Cornish Library Association

Nonprofit profile at a glance

EIN
016014486
IRS 990 coverage
2014–2024
Forms available
Form 990 2024, Form 990-N 2010
Location
Cornish, ME, USA
Phone
2076258083
Rating
89
Verdict
STRONG
Rating confidence
Moderate

Official website

Reported finances

Revenue
$109,500
Expenses
$85,288
Assets
$1,772,996
Liabilities
$0

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

Leadership & pay

10 people listed

Executive titles in this filing

  • Heather Newman (Vice President)
  • Stephanie Lair (President)

People named in this filing

  • Allaire Palmer (Trustee)
  • Colleen Tims (Trustee)
  • Scott Cecil (Trustee)

Selected names, not a complete roster or a statement of current roles. Open leadership details for the complete filed list.

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

Overview

Mission

The Bonney Memorial Library endeavors to provide quality collections, resources, and services to meet and support the educational, informational, and recreational interests of all members of the community. Its doors are open to all who care to read and learn - providing materials, services, and programs to develop a diffusion of knowledge, promote responsible judgment, instill a tolerance for the rights and opinions of others, and develop charity and nobility of character.

What it reported doing in 2024

During this year we had 5,778 patrons enter the library. We loaned 10,636 items (books, magazines, DVDs, musical instruments.) The library bought 100s of new books and weeded out old ones, which brings our collection total to about 16,250 items. Library programs had 900 attendees. There were 759 uses of the library's public computers.

Operating model

Revenue model
Donor-supported. 78% 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.
  • Includes noncash contributions: Reported contributions include donated property or goods.

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.

Rating breakdown

  • Financial Efficiency: 94
  • Transparency & Controls: 90
  • Accountability: 76
  • Sustainability: 81
  • Growth: 100

Detailed rating inputs

Financial Efficiency

  • Mission deployment rate: 98.6%; rating input score 99
  • Program expense ratio: 86.2%; rating input score 86
  • Fundraising efficiency: $186.2 raised per $1 spent on fundraising; rating input score 91; 91st percentile among comparable filings

Transparency & Controls

  • Consistency checks: 100%; rating input score 100; 64th 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; 63rd percentile among comparable filings
  • Governance controls: 3 of 7 controls in place; rating input score 43
    • Conflict-of-interest policy: Fail
    • Whistleblower policy: Fail
    • Document-retention policy: Pass
    • CEO compensation review process: NotApplicable
    • Other executive compensation review process: NotApplicable
    • Form 990 shared with the board: Pass
    • Board meeting minutes documented: Pass
    • Audit committee oversight: Missing
    • Independent financial-statement audit: Fail

Sustainability

  • Operating margin: 22.1%; rating input score 76; 76th percentile among comparable filings
  • Total-asset coverage ratio: 20.79; rating input score 95; 95th percentile among comparable filings
  • Liabilities to assets ratio: 0; rating input score 80; 80th percentile among comparable filings
  • Officer compensation ratio: 0%; rating input score 69; 69th percentile among comparable filings

Growth

  • Program expense growth: 1.2% per year; rating input score 100; 36th percentile among comparable filings
  • Revenue growth: 6.5% per year; rating input score 100; 60th percentile among comparable filings
  • Asset growth: 6.1% per year; rating input score 100; 52nd percentile among comparable filings

Details

  • Where the money goes: 98.6% of revenue deployed · 86.2% of spending went to programs
  • Governance: 10 of 10 board members independent · 3 of 7 filing controls reported
  • Programs: 1 filed program accomplishment · $73K in reported program spending
  • Leadership: top reported pay $0 · 10 people listed
  • Consistency: 41 of 41 current checks pass
  • Schedules: 3 filed schedules
  • Filing history: 10 filing years from 2014 to 2024
  • Contacts: How to reach this organization
  • 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.

  • Moderate — Accountability: Governance controls: 3 of 6 not reported.