Unusually low (0%) reported officer compensation for an organization of this size, which might suggest compensation is categorized differently or handled by a separate entity, warranting further inquiry.
Strengths
Strong financial health with consistent revenue growth and asset accumulation (assets grew from $2.26M in 2014 to $2.98M in 2023).
Consistent operational surpluses (e.g., $907,654 revenue vs. $732,955 expenses in 202312).
No reported liabilities in recent filings, indicating excellent financial management.
Remarkable commitment to mission with 0% reported officer compensation.
High transparency with 14 consistent IRS 990 filings.
Spending Breakdown
How Richards Free Library allocates its funds across programs, administration, and fundraising.
85%
Program Spending
Healthy — majority goes to mission
15%
Admin Costs
Reasonable — admin costs in check
0%
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 Richards Free Library
Is Richards Free Library a legitimate charity?
Based on AI analysis of IRS 990 filings, Richards Free Library (EIN: 20224075) appears trustworthy. Mission Score: 95/100. 1 red flag identified, 5 strengths noted.
Is Richards Free Library a good charity to donate to?
Richards Free Library has a Mission Score of 95/100. Revenue: $874K. Assets: $3.0M. Review the full transparency report for detailed spending breakdown and executive compensation analysis.
What is the EIN for Richards Free Library?
The Employer Identification Number (EIN) for Richards Free Library is 20224075. 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 Richards Free Library spend its money?
Richards Free Library allocates 85% to programs, 15% to administration, and 0% to fundraising. Healthy nonprofits typically spend 75%+ on programs.
How can I verify Richards Free Library's tax-exempt status?
You can verify Richards Free Library's tax-exempt status using EIN 20224075 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
Richards Free Library demonstrates consistent financial health and a strong commitment to its mission as a public library. Over the past decade, the organization has shown steady growth in assets, reaching nearly $3 million in the latest filing period (202312). Revenue has also seen a positive trend, with the latest reported revenue at $907,654, indicating a healthy funding base. The library consistently operates with a surplus, as evidenced by revenues generally exceeding expenses, which allows for asset accumulation and sustained operations. For instance, in 202312, revenue was $907,654 against expenses of $732,955, resulting in a significant surplus.
The organization's spending efficiency appears robust, with no reported officer compensation across all available filings, suggesting that resources are primarily directed towards operational and programmatic activities rather than executive salaries. The absence of liabilities in most recent filings (2014-2023) further underscores sound financial management and a low-risk profile. This financial stability, combined with a clear mission, positions Richards Free Library as a well-managed and impactful community resource.
Transparency is high given the consistent filing of IRS Form 990s over 14 periods and the clear financial data provided. The lack of reported liabilities and officer compensation simplifies financial analysis and indicates a straightforward operational structure. The organization's consistent asset growth, from $2,260,412 in 2014 to $2,980,606 in 2023, reflects prudent financial stewardship and a focus on long-term sustainability.