The New Haven Reads Community Book Bank Inc

Analysis

The New Haven Reads Community Book Bank Inc is a registered charity in United States, based in New Haven, CT. It received its IRS tax-exemption ruling in February 2006, 20 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, The New Haven Reads Community Book Bank Inc reported income of $1.2m and spending of $1.1m, spending 89% of its income. Across the 5 years on record, from June 2019 to June 2023, income grew from $964k to $1.2m (+29%), an average of +6.6% a year. The sharpest change came in the year to June 2020, when income rose by 31%. Over the whole period it spent 79% of the income it received.

Among 66,972 United States charities whose main cause is education and training and that reported income, The New Haven Reads Community Book Bank Inc sits at the 78th percentile: it is larger than about 78% of them. Against every charity in United States with reported income it ranks in the 82nd percentile, and in the 80th percentile within CT. Charities of a similar size with the same main cause include Laramie Child Development Corporation ($1.2m), Centerville Schools Booster Club Inc ($1.2m) and Corvallis Montessori Society Inc ($1.2m).

On its Form 990 for the period ending June 2023, revenue came from contributions and grants 98% of the total. Compensation of current officers, directors and key employees was $80k (7.2% of expenses). Other salaries and wages came to $707k. At year end it held assets of $2.6m against liabilities of $38k, net assets of $2.5m. It reported 44 employees.