Free Library of Philadelphia Foundation
Nonprofit profile at a glance
- EIN
- 521173474
- IRS 990 coverage
- 2009–2024
- Forms available
- Form 990 2024, Form 990-N 2012
- Location
- Philadelphia, PA, USA
- Phone
- 2155675948
- Rating
- 74
- Verdict
- SUPPORTED
- Rating confidence
- Standard
Reported finances
- Revenue
- $12,929,829
- Expenses
- $11,394,898
- Assets
- $46,596,253
- Liabilities
- $3,014,699
Source: IRS Form 990. Selected filing: tax year 2024. Amounts in USD.
Leadership & pay
35 people listed
Executive titles in this filing
- KELLY RICHARDS (PRESIDENT & DIRECTOR)
- FOLASADE A OLANIPEKUN-LEWIS (VICE PRESIDENT & EX-OFFICIO)
- MONIQUE MOORE (EXECUTIVE DIRECTOR)
- JENNY BOGONI (EXECUTIVE DIRECTOR, READ BY 4TH!)
Highest reported compensation
- MONIQUE MOORE (EXECUTIVE DIRECTOR): $281,191 total reported compensation
- CHRISTINE RYDER (CHIEF FINANCIAL OFFICER): $200,435 total reported compensation
- JENNY BOGONI (EXECUTIVE DIRECTOR, READ BY 4TH!): $183,974 total reported compensation
Source: IRS Form 990. Selected filing: tax year 2024. Names and roles reflect this filing, not necessarily current officeholders.
Overview
Mission
To provide resources and advocacy to advance the mission of the free library of philadelphia while stewarding and promoting our special collections for the benefit of all philadelphians and beyond.
What it reported doing in 2024
Public programs: to provide support for literacy, cultural and educational programming on behalf of the free library of philadelphia. Examples of such programs include: the literacy enrichment after-school program (leap), one book one philadelphia, science in the summer, teen programming, culinary literacy, the author lecture series, read! By 4th, and summer reading program.
Operating model
- Revenue model
- Donor-supported. 81% 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
SUPPORTED - The filed numbers largely add up and most voting board members are independent. A relatively small share of total spending goes to programs and fundraising costs are high for each dollar raised.
Rating breakdown
- Financial Efficiency: 58
- Transparency & Controls: 80
- Accountability: 100
- Sustainability: 68
- Growth: 60
Detailed rating inputs
Financial Efficiency
- Mission deployment rate: 66.1%; rating input score 66
- Program expense ratio: 57.1%; rating input score 57
- Fundraising efficiency: $4.85 raised per $1 spent on fundraising; rating input score 20; 20th percentile among comparable filings
Transparency & Controls
- Consistency checks: 100%; rating input score 100; 62nd percentile among comparable filings
- Pay-setting controls: 2 of 6 controls in place; rating input score 33
- Compensation committee: Missing
- Independent consultant: Missing
- Other Form 990s reviewed: Missing
- Written employment contract: Missing
- Compensation survey or study: Pass
- Board or committee approval: Pass
- Foreign activity oversight: Limited
- Grant itemization coverage: Limited
- Major donor itemization: Yes; rating input score 100
- Related-party transparency: Yes; rating input score 100
Accountability
- Independent voting board: 100%; rating input score 100; 66th percentile among comparable filings
- Governance controls: 9 of 9 controls in place; rating input score 100
- Conflict-of-interest policy: Pass
- Whistleblower policy: Pass
- Document-retention policy: Pass
- CEO compensation review process: Pass
- Other executive compensation review process: Pass
- Form 990 shared with the board: Pass
- Board meeting minutes documented: Pass
- Audit committee oversight: Pass
- Independent financial-statement audit: Pass
Sustainability
- Operating margin: 11.9%; rating input score 71; 71st percentile among comparable filings
- Total-asset coverage ratio: 4.09; rating input score 81; 81st percentile among comparable filings
- Liabilities to assets ratio: 0.06; rating input score 80; 80th percentile among comparable filings
- Officer compensation ratio: 12.2%; rating input score 13; 13th percentile among comparable filings
Growth
- Program expense growth: -8.6% per year; rating input score 0; 2nd percentile among comparable filings
- Revenue growth: 0.6% per year; rating input score 100; 10th percentile among comparable filings
- Asset growth: 1.2% per year; rating input score 100; 14th percentile among comparable filings
Details
- Where the money goes: 66.1% of revenue deployed · 57.1% of spending went to programs
- Governance: 27 of 27 board members independent · 9 of 9 filing controls reported
- Programs: 5 filed program accomplishments · $6.5M in reported program spending
- Leadership: top reported pay $281K · 35 people listed · 2 of 6 pay-setting controls reported
- Highest-paid contractors: 5 contractors listed · $1.3M reported
- Consistency: 39 of 39 current checks pass
- Schedules: 9 filed schedules · includes major donors, executive pay, and related organizations
- Filing history: 16 filing years from 2009 to 2024
- Contacts: How to reach this organization
- Money network: 8 filed money-flow records
- Related organizations: 2 filed related-organization links
- 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 — Financial Efficiency: Program expense ratio scored 57/100.
- High — Financial Efficiency: Fundraising efficiency scored 20/100.
- High — Growth: Program expense growth scored 0/100.
- High — Sustainability: Officer compensation ratio scored 13/100.