Overview
What is The Petersburg Library Foundation Inc?
The Petersburg Library Foundation Inc, based in Petersburg, Virginia, is a dedicated nonprofit organization with a mission to establish and maintain a superior library system in the city. Their efforts focus on providing top-notch facilities and resources, including innovative sources, to enhance educational and cultural opportunities for local residents. The foundation contributes funds towards library construction expenditures, which includes administrative costs and lease payments for the library building, totaling $137,000 annually. With a small team of three employees, the Petersburg Library Foundation is committed to improving the community's access to knowledge and educational resources.
Official website here: www.petersburglibraryfoundation.org
What are the reviews and ratings of this charity?
Charity Navigator Rating: 88%, Three-Star out of Four Star rating.
The Petersburg Library Foundation Inc has received a commendable rating of 88%, reflecting a solid standing in accountability and finance. The organization boasts an impressive program expense ratio of 98.70%, indicating that a significant majority of its funds are directed towards its programmatic efforts rather than administrative costs. Additionally, the board of directors is largely independent, which enhances governance and oversight.
However, there are some areas where the foundation could improve its accountability practices. Notably, it lacks a whistleblower policy and a document retention and destruction policy, both of which are critical for fostering transparency and accountability. Furthermore, the foundation has not posted its tax form on its website, which limits public access to important financial information.
Overall, while The Petersburg Library Foundation Inc demonstrates strong financial health and governance qualities, addressing its policy gaps could enhance its transparency and trustworthiness among potential donors and the community it serves.
This AI summary has been generated from information found on Charity Navigator.
Is The Petersburg Library Foundation Inc legitimate?
The Petersburg Library Foundation Inc is a legitimate nonprofit organization registered as a 501(c)(3) entity. The Petersburg 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:
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Other Salaries and Wages: $87,043
For more financial information, click here
Official website here: www.petersburglibraryfoundation.org
What is the mission statement of The Petersburg Library Foundation Inc?
The Petersburg Library Foundation's mission is centered around enhancing educational and cultural opportunities for its community. They strive to establish a superior library system, equipped with excellent facilities, and provide high-quality resources and innovative sources. The primary objective is to improve the overall library system to cater to the needs of its citizens. This mission is aimed at enriching the lives of its community members by providing them with enriching educational and cultural experiences. The foundation supports this mission through contributions towards library construction expenditures, lease payments for the library building, and collaborations with various service providers for Construction Administration Expenditures.
Official website here: www.petersburglibraryfoundation.org
What is the revenue of The Petersburg Library Foundation Inc?
The Petersburg Library Foundation Inc's revenue in 2023 was $416,585.
Official website here: www.petersburglibraryfoundation.org
Who are the executives of The Petersburg Library Foundation Inc and what are their salaries?
The average compensation at The Petersburg Library Foundation Inc during 2023 was $17,409. There are 5 employees and 15 volunteers at The Petersburg Library Foundation Inc.
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Official website here: www.petersburglibraryfoundation.org
Where can I find the form 990 for The Petersburg Library Foundation Inc?
The Petersburg Library Foundation Inc's most recent form 990 was submitted in 2023 and can be accessed here.
Official website here: www.petersburglibraryfoundation.org
Learn more at the official website: www.petersburglibraryfoundation.org
Mission Statement of The Petersburg Library Foundation Inc
The Petersburg Library Foundation's mission is centered around ensuring that the city of Petersburg boasts a superior library system. This mission is achieved by providing the city with exceptional facilities and a wealth of quality resources. The foundation further aims to introduce innovative sources to enhance educational and cultural opportunities for the city's inhabitants. In essence, the Petersburg Library Foundation is dedicated to elevating the library system in Petersburg, thereby enriching the educational and cultural experiences of its citizens.
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Impact
July, 2024
The Petersburg Library Foundation Inc's impact is significant in ensuring that the City of Petersburg has a superior library system with excellent facilities, quality resources, and innovative sources to enhance educational and cultural opportunities for its citizens. This includes contributing to library construction expenditures, administration expenditures to service providers, and lease payments for the library building. Through these efforts, the foundation plays a vital role in supporting educational and cultural enrichment within the community.
This information is meant to be a general summary of The Petersburg 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.
- Program Service Revenue: $248,252
- Gross Receipts: $421,869
Assets and Liabilities:
- Total Assets: $186,458
- Total Liabilities: $19,635
- Net Assets: $166,823
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Programs
Programs are reported by nonprofits in their tax forms and are normally their tax-exempt activities.
Auditorium rentals
Revenue
$76,306
Misc Program Revenue
Revenue
$24,846
Rental Income from Sublet
Revenue
$147,100
Organization Details
Founding Year
2002
Principal Officer
Wayne M Crocker
NTEE Category
Code: B80 - Education
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