Bedford Public Library Foundation

Nonprofit profile at a glance

EIN
541161851
IRS 990 coverage
2022–2024
Forms available
Form 990 2024, Form 990-N 2021
Location
Bedford, VA, USA
Phone
5405868911
Rating
81
Verdict
STRONG
Rating confidence
Moderate

Official website

Reported finances

Revenue
$35,245
Expenses
$45,240
Assets
$47,259
Liabilities
$108

Source: IRS Form 990. Selected filing: tax year 2024. Amounts in USD.

Leadership & pay

7 people listed

Executive titles in this filing

  • JENNY NOVALIS (EXECUTIVE DIRECTOR)

Highest reported compensation

  • JENNY NOVALIS (EXECUTIVE DIRECTOR): $97,883 total reported compensation
  • NICOLE SHEPPARD (DIRECTOR): $693 total reported compensation

Source: IRS Form 990. Selected filing: tax year 2024. Names and roles reflect this filing, not necessarily current officeholders.

Overview

Mission

The bedford public library system foundation's purpose is to help build the future of our community by supporting the library on a system-wide basis. Foundation projects are typically long term (multi-year projects, building projects, endowments, etc.) and include big ticket expenses, like capital campaigns. The foundation is able to offer expertise in setting up planned gifts, estate planning and other donations.

What it reported doing in 2024

Foundation projects are typically long term (multi-year projects, building projects, endowments, etc.) and include big ticket expenses, like capital campaigns. The foundation also offers expertise in setting up planned gifts, estate planning and other donations.

Operating model

Revenue model
Donor-supported. 71% of the money available for current operations came from contributions and gifts.
Distribution model
Direct operator. The filing allocates 100% of reported program-service expenses outside its grant, affiliate-payment, and member-benefit lines. This expense classification does not rule out separately announced grant awards.

The verdict

STRONG - A large share of available resources goes toward mission work and the filed numbers largely add up. Some filing-based governance responses are negative or unanswered and program spending has declined or grown slowly.

Rating breakdown

  • Financial Efficiency: 89
  • Transparency & Controls: 90
  • Accountability: 84
  • Sustainability: 28
  • Growth: 0

Detailed rating inputs

Financial Efficiency

  • Mission deployment rate: 100%; rating input score 100
  • Program expense ratio: 100%; rating input score 100
  • Fundraising efficiency: Limited

Transparency & Controls

  • Consistency checks: 100%; rating input score 100; 63rd percentile among comparable filings
  • Pay-setting controls: Limited
  • Foreign activity oversight: Limited
  • Grant itemization coverage: Limited
  • Major donor itemization: Limited
  • Related-party transparency: Limited

Accountability

  • Independent voting board: 100%; rating input score 100; 64th percentile among comparable filings
  • Governance controls: 5 of 8 controls in place; rating input score 62
    • Conflict-of-interest policy: Fail
    • Whistleblower policy: Fail
    • Document-retention policy: Pass
    • CEO compensation review process: Fail
    • Other executive compensation review process: NotApplicable
    • Form 990 shared with the board: Pass
    • Board meeting minutes documented: Pass
    • Audit committee oversight: Pass
    • Independent financial-statement audit: Pass

Sustainability

  • Operating margin: -28.4%; rating input score 36; 36th percentile among comparable filings
  • Total-asset coverage ratio: 1.04; rating input score 25; 25th percentile among comparable filings
  • Liabilities to assets ratio: 0; rating input score 33; 33rd percentile among comparable filings
  • Officer compensation ratio: Limited

Growth

  • Program expense growth: -18.1% per year; rating input score 0; 19th percentile among comparable filings
  • Revenue growth: -28.9% per year; rating input score 0; 14th percentile among comparable filings
  • Asset growth: -11.2% per year; rating input score 0; 12th percentile among comparable filings

Details

  • Where the money goes: 100% of revenue deployed · 100% of spending went to programs
  • Governance: 6 of 6 board members independent · 5 of 8 filing controls reported
  • Programs: 1 filed program accomplishment · $45K in reported program spending
  • Leadership: top reported pay $98K · 7 people listed
  • Consistency: 17 of 17 current checks pass
  • Schedules: 4 filed schedules
  • Filing history: 3 filing years from 2022 to 2024
  • Contacts: How to reach this organization
  • Money network: Resolved incoming and outgoing counterparties from filed money flows.
  • Related organizations: 1 filed related-organization link
  • Grant readiness: Federal tax and exclusion status, award history, and grant-maker relationships.
  • People: Everyone the filings name, and which of them the filings identify by more than a name.

Key Signals

Signals prioritize questions for review. They are not findings of misconduct.

  • Review — Accountability: Governance controls: 3 of 8 not reported.
  • High — Growth: Program expense growth scored 0/100.
  • High — Growth: Revenue growth scored 0/100.
  • Moderate — Sustainability: Operating margin scored 36/100.
  • High — Sustainability: Total-asset coverage ratio scored 25/100.
  • High — Growth: Asset growth scored 0/100.
  • Moderate — Sustainability: Liabilities to assets ratio scored 33/100.