Charlotte Hobbs Memorial Library
Charlotte Hobbs Memorial Library shows strong asset growth and volunteer leadership with a recent revenue surge.
EIN: 16021794 · Lovell, ME · NTEE: B70 · Updated: 2026-03-28
| Metric | Value |
|---|---|
| Total Revenue | $337K |
| Total Expenses | $129K |
| Program Spending | 90% |
| Net Assets | $1.2M |
| Transparency Score | 92/100 |
Is Charlotte Hobbs Memorial Library Legit?
Appears Legitimate
Assessment based on IRS 990 filings, spending patterns, and AI analysis. Not a guarantee of legitimacy. Full charity check →
Charlotte Hobbs Memorial Library directs 90% of its spending to programs. This exceeds the industry benchmark of 65%, indicating strong mission focus.
About Charlotte Hobbs Memorial Library
Charlotte Hobbs Memorial Library (EIN: 16021794) is a nonprofit organization based in Lovell, ME, classified under NTEE code B70. The organization reported total revenue of $337K and total assets of $1.5M according to its most recent IRS 990 filing. This transparency report provides an AI-powered analysis of Charlotte Hobbs Memorial Library's financial health, spending patterns, executive compensation, and overall mission effectiveness based on publicly available IRS data.
Organization Overview
Charlotte Hobbs Memorial Library is a small nonprofit that has been operating for 1 years, with 11 years of IRS 990 filings on record (2010–2020). Revenue has grown at a compound annual rate of 1.7%.
Key Financial Metrics (2020)
From the most recent IRS 990 filing on record:
| Total Revenue | $172K |
| Total Expenses | $129K |
| Surplus / Deficit | +$43K |
| Total Assets | $1.2M |
| Net Assets | $1.2M |
| Operating Margin | 24.9% |
| Months of Reserves | 108.5 months |
Financial Health Grade: A
In 2020, Charlotte Hobbs Memorial Library reported a surplus of $43K with revenue exceeding expenses, holds 108.5 months of operating reserves (strong position).
Financial Trends
Over 11 years of filings (2010–2020), Charlotte Hobbs Memorial Library's revenue has grown at a compound annual growth rate (CAGR) of 1.7%.
| Year | Revenue Change | Expense Change | Asset Change |
|---|---|---|---|
| 2020 | +4.1% | -24.3% | +3.8% |
| 2019 | +12.3% | -10.4% | -0.9% |
| 2018 | -10.4% | +22.2% | -3.3% |
| 2017 | -0.1% | -1.7% | +0.7% |
| 2016 | -2.2% | +9.3% | +0.1% |
IRS Tax-Exempt Classification
| IRS Classification Codes | 1230 |
| IRS Ruling Date | 2025 |
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 Charlotte Hobbs Memorial 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: 8%
- programs: 90%
- fundraising: 2%
According to IRS 990 filings, Charlotte Hobbs Memorial Library allocates its expenses as follows: admin: 8%, programs: 90%, fundraising: 2%. With 90% directed toward programs, this reflects a strong commitment to its charitable mission.
Key Financial Metrics (2020)
From the most recent IRS 990 filing on record:
- The organization reported a surplus of $43K, with revenue exceeding expenses.
Executive Compensation Analysis
Executive compensation is consistently reported at 0% across all available filings, indicating that the organization is managed by a volunteer board and does not pay its officers, which is highly commendable 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.
Strengths
The following positive indicators were identified for Charlotte Hobbs Memorial Library:
- Consistent asset growth, from $1,127,724 in 2011 to $1,463,838 currently.
- Zero officer compensation reported across all filings, indicating volunteer leadership and high efficiency.
- Very low to zero liabilities consistently maintained over the years.
- Significant revenue increase in the latest period ($337,045), suggesting strong donor support or successful fundraising.
- Stable financial operations with expenses generally well-managed relative to revenue over the long term.
Frequently Asked Questions about Charlotte Hobbs Memorial Library
Is Charlotte Hobbs Memorial Library a legitimate charity?
Based on AI analysis of IRS 990 filings, Charlotte Hobbs Memorial Library (EIN: 16021794) appears legitimate. Mission Score: 92/100. 0 red flags identified, 5 strengths noted.
How does Charlotte Hobbs Memorial Library spend its money?
Charlotte Hobbs Memorial Library directs 90% of its spending to programs and services. The remaining budget covers administration and fundraising costs.
Are donations to Charlotte Hobbs Memorial Library tax-deductible?
Charlotte Hobbs Memorial Library is registered as a tax-exempt nonprofit (EIN: 16021794). Donations to most 501(c)(3) organizations are tax-deductible. Consult a tax professional for your specific situation.
