Floyd Memorial Library

Analysis

Floyd Memorial Library is a registered charity in United States, based in Greenport, NY. It received its IRS tax-exemption ruling in June 1960, 66 years ago. 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, Floyd Memorial Library reported income of $1.1m and spending of $1.1m, spending 104% of its income. Across the 5 years on record, from December 2019 to June 2023, income grew from $1.0m to $1.1m (+6.4%), an average of +1.6% a year. The sharpest change came in the year to December 2021, when income dropped by 65%. Over the whole period it spent 96% of the income it received.

Among 72,936 United States charities whose main cause is other charitable purposes and that reported income, Floyd Memorial Library sits at the 79th percentile: it is larger than about 79% of them. Against every charity in United States with reported income it ranks in the 80th percentile, and in the 77th percentile within NY. Charities of a similar size with the same main cause include Habitat for Humanity International Inc ($1.1m), Princeton Christian Fellowship ($1.1m) and Millennium Institute ($1.1m).

On its Form 990 for the period ending June 2023, revenue came from contributions and grants 98% and program service revenue 0.1% of the total. Compensation of current officers, directors and key employees was $30k (2.6% of expenses). Other salaries and wages came to $417k. At year end it held assets of $2.3m against liabilities of $347k, net assets of $1.9m. It reported 15 employees.