Foundation for the Monterey County Free Libraries

Analysis

Foundation for the Monterey County Free Libraries is a registered charity in United States, based in Salinas, CA. It received its IRS tax-exemption ruling in May 1995, 31 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 December 2023, Foundation for the Monterey County Free Libraries reported income of $321k and spending of $324k, spending 101% of its income. Across the 5 years on record, from December 2019 to December 2023, income fell from $476k to $321k (-33%), an average of -9.4% a year. The sharpest change came in the year to December 2021, when income rose by 102%. Over the whole period it spent 123% of the income it received.

Among 66,972 United States charities whose main cause is education and training and that reported income, Foundation for the Monterey County Free Libraries sits at the 62nd percentile: it is larger than about 62% of them. Against every charity in United States with reported income it ranks in the 63rd percentile, and in the 65th percentile within CA. Charities of a similar size with the same main cause include Kamehameha Schools Maui Campus Ohana ($320k), Brooklyn Queens Land Trust ($321k) and Newman Riga Library ($320k).

On its Form 990 for the period ending December 2023, revenue came from contributions and grants 97% of the total. Compensation of current officers, directors and key employees was $69k (21% of expenses). Other salaries and wages came to $4,872. At year end it held assets of $770k against liabilities of $35k, net assets of $735k. It reported 3 employees.