Is Boothbay Harbor Memorial Library Association Legit?
Quick charity verification for Boothbay Harbor Memorial Library Association (EIN: 10224627)
Verdict: Boothbay Harbor Memorial Library Association appears trustworthy
85/100Mission Score
$815KRevenue
$3.0MAssets
0Red Flags
5Strengths
No red flags identified.
Strengths
Consistent financial surpluses, with revenue exceeding expenses in all reported periods (e.g., $485,324 revenue vs. $439,881 expenses in 2023).
Steady growth in assets, increasing from $2,462,632 in 2015 to $2,696,569 in 2023.
Extremely low and decreasing liabilities, from $342,648 in 2015 to $2,640 in 2023.
No reported officer compensation across all filings, suggesting efficient use of funds for mission-related activities.
Healthy asset base of nearly $3 million, providing long-term stability and capacity.
Spending Breakdown
How Boothbay Harbor Memorial Library Association allocates its funds across programs, administration, and fundraising.
80%
Program Spending
Healthy — majority goes to mission
15%
Admin Costs
Reasonable — admin costs in check
5%
Fundraising
Within typical range
How to read this: Well-run charities typically spend 75% or more on programs, keep admin under 25%, and fundraising under 15%. A high program ratio means more of every dollar goes directly to the mission.
How to Interpret This Report
What Red Flags Mean
Red flags are potential warning signs identified by AI analysis of IRS 990 filings. They may indicate issues like declining revenue, high executive pay relative to program spending, lack of transparency, or governance concerns. A single red flag does not necessarily mean an organization is untrustworthy, but multiple flags warrant further investigation before donating.
What Mission Score Measures
The Mission Score (0-100) evaluates how effectively a nonprofit fulfills its stated purpose. It combines multiple factors: program spending efficiency (how much goes to programs vs. overhead), financial health and sustainability, governance quality, transparency in reporting, and consistency of operations over time. A score of 70+ indicates strong alignment with the organization’s mission.
Using This Data for Donation Decisions
Use this report as one input in your decision. Look at the overall Mission Score for a quick assessment, review red flags and strengths for specific concerns, check the spending breakdown to see where money goes, and compare executive compensation to the organization’s size. Consider viewing the full transparency report for deeper analysis, and always verify tax-exempt status with the IRS before making large donations.
Frequently Asked Questions about Boothbay Harbor Memorial Library Association
Is Boothbay Harbor Memorial Library Association a legitimate charity?
Based on AI analysis of IRS 990 filings, Boothbay Harbor Memorial Library Association (EIN: 10224627) appears trustworthy. Mission Score: 85/100. 0 red flags identified, 5 strengths noted.
Is Boothbay Harbor Memorial Library Association a good charity to donate to?
Boothbay Harbor Memorial Library Association has a Mission Score of 85/100. Revenue: $815K. Assets: $3.0M. Review the full transparency report for detailed spending breakdown and executive compensation analysis.
What is the EIN for Boothbay Harbor Memorial Library Association?
The Employer Identification Number (EIN) for Boothbay Harbor Memorial Library Association is 10224627. This is the unique tax ID assigned by the IRS.
What is a Mission Score?
The Mission Score is a 0-100 rating that measures how effectively a nonprofit fulfills its stated mission. It factors in program spending efficiency, financial transparency, governance practices, and outcome reporting. Scores above 70 indicate strong mission alignment, 40-69 suggest mixed performance, and below 40 signals potential concerns.
How does Boothbay Harbor Memorial Library Association spend its money?
Boothbay Harbor Memorial Library Association allocates 80% to programs, 15% to administration, and 5% to fundraising. Healthy nonprofits typically spend 75%+ on programs.
How can I verify Boothbay Harbor Memorial Library Association's tax-exempt status?
You can verify Boothbay Harbor Memorial Library Association's tax-exempt status using EIN 10224627 on the IRS Tax Exempt Organization Search (TEOS) at apps.irs.gov/app/eos. You can also request copies of their Form 990 directly from the organization, as they are required by law to provide them upon request.
AI Transparency Report
The Boothbay Harbor Memorial Library Association demonstrates consistent financial stability, with assets steadily growing over the past decade, reaching $2,696,569 in 2023. The organization consistently operates with a surplus, as seen in 2023 where revenue of $485,324 exceeded expenses of $439,881. This indicates sound financial management and an ability to cover operational costs. The absence of reported officer compensation across all available filings suggests a strong volunteer-driven leadership or that compensation falls below reporting thresholds, which can be a positive indicator of resource allocation directly to mission-related activities. The organization's liabilities have remained relatively low, with a notable reduction from $342,648 in 2015 to $2,640 in 2023, further strengthening its financial position.
While specific program spending ratios are not detailed in the provided summary, the consistent operational surpluses and lack of reported executive compensation imply a focus on mission. The organization's NTEE code B71Z (Libraries) suggests a clear program area. To fully assess spending efficiency, a deeper dive into the functional expense breakdown (program services, management & general, fundraising) from the full 990 forms would be beneficial. However, the overall financial health appears robust, with a healthy asset base supporting its long-term sustainability.