Library Company of Philadelphia

Analysis

Library Company of Philadelphia is a registered charity in United States, based in Philadelphia, PA. It received its IRS tax-exemption ruling in November 1934, 92 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, Library Company of Philadelphia reported income of $2.4m and spending of $4.5m, spending 186% of what it took in. Across the 5 years on record, from December 2019 to December 2023, income fell from $3.3m to $2.4m (-25%), an average of -6.9% a year. The sharpest change came in the year to December 2021, when income rose by 269%. Over the whole period it spent 90% of the income it received.

Among 66,972 United States charities whose main cause is education and training and that reported income, Library Company of Philadelphia sits at the 84th percentile: it is larger than about 84% of them. Against every charity in United States with reported income it ranks in the 88th percentile, and in the 86th percentile within PA. Charities of a similar size with the same main cause include Ready Set Grow Inc ($2.4m), Veritas College Preparatory Leadership Academy ($2.4m) and Western Ohio Educational Foundation ($2.4m).

On its Form 990 for the period ending December 2023, revenue came from contributions and grants 48% and program service revenue 3.8% of the total. Compensation of current officers, directors and key employees was $182k (4.0% of expenses). Other salaries and wages came to $1.7m. At year end it held assets of $34.2m against liabilities of $347k, net assets of $33.9m. It reported 30 employees.