Albemarle Regional Library
EIN: 566001883 · Winton, NC · NTEE: B70
| Metric | Value |
|---|---|
| Total Revenue | $1.3M |
| Total Expenses | $1.5M |
| Net Assets | $2.1M |
Is Albemarle Regional Library Legit?
Insufficient Data
Assessment based on IRS 990 filings, spending patterns, and AI analysis. Not a guarantee of legitimacy. Full charity check →
About Albemarle Regional Library
Albemarle Regional Library (EIN: 566001883) is a nonprofit organization based in Winton, NC, classified under NTEE code B70. The organization reported total revenue of $1.3M and total assets of $2.4M according to its most recent IRS 990 filing. This transparency report provides an AI-powered analysis of Albemarle Regional Library's financial health, spending patterns, executive compensation, and overall mission effectiveness based on publicly available IRS data.
Organization Overview
Albemarle Regional Library is a mid-size nonprofit that has been operating for 10 years, with 9 years of IRS 990 filings on record (2013–2023). Revenue has grown at a compound annual rate of 1.8%.
Key Financial Metrics (2023)
From the most recent IRS 990 filing on record:
| Total Revenue | $1.5M |
| Total Expenses | $1.5M |
| Surplus / Deficit | $-32,872 |
| Total Assets | $2.5M |
| Total Liabilities | $397K |
| Net Assets | $2.1M |
| Operating Margin | -2.2% |
| Debt-to-Asset Ratio | 15.6% |
| Months of Reserves | 20.2 months |
Financial Health Grade: B
In 2023, Albemarle Regional Library reported a deficit of $33K with expenses exceeding revenue, holds 20.2 months of operating reserves (strong position), has a debt-to-asset ratio of 15.6% (very low leverage).
Financial Trends
Over 9 years of filings (2013–2023), Albemarle Regional Library's revenue has grown at a compound annual growth rate (CAGR) of 1.8%.
| Year | Revenue Change | Expense Change | Asset Change |
|---|---|---|---|
| 2023 | +19.6% | +34.8% | +7.9% |
| 2022 | -0.7% | -14.5% | -0.2% |
| 2021 | +2.5% | -2.9% | -0.8% |
| 2020 | -11.0% | +4.1% | -4.5% |
| 2019 | -11.4% | -4.2% | +6.0% |
IRS Tax-Exempt Classification
| IRS Classification Codes | 1000 |
| IRS Ruling Date | 2016 |
Classification data from ProPublica Nonprofit Explorer. Additional BMF data may be available after enrichment.
AI Analysis Pending
AI enrichment for Albemarle Regional Library has not yet been completed. Basic IRS 990 data is shown below. Check back later for a full transparency report including a Mission Score, spending breakdown, executive compensation analysis, and red flags assessment.
Mission Effectiveness Score
NonprofitSpending's AI analysis rates Albemarle Regional Library with a Mission Score of 0 out of 100 (Very Poor). This score reflects the organization's overall financial transparency, program spending efficiency, and governance indicators derived from IRS 990 public filings.
Key Financial Metrics (2023)
From the most recent IRS 990 filing on record:
- The organization reported a deficit of $33K, with expenses exceeding revenue.
- Debt-to-asset ratio: 15.6%.
Frequently Asked Questions about Albemarle Regional Library
Is Albemarle Regional Library a legitimate charity?
Albemarle Regional Library (EIN: 566001883) is a registered tax-exempt nonprofit based in North Carolina. It has 9 years of IRS 990 filings on record. Total revenue: $1.3M. No red flags identified. Financial health grade: B.
How does Albemarle Regional Library spend its money?
Albemarle Regional Library reported $1.3M in total revenue in IRS 990 filings. 9 years of filing data available. Expenses exceeded revenue in the most recent year. Review the full spending breakdown on NonprofitSpending.
Are donations to Albemarle Regional Library tax-deductible?
Albemarle Regional Library is registered as a tax-exempt nonprofit (EIN: 566001883). Donations to most 501(c)(3) organizations are tax-deductible. Consult a tax professional for your specific situation.
