William A Farnsworth Library And Art Museum Inc
William A Farnsworth Library And Art Museum Inc shows consistent asset growth and positive net income with no reported officer compensation.
EIN: 10368070 · Rockland, ME · NTEE: A510 · Updated: 2026-03-28
| Metric | Value |
|---|---|
| Total Revenue | $12.0M |
| Total Expenses | $6.3M |
| Program Spending | 80% |
| CEO/Top Officer Pay | $35 |
| Net Assets | $35.1M |
| Transparency Score | 90/100 |
Is William A Farnsworth Library And Art Museum Inc Legit?
Some Concerns
Assessment based on IRS 990 filings, spending patterns, and AI analysis. Not a guarantee of legitimacy. Full charity check →
William A Farnsworth Library And Art Museum Inc directs 80% of its spending to programs. This exceeds the industry benchmark of 65%, indicating strong mission focus.
About William A Farnsworth Library And Art Museum Inc
William A Farnsworth Library And Art Museum Inc (EIN: 10368070) is a nonprofit organization based in Rockland, ME, classified under NTEE code A510. The organization reported total revenue of $12.0M and total assets of $39.0M according to its most recent IRS 990 filing. This transparency report provides an AI-powered analysis of William A Farnsworth Library And Art Museum Inc's financial health, spending patterns, executive compensation, and overall mission effectiveness based on publicly available IRS data.
Organization Overview
William A Farnsworth Library And Art Museum Inc is a large nonprofit that has been operating for 39 years, with 14 years of IRS 990 filings on record (2011–2023). Revenue has grown at a compound annual rate of 7.5%.
Key Financial Metrics (2023)
From the most recent IRS 990 filing on record:
| Total Revenue | $6.9M |
| Total Expenses | $6.3M |
| Surplus / Deficit | +$585K |
| Total Assets | $35.4M |
| Total Liabilities | $319K |
| Net Assets | $35.1M |
| Operating Margin | 8.4% |
| Debt-to-Asset Ratio | 0.9% |
| Months of Reserves | 67.0 months |
Financial Health Grade: A
In 2023, William A Farnsworth Library And Art Museum Inc reported a surplus of $585K with revenue exceeding expenses, holds 67.0 months of operating reserves (strong position), has a debt-to-asset ratio of 0.9% (very low leverage).
Financial Trends
Over 14 years of filings (2011–2023), William A Farnsworth Library And Art Museum Inc's revenue has grown at a compound annual growth rate (CAGR) of 7.5%.
| Year | Revenue Change | Expense Change | Asset Change |
|---|---|---|---|
| 2023 | +4.5% | +22.7% | +3.6% |
| 2022 | +5.9% | +12.9% | -7.8% |
| 2021 | +48.9% | +1.1% | +12.8% |
| 2020 | -12.9% | -10.2% | +4.2% |
| 2019 | -38.1% | +20.4% | -0.8% |
IRS Tax-Exempt Classification
| IRS Classification Codes | 2000 |
| IRS Ruling Date | 1987 |
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 William A Farnsworth Library And Art Museum 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: 15%
- programs: 80%
- fundraising: 5%
According to IRS 990 filings, William A Farnsworth Library And Art Museum Inc allocates its expenses as follows: admin: 15%, programs: 80%, fundraising: 5%. With 80% 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 $585K, with revenue exceeding expenses.
- Debt-to-asset ratio: 0.9%.
Executive Compensation Analysis
The organization consistently reports 0% officer compensation across all available filings, indicating that its top executives are either uncompensated or compensated through mechanisms not classified as 'officer compensation' on the IRS 990, which is highly unusual for an organization of its size with assets exceeding $35 million.
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 William A Farnsworth Library And Art Museum Inc's IRS 990 filings:
- Unusually low liabilities relative to assets, potentially indicating significant endowment or restricted funds that are not fully utilized for immediate program expansion.
