Lubec Memorial Library

Analysis

Lubec Memorial Library is a registered charity in United States, based in Lubec, ME. It received its IRS tax-exemption ruling in July 1997, 29 years ago. Its declared purposes cover education, which this site groups under education and training. 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 December 2023, Lubec Memorial Library reported income of $426k and spending of $97k, leaving 77% of income unspent that year. Across the 5 years on record, from December 2019 to December 2023, income grew from $114k to $426k (+275%), an average of +39% a year. The sharpest change came in the year to December 2022, when income rose by 355%. Over the whole period it spent 37% of the income it received.

Among 66,972 United States charities whose main cause is education and training and that reported income, Lubec Memorial Library sits at the 66th percentile: it is larger than about 66% of them. Against every charity in United States with reported income it ranks in the 68th percentile, and in the 63rd percentile within ME. Charities of a similar size with the same main cause include Covington Classical Academy Inc ($426k), Origins Project Foundation Inc ($426k) and Ponte Vedra-Palm Valley Parent Teacher Student Organization ($426k).

On its Form 990 for the period ending December 2023, revenue came from contributions and grants 78% and program service revenue 3.7% of the total. Other salaries and wages came to $33k. At year end it held assets of $2.5m against liabilities of $0, net assets of $2.5m. It reported 4 employees.