 | $39,224,287 |
Equitable Facilities Fund Inc New York, NY | $843,754,758 | $34,535,002 |
Dudley Square Realty Corporation Boston, MA | $98,074,702 | $123 |
Stockton Affiliated Services Inc Galloway, NJ | $3,017,488 | $12,674,409 |
Auxiliary Campus Enterprises And Services State University College Alfred, NY | $11,814,689 | $16,740,654 |
College Of Staten Island Auxiliary Services Corp Inc Staten Island, NY | $62,695,629 | $9,780,570 |
American Friends Of The National Gallery London Inc New York, NY | $305,852,204 | $2,300,126 |
Auxiliary Services Corporation Of Suny Cortland Cortland, NY | $19,099,097 | $10,450,642 |
The Roosevelt Institute New York, NY | $39,947,474 | $14,561,739 |