- Consistent 0% officer compensation for an organization with over $35 million in assets could indicate compensation is reported in other categories, potentially obscuring true executive costs.
Strengths
The following positive indicators were identified for William A Farnsworth Library And Art Museum Inc:
- Consistent positive net income in recent years, demonstrating financial stability (e.g., $584,808 surplus in 202309).
- Steady growth in assets, increasing from $24,689,362 in 201412 to $35,444,823 in 202309.
- Very low liabilities relative to assets, indicating strong financial health and minimal debt burden.
- Consistent reporting of 0% officer compensation, suggesting a high degree of volunteer leadership or efficient use of funds.
- Long history of IRS 990 filings (14 filings), indicating strong commitment to transparency and compliance.
Frequently Asked Questions about William A Farnsworth Library And Art Museum Inc
Is William A Farnsworth Library And Art Museum Inc a legitimate charity?
Based on AI analysis of IRS 990 filings, William A Farnsworth Library And Art Museum Inc (EIN: 10368070) some concerns. Mission Score: 90/100. 2 red flags identified, 5 strengths noted.
How does William A Farnsworth Library And Art Museum Inc spend its money?
William A Farnsworth Library And Art Museum Inc directs 80% of its spending to programs and services. The remaining budget covers administration and fundraising costs.
Are donations to William A Farnsworth Library And Art Museum Inc tax-deductible?
William A Farnsworth Library And Art Museum Inc is registered as a tax-exempt nonprofit (EIN: 10368070). Donations to most 501(c)(3) organizations are tax-deductible. Consult a tax professional for your specific situation.
How much does the William A Farnsworth Library And Art Museum Inc CEO make?
William A Farnsworth Library And Art Museum Inc's highest-compensated officer earns $35 annually. The organization reported $12.0M in total revenue. Executive compensation data is disclosed in IRS 990 filings.
What percentage of William A Farnsworth Library And Art Museum Inc's spending goes to programs?
William A Farnsworth Library And Art Museum Inc directs 80% to programs, 5% to fundraising. This exceeds the 65% industry benchmark for efficient nonprofits.
How does William A Farnsworth Library And Art Museum Inc compare to similar nonprofits?
With a transparency score of 90/100 (Excellent), William A Farnsworth Library And Art Museum Inc is above average for NTEE category A510 nonprofits. The score reflects financial transparency, program spending efficiency, and governance quality based on IRS 990 data.
Where is William A Farnsworth Library And Art Museum Inc located?
William A Farnsworth Library And Art Museum Inc is headquartered in Rockland, Maine and files with the IRS under EIN 10368070. It is classified under NTEE code A510.
How many years of IRS 990 filings does William A Farnsworth Library And Art Museum Inc have?
William A Farnsworth Library And Art Museum Inc has 14 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 $12.0M in total revenue.
Is William A Farnsworth Library And Art Museum Inc a good charity?
Based on the available IRS 990 data, the organization appears to be a financially sound and well-managed charity. It consistently generates more revenue than expenses, has growing assets, and reports 0% officer compensation, which is a strong indicator of efficient resource allocation towards its mission.
How has the organization's financial health changed over time?
The organization has shown consistent financial growth, with assets increasing from $24,689,362 in 201412 to $35,444,823 in 202309. Revenue has also generally trended upwards, with the latest period (202309) showing a healthy surplus of $584,808.
What is the significance of 0% officer compensation?
Reporting 0% officer compensation means that no compensation was paid to officers, directors, trustees, or key employees as defined by the IRS for their services in those roles. This is highly unusual for an organization of this size and suggests either a volunteer leadership structure or that compensation is reported under different categories, which would warrant further investigation for complete transparency.
