Charleston Library Society

Analysis

Charleston Library Society is a registered charity in United States, based in Charleston, SC. It received its IRS tax-exemption ruling in March 1941, 85 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 December 2023, Charleston Library Society reported income of $2.4m and spending of $1.9m, spending 82% of its income. Across the 5 years on record, from December 2019 to December 2023, income fell from $3.5m to $2.4m (-32%), an average of -9.3% a year. The sharpest change came in the year to December 2021, when income rose by 60%. Over the whole period it spent 66% of the income it received.

Among 72,936 United States charities whose main cause is other charitable purposes and that reported income, Charleston Library Society 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 87th percentile, and in the 90th percentile within SC. Charities of a similar size with the same main cause include Florida Christian Apt Inc ($2.4m), East Meadow Soccer Club ($2.4m) and Souris Basin Transportation Board ($2.4m).

On its Form 990 for the period ending December 2023, revenue came from contributions and grants 80% and program service revenue 9.1% of the total. Compensation of current officers, directors and key employees was $170k (8.8% of expenses). Other salaries and wages came to $683k. At year end it held assets of $14.3m against liabilities of $31k, net assets of $14.2m. It reported 20 employees.