Friends of the Library Virginia Beach Inc

Analysis

Friends of the Library Virginia Beach Inc is a registered charity in United States, based in Virginia BCH, VA. It received its IRS tax-exemption ruling in October 1987, 39 years ago. Its declared purposes cover education, which this site groups under education and training. 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 March 2024, Friends of the Library Virginia Beach Inc reported income of $104k and spending of $92k, spending 88% of its income. Across the 5 years on record, from March 2020 to March 2024, income fell from $117k to $104k (-11%), an average of -2.8% a year. The sharpest change came in the year to March 2022, when income rose by 197%. Over the whole period it spent 76% of the income it received.

Among 66,972 United States charities whose main cause is education and training and that reported income, Friends of the Library Virginia Beach Inc sits at the 40th percentile: it is larger than about 40% of them. Against every charity in United States with reported income it ranks in the 38th percentile, and in the 37th percentile within VA. Charities of a similar size with the same main cause include Gibbs-Ottoson Parent Teacher Organization ($104k), Advantage Family Services Inc ($104k) and Porter Memorial Library Association ($104k).

On its Form 990 for the period ending March 2024, revenue came from contributions and grants 7.2% of the total. At year end it held assets of $370k against liabilities of $0, net assets of $370k.