Overview
What is Millinocket Library Support Corporation?
Millinocket Library Support Corporation is a nonprofit organization with a charitable mission, established to bolster the Millinocket Memorial Library's objectives. Located at 5 Maine Avenue, Millinocket, ME 04462, the corporation primarily focuses on maintaining and preserving the real estate associated with the library. It was formed to financially support the library's exempt activities, including the acquisition of necessary real estate for substantial improvements. The corporation's purpose is to contribute to the library's growth and development, ultimately serving the community of Millinocket.
Official website here: www.millinocketmemoriallibrary.org
What are the reviews and ratings of this charity?
Charity Navigator Rating: Needs Improvement. The Millinocket Library Support Corporation has an overall score of 61%, which corresponds to a Two-Star out of Four Star rating. While the organization excels in certain areas such as maintaining a majority independent board and reporting program expenses effectively, it faces significant challenges in accountability and financial transparency.
Strengths include a fully independent board and a strong program expense ratio, indicating that funds are directed towards its mission. However, the organization has notable deficiencies in governance practices, particularly in the absence of a conflict of interest policy and whistleblower protections, which could undermine stakeholder trust and accountability.
Additionally, the lack of a posted tax form and poor liabilities to assets ratio are concerning. These limitations highlight the need for improvement in governance and financial practices to enhance the organization's credibility and operational integrity. Overall, while the Millinocket Library Support Corporation demonstrates commitment to its mission, addressing these weaknesses is essential for its growth and sustainability.
This AI summary has been generated from information found on Charity Navigator.
Is Millinocket Library Support Corporation legitimate?
Millinocket Library Support Corporation is a legitimate nonprofit organization registered as a 501(c)(3) entity. Millinocket Library Support Corporation 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.millinocketmemoriallibrary.org
What is the mission statement of Millinocket Library Support Corporation?
The Millinocket Library Support Corporation was established with the primary objective of supporting the charitable activities of the Millinocket Memorial Library. Its mission includes holding, maintaining, and preserving the real estate associated with the library. The corporation was formed to financially support significant improvements to the library's property, thereby furthering the library's aims and advancement. The organization operates exclusively for charitable purposes, engaging in activities that promote the library's goals and objectives.
Official website here: www.millinocketmemoriallibrary.org
Who is the CEO of Millinocket Library Support Corporation?
Diana Furukawa is the President of Millinocket Library Support Corporation.
Official website here: www.millinocketmemoriallibrary.org
What is the revenue of Millinocket Library Support Corporation?
Millinocket Library Support Corporation's revenue in 2022 was $32,095.
Official website here: www.millinocketmemoriallibrary.org
Who are the executives of Millinocket Library Support Corporation and what are their salaries?
Here are 5 key members and their salaries:
- Compensation: $0
- Related: $54,720
- Other: $0
- Compensation: $0
- Related: $0
- Other: $0
- Compensation: $0
- Related: $0
- Other: $0
- Compensation: $0
- Related: $0
- Other: $0
- Compensation: $0
- Related: $0
- Other: $0
Official website here: www.millinocketmemoriallibrary.org
Where can I find the form 990 for Millinocket Library Support Corporation?
Millinocket Library Support Corporation's most recent form 990 was submitted in 2022 and can be accessed here.
Official website here: www.millinocketmemoriallibrary.org
Learn more at the official website: www.millinocketmemoriallibrary.org
Mission Statement of Millinocket Library Support Corporation
Millinocket Library Support Corporation, a nonprofit organization, was established with a primary objective. Its mission is to support the charitable activities of the Millinocket Memorial Library, specifically by holding, maintaining, and preserving the real estate associated with this library. The corporation was formed with the intention of acquiring the real estate, enabling the financing of substantial improvements to the property. This mission aligns with the corporation's purpose of operating exclusively for charitable purposes, promoting the advancement and furthering the aims of the Millinocket Memorial Library. The corporation's activities are geared towards enhancing the library's capabilities and ensuring its continued service to the community.
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Impact
October, 2024
Millinocket Library Support Corporation significantly enhances the community by preserving and improving the real estate associated with the Millinocket Memorial Library. By maintaining and holding the library's property, the organization ensures that this vital resource remains a cornerstone for education and community engagement. Its efforts not only promote access to knowledge but also contribute to the advancement of the library's services and programs, fostering a nurturing environment for learning. The corporation's focus on acquiring and financing substantial improvements to the library's facilities directly supports the library's mission, enriching the educational experiences available to the residents of Millinocket and surrounding areas.
This information is meant to be a general summary of Millinocket Library Support Corporation. 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 2022.
- Investment Income: $95
- Program Service Revenue: $32,000
- Gross Receipts: $32,095
Assets and Liabilities:
- Total Assets: $1,764,847
- Total Liabilities: $1,813,009
- Net Assets: -$48,162
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Programs
Programs are reported by nonprofits in their tax forms and are normally their tax-exempt activities.
RENTAL INCOME
Revenue
$32,000
Organization Details
Founding Year
2019
Phone
(207) 723-7020Principal Officer
Diana Furukawa
Main Address
5 MAINE AVENUE, MILLINOCKET, ME, 04462
NTEE Category
Code: B70 - Education
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