Filing History
IRS 990 filing history for William A Farnsworth Library And Art Museum Inc showing financial trends over 14 years of public records:
Over 14 years of IRS 990 filings (2011–2023), William A Farnsworth Library And Art Museum Inc's revenue has grown by 136.9%, moving from $2.9M to $6.9M. Total assets increased by 45.2% over the same period, from $24.4M to $35.4M. Total functional expenses rose by 75.7%, from $3.6M to $6.3M. In its most recent filing year (2023), William A Farnsworth Library And Art Museum Inc reported a surplus of $585K, with revenue exceeding expenses. The organization holds $319K in liabilities against $35.4M in assets (debt-to-asset ratio: 0.9%), resulting in net assets of $35.1M.
| Year | Revenue | Expenses | Assets | Liabilities | Officer Comp. % | |
|---|---|---|---|---|---|---|
| 2023 | $6.9M | $6.3M | $35.4M | $319K | — | View 990 |
| 2022 | $6.6M | $5.2M | $34.2M | $275K | — | View 990 |
| 2021 | $6.3M | $4.6M | $37.1M | $2.2M | — | View 990 |
| 2020 | $4.2M | $4.5M | $32.9M | $2.2M | — | View 990 |
| 2019 | $4.8M | $5.0M | $31.6M | $2.0M | — | View 990 |
| 2018 | $7.8M | $4.2M | $31.8M | $1.6M | — | View 990 |
| 2017 | $3.4M | $4.2M | $27.5M | $1.9M | — | View 990 |
| 2016 | $3.2M | $4.0M | $26.5M | $1.5M | — | View 990 |
| 2015 | $6.3M | $3.9M | $26.4M | $1.3M | — | View 990 |
| 2014 | $1.9M | $2.9M | $24.7M | $2.4M | — | — |
| 2014 | $1.9M | $2.9M | $24.7M | $2.4M | — | View 990 |
| 2013 | $2.9M | $3.9M | $24.9M | $1.9M | — | View 990 |
| 2012 | $3.4M | $3.7M | $24.3M | $1.7M | — | View 990 |
| 2011 | $2.9M | $3.6M | $24.4M | $2.3M | — | View 990 |
Year-by-Year Financial Summary
- 2023: Revenue of $6.9M, expenses of $6.3M, and assets of $35.4M (revenue +4.5% year-over-year).
- 2022: Revenue of $6.6M, expenses of $5.2M, and assets of $34.2M (revenue +5.9% year-over-year).
- 2021: Revenue of $6.3M, expenses of $4.6M, and assets of $37.1M (revenue +48.9% year-over-year).
- 2020: Revenue of $4.2M, expenses of $4.5M, and assets of $32.9M (revenue -12.9% year-over-year).
- 2019: Revenue of $4.8M, expenses of $5.0M, and assets of $31.6M (revenue -38.1% year-over-year).
- 2018: Revenue of $7.8M, expenses of $4.2M, and assets of $31.8M (revenue +127.5% year-over-year).
- 2017: Revenue of $3.4M, expenses of $4.2M, and assets of $27.5M (revenue +7.8% year-over-year).
- 2016: Revenue of $3.2M, expenses of $4.0M, and assets of $26.5M (revenue -49.2% year-over-year).
- 2015: Revenue of $6.3M, expenses of $3.9M, and assets of $26.4M (revenue +223.0% year-over-year).
- 2014: Revenue of $1.9M, expenses of $2.9M, and assets of $24.7M (revenue +0.0% year-over-year).
- 2014: Revenue of $1.9M, expenses of $2.9M, and assets of $24.7M (revenue -33.0% year-over-year).
- 2013: Revenue of $2.9M, expenses of $3.9M, and assets of $24.9M (revenue -14.6% year-over-year).
- 2012: Revenue of $3.4M, expenses of $3.7M, and assets of $24.3M (revenue +15.8% year-over-year).
- 2011: Revenue of $2.9M, expenses of $3.6M, and assets of $24.4M.
View Individual Filing Years
Explore detailed financial data from each IRS 990 filing year for William A Farnsworth Library And Art Museum Inc:
Data Sources and Methodology
This transparency report for William A Farnsworth Library And Art Museum 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.