Falmouth Memorial Library Association

Analysis

Falmouth Memorial Library Association is a registered charity in United States, based in Falmouth, ME. It received its IRS tax-exemption ruling in September 1944, 82 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 June 2024, Falmouth Memorial Library Association reported income of $1.2m and spending of $1.1m, spending 94% of its income. Across the 6 years on record, from June 2019 to June 2024, income fell from $1.6m to $1.2m (-25%), an average of -5.6% a year. The sharpest change came in the year to June 2023, when income rose by 63%. Over the whole period it spent 80% of the income it received.

Among 66,972 United States charities whose main cause is education and training and that reported income, Falmouth Memorial Library Association sits at the 77th percentile: it is larger than about 77% of them. Against every charity in United States with reported income it ranks in the 81st percentile, and in the 78th percentile within ME. Charities of a similar size with the same main cause include Literacy for Life ($1.2m), Top Ladies of Distinction Inc ($1.2m) and The Early Childhood Development Family Center of Avoyelles ($1.2m).

On its Form 990 for the period ending June 2024, revenue came from contributions and grants 93% and program service revenue 2.9% of the total. Compensation of current officers, directors and key employees was $89k (8.0% of expenses). Other salaries and wages came to $480k. At year end it held assets of $4.6m against liabilities of $82k, net assets of $4.5m. It reported 16 employees.