Belfast Free Library
Belfast Free Library maintains strong asset growth and zero officer compensation, despite fluctuating annual revenues.
EIN: 10351143 · Belfast, ME · NTEE: B71Z · Updated: 2026-03-28
| Metric | Value |
|---|---|
| Total Revenue | $351K |
| Total Expenses | $197K |
| Program Spending | 90% |
| Net Assets | $2.1M |
| Transparency Score | 92/100 |
Is Belfast Free Library Legit?
Some Concerns
Assessment based on IRS 990 filings, spending patterns, and AI analysis. Not a guarantee of legitimacy. Full charity check →
Belfast Free Library directs 90% of its spending to programs. This exceeds the industry benchmark of 65%, indicating strong mission focus.
About Belfast Free Library
Belfast Free Library (EIN: 10351143) is a nonprofit organization based in Belfast, ME, classified under NTEE code B71Z. The organization reported total revenue of $351K and total assets of $2.1M according to its most recent IRS 990 filing. This transparency report provides an AI-powered analysis of Belfast Free Library's financial health, spending patterns, executive compensation, and overall mission effectiveness based on publicly available IRS data.
Organization Overview
Belfast Free Library is a small nonprofit that has been operating for 35 years, with 12 years of IRS 990 filings on record (2012–2023). Revenue has grown at a compound annual rate of 9.1%.
Key Financial Metrics (2023)
From the most recent IRS 990 filing on record:
| Total Revenue | $327K |
| Total Expenses | $197K |
| Surplus / Deficit | +$129K |
| Total Assets | $2.1M |
| Total Liabilities | $16K |
| Net Assets | $2.1M |
| Operating Margin | 39.6% |
| Debt-to-Asset Ratio | 0.8% |
| Months of Reserves | 125.9 months |
Financial Health Grade: A
In 2023, Belfast Free Library reported a surplus of $129K with revenue exceeding expenses, holds 125.9 months of operating reserves (strong position), has a debt-to-asset ratio of 0.8% (very low leverage).
Financial Trends
Over 12 years of filings (2012–2023), Belfast Free Library's revenue has grown at a compound annual growth rate (CAGR) of 9.1%.
| Year | Revenue Change | Expense Change | Asset Change |
|---|---|---|---|
| 2023 | +464.0% | -14.8% | +7.6% |
| 2022 | -78.6% | +62.7% | -9.8% |
| 2021 | +180.7% | -10.8% | +35.6% |
| 2020 | -19.6% | +7.0% | -4.4% |
| 2019 | -27.1% | +1.2% | +1.5% |
IRS Tax-Exempt Classification
| IRS Classification Codes | 1200 |
| IRS Ruling Date | 1991 |
Classification data from ProPublica Nonprofit Explorer. Additional BMF data may be available after enrichment.
AI Transparency Report
Mission Effectiveness Score
NonprofitSpending's AI analysis rates Belfast Free Library with a Mission Score of 92 out of 100 (Excellent). This score reflects the organization's overall financial transparency, program spending efficiency, and governance indicators derived from IRS 990 public filings.
Spending Breakdown
- admin: 10%
- programs: 90%
- fundraising: 0%
According to IRS 990 filings, Belfast Free Library allocates its expenses as follows: admin: 10%, programs: 90%, fundraising: 0%. With 90% directed toward programs, this reflects a strong commitment to its charitable mission.
Key Financial Metrics (2023)
From the most recent IRS 990 filing on record:
- The organization reported a surplus of $129K, with revenue exceeding expenses.
- Debt-to-asset ratio: 0.8%.
Executive Compensation Analysis
Executive compensation is reported as 0% across all available filings, indicating that the organization's leadership is entirely volunteer-based or compensated through other means not classified as officer compensation, which is highly efficient for a nonprofit of its size.
Executive compensation data is sourced from IRS 990 filings, which require nonprofits to disclose the compensation of officers, directors, trustees, and key employees. NonprofitSpending analyzes this data relative to the organization's total revenue and sector benchmarks to assess whether executive pay is reasonable.
Red Flags
The following concerns were identified during AI analysis of Belfast Free Library's IRS 990 filings:
- Significant year-to-year revenue fluctuations, potentially indicating reliance on unpredictable funding sources.
Strengths
The following positive indicators were identified for Belfast Free Library:
- Consistent asset growth, indicating strong financial management and long-term stability.
- Zero officer compensation reported across all filings, demonstrating high efficiency and volunteer commitment.
- Low liabilities relative to assets, reflecting sound financial health.
- Expenses consistently well below revenue in most years, allowing for asset accumulation.
- Strong program focus implied by low administrative overhead and mission as a public library.
Frequently Asked Questions about Belfast Free Library
Is Belfast Free Library a legitimate charity?
Based on AI analysis of IRS 990 filings, Belfast Free Library (EIN: 10351143) some concerns. Mission Score: 92/100. 1 red flag identified, 5 strengths noted.
How does Belfast Free Library spend its money?
Belfast Free Library directs 90% of its spending to programs and services. The remaining budget covers administration and fundraising costs.