What percentage of Charlotte Hobbs Memorial Library's spending goes to programs?
Charlotte Hobbs Memorial Library directs 90% to programs, 2% to fundraising. This exceeds the 65% industry benchmark for efficient nonprofits.
How does Charlotte Hobbs Memorial Library compare to similar nonprofits?
With a transparency score of 92/100 (Excellent), Charlotte Hobbs Memorial Library is above average for NTEE category B70 nonprofits. The score reflects financial transparency, program spending efficiency, and governance quality based on IRS 990 data.
Where is Charlotte Hobbs Memorial Library located?
Charlotte Hobbs Memorial Library is headquartered in Lovell, Maine and files with the IRS under EIN 16021794. It is classified under NTEE code B70.
How many years of IRS 990 filings does Charlotte Hobbs Memorial Library have?
Charlotte Hobbs Memorial Library has 11 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 $337K in total revenue.
What caused the significant increase in revenue from approximately $170,000 in 2020 to $337,045 currently?
The provided data does not specify the source of the recent revenue surge, but it could be due to a successful fundraising campaign, a large grant, or a significant donation.
How does the library ensure long-term sustainability given its reliance on volunteer leadership?
While volunteer leadership is a strength, the organization would need robust succession planning and clear operational procedures to ensure continuity and sustainability.
What are the specific program services offered by the Charlotte Hobbs Memorial Library?
As a library (NTEE Code B70), its programs likely include book lending, community events, educational workshops, and access to resources, though specific details are not in the provided financial data.
Filing History
IRS 990 filing history for Charlotte Hobbs Memorial Library showing financial trends over 11 years of public records:
Over 11 years of IRS 990 filings (2010–2020), Charlotte Hobbs Memorial Library's revenue has grown by 18.2%, moving from $146K to $172K. Total assets increased by 2% over the same period, from $1.1M to $1.2M. Total functional expenses rose by 16%, from $111K to $129K. In its most recent filing year (2020), Charlotte Hobbs Memorial Library reported a surplus of $43K, with revenue exceeding expenses.
| Year | Revenue | Expenses | Assets | Liabilities | Officer Comp. % | |
|---|---|---|---|---|---|---|
| 2020 | $172K | $129K | $1.2M | $0 | — | — |
| 2019 | $165K | $171K | $1.1M | $0 | — | View 990 |
| 2018 | $147K | $191K | $1.1M | $5K | — | View 990 |
| 2017 | $164K | $156K | $1.2M | $0 | — | View 990 |
| 2016 | $165K | $159K | $1.2M | $0 | — | View 990 |
| 2015 | $168K | $145K | $1.2M | $4K | — | View 990 |
| 2014 | $126K | $136K | $1.1M | $5K | — | View 990 |
| 2013 | $175K | $136K | $1.2M | $5K | — | View 990 |
| 2012 | $125K | $139K | $1.1M | $7K | — | View 990 |
| 2011 | $113K | $129K | $1.1M | $5K | — | View 990 |
| 2010 | $146K | $111K | $1.1M | $8K | — | View 990 |
Year-by-Year Financial Summary
- 2020: Revenue of $172K, expenses of $129K, and assets of $1.2M (revenue +4.1% year-over-year).
- 2019: Revenue of $165K, expenses of $171K, and assets of $1.1M (revenue +12.3% year-over-year).
- 2018: Revenue of $147K, expenses of $191K, and assets of $1.1M (revenue -10.4% year-over-year).
- 2017: Revenue of $164K, expenses of $156K, and assets of $1.2M (revenue -0.1% year-over-year).
- 2016: Revenue of $165K, expenses of $159K, and assets of $1.2M (revenue -2.2% year-over-year).
- 2015: Revenue of $168K, expenses of $145K, and assets of $1.2M (revenue +33.2% year-over-year).
- 2014: Revenue of $126K, expenses of $136K, and assets of $1.1M (revenue -27.6% year-over-year).
- 2013: Revenue of $175K, expenses of $136K, and assets of $1.2M (revenue +39.5% year-over-year).
- 2012: Revenue of $125K, expenses of $139K, and assets of $1.1M (revenue +10.9% year-over-year).
- 2011: Revenue of $113K, expenses of $129K, and assets of $1.1M (revenue -22.6% year-over-year).
- 2010: Revenue of $146K, expenses of $111K, and assets of $1.1M.
View Individual Filing Years
Explore detailed financial data from each IRS 990 filing year for Charlotte Hobbs Memorial Library:
Data Sources and Methodology
This transparency report for Charlotte Hobbs Memorial 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.