Durham Library Foundation
- Assets
- $4.9m
- Revenue
- $573.4k
- Investments
- $4.4m
- Employees
- 2
- Location
- Durham, NC
- Founding
- 03/2001
- Data as of
- 06/2022
- EIN
- 56-2189129
Organization Overview
Durham Library Foundation is located in Durham, NC. The organization was established in 2001. According to its NTEE Classification (B11) the organization is classified as: Single Organization Support, under the broad grouping of Education and related organizations. As of 06/2022, Durham Library Foundation employed 2 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Durham Library Foundation 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, Durham Library Foundation generated $573.4k in total revenue. This represents relatively stable growth, over the past 7 years the organization has increased revenue by an average of 9.7% each year. All expenses for the organization totaled $318.2k during the year ending 06/2022. While expenses have increased by 7.2% 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 ENHANCES COUNTY FUNDING OF PUBLIC LIBRARY SERVICES AND FACILITIES IN DURHAM COUNTY, NORTH CAROLINA BY SECURING, MAINTAINING, AND EXPENDING OR DONATING TO THE COUNTY LIBRARY SYSTEM FOR ITS EXPENDITURE, RESOURCES FROM OTHER SOURCES, BOTH PUBLIC AND PRIVATE. THE OBJECTIVE IS TO PROVIDE A MARGIN OF EXCELLENCE, BEYOND THAT ATTAINABLE FROM COUNTY FUNDING ALONE, FOR THE COUNTY LIBRARY SYSTEM IN ITS SERVICES TO ITS PUBLIC.
Describe the Organization's Program Activity:
Part 3 - Line 4a
OTHER PROGRAMS - THE FOUNDATION SUPPORTS LIBRARY EVENTS AND SERVICES, INCLUDING IN-PERSON EVENTS,VIRTUAL PROGRAMS AND TAKE-HOME KITS FOR ALL AGES. THE FOUNDATION SOLELY FUNDS DURHAM COUNTY LIBRARY AND SUPPORTS HUMANITIES, CHILDREN'S LITERACY, COLLECTIONS, AND SPECIAL TECHNOLOGY INITIATIVES. A PRIMARY PROGRAM FUNDED BY THE FOUNDATION IS THE LIBRARY FEST, A WEEK-LONG FESTIVAL OF LIBRARY HIGHLIGHTS AND NATIONAL SPEAKERS.
ADULT PROGRAMS - HUMANITIES PROGRAMS PRESENT NATIONALLY RECOGNIZED AUTHORS AND SPEAKERS. THE FOUNDATION ALSO SUPPORTS COLLECTIONS EXPANSION HELPING NARROW THE HOLD TIME IN 20-21 BY TWELVE DAYS. WHILE OUR LIBRARIES ARE NOW OPEN, DEMAND FOR ON-LINE SERVICES HAS NOT LESSENED. "TECH KITS" WERE FUNDED IN AN AREA OF DURHAM COUNTY WHERE 25% OF HOUSEHOLDS DO NOT HAVE INTERNET ACCESS.
IN ADDITION TO CHILDREN'S COLLECTION EXPANSION, THE FOUNDATION FUNDED "PUSH AND PLAY" BOOKS THAT DO NOT REQUIRE A DEVICE TO TELL A STORY. DURHAM LIBRARIANS CREATED READING, SCIENCE, AND ADULT CRAFT KITS ACROSS THE LIBRARY SYSTEM, ALL FUNDED BY DLF.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Karen Wells Executive Director | Officer | 30 | $61,902 |
Norma Martin Vice President | OfficerTrustee | 2 | $0 |
Arthur Rogers Secretary | OfficerTrustee | 5 | $0 |
Leta Loyd Treasurer | OfficerTrustee | 5 | $0 |
Ann Craver President | OfficerTrustee | 5 | $0 |
Elizabeth Townsend Director | Trustee | 1 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $0 |
| All other contributions, gifts, grants, and similar amounts not included above | $297,566 |
| Noncash contributions included in lines 1a–1f | $21,391 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $297,566 |
| Total Program Service Revenue | $0 |
| Investment income | $102,919 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $172,947 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $573,432 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $165,942 |
| 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. | $59,175 |
| Compensation of current officers, directors, key employees. | $23,670 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $1,378 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $0 |
| Payroll taxes | $4,633 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $4,900 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $33,879 |
| Fees for services: Other | $7,522 |
| Advertising and promotion | $13,339 |
| Office expenses | $7,372 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $0 |
| Travel | $153 |
| 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 | $0 |
| Insurance | $1,824 |
| All other expenses | $0 |
| Total functional expenses | $318,227 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $430,465 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $25,000 |
| Accounts receivable, net | $1,753 |
| 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 | $0 |
| Investments—other securities | $4,412,197 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $4,869,415 |
| Accounts payable and accrued expenses | $0 |
| 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 | $2,376 |
| Total liabilities | $2,376 |
| Net assets without donor restrictions | $851,733 |
| Net assets with donor restrictions | $4,015,306 |
| 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 | $4,869,415 |
Grants Recieved
Over the last fiscal year, we have identified 8 grants that Durham Library Foundation has recieved totaling $101,000.
| Awarding Organization | Amount |
|---|---|
Forest At Duke Inc Durham, NC PURPOSE: OPERATING SUPPORT | $50,000 |
Fox Family Foundation Inc Durham, NC PURPOSE: GENERAL OPERATING SUPPORT | $27,500 |
E A Morris Charitable Foundation Durham, NC PURPOSE: GENERAL SUPPORT | $5,000 |
Soo Foundation Inc Forest, OH PURPOSE: GENERAL | $5,000 |
Devonwood Foundation Wilmington, DE PURPOSE: GENERAL OPERATING EXPENSES | $5,000 |
The C M Herndon Foundation Durham, NC PURPOSE: GENERAL CONTRIBUTION | $5,000 |
Endowment Analysis
| Beg. Balance | $4,370,924 |
| Earnings | -$381,445 |
| Net Contributions | $27,337 |
| Other Expense | $117,930 |
| Ending Balance | $3,898,886 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Georgia Tech Foundation Inc Atlanta, GA | $3,057,656,645 | $246,304,114 |
The University Of Tennessee Foundat Ion Inc Knoxville, TN | $742,610,209 | $198,804,674 |
Nc State Investment Fund Inc Raleigh, NC | $1,930,063,391 | $166,344,497 |
Spelman College Special Ventures Fund Inc Atlanta, GA | $236,389,415 | $26,274,154 |
University Of South Carolina Educational Foundation Columbia, SC | $607,523,681 | $89,201,263 |
Old Dominion University Research Foundation Norfolk, VA | $35,170,684 | $51,598,508 |
University Of Virginia Darden School Foundation Charlottesville, VA | $664,692,543 | $80,428,705 |
Unc Health Foundation Inc Chapel Hill, NC | $571,825,040 | $92,147,897 |
William & Mary Foundation Williamsburg, VA | $1,122,551,962 | $79,373,462 |
Shorter University Inc Rome, GA | $57,209,537 | $39,807,545 |
Kennesaw State University Foundation Inc Kennesaw, GA | $537,455,993 | $85,548,111 |
University Of Virginia Foundation Charlottesville, VA | $508,958,321 | $36,530,024 |