Company of the Redwood Library and Athenaem

Analysis

Company of the Redwood Library and Athenaem is a registered charity in United States, based in Newport, RI. It received its IRS tax-exemption ruling in January 1935, 91 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, Company of the Redwood Library and Athenaem reported income of $3.5m and spending of $1.9m, leaving 44% of income unspent that year. Across the 5 years on record, from June 2019 to June 2023, income grew from $1.9m to $3.5m (+81%), an average of +16% a year. The sharpest change came in the year to June 2023, when income rose by 52%. Over the whole period it spent 80% of the income it received.

Among 72,936 United States charities whose main cause is other charitable purposes and that reported income, Company of the Redwood Library and Athenaem sits at the 89th percentile: it is larger than about 89% of them. Against every charity in United States with reported income it ranks in the 90th percentile, and in the 87th percentile within RI. Charities of a similar size with the same main cause include Center for Multicultural Health ($3.5m), Kappa Sigma Endowment Fund ($3.5m) and Southeastern Chapter National Safety Council ($3.4m).

On its Form 990 for the period ending June 2023, revenue came from contributions and grants 74% and program service revenue 11% of the total. Compensation of current officers, directors and key employees was $126k (6.5% of expenses). Other salaries and wages came to $516k. At year end it held assets of $28.0m against liabilities of $484k, net assets of $27.5m. It reported 16 employees.