Friends of the Hennepin County Library

Analysis

Friends of the Hennepin County Library is a registered charity in United States, based in Minneapolis, MN. It received its IRS tax-exemption ruling in August 1989, 37 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, Friends of the Hennepin County Library reported income of $4.1m and spending of $4.0m, spending 98% of its income. Across the 5 years on record, from December 2019 to December 2023, income grew from $3.6m to $4.1m (+13%), an average of +3.0% a year. The sharpest change came in the year to December 2021, when income rose by 106%. Over the whole period it spent 80% 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 Hennepin County Library sits at the 91st percentile: it is larger than about 91% of them. Against every charity in United States with reported income it ranks in the 91st percentile, and in the 90th percentile within MN. Charities of a similar size with the same main cause include St Johnland Assisted Living Inc ($4.1m), Irish Repertory Theatre Company Inc ($4.1m) and Lake Stevens Community Food Bank Association ($4.1m).

On its Form 990 for the period ending December 2023, revenue came from contributions and grants 79% and program service revenue 12% of the total. Compensation of current officers, directors and key employees was $179k (4.5% of expenses). Other salaries and wages came to $637k. At year end it held assets of $8.0m against liabilities of $303k, net assets of $7.7m. It reported 12 employees.