Harmony Library Association

Nonprofit profile at a glance

EIN
050346857
IRS 990 coverage
2013–2024
Forms available
Form 990 2024
Location
Harmony, RI, USA
Phone
4019492850
Rating
53
Verdict
MIXED
Rating confidence
Moderate

Reported finances

Revenue
$384,725
Expenses
$316,915
Assets
$695,322
Liabilities
$19,437

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

Leadership & pay

6 people listed

Executive titles in this filing

  • MARGARET CHELLA (PRESIDENT)

People named in this filing

  • CHRISTINE BELL (SECRETARY)
  • DAVID CALDERARA (VICE PRESIDE)
  • MARGARET CHELLA (PRESIDENT)

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

Provide a resource of books, publications and other like services for the general public.

What it reported doing in 2024

To provide a learning enviroment for the young children of the community.

Operating model

Revenue model
Grant-funded. 91% of the money available for current operations came from government grants.
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

MIXED - The filed numbers largely add up and most voting board members are independent. A relatively small share of available resources goes toward mission work and a relatively small share of total spending goes to programs.

Rating breakdown

  • Financial Efficiency: 24
  • Transparency & Controls: 75
  • Accountability: 64
  • Sustainability: 64
  • Growth: 100

Detailed rating inputs

Financial Efficiency

  • Mission deployment rate: 26.2%; rating input score 26
  • Program expense ratio: 29.2%; rating input score 29
  • Fundraising efficiency: Limited

Transparency & Controls

  • Consistency checks: 83.3%; rating input score 83; 2nd 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: 1 of 7 controls in place; rating input score 14
    • Conflict-of-interest policy: Fail
    • Whistleblower policy: Fail
    • Document-retention policy: Fail
    • CEO compensation review process: NotApplicable
    • Other executive compensation review process: NotApplicable
    • Form 990 shared with the board: Fail
    • Board meeting minutes documented: Pass
    • Audit committee oversight: Missing
    • Independent financial-statement audit: Fail

Sustainability

  • Operating margin: 17.6%; rating input score 71; 71st percentile among comparable filings
  • Total-asset coverage ratio: 2.19; rating input score 61; 61st percentile among comparable filings
  • Liabilities to assets ratio: 0.03; rating input score 37; 37th percentile among comparable filings
  • Officer compensation ratio: 0%; rating input score 69; 69th percentile among comparable filings

Growth

  • Program expense growth: 1.9% per year; rating input score 100; 39th percentile among comparable filings
  • Revenue growth: 2.1% per year; rating input score 100; 35th percentile among comparable filings
  • Asset growth: 1.8% per year; rating input score 100; 32nd percentile among comparable filings

Details

  • Where the money goes: 26.2% of revenue deployed · 29.2% of spending went to programs
  • Governance: 5 of 5 board members independent · 1 of 7 filing controls reported
  • Programs: 2 filed program accomplishments · $93K in reported program spending
  • Leadership: top reported pay $0 · 6 people listed
  • Consistency: 22 of 24 current checks pass · 2 findings to review
  • Schedules: 3 filed schedules
  • Filing history: 11 filing years from 2013 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.

  • High — Financial Efficiency: Mission deployment rate scored 26/100.
  • High — Financial Efficiency: Program expense ratio scored 29/100.
  • High — Accountability: Governance controls: 5 of 6 not reported.
  • Moderate — Transparency & Controls: Schedule A contributions reconciliation did not reconcile in the filed values.
  • Moderate — Transparency & Controls: Schedule D land buildings reconciliation did not reconcile in the filed values.
  • Moderate — Sustainability: Liabilities to assets ratio scored 37/100.