Paine Memorial Free Library

Analysis

Paine Memorial Free Library is a registered charity in United States, based in Willsboro, NY. It received its IRS tax-exemption ruling in May 1949, 77 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 December 2023, Paine Memorial Free Library reported income of $221k and spending of $167k, leaving 25% of income unspent that year. Across the 5 years on record, from December 2019 to December 2023, income fell from $293k to $221k (-24%), an average of -6.7% a year. The sharpest change came in the year to December 2021, when income rose by 41%. Over the whole period it spent 59% of the income it received.

Among 72,936 United States charities whose main cause is other charitable purposes and that reported income, Paine Memorial Free Library sits at the 54th percentile: it is larger than about 54% of them. Against every charity in United States with reported income it ranks in the 56th percentile, and in the 53rd percentile within NY. Charities of a similar size with the same main cause include Holmdel First Aid Squad Inc ($221k), Central Valley Project Corporation ($221k) and Scottsville Free Library ($221k).

On its Form 990 for the period ending December 2023, revenue came from contributions and grants 64% and program service revenue 0.4% of the total. Compensation of current officers, directors and key employees was $46k (28% of expenses). Other salaries and wages came to $20k. At year end it held assets of $3.0m against liabilities of $4,282, net assets of $3.0m. It reported 4 employees.