Phillips Free Library

Analysis

Phillips Free Library is a registered charity in United States, based in Homer, NY. It received its IRS tax-exemption ruling in February 1943, 83 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 2023, Phillips Free Library reported income of $265k and spending of $323k, spending 122% of what it took in. Across the 5 years on record, from June 2019 to June 2023, income grew from $261k to $265k (+1.8%), an average of +0.4% a year. Over the whole period it spent 110% of the income it received.

Among 66,972 United States charities whose main cause is education and training and that reported income, Phillips Free Library sits at the 59th percentile: it is larger than about 59% 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 Reach New Heights Inc ($265k), Montessori Northwest Teacher Preparation ($265k) and New Life CDC Inc ($265k).

On its Form 990 for the period ending June 2023, revenue came from contributions and grants 90% and program service revenue 0.4% of the total. Compensation of current officers, directors and key employees was $60k (19% of expenses). Other salaries and wages came to $74k. At year end it held assets of $3.8m against liabilities of $2,516, net assets of $3.8m. It reported 12 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.