Richards Free Library

Richards Free Library maintains strong financial health with consistent asset growth and no reported executive compensation.

EIN: 20224075 · Newport, NH · NTEE: B71Z · Updated: 2026-03-28

$874KRevenue

$3.0MAssets

95/100Mission Score (Excellent)

B71Z

About Richards Free Library

Richards Free Library (EIN: 20224075) is a nonprofit organization based in Newport, NH, classified under NTEE code B71Z. The organization reported total revenue of $874K and total assets of $3.0M according to its most recent IRS 990 filing. This transparency report provides an AI-powered analysis of Richards Free Library's financial health, spending patterns, executive compensation, and overall mission effectiveness based on publicly available IRS data.

AI Transparency Report

Richards Free Library demonstrates consistent financial health and a strong commitment to its mission as a public library. Over the past decade, the organization has shown steady growth in assets, reaching nearly $3 million in the latest filing period (202312). Revenue has also seen a positive trend, with the latest reported revenue at $907,654, indicating a healthy funding base. The library consistently operates with a surplus, as evidenced by revenues generally exceeding expenses, which allows for asset accumulation and sustained operations. For instance, in 202312, revenue was $907,654 against expenses of $732,955, resulting in a significant surplus.

The organization's spending efficiency appears robust, with no reported officer compensation across all available filings, suggesting that resources are primarily directed towards operational and programmatic activities rather than executive salaries. The absence of liabilities in most recent filings (2014-2023) further underscores sound financial management and a low-risk profile. This financial stability, combined with a clear mission, positions Richards Free Library as a well-managed and impactful community resource.

Transparency is high given the consistent filing of IRS Form 990s over 14 periods and the clear financial data provided. The lack of reported liabilities and officer compensation simplifies financial analysis and indicates a straightforward operational structure. The organization's consistent asset growth, from $2,260,412 in 2014 to $2,980,606 in 2023, reflects prudent financial stewardship and a focus on long-term sustainability.

Mission Effectiveness Score

NonprofitSpending's AI analysis rates Richards Free Library with a Mission Score of 95 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: 85%
fundraising: 0%

According to IRS 990 filings, Richards Free Library allocates its expenses as follows: admin: 15%, programs: 85%, fundraising: 0%. With 85% directed toward programs, this reflects a strong commitment to its charitable mission.

Executive Compensation Analysis

Richards Free Library reports 0% officer compensation across all available IRS 990 filings, indicating that no salaries are paid to officers, which is highly unusual for an organization of its size with nearly $1 million in annual revenue and $3 million in assets.

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 Richards Free Library's IRS 990 filings:

Unusually low (0%) reported officer compensation for an organization of this size, which might suggest compensation is categorized differently or handled by a separate entity, warranting further inquiry.

Strengths

The following positive indicators were identified for Richards Free Library:

Strong financial health with consistent revenue growth and asset accumulation (assets grew from $2.26M in 2014 to $2.98M in 2023).
Consistent operational surpluses (e.g., $907,654 revenue vs. $732,955 expenses in 202312).
No reported liabilities in recent filings, indicating excellent financial management.
Remarkable commitment to mission with 0% reported officer compensation.
High transparency with 14 consistent IRS 990 filings.

Frequently Asked Questions about Richards Free Library

Is Richards Free Library a good charity?

Based on its financial data, Richards Free Library appears to be a very good charity. It demonstrates strong financial health, consistent asset growth, and a remarkable commitment to directing all resources to its mission by reporting no officer compensation.

How does Richards Free Library manage its finances?

The library manages its finances very prudently, consistently operating with a surplus (e.g., $907,654 revenue vs. $732,955 expenses in 202312) and accumulating assets without incurring liabilities in most recent periods. This indicates sound financial stewardship.

What is the trend in Richards Free Library's assets?

Richards Free Library has shown a consistent upward trend in assets, growing from $2,260,412 in 2014 to $2,980,606 in 2023, reflecting long-term financial stability and growth.

Filing History

IRS 990 filing history for Richards Free Library showing financial trends over 14 years of public records:

Over 14 years of IRS 990 filings (2010–2023), Richards Free Library's revenue has grown by 94.1%, moving from $468K to $908K. Total assets increased by 45.7% over the same period, from $2.0M to $3.0M. Total functional expenses rose by 63.9%, from $447K to $733K. In its most recent filing year (2023), Richards Free Library reported a surplus of $175K, with revenue exceeding expenses.

Year	Revenue	Expenses	Assets	Liabilities	Officer Comp.	PDF
2023	$908K	$733K	$3.0M	$0	—	View 990
2022	$686K	$697K	$2.8M	$0	—	View 990
2021	$772K	$564K	$2.8M	$0	—	View 990
2020	$627K	$531K	$2.6M	$0	—	—
2019	$619K	$615K	$2.5M	$0	—	View 990
2018	$573K	$662K	$2.4M	$0	—	View 990
2017	$574K	$588K	$2.5M	$0	—	View 990
2016	$675K	$566K	$2.5M	$989	—	View 990
2015	$700K	$552K	$2.4M	$0	—	View 990
2014	$548K	$495K	$2.3M	$0	—	View 990
2013	$811K	$459K	$2.5M	$0	—	View 990
2012	$481K	$478K	$2.1M	$0	—	View 990
2011	$463K	$459K	$2.0M	$0	—	View 990
2010	$468K	$447K	$2.0M	$0	—	View 990

Year-by-Year Financial Summary

2023: Revenue of $908K, expenses of $733K, and assets of $3.0M (revenue +32.3% year-over-year).
2022: Revenue of $686K, expenses of $697K, and assets of $2.8M (revenue -11.1% year-over-year).
2021: Revenue of $772K, expenses of $564K, and assets of $2.8M (revenue +23.1% year-over-year).
2020: Revenue of $627K, expenses of $531K, and assets of $2.6M (revenue +1.3% year-over-year).
2019: Revenue of $619K, expenses of $615K, and assets of $2.5M (revenue +7.9% year-over-year).
2018: Revenue of $573K, expenses of $662K, and assets of $2.4M (revenue -0.1% year-over-year).
2017: Revenue of $574K, expenses of $588K, and assets of $2.5M (revenue -15.0% year-over-year).
2016: Revenue of $675K, expenses of $566K, and assets of $2.5M (revenue -3.5% year-over-year).
2015: Revenue of $700K, expenses of $552K, and assets of $2.4M (revenue +27.7% year-over-year).
2014: Revenue of $548K, expenses of $495K, and assets of $2.3M (revenue -32.4% year-over-year).
2013: Revenue of $811K, expenses of $459K, and assets of $2.5M (revenue +68.5% year-over-year).
2012: Revenue of $481K, expenses of $478K, and assets of $2.1M (revenue +3.9% year-over-year).
2011: Revenue of $463K, expenses of $459K, and assets of $2.0M (revenue -1.0% year-over-year).
2010: Revenue of $468K, expenses of $447K, and assets of $2.0M.

Data Sources and Methodology

This transparency report for Richards 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.