Torrington Library

Analysis

Torrington Library is a registered charity in United States, based in Torrington, CT. It received its IRS tax-exemption ruling in December 1942, 84 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 December 2023, Torrington Library reported income of $2.8m and spending of $1.4m, leaving 50% of income unspent that year. Across the 5 years on record, from December 2019 to December 2023, income grew from $1.2m to $2.8m (+127%), an average of +23% a year. The sharpest change came in the year to December 2021, when income rose by 159%. Over the whole period it spent 70% of the income it received.

Among 66,972 United States charities whose main cause is education and training and that reported income, Torrington Library sits at the 85th percentile: it is larger than about 85% of them. Against every charity in United States with reported income it ranks in the 89th percentile, and in the 87th percentile within CT. Charities of a similar size with the same main cause include Montessori Academy of Early Enrichment Inc ($2.8m), Hilltop Montessori School Inc ($2.8m) and Kessler School Inc ($2.8m).

On its Form 990 for the period ending December 2023, revenue came from contributions and grants 33% and program service revenue 0.6% of the total. Other salaries and wages came to $581k. At year end it held assets of $40.4m against liabilities of $41k, net assets of $40.4m. It reported 21 employees.