Monhegan Memorial Library

Analysis

Monhegan Memorial Library is a registered charity in United States, based in Monhegan, ME. It received its IRS tax-exemption ruling in November 2012, 14 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 2023, Monhegan Memorial Library reported income of $51k and spending of $50k, spending 98% of its income. Across the 4 years on record, from June 2020 to June 2023, income grew from $47k to $51k (+8.1%), an average of +2.6% a year. The sharpest change came in the year to June 2023, when income rose by 22%. Over the whole period it spent 93% of the income it received.

Among 66,972 United States charities whose main cause is education and training and that reported income, Monhegan Memorial Library sits at the 22nd percentile: it is larger than about 22% of them. Against every charity in United States with reported income it ranks in the 20th percentile, and in the 13th percentile within ME. Charities of a similar size with the same main cause include Cloverland Parent-Teacher Club ($51k), Shrewsbury Elementary PTO ($51k) and Circassian Education Foundation ($51k).

On its Form 990 for the period ending June 2023, revenue came from contributions and grants 44% and program service revenue 5.0% of the total. Other salaries and wages came to $25k. At year end it held assets of $829k against liabilities of $1,015, net assets of $828k. It reported 8 employees.