Kennett Library
- Assets
- $23.0m
- Revenue
- $4.8m
- Investments
- $0.0
- Employees
- 39
- Location
- Kennett Square, PA
- Founding
- 06/1958
- Data as of
- 12/2023
- EIN
- 23-1547585
Organization Overview
Kennett Library is located in Kennett Square, PA. The organization was established in 1958. According to its NTEE Classification (B70) the organization is classified as: Libraries, under the broad grouping of Education and related organizations. As of 12/2023, Kennett Library employed 39 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Kennett Library 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 12/2023, Kennett Library generated $4.8m in total revenue. This organization has experienced exceptional growth, as over the past 7 years, it has increased revenue by an average of 20.8% each year . All expenses for the organization totaled $1.7m during the year ending 12/2023. While expenses have increased by 9.4% 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
2023
Describe the Organization's Mission:
Part 3 - Line 1
THE MISSION OF THE KENNETT LIBRARY IS TO PROVIDE LIBRARY SERVICES TO ITS ESTABLISHED SERVICE AREA.
Describe the Organization's Program Activity:
Part 3 - Line 4a
THE KENNETT LIBRARY SERVES RESIDENTS IN EIGHT MUNICIPALITIES (EAST MARLBOROUGH, KENNETT SQUARE, KENNETT TOWNSHIP, NEW GARDEN, NEWLIN, PENNSBURY, POCOPSON, WEST MARLBOROUGH) IN SOUTHERN CHESTER COUNTY.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Bradley Peiper President | OfficerTrustee | 10 | $0 |
Dr Loren Pearson Vice Preside | OfficerTrustee | 10 | $0 |
Lee Sausen Treasurer | OfficerTrustee | 3 | $0 |
Barbara Necarsulmer Secretary | OfficerTrustee | 1 | $0 |
Barbara Bolton Trustee | Trustee | 1 | $0 |
Todd Bruce Trustee | Trustee | 1 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $36,590 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $741,469 |
| All other contributions, gifts, grants, and similar amounts not included above | $2,612,087 |
| Noncash contributions included in lines 1a–1f | $200,945 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $3,390,146 |
| Total Program Service Revenue | $39,346 |
| Investment income | $41,431 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $1,333,920 |
| Net Income from Fundraising Events | $35,640 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $4,840,483 |
| 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. | $91,252 |
| Compensation of current officers, directors, key employees. | $9,125 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $689,759 |
| Pension plan accruals and contributions | $32,659 |
| Other employee benefits | $111,205 |
| Payroll taxes | $63,931 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $10,303 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $71,168 |
| Advertising and promotion | $561 |
| Office expenses | $7,479 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $102,418 |
| Travel | $179 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $1,629 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $233,939 |
| Insurance | $5,950 |
| All other expenses | $47,743 |
| Total functional expenses | $1,699,551 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $32,740 |
| Savings and temporary cash investments | $394,233 |
| 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 | $2,000,000 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $0 |
| Net Land, buildings, and equipment | $19,614,691 |
| Investments—publicly traded securities | $899,830 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $53,375 |
| Total assets | $22,994,869 |
| Accounts payable and accrued expenses | $9,682 |
| 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 | $4,390,795 |
| Unsecured mortgages and notes payable | $2,000,000 |
| Other liabilities | $0 |
| Total liabilities | $6,400,477 |
| Net assets without donor restrictions | $16,344,419 |
| Net assets with donor restrictions | $249,973 |
| 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 | $22,994,869 |