Gloversville Library Foundation Inc
- Assets
- $4.6m
- Revenue
- $588.0k
- Investments
- $0.0
- Employees
- 1
- Location
- Gloversville, NY
- Founding
- 06/2005
- Data as of
- 12/2021
- EIN
- 54-2171200
Organization Overview
Gloversville Library Foundation Inc is located in Gloversville, NY. The organization was established in 2005. According to its NTEE Classification (T20) the organization is classified as: Private Grantmaking Foundations, under the broad grouping of Philanthropy, Voluntarism & Grantmaking Foundations and related organizations. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Gloversville 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 12/2021, Gloversville Library Foundation Inc generated $588.0k in total revenue. This represents a relatively dramatic decline in revenue. Over the past 7 years, the organization has seen revenues fall by an average of (12.5%) each year. All expenses for the organization totaled $37.0k during the year ending 12/2021. As we would expect to see with falling revenues, expenses have declined by (26.4%) per year over the past 7 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
THE FOUNDATIONS SOLE PURPOSE IS TO RAISE FUNDS IN SUPPORT OF THE GLOVERSVILLE PUBLIC LIBRARY IN GLOVERSVILLE NEW YORK.
Describe the Organization's Program Activity:
Part 3 - Line 4a
PROVIDING FINANCIAL SUPPORT FOR THE GLOVERSVILLE PUBLIC LIBRARY
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Michael J Frank Treasurer Rec Sec | Officer | 5 | $6,000 |
Jeremiah Wood President - Chairman | OfficerTrustee | 2 | $0 |
Carole Gottung Director | OfficerTrustee | 1 | $0 |
Jill Thaisz Vice Chairman | OfficerTrustee | 1 | $0 |
David R Fisher Director | Trustee | 1 | $0 |
Craig Clark Director | Trustee | 1 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $15,395 |
| Related organizations | $0 |
| Government grants | $0 |
| All other contributions, gifts, grants, and similar amounts not included above | $60,733 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $76,128 |
| Total Program Service Revenue | $0 |
| Investment income | $121,350 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $390,537 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $588,015 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $2,480 |
| 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 | $531 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $33 |
| Payroll taxes | $52 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $10,198 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $0 |
| Advertising and promotion | $0 |
| Office expenses | $840 |
| Information technology | $1,680 |
| 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 | $14,461 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $0 |
| Insurance | $0 |
| All other expenses | $0 |
| Total functional expenses | $37,023 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $8,494 |
| Savings and temporary cash investments | $49,896 |
| 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 | $0 |
| Investments—publicly traded securities | $4,585,787 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $4,644,177 |
| Accounts payable and accrued expenses | $405 |
| 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 | $405 |
| Net assets without donor restrictions | $4,643,772 |
| Net assets with donor restrictions | $0 |
| 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 | $4,644,177 |
Grants Recieved
Over the last fiscal year, we have identified 3 grants that Gloversville Library Foundation Inc has recieved totaling $138,664.
| Awarding Organization | Amount |
|---|---|
Lucius N Littauer Foundation Inc New York, NY PURPOSE: GLOVERSVILLE PUBLIC LIBRARY RESTORATION AND EXPANSION PROJECT | $125,000 |
The Nicholas Charitable Trust Norwich, NY PURPOSE: GENERAL OPERATING | $13,594 |
Amazonsmile Foundation Seattle, WA PURPOSE: GENERAL SUPPORT | $70 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Richard K Lubin Family Foundation Boston, MA | $152,996,918 | $13,537,947 |
The Selz Foundation New York, NY | $142,395,054 | $24,456,334 |
Rita Allen Foundation Princeton, NJ | $219,012,203 | $23,878,841 |
The Derfner Foundation New York, NY | $158,472,968 | $13,106,656 |
Jill Roberts Charitable Foundation Inc Garden City, NY | $11,485 | $9,710,793 |
James And Merryl Tisch Foundation Inc New York, NY | $1,291,425 | $11,020,609 |
Tortuga Foundation New York, NY | $110,168,381 | $33,186,414 |
The Joseph H Flom Foundation New York, NY | $6,836,169 | $3,314,736 |
The Applebaum Foundation Inc New York, NY | $229,643,281 | $16,929,047 |
Deutsche Bank Americas Foundation New York, NY | $38,867,163 | $11,020,529 |
Charles A Dana Fdn Inc New York, NY | $248,257,333 | $20,769,847 |
The Powder Mill Foundation York, PA | $147,181,195 | $3,651,780 |