Richards Library

Analysis

Richards Library is a registered charity in United States, based in Warrensburg, NY. It received its IRS tax-exemption ruling in August 1973, 53 years ago. The IRS classifies it as a publicly supported organisation (gross receipts test) under section 501(c)(3), and contributions to it are listed as tax-deductible.

In the financial year ending December 2023, Richards Library reported income of $257k and spending of $279k, spending 108% of what it took in. Across the 5 years on record, from December 2019 to December 2023, income grew from $181k to $257k (+42%), an average of +9.2% a year. The sharpest change came in the year to December 2021, when income rose by 32%. Over the whole period it spent 104% of the income it received.

Among 72,936 United States charities whose main cause is other charitable purposes and that reported income, Richards Library sits at the 57th percentile: it is larger than about 57% of them. Against every charity in United States with reported income it ranks in the 59th percentile, and in the 56th percentile within NY. Charities of a similar size with the same main cause include Spring Street Pre-School Inc ($257k), Korean American Society of Greater Kansas City Inc ($257k) and Habitat for Humanity International Inc ($257k).

On its Form 990 for the period ending December 2023, revenue came from contributions and grants 98% and program service revenue 0.4% of the total. Compensation of current officers, directors and key employees was $46k (17% of expenses). Other salaries and wages came to $97k. At year end it held assets of $1.4m against liabilities of $5,780, net assets of $1.4m. It reported 11 employees.