Where is Albemarle Regional Library located?
Albemarle Regional Library is headquartered in Winton, North Carolina and files with the IRS under EIN 566001883. It is classified under NTEE code B70.
How many years of IRS 990 filings does Albemarle Regional Library have?
Albemarle Regional Library has 9 years of IRS 990 filings on record at NonprofitSpending. This extensive filing history provides a strong basis for evaluating long-term financial trends. The most recent filing shows $1.3M in total revenue.
Filing History
IRS 990 filing history for Albemarle Regional Library showing financial trends over 9 years of public records:
Over 9 years of IRS 990 filings (2013–2023), Albemarle Regional Library's revenue has grown by 19.4%, moving from $1.2M to $1.5M. Total assets increased by 17.3% over the same period, from $2.2M to $2.5M. Total functional expenses rose by 22.3%, from $1.2M to $1.5M. In its most recent filing year (2023), Albemarle Regional Library reported a deficit of $33K, with expenses exceeding revenue. The organization holds $397K in liabilities against $2.5M in assets (debt-to-asset ratio: 15.6%), resulting in net assets of $2.1M.
| Year | Revenue | Expenses | Assets | Liabilities | Officer Comp. % | |
|---|---|---|---|---|---|---|
| 2023 | $1.5M | $1.5M | $2.5M | $397K | — | — |
| 2022 | $1.2M | $1.1M | $2.4M | $130K | — | View 990 |
| 2021 | $1.2M | $1.3M | $2.4M | $259K | — | View 990 |
| 2020 | $1.2M | $1.4M | $2.4M | $212K | — | View 990 |
| 2019 | $1.4M | $1.3M | $2.5M | $188K | — | View 990 |
| 2018 | $1.5M | $1.4M | $2.4M | $113K | — | View 990 |
| 2017 | $1.3M | $1.4M | $2.2M | $154K | — | View 990 |
| 2016 | $1.3M | $1.3M | $2.2M | $61K | — | View 990 |
| 2013 | $1.2M | $1.2M | $2.2M | $62K | — | View 990 |
Year-by-Year Financial Summary
- 2023: Revenue of $1.5M, expenses of $1.5M, and assets of $2.5M (revenue +19.6% year-over-year).
- 2022: Revenue of $1.2M, expenses of $1.1M, and assets of $2.4M (revenue -0.7% year-over-year).
- 2021: Revenue of $1.2M, expenses of $1.3M, and assets of $2.4M (revenue +2.5% year-over-year).
- 2020: Revenue of $1.2M, expenses of $1.4M, and assets of $2.4M (revenue -11.0% year-over-year).
- 2019: Revenue of $1.4M, expenses of $1.3M, and assets of $2.5M (revenue -11.4% year-over-year).
- 2018: Revenue of $1.5M, expenses of $1.4M, and assets of $2.4M (revenue +20.0% year-over-year).
- 2017: Revenue of $1.3M, expenses of $1.4M, and assets of $2.2M (revenue +1.9% year-over-year).
- 2016: Revenue of $1.3M, expenses of $1.3M, and assets of $2.2M (revenue +1.6% year-over-year).
- 2013: Revenue of $1.2M, expenses of $1.2M, and assets of $2.2M.
View Individual Filing Years
Explore detailed financial data from each IRS 990 filing year for Albemarle Regional Library:
Data Sources and Methodology
This transparency report for Albemarle Regional Library is generated by NonprofitSpending's AI analysis engine. The data is sourced from publicly available IRS 990 filings accessed through the ProPublica Nonprofit Explorer API and IRS electronic filing records. The Mission Score, spending breakdown, and other analytical insights are produced by artificial intelligence and should be used as one of multiple factors when evaluating a nonprofit organization.
IRS 990 forms are annual information returns that most tax-exempt organizations must file with the IRS. These forms provide detailed financial information including revenue, expenses, assets, liabilities, and compensation of officers. NonprofitSpending processes this data to provide accessible transparency reports for donors, researchers, and the general public.
Disclaimer
AI-generated analysis based on IRS public records. Not financial or legal advice. Verify information directly with the organization.