Friends of the Newark Free Library

Analysis

Friends of the Newark Free Library is a registered charity in United States, based in Newark, DE. It received its IRS tax-exemption ruling in March 1971, 55 years ago. The IRS classifies it as a publicly supported organisation (gross receipts test) under section 501(c)(3), and contributions to it are listed as tax-deductible.

In the financial year ending May 2024, Friends of the Newark Free Library reported income of $90k and spending of $74k, spending 83% of its income. Across the 2 years on record, from May 2023 to May 2024, income fell from $200k to $90k (-55%), an average of -55% a year. The sharpest change came in the year to May 2024, when income dropped by 55%. Over the whole period it spent 34% of the income it received.

Among 72,936 United States charities whose main cause is other charitable purposes and that reported income, Friends of the Newark Free Library sits at the 34th percentile: it is larger than about 34% of them. Against every charity in United States with reported income it ranks in the 34th percentile, and in the 30th percentile within DE. Charities of a similar size with the same main cause include Waynesville-St Robert Senior Citizens Inc ($90k), Colorado Nurses Foundation ($90k) and Southampton Township Recreation ($90k).

On its Form 990-EZ for the period ending May 2024, revenue came from contributions and grants 90% of the total. At year end it held assets of $292k against liabilities of $0, net assets of $292k.