Lake Memorial Library Fund
- Assets
- $2.3m
- Revenue
- $121.1k
- Investments
- $210.2k
- Employees
- 0
- Location
- Ridgeland, MS
- Founding
- 06/1950
- Data as of
- 06/2022
- EIN
- 64-6020755
Organization Overview
Lake Memorial Library Fund is located in Ridgeland, MS. The organization was established in 1950. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Lake Memorial Library Fund 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, Lake Memorial Library Fund generated $121.1k 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 (10.7%) each year. All expenses for the organization totaled $78.3k during the year ending 06/2022. 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
SUPPORT OF CITY OF JACKSON PUBLIC SCHOOL LIBRARIES
Describe the Organization's Program Activity:
Part 3 - Line 4a
SUPPORT OF CITY OF JACKSON PUBLIC SCHOOL LIBRARIES
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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 | $0 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $0 |
| Total Program Service Revenue | $0 |
| Investment income | $65,893 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $53,938 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $121,138 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $49,218 |
| 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. | $19,462 |
| Compensation of current officers, directors, key employees. | $19,462 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $0 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $0 |
| Payroll taxes | $0 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $900 |
| Fees for services: Accounting | $8,300 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $468 |
| Advertising and promotion | $0 |
| Office expenses | $0 |
| Information technology | $0 |
| 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 | $0 |
| Insurance | $0 |
| All other expenses | $0 |
| Total functional expenses | $78,348 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $0 |
| Savings and temporary cash investments | $0 |
| 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 | $2,046,728 |
| Investments—other securities | $210,204 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $2,256,932 |
| 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 | $0 |
| Total liabilities | $0 |
| Net assets without donor restrictions | $0 |
| Net assets with donor restrictions | $2,256,932 |
| 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 | $2,256,932 |
Endowment Analysis
| Beg. Balance | $2,214,142 |
| Earnings | $121,138 |
| Other Expense | $29,130 |
| Grants | $49,218 |
| Ending Balance | $2,256,932 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Montgomery City-County Public Library Montgomery, AL | $626,886 | $5,061,804 |
Fort Smith Public Library Fort Smith, AR | $2,977,372 | $3,424,796 |
Johnson City Public Library Johnson City, TN | $2,269,696 | $2,425,366 |
Jefferson County Library Cooperative Inc Birmingham, AL | $1,409,594 | $1,323,807 |
Greene County Library Paragould, AR | $1,896,345 | $684,465 |
Selma Dallas County Public Library Foundations Inc Selma, AL | $3,919,888 | $315,411 |
Yazoo Library Association Yazoo City, MS | $1,197,329 | $315,667 |
Northeast Arkansas Regional Library Paragould, AR | $540,416 | $318,437 |
Greenville Butler County Public Library Greenville, AL | $388,118 | $295,721 |
Friends Of The Memphis & Shelby County Public Libraries Memphis, TN | $722,068 | $292,914 |
Sharkey-Issaquena County Library Rolling Fork, MS | $563,743 | $156,297 |
Friends Of The Chattanooga Public Library Chattanooga, TN | $97,349 | $0 |