The Free Library of Philadelphia

Analysis

The Free Library of Philadelphia is a registered charity in United States, based in Philadelphia, PA. It received its IRS tax-exemption ruling in November 1988, 38 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 June 2023, The Free Library of Philadelphia reported income of $15.0m and spending of $11.1m, leaving 26% of income unspent that year. Across the 5 years on record, from June 2019 to June 2023, income fell from $19.6m to $15.0m (-23%), an average of -6.5% a year. The sharpest change came in the year to June 2020, when income dropped by 32%. Over the whole period it spent 103% of the income it received.

Among 72,936 United States charities whose main cause is other charitable purposes and that reported income, The Free Library of Philadelphia sits at the 97th percentile: it is larger than about 97% of them. Against every charity in United States with reported income it ranks in the 96th percentile, and in the 95th percentile within PA. Charities of a similar size with the same main cause include Dartmouth Health Home Care Inc ($15.0m), Mercy Hospital Kingfisher Inc ($15.0m) and Margaret Anna Cusack Care Center Inc ($15.0m).

On its Form 990 for the period ending June 2023, revenue came from contributions and grants 88% and program service revenue 4.0% of the total. Compensation of current officers, directors and key employees was $571k (5.1% of expenses). Other salaries and wages came to $4.2m. It paid $201k in professional fundraising fees. At year end it held assets of $45.9m against liabilities of $3.1m, net assets of $42.8m. It reported 116 employees.