Friends of the Wells-Turner Mem Library Inc

Analysis

Friends of the Wells-Turner Mem Library Inc is a registered charity in United States, based in Glastonbury, CT. It received its IRS tax-exemption ruling in November 1973, 53 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 Wells-Turner Mem Library Inc reported income of $65k and spending of $38k, leaving 42% of income unspent that year. Across the 2 years on record, from May 2023 to May 2024, income grew from $51k to $65k (+27%), an average of +27% a year. The sharpest change came in the year to May 2024, when income rose by 27%. Over the whole period it spent 64% 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 Wells-Turner Mem Library Inc sits at the 25th percentile: it is larger than about 25% of them. Against every charity in United States with reported income it ranks in the 25th percentile, and in the 24th percentile within CT. Charities of a similar size with the same main cause include Rbi Academy ($65k), Scott Spino Foundation Inc ($65k) and Forrest Cemetery Foundation Inc ($65k).

On its Form 990-EZ for the period ending May 2024, revenue came from contributions and grants 85% of the total. At year end it held assets of $310k against liabilities of $5,108, net assets of $305k.