Prospect Park Free Library

Analysis

Prospect Park Free Library is a registered charity in United States, based in Prospect Park, PA. It received its IRS tax-exemption ruling in December 1994, 32 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, Prospect Park Free Library reported income of $85k and spending of $58k, leaving 31% of income unspent that year. Across the 2 years on record, from December 2022 to December 2023, income fell from $321k to $85k (-74%), an average of -74% a year. The sharpest change came in the year to December 2023, when income dropped by 74%. Over the whole period it spent 28% of the income it received.

Among 72,936 United States charities whose main cause is other charitable purposes and that reported income, Prospect Park 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 32nd percentile, and in the 31st percentile within PA. Charities of a similar size with the same main cause include Lamorinda Arts Council ($85k), Nikolaevsk Inc ($85k) and Equality Arizona Foundation ($85k).

On its Form 990 for the period ending December 2023, revenue came from contributions and grants 86% and program service revenue 2.4% of the total. Compensation of current officers, directors and key employees was $29k (50% of expenses). Other salaries and wages came to $5,961. At year end it held assets of $366k against liabilities of $0, net assets of $366k.