Friends of the Torrance Library

Analysis

Friends of the Torrance Library is a registered charity in United States, based in Torrance, CA. It received its IRS tax-exemption ruling in February 1969, 57 years ago. Its declared purposes cover education, which this site groups under education and training. The IRS classifies it as a supporting organisation under section 501(c)(3), and contributions to it are listed as tax-deductible.

In the financial year ending May 2024, Friends of the Torrance Library reported income of $57k and spending of $73k, spending 129% of what it took in. Across the 2 years on record, from May 2023 to May 2024, income grew from $54k to $57k (+4.7%), an average of +4.7% a year. Over the whole period it spent 114% 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 Torrance Library sits at the 25th percentile: it is larger than about 25% of them. Against every charity in United States with reported income it ranks in the 22nd percentile, and in the 24th percentile within CA. Charities of a similar size with the same main cause include Nancy Ryles Community Organization Inc ($57k), Academy of Chiropractic Orthopedists ($57k) and 12th Knight ($57k).

On its Form 990-EZ for the period ending May 2024, revenue came from contributions and grants 1.9% of the total. At year end it held assets of $153k against liabilities of $58, net assets of $153k.