Kennett Library
- Assets
- $11.1m
- Revenue
- $4.5m
- Investments
- $0.0
- Employees
- 25
- Location
- Kennett Square, PA
- Founding
- 06/1958
- Data as of
- 12/2021
- 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 12/2021, Kennett Library employed 25 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 12/2021, Kennett Library generated $4.5m in total revenue. This organization has experienced exceptional growth, as over the past 7 years, it has increased revenue by an average of 25.2% each year . All expenses for the organization totaled $1.0m during the year ending 12/2021. While expenses have increased by 1.4% 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
2021
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 |
|---|---|---|---|
William Majarian Secretary | OfficerTrustee | 1.75 | $0 |
Bradley Peiper Vice Preside | OfficerTrustee | 10 | $0 |
Victoria Gilrane Treasurer | OfficerTrustee | 3 | $0 |
Jeff Yetter President | OfficerTrustee | 10 | $0 |
Jim Diluzio Trustee | Trustee | 1.75 | $0 |
Dr Barbara Forney Trustee | Trustee | 1 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $35,340 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $1,077,348 |
| All other contributions, gifts, grants, and similar amounts not included above | $3,462,886 |
| Noncash contributions included in lines 1a–1f | $402,530 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $4,575,574 |
| Total Program Service Revenue | $22,585 |
| Investment income | $60,159 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | -$200,950 |
| Net Income from Fundraising Events | $21,802 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $4,479,180 |
| 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. | $10,096 |
| Compensation of current officers, directors, key employees. | $1,010 |
| Compensation to disqualified persons | $50,065 |
| Other salaries and wages | $411,211 |
| Pension plan accruals and contributions | $24,218 |
| Other employee benefits | $57,341 |
| Payroll taxes | $38,487 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $6,921 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $17,600 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $92,604 |
| Advertising and promotion | $14,696 |
| Office expenses | $1,860 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $63,603 |
| Travel | $1,353 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $468 |
| Interest | $35 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $17,160 |
| Insurance | $6,396 |
| All other expenses | $23,914 |
| Total functional expenses | $1,022,098 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $350,209 |
| Savings and temporary cash investments | $4,878,695 |
| 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 | $0 |
| Net Land, buildings, and equipment | $2,718,140 |
| Investments—publicly traded securities | $3,132,655 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $53,375 |
| Total assets | $11,133,074 |
| Accounts payable and accrued expenses | $4,311 |
| 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 | $4,311 |
| Net assets without donor restrictions | $5,928,501 |
| Net assets with donor restrictions | $5,200,262 |
| 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 | $11,133,074 |
Grants Recieved
Over the last fiscal year, we have identified 1 grants that Kennett Library has recieved totaling $250,000.
| Awarding Organization | Amount |
|---|---|
Cabot-Kjellerup Foundation West Grove, PA PURPOSE: FOR GENERAL SUPPORT OF CHARITABLE ACTIVITIES | $250,000 |
Endowment Analysis
| Beg. Balance | $339,291 |
| Earnings | $49,057 |
| Admin Expense | $1,074 |
| Ending Balance | $387,274 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Suffolk Cooperative Library System Bellport, NY | $18,374,423 | $17,112,722 |
Reuben Mcmillan Free Library Association Youngstown, OH | $89,698,038 | $21,065,303 |
Smithtown Library Nesconset, NY | $38,994,883 | $15,642,317 |
Allegheny County Library Assoc Pittsburgh, PA | $1,615,297 | $12,970,956 |
Greene County Public Library Xenia, OH | $9,776,484 | $13,108,130 |
Buffalo & Erie County Public Library Buffalo, NY | $4,920,940 | $11,835,935 |
The Free Library Of Philadelphia Philadelphia, PA | $55,485,474 | $14,690,366 |
Elyria Public Library Elyria, OH | $12,392,667 | $6,063,469 |
Nassau Library System Uniondale, NY | $13,078,101 | $10,576,238 |
Bucks County Free Library Doylestown, PA | $22,091,549 | $9,285,989 |
Science History Institute Support Company Philadelphia, PA | $170,290,036 | $11,212,295 |
Ohionet Westerville, OH | $9,473,014 | $8,653,205 |