Overview
What is Lyme Public Library Foundation Inc?
Lyme Public Library Foundation Inc, located in Lyme, Connecticut, serves as a fundraising body and endowment manager for the local community library. Their primary mission is to support the Lyme Public Library, acting as its financial backbone to cover operational expenses and special needs. By raising funds, the foundation ensures the library remains a vital resource for the community, offering a wide range of resources and services. The Lyme Public Library Foundation Inc is a crucial partner in maintaining the library's continued growth and development for the benefit of the community.
Official website here: www.lymepl.org/inc
What are the reviews and ratings of this charity?
Charity Navigator Rating: 76%, Three-Star out of Four Star rating.
The Lyme Public Library Foundation Inc has achieved a 76% score, which translates to a Three-Star rating on Charity Navigator. This score reflects a strong emphasis on accountability and finance, with a perfect score in several key areas such as having a fully independent board and no material diversion of assets. These indicators suggest a well-managed organization committed to transparency and effective governance.
Strengths of the Lyme Public Library Foundation include a fully independent board comprised of nine members, which supports impartial decision-making and oversight. The organization also boasts a very low liabilities-to-assets ratio of 0.00%, indicating a solid financial standing with no debt burdens. Additionally, a high program expense ratio (91.86%) shows that the majority of its resources are directed towards its charitable programs, which is a positive sign for potential donors.
While the organization demonstrates strong financial health and governance, the single-beacon score highlights that there may be limited performance metrics available for assessing other operational aspects. Potential donors may want to consider this when evaluating the overall impact and effectiveness of the Foundation's initiatives.
This AI summary has been generated from information found on Charity Navigator.
Is Lyme Public Library Foundation Inc legitimate?
Lyme Public Library Foundation Inc is a legitimate nonprofit organization registered as a 501(c)(3) entity. Lyme Public Library Foundation Inc submitted a form 990, which is a tax form used by tax-exempt organizations in the U.S., indicating its operational transparency and adherence to regulatory requirements. Donations to this organization are tax deductible.
Heare are some key statistics you may want to consider:
Executive Compensation: $0
Professional Fundraising Fees: $0
Other Salaries and Wages: $0
For more financial information, click here
Official website here: www.lymepl.org/inc
What is the mission statement of Lyme Public Library Foundation Inc?
The Lyme Public Library Foundation Inc serves as a fundraising body and endowment manager for a community library. Its primary mission is to support the operations and address any special needs of the Lyme Public Library, which is the sole beneficiary of its grants. The organization plays a vital role in securing financial resources for the library, ensuring its continued operations and growth. Through its fundraising efforts, the Lyme Public Library Foundation Inc contributes to the library's ability to provide essential services and resources to its community. The foundation's endowment management helps to ensure a steady stream of funds for the library's future needs.
Official website here: www.lymepl.org/inc
Who is the CEO of Lyme Public Library Foundation Inc?
Jarrod M Leonardo is the President of Lyme Public Library Foundation Inc.
Official website here: www.lymepl.org/inc
What is the revenue of Lyme Public Library Foundation Inc?
Lyme Public Library Foundation Inc's revenue in 2023 was $86,935.
Official website here: www.lymepl.org/inc
Who are the executives of Lyme Public Library Foundation Inc and what are their salaries?
Here are 9 key members and their salaries:
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Official website here: www.lymepl.org/inc
Where can I find the form 990 for Lyme Public Library Foundation Inc?
Lyme Public Library Foundation Inc's most recent form 990 was submitted in 2023 and can be accessed here.
Official website here: www.lymepl.org/inc
Learn more at the official website: www.lymepl.org/inc
Mission Statement of Lyme Public Library Foundation Inc
The Lyme Public Library Foundation Inc serves as a fundraising body and endowment manager for a community library. Its primary mission is to support the operations and address any special needs of the Lyme Public Library, which is its sole beneficiary. The organization raises funds and manages endowments to ensure the library continues to provide essential services to its community. By providing financial support, the Lyme Public Library Foundation Inc contributes significantly to the library's ability to meet its mission and serve its patrons effectively.
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Impact
October, 2024
The Lyme Public Library Foundation Inc significantly enhances the resources and capabilities of the Lyme Public Library, acting as a crucial supporter of its operations and special initiatives. By serving as both a fundraising body and an endowment manager, it ensures the library has the financial support necessary to sustain and expand its services for the community.
Through grants, the foundation directly impacts the library's ability to meet operational needs, enhance educational programming, and address specific community demands. This support fosters a rich educational environment, providing residents with access to books, technology, and various learning opportunities. The foundation’s commitment to the library ultimately strengthens community engagement, promotes lifelong learning, and enriches the cultural fabric of Lyme, CT.
This information is meant to be a general summary of Lyme Public Library Foundation Inc. Please take the time to review official sources before making any decisions based upon the content provided here.
Financials
This financial information is from Propublica.
Other financial information:
This information is from the most recently submitted tax form from this organization, which was in 2023.
- Investment Income: $56,083
- Gross Receipts: $112,094
Assets and Liabilities:
- Total Assets: $1,490,494
- Total Liabilities: $0
- Net Assets: $1,490,494
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Organization Details
Founding Year
1972
Principal Officer
Jarrod M Leonardo
Main Address
482 HAMBURG ROAD, LYME, CT, 06371
Website
www.lymepl.org/incNTEE Category
Code: B70 - Education
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