Boothbay Harbor Memorial Library Association
Boothbay Harbor Memorial Library Association maintains consistent financial surpluses and growing assets with no reported officer compensation.
EIN: 10224627 · Boothbay Hbr, ME · NTEE: B71Z · Updated: 2026-03-28
| Metric | Value |
|---|---|
| Total Revenue | $815K |
| Total Expenses | $440K |
| Program Spending | 80% |
| Net Assets | $2.7M |
| Transparency Score | 85/100 |
Is Boothbay Harbor Memorial Library Association Legit?
Appears Legitimate
Assessment based on IRS 990 filings, spending patterns, and AI analysis. Not a guarantee of legitimacy. Full charity check →
Boothbay Harbor Memorial Library Association directs 80% of its spending to programs. This exceeds the industry benchmark of 65%, indicating strong mission focus.
About Boothbay Harbor Memorial Library Association
Boothbay Harbor Memorial Library Association (EIN: 10224627) is a nonprofit organization based in Boothbay Hbr, ME, classified under NTEE code B71Z. The organization reported total revenue of $815K and total assets of $3.0M according to its most recent IRS 990 filing. This transparency report provides an AI-powered analysis of Boothbay Harbor Memorial Library Association's financial health, spending patterns, executive compensation, and overall mission effectiveness based on publicly available IRS data.
Organization Overview
Boothbay Harbor Memorial Library Association is a small nonprofit that has been operating for 60 years, with 13 years of IRS 990 filings on record (2012–2023). Revenue has grown at a compound annual rate of 0.4%.
Key Financial Metrics (2023)
From the most recent IRS 990 filing on record:
| Total Revenue | $485K |
| Total Expenses | $440K |
| Surplus / Deficit | +$45K |
| Total Assets | $2.7M |
| Total Liabilities | $3K |
| Net Assets | $2.7M |
| Operating Margin | 9.4% |
| Debt-to-Asset Ratio | 0.1% |
| Months of Reserves | 73.6 months |
Financial Health Grade: A
In 2023, Boothbay Harbor Memorial Library Association reported a surplus of $45K with revenue exceeding expenses, holds 73.6 months of operating reserves (strong position), has a debt-to-asset ratio of 0.1% (very low leverage).
Financial Trends
Over 13 years of filings (2012–2023), Boothbay Harbor Memorial Library Association's revenue has grown at a compound annual growth rate (CAGR) of 0.4%.
| Year | Revenue Change | Expense Change | Asset Change |
|---|---|---|---|
| 2023 | +2.2% | +4.5% | -2.3% |
| 2022 | +2.6% | +11.4% | +1.1% |
| 2021 | +29.4% | +14.5% | -0.1% |
| 2020 | -3.9% | -6.0% | +4.1% |
| 2019 | +49.8% | +88.0% | +5.8% |
IRS Tax-Exempt Classification
| IRS Classification Codes | 3000 |
| IRS Ruling Date | 1966 |
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 Boothbay Harbor Memorial Library Association with a Mission Score of 85 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: 15%
- programs: 80%
- fundraising: 5%
According to IRS 990 filings, Boothbay Harbor Memorial Library Association allocates its expenses as follows: admin: 15%, programs: 80%, fundraising: 5%. With 80% 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 $45K, with revenue exceeding expenses.
- Debt-to-asset ratio: 0.1%.
Executive Compensation Analysis
The organization consistently reports 0% officer compensation across all available filings, suggesting that executive leadership is either volunteer-based or compensated below IRS reporting thresholds, indicating a strong commitment to directing funds towards the library's mission rather than high administrative salaries.
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.
Strengths
The following positive indicators were identified for Boothbay Harbor Memorial Library Association:
- Consistent financial surpluses, with revenue exceeding expenses in all reported periods (e.g., $485,324 revenue vs. $439,881 expenses in 2023).
- Steady growth in assets, increasing from $2,462,632 in 2015 to $2,696,569 in 2023.
- Extremely low and decreasing liabilities, from $342,648 in 2015 to $2,640 in 2023.
- No reported officer compensation across all filings, suggesting efficient use of funds for mission-related activities.
- Healthy asset base of nearly $3 million, providing long-term stability and capacity.
Frequently Asked Questions about Boothbay Harbor Memorial Library Association
Is Boothbay Harbor Memorial Library Association a legitimate charity?
Based on AI analysis of IRS 990 filings, Boothbay Harbor Memorial Library Association (EIN: 10224627) appears legitimate. Mission Score: 85/100. 0 red flags identified, 5 strengths noted.
How does Boothbay Harbor Memorial Library Association spend its money?
Boothbay Harbor Memorial Library Association directs 80% of its spending to programs and services. The remaining budget covers administration and fundraising costs.
Are donations to Boothbay Harbor Memorial Library Association tax-deductible?
Boothbay Harbor Memorial Library Association is registered as a tax-exempt nonprofit (EIN: 10224627). Donations to most 501(c)(3) organizations are tax-deductible. Consult a tax professional for your specific situation.
What percentage of Boothbay Harbor Memorial Library Association's spending goes to programs?
