Oceanic Free Library Association

Analysis

Oceanic Free Library Association is a registered charity in United States, based in Rumson, NJ. It received its IRS tax-exemption ruling in December 1956, 70 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, Oceanic Free Library Association reported income of $236k and spending of $182k, leaving 23% of income unspent that year. Across the 5 years on record, from December 2019 to December 2023, income grew from $189k to $236k (+25%), an average of +5.7% a year. The sharpest change came in the year to December 2020, when income rose by 35%. Over the whole period it spent 79% of the income it received.

Among 72,936 United States charities whose main cause is other charitable purposes and that reported income, Oceanic Free Library Association sits at the 56th percentile: it is larger than about 56% of them. Against every charity in United States with reported income it ranks in the 57th percentile, and in the 64th percentile within NJ. Charities of a similar size with the same main cause include Brighter Financial Futures Inc Pennsylvania Council of Financial ($236k), Health Occupations Students of America ($236k) and United Neighborhood Organization ($236k).

On its Form 990 for the period ending December 2023, revenue came from contributions and grants 83% and program service revenue 1.2% of the total. Other salaries and wages came to $76k. At year end it held assets of $984k against liabilities of $353, net assets of $984k. It reported 8 employees.