Richmond Memorial Library Association Inc
EIN: 66056067 · Marlborough, CT · NTEE: B71Z
| Metric | Value |
|---|---|
| Total Revenue | $487K |
| Total Expenses | $464K |
| Net Assets | $525K |
Is Richmond Memorial Library Association Inc Legit?
Insufficient Data
Assessment based on IRS 990 filings, spending patterns, and AI analysis. Not a guarantee of legitimacy. Full charity check →
About Richmond Memorial Library Association Inc
Richmond Memorial Library Association Inc (EIN: 66056067) is a nonprofit organization based in Marlborough, CT, classified under NTEE code B71Z. The organization reported total revenue of $487K and total assets of $573K according to its most recent IRS 990 filing. This transparency report provides an AI-powered analysis of Richmond Memorial Library Association Inc's financial health, spending patterns, executive compensation, and overall mission effectiveness based on publicly available IRS data.
Organization Overview
Richmond Memorial Library Association Inc is a small nonprofit that has been operating for 83 years, with 13 years of IRS 990 filings on record (2011–2023). Revenue has grown at a compound annual rate of 1.2%.
Key Financial Metrics (2023)
From the most recent IRS 990 filing on record:
| Total Revenue | $453K |
| Total Expenses | $464K |
| Surplus / Deficit | $-11,079 |
| Total Assets | $533K |
| Total Liabilities | $8K |
| Net Assets | $525K |
| Operating Margin | -2.4% |
| Debt-to-Asset Ratio | 1.6% |
| Months of Reserves | 13.8 months |
Financial Health Grade: B
In 2023, Richmond Memorial Library Association Inc reported a deficit of $11K with expenses exceeding revenue, holds 13.8 months of operating reserves (strong position), has a debt-to-asset ratio of 1.6% (very low leverage).
Financial Trends
Over 13 years of filings (2011–2023), Richmond Memorial Library Association Inc's revenue has grown at a compound annual growth rate (CAGR) of 1.2%.
| Year | Revenue Change | Expense Change | Asset Change |
|---|---|---|---|
| 2023 | +11.2% | +19.4% | +1.9% |
| 2022 | +10.4% | +11.4% | -2.7% |
| 2021 | -4.6% | -13.0% | +12.6% |
| 2020 | -3.1% | +6.1% | -0.5% |
| 2019 | +0.1% | -0.9% | +6.2% |
IRS Tax-Exempt Classification
| IRS Classification Codes | 2300 |
| IRS Ruling Date | 1943 |
Classification data from ProPublica Nonprofit Explorer. Additional BMF data may be available after enrichment.
AI Analysis Pending
AI enrichment for Richmond Memorial Library Association Inc has not yet been completed. Basic IRS 990 data is shown below. Check back later for a full transparency report including a Mission Score, spending breakdown, executive compensation analysis, and red flags assessment.
Mission Effectiveness Score
NonprofitSpending's AI analysis rates Richmond Memorial Library Association Inc with a Mission Score of 0 out of 100 (Very Poor). This score reflects the organization's overall financial transparency, program spending efficiency, and governance indicators derived from IRS 990 public filings.
Key Financial Metrics (2023)
From the most recent IRS 990 filing on record:
- The organization reported a deficit of $11K, with expenses exceeding revenue.
- Debt-to-asset ratio: 1.6%.
Frequently Asked Questions about Richmond Memorial Library Association Inc
Is Richmond Memorial Library Association Inc a legitimate charity?
Richmond Memorial Library Association Inc (EIN: 66056067) is a registered tax-exempt nonprofit based in Connecticut. It has 13 years of IRS 990 filings on record. Total revenue: $487K. No red flags identified. Financial health grade: B.
How does Richmond Memorial Library Association Inc spend its money?
Richmond Memorial Library Association Inc reported $487K in total revenue in IRS 990 filings. 13 years of filing data available. Expenses exceeded revenue in the most recent year. Review the full spending breakdown on NonprofitSpending.
Are donations to Richmond Memorial Library Association Inc tax-deductible?
