Lakewood Memorial Library

Analysis

Lakewood Memorial Library is a registered charity in United States, based in Lakewood, NY. It received its IRS tax-exemption ruling in October 1968, 58 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, Lakewood Memorial Library reported income of $215k and spending of $251k, spending 117% of what it took in. Across the 5 years on record, from December 2019 to December 2023, income fell from $216k to $215k (-0.4%), an average of -0.1% a year. The sharpest change came in the year to December 2022, when income rose by 100%. Over the whole period it spent 86% of the income it received.

Among 66,972 United States charities whose main cause is education and training and that reported income, Lakewood Memorial Library sits at the 55th percentile: it is larger than about 55% of them. Against every charity in United States with reported income it ranks in the 55th percentile, and in the 53rd percentile within NY. Charities of a similar size with the same main cause include Friends of the Mandarin Scholars in the SMFCSD ($215k), Nicaphoto ($215k) and Illinois Conservatory for the Arts ($215k).

On its Form 990 for the period ending December 2023, revenue came from contributions and grants 92% of the total. Compensation of current officers, directors and key employees was $58k (23% of expenses). Other salaries and wages came to $60k. At year end it held assets of $1.2m against liabilities of $0, net assets of $1.2m. It reported 5 employees.