Newport Public Library

Analysis

Newport Public Library is a registered charity in United States, based in Newport, RI. It received its IRS tax-exemption ruling in December 1943, 83 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, Newport Public Library reported income of $2.6m and spending of $2.8m, spending 108% of what it took in. Across the 5 years on record, from June 2019 to June 2023, income fell from $2.7m to $2.6m (-3.8%), an average of -1.0% a year. Over the whole period it spent 99% of the income it received.

Among 66,972 United States charities whose main cause is education and training and that reported income, Newport Public 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 84th percentile within RI. Charities of a similar size with the same main cause include Kindi Academy ($2.6m), Barrio Logan College Institute ($2.6m) and Michigan Assessment Consortium Inc ($2.6m).

On its Form 990 for the period ending June 2023, revenue came from contributions and grants 98% and program service revenue 0.4% of the total. Compensation of current officers, directors and key employees was $92k (3.3% of expenses). Other salaries and wages came to $1.2m. At year end it held assets of $5.5m against liabilities of $438k, net assets of $5.0m. It reported 31 employees.