Albemarle Regional Library

Analysis

Albemarle Regional Library is a registered charity in United States, based in Winton, NC. It received its IRS tax-exemption ruling in January 2016, 10 years ago. Its declared purposes cover education, which this site groups under education and training. 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, Albemarle Regional Library reported income of $1.5m and spending of $1.5m, spending 102% of its income. Across the 5 years on record, from June 2019 to June 2023, income grew from $1.4m to $1.5m (+8.4%), an average of +2.0% a year. The sharpest change came in the year to June 2023, when income rose by 20%. Over the whole period it spent 101% of the income it received.

Among 66,972 United States charities whose main cause is education and training and that reported income, Albemarle Regional Library sits at the 79th percentile: it is larger than about 79% of them. Against every charity in United States with reported income it ranks in the 83rd percentile, and in the 84th percentile within NC. Charities of a similar size with the same main cause include South Louisiana Facilities Corp ($1.5m), Harmel Academy Inc ($1.5m) and Open Education Global Incorporated ($1.5m).

On its Form 990 for the period ending June 2023, revenue came from contributions and grants 94% and program service revenue 3.1% of the total. Compensation of current officers, directors and key employees was $124k (8.2% of expenses). Other salaries and wages came to $536k. At year end it held assets of $2.5m against liabilities of $397k, net assets of $2.1m. It reported 34 employees.