Southold Free Library

Analysis

Southold Free Library is a registered charity in United States, based in Southold, NY. It received its IRS tax-exemption ruling in April 1989, 37 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, Southold Free Library reported income of $1.3m and spending of $1.2m, spending 96% of its income. Across the 5 years on record, from June 2020 to June 2024, income grew from $1.2m to $1.3m (+4.9%), an average of +1.2% a year. The sharpest change came in the year to June 2023, when income rose by 99%. Over the whole period it spent 83% of the income it received.

Among 66,972 United States charities whose main cause is education and training and that reported income, Southold Free Library sits at the 78th percentile: it is larger than about 78% of them. Against every charity in United States with reported income it ranks in the 82nd percentile, and in the 78th percentile within NY. Charities of a similar size with the same main cause include Tuscarawas County University Foundation ($1.3m), Cedar Rapids Electrical Apprenticeship Training & Educ TR ($1.3m) and Beckman High School Super Boosters Club ($1.3m).

On its Form 990 for the period ending June 2024, revenue came from contributions and grants 97% and program service revenue 0.4% of the total. Compensation of current officers, directors and key employees was $111k (9.3% of expenses). Other salaries and wages came to $394k. At year end it held assets of $4.8m against liabilities of $64k, net assets of $4.7m. It reported 17 employees.