Steep Falls Library

Steep Falls Library maintains operations with volunteer leadership and growing assets, despite recent operational deficits.

EIN: 10441542 · Steep Falls, ME · NTEE: B70 · Updated: 2026-03-28

$123KRevenue

$635KAssets

85/100Mission Score (Excellent)

B70

About Steep Falls Library

Steep Falls Library (EIN: 10441542) is a nonprofit organization based in Steep Falls, ME, classified under NTEE code B70. The organization reported total revenue of $123K and total assets of $635K according to its most recent IRS 990 filing. This transparency report provides an AI-powered analysis of Steep Falls Library's financial health, spending patterns, executive compensation, and overall mission effectiveness based on publicly available IRS data.

AI Transparency Report

Steep Falls Library demonstrates consistent financial operations as a small community library. Over the past decade, its revenue has fluctuated, with the latest reported revenue at $60,483 for the period ending 202406, a decrease from the $122,606 reported as 'Latest Revenue' in the prompt, which may represent a different reporting period or aggregate. The organization consistently reports zero officer compensation, indicating a volunteer-led or very lean administrative structure, which is a positive sign for donor confidence and efficiency. However, the library has frequently operated with expenses exceeding revenue in recent years, such as in 202406 ($63,506 expenses vs. $60,483 revenue) and 202306 ($61,836 expenses vs. $34,776 revenue), leading to a reliance on its accumulated assets. 

The organization's assets have shown steady growth over the long term, from $479,344 in 201506 to $639,226 in 202406, providing a buffer against operational deficits. Liabilities have also increased, reaching $217,497 in 202406, which warrants monitoring. The absence of reported officer compensation enhances transparency and suggests that resources are directed towards the library's mission rather than executive salaries. Overall, while the library manages its finances with a strong volunteer component, its recurring operational deficits suggest a need for increased fundraising or careful expense management to ensure long-term sustainability without excessive drawdowns on its asset base.

Mission Effectiveness Score

NonprofitSpending's AI analysis rates Steep Falls Library with a Mission Score of 85 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, Steep Falls 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

Steep Falls Library consistently reports 0% officer compensation across all available filings, indicating a volunteer-led board and management, which is highly commendable for a small organization and maximizes resources for its mission.

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 Steep Falls Library's IRS 990 filings:

Recurring operational deficits in recent years (e.g., 202406, 202306, 202206) where expenses exceeded revenue.

Strengths

The following positive indicators were identified for Steep Falls Library:

Consistent 0% officer compensation, indicating strong volunteer leadership and efficient use of funds.
Long-term growth in assets, providing financial stability and a buffer against deficits.
Clear focus on mission with likely high program spending due to minimal administrative overhead.

Frequently Asked Questions about Steep Falls Library

Is Steep Falls Library financially sustainable given its recent deficits?

While the library has experienced operational deficits in recent years (e.g., $63,506 expenses vs. $60,483 revenue in 202406), its growing asset base ($639,226 in 202406) provides a buffer. However, sustained deficits would eventually erode these assets, necessitating increased revenue or reduced expenses for long-term sustainability.

How does the lack of officer compensation impact the organization?

The consistent reporting of 0% officer compensation indicates a volunteer-driven leadership, which is a significant strength. It means more of the organization's revenue can be directly applied to programs and operations, enhancing efficiency and donor trust.

What is the trend in the library's assets and liabilities?

The library's assets have generally increased over the past decade, from $479,344 in 201506 to $639,226 in 202406. Liabilities have also seen an upward trend, reaching $217,497 in 202406, which is a point to monitor relative to asset growth.

Filing History

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

Over 14 years of IRS 990 filings (2011–2024), Steep Falls Library's revenue has grown by 493.3%, moving from $10K to $60K. Total assets increased by 32.3% over the same period, from $483K to $639K. Total functional expenses rose by 43.5%, from $44K to $64K. In its most recent filing year (2024), Steep Falls Library reported a deficit of $3K, with expenses exceeding revenue. The organization holds $217K in liabilities against $639K in assets (debt-to-asset ratio: 34.0%), resulting in net assets of $422K.

Year	Revenue	Expenses	Assets	Liabilities	Officer Comp.	PDF
2024	$60K	$64K	$639K	$217K	—	—
2023	$35K	$62K	$617K	$193K	—	View 990
2022	$47K	$57K	$610K	$158K	—	View 990
2021	$38K	$27K	$681K	$220K	—	View 990
2020	$46K	$40K	$567K	$117K	—	View 990
2019	$67K	$45K	$569K	$125K	—	View 990
2018	$85K	$45K	$543K	$121K	—	View 990
2017	$60K	$60K	$505K	$123K	—	View 990
2016	$57K	$44K	$491K	$109K	—	View 990
2015	$37K	$35K	$479K	$110K	—	View 990
2014	$27K	$35K	$500K	$133K	—	View 990
2013	$18K	$34K	$455K	$80K	—	View 990
2012	$17K	$47K	$435K	$43K	—	View 990
2011	$10K	$44K	$483K	$62K	—	View 990

Year-by-Year Financial Summary

2024: Revenue of $60K, expenses of $64K, and assets of $639K (revenue +73.9% year-over-year).
2023: Revenue of $35K, expenses of $62K, and assets of $617K (revenue -26.7% year-over-year).
2022: Revenue of $47K, expenses of $57K, and assets of $610K (revenue +24.4% year-over-year).
2021: Revenue of $38K, expenses of $27K, and assets of $681K (revenue -17.7% year-over-year).
2020: Revenue of $46K, expenses of $40K, and assets of $567K (revenue -30.9% year-over-year).
2019: Revenue of $67K, expenses of $45K, and assets of $569K (revenue -21.1% year-over-year).
2018: Revenue of $85K, expenses of $45K, and assets of $543K (revenue +42.1% year-over-year).
2017: Revenue of $60K, expenses of $60K, and assets of $505K (revenue +5.0% year-over-year).
2016: Revenue of $57K, expenses of $44K, and assets of $491K (revenue +53.9% year-over-year).
2015: Revenue of $37K, expenses of $35K, and assets of $479K (revenue +38.0% year-over-year).
2014: Revenue of $27K, expenses of $35K, and assets of $500K (revenue +51.9% year-over-year).
2013: Revenue of $18K, expenses of $34K, and assets of $455K (revenue +1.9% year-over-year).
2012: Revenue of $17K, expenses of $47K, and assets of $435K (revenue +69.9% year-over-year).
2011: Revenue of $10K, expenses of $44K, and assets of $483K.

Data Sources and Methodology

This transparency report for Steep Falls 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.