Altamont Free Library Assn

Analysis

Altamont Free Library Assn is a registered charity in United States, based in Altamont, NY. It received its IRS tax-exemption ruling in February 1959, 67 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, Altamont Free Library Assn reported income of $189k and spending of $195k, spending 103% of its income. Across the 5 years on record, from December 2019 to December 2023, income grew from $171k to $189k (+10%), an average of +2.5% a year. Over the whole period it spent 103% of the income it received.

Among 72,936 United States charities whose main cause is other charitable purposes and that reported income, Altamont Free Library Assn sits at the 51st percentile: it is larger than about 51% of them. Against every charity in United States with reported income it ranks in the 53rd percentile, and in the 50th percentile within NY. Charities of a similar size with the same main cause include Parc Workshop Inc ($189k), Veterans Resource Center ($189k) and International Association of Homes and Services for the Aging ($189k).

On its Form 990 for the period ending December 2023, revenue came from contributions and grants 12% and program service revenue 76% of the total. Compensation of current officers, directors and key employees was $58k (30% of expenses). Other salaries and wages came to $41k. At year end it held assets of $1.3m against liabilities of $51k, net assets of $1.2m. It reported 8 employees.