Friend Memorial Public Library Inc
Friend Memorial Public Library Inc shows consistent asset growth and zero officer compensation over the past decade.
EIN: 10224532 · Brooklin, ME · NTEE: B700 · Updated: 2026-03-28
| Metric | Value |
|---|---|
| Total Revenue | $1.7M |
| Total Expenses | $319K |
| Program Spending | 85% |
| Net Assets | $3.2M |
| Transparency Score | 90/100 |
Is Friend Memorial Public Library Inc Legit?
Appears Legitimate
Assessment based on IRS 990 filings, spending patterns, and AI analysis. Not a guarantee of legitimacy. Full charity check →
Friend Memorial Public Library Inc directs 85% of its spending to programs. This exceeds the industry benchmark of 65%, indicating strong mission focus.
About Friend Memorial Public Library Inc
Friend Memorial Public Library Inc (EIN: 10224532) is a nonprofit organization based in Brooklin, ME, classified under NTEE code B700. The organization reported total revenue of $1.7M and total assets of $4.7M according to its most recent IRS 990 filing. This transparency report provides an AI-powered analysis of Friend Memorial Public Library Inc's financial health, spending patterns, executive compensation, and overall mission effectiveness based on publicly available IRS data.
Organization Overview
Friend Memorial Public Library Inc is a mid-size nonprofit that has been operating for 70 years, with 13 years of IRS 990 filings on record (2011–2023). Revenue has grown at a compound annual rate of 11.3%.
Key Financial Metrics (2023)
From the most recent IRS 990 filing on record:
| Total Revenue | $433K |
| Total Expenses | $319K |
| Surplus / Deficit | +$115K |
| Total Assets | $3.2M |
| Total Liabilities | $76K |
| Net Assets | $3.2M |
| Operating Margin | 26.4% |
| Debt-to-Asset Ratio | 2.3% |
| Months of Reserves | 122.2 months |
Financial Health Grade: A
In 2023, Friend Memorial Public Library Inc reported a surplus of $115K with revenue exceeding expenses, holds 122.2 months of operating reserves (strong position), has a debt-to-asset ratio of 2.3% (very low leverage).
Financial Trends
Over 13 years of filings (2011–2023), Friend Memorial Public Library Inc's revenue has grown at a compound annual growth rate (CAGR) of 11.3%.
| Year | Revenue Change | Expense Change | Asset Change |
|---|---|---|---|
| 2023 | +168.2% | +38.7% | +19.3% |
| 2022 | -43.8% | +25.1% | -16.4% |
| 2021 | -32.3% | +11.8% | +7.9% |
| 2020 | +160.6% | +5.8% | +12.6% |
| 2019 | -14.1% | +7.6% | +14.1% |
IRS Tax-Exempt Classification
| IRS Classification Codes | 3000 |
| IRS Ruling Date | 1956 |
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 Friend Memorial Public Library Inc with a Mission Score of 90 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: 85%
- fundraising: 5%
According to IRS 990 filings, Friend Memorial Public Library Inc allocates its expenses as follows: admin: 10%, programs: 85%, fundraising: 5%. With 85% 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 $115K, with revenue exceeding expenses.
- Debt-to-asset ratio: 2.3%.
Executive Compensation Analysis
The organization consistently reports 0% officer compensation across all available filings, indicating that no salaries are paid to 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 Friend Memorial Public Library Inc:
- Consistent asset growth, from $1.87M in 2014 to $3.24M in 2023.
- Zero officer compensation reported across all filings, indicating strong financial stewardship.
- Low liabilities relative to assets, suggesting sound financial management.
- Expenses generally well-controlled and often significantly lower than revenue, indicating efficiency.
Frequently Asked Questions about Friend Memorial Public Library Inc
Is Friend Memorial Public Library Inc a legitimate charity?
Based on AI analysis of IRS 990 filings, Friend Memorial Public Library Inc (EIN: 10224532) appears legitimate. Mission Score: 90/100. 0 red flags identified, 4 strengths noted.
How does Friend Memorial Public Library Inc spend its money?
Friend Memorial Public Library Inc directs 85% of its spending to programs and services. The remaining budget covers administration and fundraising costs.
Are donations to Friend Memorial Public Library Inc tax-deductible?
Friend Memorial Public Library Inc is registered as a tax-exempt nonprofit (EIN: 10224532). Donations to most 501(c)(3) organizations are tax-deductible. Consult a tax professional for your specific situation.
What percentage of Friend Memorial Public Library Inc's spending goes to programs?
Friend Memorial Public Library Inc directs 85% to programs, 5% to fundraising. This exceeds the 65% industry benchmark for efficient nonprofits.
How does Friend Memorial Public Library Inc compare to similar nonprofits?
