Putnam Valley Free Library

Analysis

Putnam Valley Free Library is a registered charity in United States, based in Putnam Valley, NY. It received its IRS tax-exemption ruling in May 1967, 59 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 2022, Putnam Valley Free Library reported income of $407k and spending of $493k, spending 121% of what it took in. Across the 4 years on record, from December 2019 to December 2022, income fell from $426k to $407k (-4.3%), an average of -1.5% a year. Over the whole period it spent 108% of the income it received.

Among 72,936 United States charities whose main cause is other charitable purposes and that reported income, Putnam Valley Free Library sits at the 65th percentile: it is larger than about 65% of them. Against every charity in United States with reported income it ranks in the 67th percentile, and in the 63rd percentile within NY. Charities of a similar size with the same main cause include Southbury Elderly Housing Inc ($407k), Comunidad Cristiana LA Roca Firme Inc ($407k) and Parish Episcopal School Endowment Fund Inc ($407k).

On its Form 990 for the period ending December 2022, revenue came from contributions and grants 104% and program service revenue 2.0% of the total. Compensation of current officers, directors and key employees was $56k (11% of expenses). Other salaries and wages came to $196k. At year end it held assets of $856k against liabilities of $63k, net assets of $793k. It reported 18 employees.

Data notes from the register: Spending has exceeded income in each of the last three reported years, so the charity has been drawing on reserves or other funds.