Mystic & Noank Library Inc

Analysis

Mystic & Noank Library Inc is a registered charity in United States, based in Mystic, CT. It received its IRS tax-exemption ruling in February 1979, 47 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, Mystic & Noank Library Inc reported income of $734k and spending of $993k, spending 135% of what it took in. Across the 5 years on record, from June 2019 to June 2023, income fell from $1.2m to $734k (-38%), an average of -11% a year. The sharpest change came in the year to June 2022, when income rose by 99%. Over the whole period it spent 89% of the income it received.

Among 66,972 United States charities whose main cause is education and training and that reported income, Mystic & Noank Library Inc sits at the 72nd percentile: it is larger than about 72% of them. Against every charity in United States with reported income it ranks in the 76th percentile, and in the 74th percentile within CT. Charities of a similar size with the same main cause include California School Nurse Organization State Level ($734k), Tech Collective-Workforce Development Fund Inc ($734k) and Valley Oak Charter ($733k).

On its Form 990 for the period ending June 2023, revenue came from contributions and grants 65% and program service revenue 0.0% of the total. Compensation of current officers, directors and key employees was $80k (8.1% of expenses). Other salaries and wages came to $381k. At year end it held assets of $10.3m against liabilities of $24k, net assets of $10.3m. It reported 19 employees.