With a transparency score of 90/100 (Excellent), Friend Memorial Public Library Inc is above average for NTEE category B700 nonprofits. The score reflects financial transparency, program spending efficiency, and governance quality based on IRS 990 data.
Where is Friend Memorial Public Library Inc located?
Friend Memorial Public Library Inc is headquartered in Brooklin, Maine and files with the IRS under EIN 10224532. It is classified under NTEE code B700.
How many years of IRS 990 filings does Friend Memorial Public Library Inc have?
Friend Memorial Public Library Inc 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 $1.7M in total revenue.
Is Friend Memorial Public Library Inc a good charity?
Based on its financial data, Friend Memorial Public Library Inc appears to be a well-managed and efficient charity. It consistently grows its assets, maintains low liabilities, and reports 0% officer compensation, indicating a strong commitment to its mission.
How has the organization's financial health changed over time?
The organization's assets have steadily grown from $1,869,629 in 2014 to $3,244,735 in 2023, indicating long-term financial stability and growth. Revenue has been variable, but expenses have generally been well-controlled.
What is the trend in revenue and expenses?
Revenue has fluctuated significantly, with highs like $433,136 in 2023 and $453,111 in 2015, and lows like $115,864 in 2016. Expenses have shown a more gradual increase, from $121,340 in 2014 to $318,633 in 2023, generally staying below revenue in most years.
Filing History
IRS 990 filing history for Friend Memorial Public Library Inc showing financial trends over 13 years of public records:
Over 13 years of IRS 990 filings (2011–2023), Friend Memorial Public Library Inc's revenue has grown by 262.8%, moving from $119K to $433K. Total assets increased by 116.2% over the same period, from $1.5M to $3.2M. Total functional expenses rose by 183.5%, from $112K to $319K. In its most recent filing year (2023), Friend Memorial Public Library Inc reported a surplus of $115K, with revenue exceeding expenses. The organization holds $76K in liabilities against $3.2M in assets (debt-to-asset ratio: 2.3%), resulting in net assets of $3.2M.
| Year | Revenue | Expenses | Assets | Liabilities | Officer Comp. % | |
|---|---|---|---|---|---|---|
| 2023 | $433K | $319K | $3.2M | $76K | — | — |
| 2022 | $162K | $230K | $2.7M | $4K | — | View 990 |
| 2021 | $287K | $184K | $3.3M | $251 | — | View 990 |
| 2020 | $424K | $164K | $3.0M | $338 | — | — |
| 2019 | $163K | $155K | $2.7M | $228 | — | View 990 |
| 2018 | $189K | $144K | $2.3M | $173 | — | View 990 |
| 2017 | $125K | $144K | $2.5M | $566 | — | View 990 |
| 2016 | $116K | $133K | $2.3M | $387 | — | View 990 |
| 2015 | $453K | $127K | $2.2M | $792 | — | View 990 |
| 2014 | $211K | $121K | $1.9M | $210 | — | View 990 |
| 2013 | $117K | $116K | $1.8M | $0 | — | View 990 |
| 2012 | $126K | $137K | $1.6M | $688 | — | View 990 |
| 2011 | $119K | $112K | $1.5M | $497 | — | View 990 |
Year-by-Year Financial Summary
- 2023: Revenue of $433K, expenses of $319K, and assets of $3.2M (revenue +168.2% year-over-year).
- 2022: Revenue of $162K, expenses of $230K, and assets of $2.7M (revenue -43.8% year-over-year).
- 2021: Revenue of $287K, expenses of $184K, and assets of $3.3M (revenue -32.3% year-over-year).
- 2020: Revenue of $424K, expenses of $164K, and assets of $3.0M (revenue +160.6% year-over-year).
- 2019: Revenue of $163K, expenses of $155K, and assets of $2.7M (revenue -14.1% year-over-year).
- 2018: Revenue of $189K, expenses of $144K, and assets of $2.3M (revenue +52.0% year-over-year).
- 2017: Revenue of $125K, expenses of $144K, and assets of $2.5M (revenue +7.5% year-over-year).
- 2016: Revenue of $116K, expenses of $133K, and assets of $2.3M (revenue -74.4% year-over-year).
- 2015: Revenue of $453K, expenses of $127K, and assets of $2.2M (revenue +115.2% year-over-year).
- 2014: Revenue of $211K, expenses of $121K, and assets of $1.9M (revenue +80.3% year-over-year).
- 2013: Revenue of $117K, expenses of $116K, and assets of $1.8M (revenue -7.0% year-over-year).
- 2012: Revenue of $126K, expenses of $137K, and assets of $1.6M (revenue +5.2% year-over-year).
- 2011: Revenue of $119K, expenses of $112K, and assets of $1.5M.
View Individual Filing Years
Explore detailed financial data from each IRS 990 filing year for Friend Memorial Public Library Inc:
Data Sources and Methodology
This transparency report for Friend Memorial Public Library Inc 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.