Is Ogunquit Memorial Library Legit?

Ogunquit Memorial Library demonstrates consistent financial health with growing assets and generally positive net income over the past decade. In the latest filing (202312), the organization reported revenue of $213,437 against expenses of $187,018, contributing to its substantial asset base of $1,036,622. The library's liabilities remain relatively low at $59,247, indicating a strong balance sheet and fiscal stability. The absence of reported officer compensation across all available filings suggests a 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 spending efficiency appears sound, with expenses consistently lower than revenue in most recent periods, allowing for asset growth. For instance, in 202312, expenses were approximately 87.6% of revenue. While a detailed breakdown of program, administrative, and fundraising expenses isn't explicitly provided in the summary data, the overall financial picture suggests a well-managed operation. The consistent growth in assets from $756,556 in 201112 to over $1 million in 202312 further underscores prudent financial management and sustainability. Transparency is generally good given the availability of multiple years of IRS 990 filings. The consistent reporting of zero officer compensation is a notable point for transparency, indicating that leadership is either unpaid or compensated minimally. The consistent growth in assets and the relatively low liabilities suggest a responsible approach to financial stewardship, which aligns with good transparency practices.