Stonington Free Library Association

Analysis

Stonington Free Library Association is a registered charity in United States, based in Stonington, CT. It received its IRS tax-exemption ruling in February 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, Stonington Free Library Association reported income of $664k and spending of $742k, spending 112% of what it took in. Across the 4 years on record, from June 2020 to June 2023, income fell from $1.4m to $664k (-52%), an average of -22% a year. The sharpest change came in the year to June 2021, when income dropped by 24%. Over the whole period it spent 68% of the income it received.

Among 66,972 United States charities whose main cause is education and training and that reported income, Stonington Free Library Association sits at the 71st percentile: it is larger than about 71% of them. Against every charity in United States with reported income it ranks in the 74th percentile, and in the 73rd percentile within CT. Charities of a similar size with the same main cause include Pisacano Leadership Foundation Inc ($664k), Literacy Council of Southwest Louisiana Inc ($664k) and South Shore Charter Educational Foundation Inc ($664k).

On its Form 990 for the period ending June 2023, revenue came from contributions and grants 81% and program service revenue 0.6% of the total. Compensation of current officers, directors and key employees was $73k (9.8% of expenses). Other salaries and wages came to $314k. At year end it held assets of $6.6m against liabilities of $32k, net assets of $6.6m. It reported 25 employees.