Lamont Memorial Free Library

Analysis

Lamont Memorial Free Library is a registered charity in United States, based in McGraw, NY. It received its IRS tax-exemption ruling in June 2000, 26 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 December 2023, Lamont Memorial Free Library reported income of $75k and spending of $106k, spending 143% of what it took in. Across the 5 years on record, from December 2019 to December 2023, income fell from $93k to $75k (-20%), an average of -5.4% a year. The sharpest change came in the year to December 2023, when income dropped by 29%. Over the whole period it spent 100% of the income it received.

Among 66,972 United States charities whose main cause is education and training and that reported income, Lamont Memorial Free Library sits at the 32nd percentile: it is larger than about 32% of them. Against every charity in United States with reported income it ranks in the 29th percentile, and in the 30th percentile within NY. Charities of a similar size with the same main cause include 506 Foundation Inc ($74k), Hanford Elementary School District Parents Clubs ($75k) and Torey J Sabatini Public Elementary School Parent Teacher Organization ($74k).

On its Form 990 for the period ending December 2023, revenue came from contributions and grants 92% and program service revenue 13% of the total. Compensation of current officers, directors and key employees was $35k (33% of expenses). Other salaries and wages came to $18k. At year end it held assets of $549k against liabilities of $187, net assets of $549k. It reported 5 employees.