Richmond Memorial Library Association Inc is registered as a tax-exempt nonprofit (EIN: 66056067). Donations to most 501(c)(3) organizations are tax-deductible. Consult a tax professional for your specific situation.
Where is Richmond Memorial Library Association Inc located?
Richmond Memorial Library Association Inc is headquartered in Marlborough, Connecticut and files with the IRS under EIN 66056067. It is classified under NTEE code B71Z.
How many years of IRS 990 filings does Richmond Memorial Library Association Inc have?
Richmond Memorial Library Association 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 $487K in total revenue.
Filing History
IRS 990 filing history for Richmond Memorial Library Association Inc showing financial trends over 13 years of public records:
Over 13 years of IRS 990 filings (2011–2023), Richmond Memorial Library Association Inc's revenue has grown by 15.1%, moving from $394K to $453K. Total assets increased by 40.7% over the same period, from $379K to $533K. Total functional expenses rose by 11.6%, from $416K to $464K. In its most recent filing year (2023), Richmond Memorial Library Association Inc reported a deficit of $11K, with expenses exceeding revenue. The organization holds $8K in liabilities against $533K in assets (debt-to-asset ratio: 1.6%), resulting in net assets of $525K.
| Year | Revenue | Expenses | Assets | Liabilities | Officer Comp. % | |
|---|---|---|---|---|---|---|
| 2023 | $453K | $464K | $533K | $8K | — | View 990 |
| 2022 | $408K | $389K | $523K | $3K | — | View 990 |
| 2021 | $369K | $349K | $537K | $4K | — | View 990 |
| 2020 | $387K | $401K | $477K | $11K | — | View 990 |
| 2019 | $399K | $378K | $479K | $5K | — | View 990 |
| 2018 | $399K | $382K | $452K | $2K | — | View 990 |
| 2017 | $409K | $393K | $435K | $2K | — | View 990 |
| 2016 | $372K | $367K | $419K | $2K | — | View 990 |
| 2015 | $369K | $365K | $413K | $2K | — | View 990 |
| 2014 | $387K | $369K | $410K | $2K | — | View 990 |
| 2013 | $365K | $361K | $391K | $2K | — | View 990 |
| 2012 | $370K | $362K | $393K | $9K | — | View 990 |
| 2011 | $394K | $416K | $379K | $2K | — | View 990 |
Year-by-Year Financial Summary
- 2023: Revenue of $453K, expenses of $464K, and assets of $533K (revenue +11.2% year-over-year).
- 2022: Revenue of $408K, expenses of $389K, and assets of $523K (revenue +10.4% year-over-year).
- 2021: Revenue of $369K, expenses of $349K, and assets of $537K (revenue -4.6% year-over-year).
- 2020: Revenue of $387K, expenses of $401K, and assets of $477K (revenue -3.1% year-over-year).
- 2019: Revenue of $399K, expenses of $378K, and assets of $479K (revenue +0.1% year-over-year).
- 2018: Revenue of $399K, expenses of $382K, and assets of $452K (revenue -2.4% year-over-year).
- 2017: Revenue of $409K, expenses of $393K, and assets of $435K (revenue +9.7% year-over-year).
- 2016: Revenue of $372K, expenses of $367K, and assets of $419K (revenue +1.1% year-over-year).
- 2015: Revenue of $369K, expenses of $365K, and assets of $413K (revenue -4.9% year-over-year).
- 2014: Revenue of $387K, expenses of $369K, and assets of $410K (revenue +6.0% year-over-year).
- 2013: Revenue of $365K, expenses of $361K, and assets of $391K (revenue -1.3% year-over-year).
- 2012: Revenue of $370K, expenses of $362K, and assets of $393K (revenue -6.0% year-over-year).
- 2011: Revenue of $394K, expenses of $416K, and assets of $379K.
View Individual Filing Years
Explore detailed financial data from each IRS 990 filing year for Richmond Memorial Library Association Inc:
Data Sources and Methodology
This transparency report for Richmond Memorial Library Association 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.