Trustees of the Forbes Library

Analysis

Trustees of the Forbes Library is a registered charity in United States, based in Northampton, MA. It received its IRS tax-exemption ruling in January 1941, 85 years ago. Its declared purposes cover education, which this site groups under education and training. The IRS classifies it as a publicly supported organisation (gross receipts test) under section 501(c)(3), and contributions to it are listed as tax-deductible.

In the financial year ending June 2023, Trustees of the Forbes Library reported income of $2.6m and spending of $2.4m, spending 94% of its income. Across the 5 years on record, from June 2019 to June 2023, income grew from $2.3m to $2.6m (+14%), an average of +3.3% a year. The sharpest change came in the year to June 2020, when income rose by 26%. Over the whole period it spent 90% of the income it received.

Among 66,972 United States charities whose main cause is education and training and that reported income, Trustees of the Forbes Library sits at the 84th percentile: it is larger than about 84% of them. Against every charity in United States with reported income it ranks in the 88th percentile, and in the 87th percentile within MA. Charities of a similar size with the same main cause include Williamsburg Academy ($2.6m), South Valley Academy Inc ($2.6m) and The Link and Option Center Inc ($2.6m).

On its Form 990 for the period ending June 2023, revenue came from contributions and grants 92% and program service revenue 0.9% of the total. Compensation of current officers, directors and key employees was $138k (5.6% of expenses). Other salaries and wages came to $1.2m. At year end it held assets of $9.7m against liabilities of $263k, net assets of $9.4m. It reported 55 employees.