Is Stonington Public Library Legit?

Stonington Public Library demonstrates consistent financial growth and strong program focus. Over the past seven years, its revenue has generally trended upwards, from $114,622 in 2017 to $102,079 in 2023 (with a peak of $128,780 in the latest available data), indicating stable community support. The organization's assets have also steadily increased, from $201,148 in 2017 to $324,151 in 2023, suggesting sound financial management and accumulation of resources. Liabilities remain very low, consistently under $1,000, which is a positive indicator of fiscal responsibility. The library's spending efficiency appears high, with expenses consistently lower than revenue, allowing for asset growth. For instance, in 2023, expenses were $87,842 against $102,079 in revenue. The absence of officer compensation reported across all filings is a significant strength, implying that leadership is volunteer-based or compensated through other means not classified as officer compensation, which maximizes funds available for programs. This commitment to minimizing administrative overhead contributes to a high degree of financial transparency and efficiency.