Topsham Public Library

Analysis

Topsham Public Library is a registered charity in United States, based in Topsham, ME. It received its IRS tax-exemption ruling in October 1991, 35 years ago. The IRS classifies it as a publicly supported organisation (donations from the general public) under section 501(c)(3), and contributions to it are listed as tax-deductible.

In the financial year ending June 2023, Topsham Public Library reported income of $903k and spending of $923k, spending 102% of its income. Across the 5 years on record, from June 2019 to June 2023, income grew from $781k to $903k (+16%), an average of +3.7% a year. The sharpest change came in the year to June 2021, when income rose by 37%. Over the whole period it spent 94% of the income it received.

Among 72,936 United States charities whose main cause is other charitable purposes and that reported income, Topsham Public Library sits at the 76th percentile: it is larger than about 76% of them. Against every charity in United States with reported income it ranks in the 78th percentile, and in the 75th percentile within ME. Charities of a similar size with the same main cause include Alameda Education Foundation ($903k), For the Love of Paws ($903k) and National Association of Regional Councils ($903k).

On its Form 990 for the period ending June 2023, revenue came from contributions and grants 98% and program service revenue 1.4% of the total. Compensation of current officers, directors and key employees was $109k (12% of expenses). Other salaries and wages came to $465k. At year end it held assets of $1.6m against liabilities of $38k, net assets of $1.6m.