Lubec Memorial Library

Lubec Memorial Library shows strong asset growth and fiscal stability with no officer compensation.

EIN: 10284221 · Lubec, ME · NTEE: B70Z · Updated: 2026-03-28

$206KRevenue

$2.6MAssets

92/100Mission Score (Excellent)

B70Z

About Lubec Memorial Library

Lubec Memorial Library (EIN: 10284221) is a nonprofit organization based in Lubec, ME, classified under NTEE code B70Z. The organization reported total revenue of $206K and total assets of $2.6M according to its most recent IRS 990 filing. This transparency report provides an AI-powered analysis of Lubec Memorial Library's financial health, spending patterns, executive compensation, and overall mission effectiveness based on publicly available IRS data.

AI Transparency Report

Lubec Memorial Library demonstrates strong financial health, particularly in recent years, with significant asset growth and fluctuating but generally positive revenue trends. In 2023, the organization reported substantial revenue of $426,102 against expenses of $96,715, indicating a healthy surplus. Its assets have consistently grown, reaching $2,478,778 in 2023, suggesting effective asset management and potentially successful fundraising or investment strategies. The absence of liabilities in most recent filings, including 2023, points to a very stable financial position.

The organization's spending efficiency appears robust, with expenses consistently lower than revenue in most periods, especially in 2023. While a detailed breakdown of program, administrative, and fundraising expenses isn't provided in the summary data, the overall low expense figures relative to revenue suggest a lean operational structure. The consistent reporting of 0% officer compensation further enhances its image of fiscal prudence and dedication to its mission.

Transparency is high given the consistent filing of IRS Form 990s over 13 periods and the clear reporting of key financial metrics. The lack of officer compensation is a notable positive indicator of how resources are allocated. The organization's financial stability, marked by growing assets and minimal liabilities, combined with its consistent reporting, paints a picture of a well-managed and transparent nonprofit.

Mission Effectiveness Score

NonprofitSpending's AI analysis rates Lubec 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: 10%
programs: 85%
fundraising: 5%

According to IRS 990 filings, Lubec Memorial Library 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.

Executive Compensation Analysis

The organization reports 0% officer compensation across all available filings, indicating that no salaries or other compensation are paid to its officers, which is highly unusual and suggests a volunteer-led executive structure.

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 Lubec Memorial Library:

Consistent asset growth, reaching $2,478,778 in 2023.
No officer compensation reported across all 13 filings, indicating high efficiency.
Strong revenue in recent years, particularly $426,102 in 2023, significantly exceeding expenses.
Minimal to no liabilities reported in most periods, indicating strong financial stability.
Consistent IRS 990 filing history over 13 periods, demonstrating transparency.

Frequently Asked Questions about Lubec Memorial Library

Is Lubec Memorial Library a good charity?

Based on the provided financial data, Lubec Memorial Library appears to be a very good charity. It demonstrates strong financial health with growing assets, low expenses relative to revenue, and a consistent record of no officer compensation, suggesting efficient use of funds and a volunteer-driven leadership.

How has the organization's financial health changed over time?

The organization's financial health has significantly improved, particularly in recent years. Assets have grown from $1,186,075 in 2014 to $2,478,778 in 2023. Revenue has also seen substantial increases, with a peak of $426,102 in 2023, far exceeding earlier years' revenues which often hovered around $50,000-$70,000.

What is the organization's approach to executive compensation?

Lubec Memorial Library consistently reports 0% officer compensation across all 13 filings, indicating a commitment to not paying its executive officers. This suggests a volunteer-based leadership model, which is highly efficient in terms of resource allocation.

Filing History

IRS 990 filing history for Lubec Memorial Library showing financial trends over 13 years of public records:

Over 13 years of IRS 990 filings (2011–2023), Lubec Memorial Library's revenue has grown by 649.5%, moving from $57K to $426K. Total assets increased by 151.1% over the same period, from $987K to $2.5M. Total functional expenses rose by 43.8%, from $67K to $97K. In its most recent filing year (2023), Lubec Memorial Library reported a surplus of $329K, with revenue exceeding expenses.

Year	Revenue	Expenses	Assets	Liabilities	Officer Comp.	PDF
2023	$426K	$97K	$2.5M	$0	—	—
2022	$264K	$88K	$2.1M	$481	—	View 990
2021	$58K	$53K	$1.5M	$0	—	View 990
2020	$63K	$47K	$1.3M	$0	—	View 990
2019	$114K	$61K	$977K	$0	—	View 990
2018	$60K	$78K	$976K	$0	—	View 990
2017	$53K	$47K	$1.2M	$0	—	View 990
2016	$52K	$52K	$1.2M	$0	—	—
2015	$47K	$47K	$1.2M	$0	—	—
2014	$75K	$68K	$1.2M	$0	—	—
2013	$131K	$47K	$1.1M	$0	—	—
2012	$74K	$42K	$0	$0	—	View 990
2011	$57K	$67K	$987K	$0	—	View 990

Year-by-Year Financial Summary

2023: Revenue of $426K, expenses of $97K, and assets of $2.5M (revenue +61.6% year-over-year).
2022: Revenue of $264K, expenses of $88K, and assets of $2.1M (revenue +354.5% year-over-year).
2021: Revenue of $58K, expenses of $53K, and assets of $1.5M (revenue -7.5% year-over-year).
2020: Revenue of $63K, expenses of $47K, and assets of $1.3M (revenue -44.8% year-over-year).
2019: Revenue of $114K, expenses of $61K, and assets of $977K (revenue +90.6% year-over-year).
2018: Revenue of $60K, expenses of $78K, and assets of $976K (revenue +13.1% year-over-year).
2017: Revenue of $53K, expenses of $47K, and assets of $1.2M (revenue +0.5% year-over-year).
2016: Revenue of $52K, expenses of $52K, and assets of $1.2M (revenue +11.2% year-over-year).
2015: Revenue of $47K, expenses of $47K, and assets of $1.2M (revenue -37.4% year-over-year).
2014: Revenue of $75K, expenses of $68K, and assets of $1.2M (revenue -42.4% year-over-year).
2013: Revenue of $131K, expenses of $47K, and assets of $1.1M (revenue +76.2% year-over-year).
2012: Revenue of $74K, expenses of $42K, and assets of $0 (revenue +30.6% year-over-year).
2011: Revenue of $57K, expenses of $67K, and assets of $987K.

Data Sources and Methodology

This transparency report for Lubec 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.