Friends of Soldiers Memorial Library

What it reported doing in 2024

Providing programs and events for public entertainment and education. Even before the acquisition of the Arts Center building in 2012, the Friends of Soldiers Memorial Library (FoSML) had endeavored to provide public events at the Library building. We had excellent successes with some Maine author book presentations and some other library-related programs. However, space in that historic building is very limited, so the variety of possible events was also limited. In 2016, after acquiring the building that became the Arts Center, we worked to make this much more spacious building into a comfortable and attractive events venue. The variety of uses of the Arts Center is described in the previous section, but our most important use is to have the building as a space for public events and educational programs. During 2012 to 2019 we had been working to expand the variety of these events, and to increase our publicity efforts to attract larger attendance. However, in the same way that the pandemic interrupted and limited many types of public events all around the world, our Arts Center also suffered from the necessity of limiting public gatherings. Now that the pandemic risks have been diminishing, we have been working again to improve the variety of events and the attendance. During 2023 and 2024, in addition to using this space for community meetings, rental uses and adult education needs, our Arts Center hosted about 15 public events each year, ranging in variety from community band concerts to author events, crafts presentations, and programs for families and children. The attendance numbers ranged from as small as a half dozen persons to as many as 70 persons packing the building, with an average of about 24 persons attending each event. Although seeking donations is not the focus of these events, some gatherings have expressed appreciation with significant donations in support of our work and our facilities. For some events, the revenue is also augmented by donations for baked goods, snacks, and meals prepared by our volunteers. Income of $13,643 was realized from an assortment of fund-raising projects, ranging from community band concerts, an Artisans Crafts Fair, a Memorial Day Sale of plants, books and baked goods, and from other fund-raising projects in addition to other donations, gifts and grants in support of our efforts. The expense of $2,445 is for the direct costs of insurance, advertising for events and for the costs of supplies and materials. There was also $3,296 from three other grants that was used to purchase children's materials and to pay for family-oriented programs. The balance of the income is used to support the maintenance of the buildings and to provide services for our community, as described and accounted for in the previous program service descriptions.

Financial Efficiency

• Mission deployment rate: 100%; rating input score 100
• Program expense ratio: 91.8%; rating input score 92
• Fundraising efficiency: Limited

Transparency & Controls

• Consistency checks: 91.7%; rating input score 92; 22nd percentile among comparable filings
• Pay-setting controls: Limited
• Foreign activity oversight: Limited
• Grant itemization coverage: 100%; rating input score 100; 80th percentile among comparable filings
• Major donor itemization: Yes; rating input score 100
• Related-party transparency: Limited

Accountability

• Independent voting board: 100%; rating input score 100; 64th percentile among comparable filings
• Governance controls: 6 of 8 controls in place; rating input score 75
  • Conflict-of-interest policy: Pass
  • Whistleblower policy: Pass
  • Document-retention policy: Pass
  • CEO compensation review process: NotApplicable
  • Other executive compensation review process: Pass
  • Form 990 shared with the board: Pass
  • Board meeting minutes documented: Pass
  • Audit committee oversight: Missing
  • Independent financial-statement audit: Fail

Sustainability

• Operating margin: -212.2%; rating input score 12; 12th percentile among comparable filings
• Total-asset coverage ratio: 4.89; rating input score 49; 49th percentile among comparable filings
• Liabilities to assets ratio: 0; rating input score 69; 69th percentile among comparable filings
• Officer compensation ratio: 13.8%; rating input score 15; 15th percentile among comparable filings

Growth

• Program expense growth: 99% per year; rating input score 100; 98th percentile among comparable filings
• Revenue growth: -120.8% per year; rating input score 0; 2nd percentile among comparable filings
• Asset growth: -3.5% per year; rating input score 0; 25th percentile among comparable filings