Friends of the Beverly Public Library

Analysis

Friends of the Beverly Public Library is a registered charity in United States, based in Beverly, MA. It received its IRS tax-exemption ruling in September 1976, 50 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 June 2023, Friends of the Beverly Public Library reported income of $61k and spending of $40k, leaving 34% of income unspent that year. Across the 2 years on record, from June 2022 to June 2023, income fell from $87k to $61k (-30%), an average of -30% a year. The sharpest change came in the year to June 2023, when income dropped by 30%. Over the whole period it spent 50% 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 Beverly Public Library sits at the 23rd percentile: it is larger than about 23% of them. Against every charity in United States with reported income it ranks in the 24th percentile, and in the 32nd percentile within MA. Charities of a similar size with the same main cause include PTA Kentucky Congress ($61k), Alabama Power Service Organization Inc ($61k) and Tau Chapter of Alpha Chi Sigma Inc ($61k).

On its Form 990-EZ for the period ending June 2023, revenue came from contributions and grants 58% of the total. At year end it held assets of $209k against liabilities of $0, net assets of $209k.