Are donations to Belfast Free Library tax-deductible?
Belfast Free Library is registered as a tax-exempt nonprofit (EIN: 10351143). Donations to most 501(c)(3) organizations are tax-deductible. Consult a tax professional for your specific situation.
How does Belfast Free Library compare to similar nonprofits?
With a transparency score of 92/100 (Excellent), Belfast Free Library is above average for NTEE category B71Z nonprofits. The score reflects financial transparency, program spending efficiency, and governance quality based on IRS 990 data.
Where is Belfast Free Library located?
Belfast Free Library is headquartered in Belfast, Maine and files with the IRS under EIN 10351143. It is classified under NTEE code B71Z.
How many years of IRS 990 filings does Belfast Free Library have?
Belfast Free Library has 12 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 $351K in total revenue.
Is Belfast Free Library a good charity?
Based on the available data, Belfast Free Library appears to be a very good charity. It demonstrates strong financial health with growing assets, very low liabilities, and a consistent record of 0% officer compensation, indicating efficient use of funds and a strong commitment to its mission.
How has the library's financial stability changed over time?
The library's financial stability has significantly improved over time. Assets have grown from $1,241,804 in 2014 to $2,128,840 currently, while liabilities have remained very low, indicating a robust and growing financial foundation.
What is the trend in the library's revenue?
Revenue has shown significant fluctuation, ranging from a low of $57,919 in 2022 to a high of $330,095 in 2016 and $326,637 in 2023. This suggests a reliance on varied funding sources that can lead to year-to-year variability rather than a consistent upward or downward trend.
Does the library spend efficiently?
Yes, the library appears to spend very efficiently. Expenses have generally been well below revenue, contributing to asset growth, and the consistent reporting of 0% officer compensation is a strong indicator of efficient administrative spending.
Filing History
IRS 990 filing history for Belfast Free Library showing financial trends over 12 years of public records:
Over 12 years of IRS 990 filings (2012–2023), Belfast Free Library's revenue has grown by 161.4%, moving from $125K to $327K. Total assets increased by 92.6% over the same period, from $1.1M to $2.1M. Total functional expenses rose by 132.5%, from $85K to $197K. In its most recent filing year (2023), Belfast Free Library reported a surplus of $129K, with revenue exceeding expenses. The organization holds $16K in liabilities against $2.1M in assets (debt-to-asset ratio: 0.8%), resulting in net assets of $2.1M.
| Year | Revenue | Expenses | Assets | Liabilities | Officer Comp. % | |
|---|---|---|---|---|---|---|
| 2023 | $327K | $197K | $2.1M | $16K | — | View 990 |
| 2022 | $58K | $231K | $1.9M | $8K | — | View 990 |
| 2021 | $270K | $142K | $2.1M | $12K | — | View 990 |
| 2020 | $96K | $159K | $1.6M | $3K | — | View 990 |
| 2019 | $120K | $149K | $1.6M | $24K | — | View 990 |
| 2018 | $164K | $147K | $1.6M | $4K | — | View 990 |
| 2017 | $162K | $140K | $1.6M | $1K | — | View 990 |
| 2016 | $330K | $125K | $1.4M | $8K | — | View 990 |
| 2015 | $225K | $102K | $1.3M | $3K | — | View 990 |
| 2014 | $149K | $123K | $1.2M | $5K | — | View 990 |
| 2013 | $116K | $96K | $1.1M | $5K | — | View 990 |
| 2012 | $125K | $85K | $1.1M | $1K | — | View 990 |
Year-by-Year Financial Summary
- 2023: Revenue of $327K, expenses of $197K, and assets of $2.1M (revenue +464.0% year-over-year).
- 2022: Revenue of $58K, expenses of $231K, and assets of $1.9M (revenue -78.6% year-over-year).
- 2021: Revenue of $270K, expenses of $142K, and assets of $2.1M (revenue +180.7% year-over-year).
- 2020: Revenue of $96K, expenses of $159K, and assets of $1.6M (revenue -19.6% year-over-year).
- 2019: Revenue of $120K, expenses of $149K, and assets of $1.6M (revenue -27.1% year-over-year).
- 2018: Revenue of $164K, expenses of $147K, and assets of $1.6M (revenue +1.6% year-over-year).
- 2017: Revenue of $162K, expenses of $140K, and assets of $1.6M (revenue -51.0% year-over-year).
- 2016: Revenue of $330K, expenses of $125K, and assets of $1.4M (revenue +46.7% year-over-year).
- 2015: Revenue of $225K, expenses of $102K, and assets of $1.3M (revenue +50.6% year-over-year).
- 2014: Revenue of $149K, expenses of $123K, and assets of $1.2M (revenue +28.5% year-over-year).
- 2013: Revenue of $116K, expenses of $96K, and assets of $1.1M (revenue -6.9% year-over-year).
- 2012: Revenue of $125K, expenses of $85K, and assets of $1.1M.
View Individual Filing Years
Explore detailed financial data from each IRS 990 filing year for Belfast Free Library:
Data Sources and Methodology
This transparency report for Belfast Free 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.