Franklin Township Public Library Association

Analysis

Franklin Township Public Library Association is a registered charity in United States, based in Somerset, NJ. It received its IRS tax-exemption ruling in May 1962, 64 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, Franklin Township Public Library Association reported income of $4.5m and spending of $3.5m, leaving 23% of income unspent that year. Across the 5 years on record, from June 2019 to June 2023, income grew from $3.5m to $4.5m (+28%), an average of +6.3% a year. The sharpest change came in the year to June 2023, when income rose by 16%. Over the whole period it spent 83% of the income it received.

Among 66,972 United States charities whose main cause is education and training and that reported income, Franklin Township Public Library Association sits at the 88th percentile: it is larger than about 88% of them. Against every charity in United States with reported income it ranks in the 91st percentile, and in the 93rd percentile within NJ. Charities of a similar size with the same main cause include Sequoia Grove Charter Alliance ($4.5m), Bentonville Child Care and Development Center Inc ($4.5m) and Montessori School of Greater Hartford Inc ($4.5m).

On its Form 990 for the period ending June 2023, revenue came from contributions and grants 98% and program service revenue 1.2% of the total. Other salaries and wages came to $1.9m. At year end it held assets of $12.7m against liabilities of $470k, net assets of $12.2m. It reported 65 employees.