Otis Library

Analysis

Otis Library is a registered charity in United States, based in Norwich, CT. It received its IRS tax-exemption ruling in August 1952, 74 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, Otis Library reported income of $1.7m and spending of $1.7m, spending 104% of its income. Across the 5 years on record, from June 2019 to June 2023, income grew from $1.1m to $1.7m (+46%), an average of +9.9% a year. The sharpest change came in the year to June 2021, when income rose by 41%. Over the whole period it spent 107% of the income it received.

Among 66,972 United States charities whose main cause is education and training and that reported income, Otis Library sits at the 81st percentile: it is larger than about 81% of them. Against every charity in United States with reported income it ranks in the 84th percentile, and in the 83rd percentile within CT. Charities of a similar size with the same main cause include Cleveland Community College Foundation Inc ($1.7m), Michael M Boone Elementary Parent- Teacher Organization ($1.7m) and Gcsaa Foundation ($1.7m).

On its Form 990 for the period ending June 2023, revenue came from contributions and grants 81% and program service revenue 0.8% of the total. Compensation of current officers, directors and key employees was $93k (5.3% of expenses). Other salaries and wages came to $844k. At year end it held assets of $11.6m against liabilities of $84k, net assets of $11.5m. It reported 33 employees.