Friends of the Library Montgomery County MD Inc

Analysis

Friends of the Library Montgomery County MD Inc is a registered charity in United States, based in Rockville, MD. It received its IRS tax-exemption ruling in October 1995, 31 years ago. Its declared purposes cover philanthropy, voluntarism and grantmaking foundations, which this site groups under grant-making and general purposes. 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, Friends of the Library Montgomery County MD Inc reported income of $1.7m and spending of $1.8m, spending 107% of what it took in. Across the 5 years on record, from June 2019 to June 2023, income grew from $1.3m to $1.7m (+28%), an average of +6.3% a year. The sharpest change came in the year to June 2021, when income rose by 83%. Over the whole period it spent 92% of the income it received.

Among 19,413 United States charities whose main cause is grant-making and general purposes and that reported income, Friends of the Library Montgomery County MD Inc sits at the 86th percentile: it is larger than about 86% of them. Against every charity in United States with reported income it ranks in the 84th percentile, and in the 83rd percentile within MD. Charities of a similar size with the same main cause include American Friends of Chasdei Yosef Inc ($1.7m), Allied Community Services Inc ($1.7m) and Civitan International ($1.7m).

On its Form 990 for the period ending June 2023, revenue came from contributions and grants 96% and program service revenue 0.0% of the total. Compensation of current officers, directors and key employees was $142k (8.0% of expenses). Other salaries and wages came to $477k. At year end it held assets of $3.6m against liabilities of $1.8m, net assets of $1.7m. It reported 26 employees.