Pequot Library Association

Analysis

Pequot Library Association is a registered charity in United States, based in Southport, CT. It received its IRS tax-exemption ruling in May 1950, 76 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 2024, Pequot Library Association reported income of $1.7m and spending of $1.8m, spending 107% of what it took in. Across the 6 years on record, from June 2019 to June 2024, income grew from $1.5m to $1.7m (+12%), an average of +2.2% a year. The sharpest change came in the year to June 2021, when income rose by 74%. Over the whole period it spent 94% of the income it received.

Among 66,972 United States charities whose main cause is education and training and that reported income, Pequot Library Association 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 Ambassador Christian Academy ($1.7m), Salahuddin Future Academy ($1.7m) and Camphill Soltane ($1.7m).

On its Form 990 for the period ending June 2024, revenue came from contributions and grants 67% and program service revenue 10% of the total. Compensation of current officers, directors and key employees was $158k (8.8% of expenses). Other salaries and wages came to $602k. At year end it held assets of $8.4m against liabilities of $188k, net assets of $8.2m. It reported 23 employees.

Data notes from the register: Spending has exceeded income in each of the last three reported years, so the charity has been drawing on reserves or other funds.