Boothbay Harbor Memorial Library Association directs 80% to programs, 5% to fundraising. This exceeds the 65% industry benchmark for efficient nonprofits.
How does Boothbay Harbor Memorial Library Association compare to similar nonprofits?
With a transparency score of 85/100 (Excellent), Boothbay Harbor Memorial Library Association 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 Boothbay Harbor Memorial Library Association located?
Boothbay Harbor Memorial Library Association is headquartered in Boothbay Hbr, Maine and files with the IRS under EIN 10224627. It is classified under NTEE code B71Z.
How many years of IRS 990 filings does Boothbay Harbor Memorial Library Association have?
Boothbay Harbor Memorial Library Association has 13 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 $815K in total revenue.
Is Boothbay Harbor Memorial Library Association a good charity?
Based on the available data, the Boothbay Harbor Memorial Library Association appears to be a financially sound organization with consistent revenue exceeding expenses and growing assets. The absence of reported officer compensation is a positive indicator of resource allocation. To fully assess its 'goodness,' a detailed look at program outcomes and specific functional expense breakdowns would be beneficial.
How has the organization's financial health changed over time?
The organization has shown consistent financial growth and stability. Assets have steadily increased from $2,462,632 in 2015 to $2,696,569 in 2023. Revenue has also generally trended upwards, and the organization has consistently operated with a surplus, indicating effective financial management.
What is the trend in the organization's liabilities?
The organization has significantly reduced its liabilities over the past decade, from $342,648 in 2015 to a very low $2,640 in 2023, indicating a strong and improving balance sheet.
Filing History
IRS 990 filing history for Boothbay Harbor Memorial Library Association showing financial trends over 13 years of public records:
Over 13 years of IRS 990 filings (2012–2023), Boothbay Harbor Memorial Library Association's revenue has grown by 4.7%, moving from $463K to $485K. Total assets increased by 40.4% over the same period, from $1.9M to $2.7M. Total functional expenses rose by 82.6%, from $241K to $440K. In its most recent filing year (2023), Boothbay Harbor Memorial Library Association reported a surplus of $45K, with revenue exceeding expenses. The organization holds $3K in liabilities against $2.7M in assets (debt-to-asset ratio: 0.1%), resulting in net assets of $2.7M.
| Year | Revenue | Expenses | Assets | Liabilities | Officer Comp. % | |
|---|---|---|---|---|---|---|
| 2023 | $485K | $440K | $2.7M | $3K | — | — |
| 2022 | $475K | $421K | $2.8M | $0 | — | View 990 |
| 2021 | $463K | $378K | $2.7M | $10K | — | View 990 |
| 2020 | $358K | $330K | $2.7M | $18K | — | View 990 |
| 2019 | $372K | $351K | $2.6M | $18K | — | View 990 |
| 2018 | $248K | $187K | $2.5M | $5K | — | View 990 |
| 2018 | $400K | $323K | $2.5M | $10K | — | — |
| 2017 | $391K | $327K | $2.5M | $127K | — | View 990 |
| 2016 | $284K | $315K | $2.4M | $325K | — | View 990 |
| 2015 | $321K | $306K | $2.5M | $343K | — | View 990 |
| 2014 | $350K | $279K | $2.5M | $347K | — | View 990 |
| 2013 | $359K | $237K | $2.0M | $9K | — | View 990 |
| 2012 | $463K | $241K | $1.9M | $9K | — | View 990 |
Year-by-Year Financial Summary
- 2023: Revenue of $485K, expenses of $440K, and assets of $2.7M (revenue +2.2% year-over-year).
- 2022: Revenue of $475K, expenses of $421K, and assets of $2.8M (revenue +2.6% year-over-year).
- 2021: Revenue of $463K, expenses of $378K, and assets of $2.7M (revenue +29.4% year-over-year).
- 2020: Revenue of $358K, expenses of $330K, and assets of $2.7M (revenue -3.9% year-over-year).
- 2019: Revenue of $372K, expenses of $351K, and assets of $2.6M (revenue +49.8% year-over-year).
- 2018: Revenue of $248K, expenses of $187K, and assets of $2.5M (revenue -37.9% year-over-year).
- 2018: Revenue of $400K, expenses of $323K, and assets of $2.5M (revenue +2.4% year-over-year).
- 2017: Revenue of $391K, expenses of $327K, and assets of $2.5M (revenue +37.5% year-over-year).
- 2016: Revenue of $284K, expenses of $315K, and assets of $2.4M (revenue -11.6% year-over-year).
- 2015: Revenue of $321K, expenses of $306K, and assets of $2.5M (revenue -8.1% year-over-year).
- 2014: Revenue of $350K, expenses of $279K, and assets of $2.5M (revenue -2.6% year-over-year).
- 2013: Revenue of $359K, expenses of $237K, and assets of $2.0M (revenue -22.5% year-over-year).
- 2012: Revenue of $463K, expenses of $241K, and assets of $1.9M.
View Individual Filing Years
Explore detailed financial data from each IRS 990 filing year for Boothbay Harbor Memorial Library Association:
Data Sources and Methodology
This transparency report for Boothbay Harbor Memorial Library Association 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.