Hope Library Association

Nonprofit profile at a glance

EIN
050462627
IRS 990 coverage
2019–2024
Forms available
Form 990 2024
Location
Hope, RI, USA
Phone
6174299502
Rating
72
Verdict
SUPPORTED
Rating confidence
Moderate

Reported finances

Revenue
$442,667
Expenses
$399,565
Assets
$836,600
Liabilities
$17,906

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

Leadership & pay

7 people listed

Executive titles in this filing

  • BRENDA GARDNER (PRESIDENT)

Highest reported compensation

  • CORA MORRIGAN (DIRECTOR): $56,254 total reported compensation

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

Overview

Mission

See schedule o

What it reported doing in 2024

The library offers a variety of programs and materials to educate, entertain, enrich and inform our patrons. Special emphasis is placed on stimulating childrens interest and appreciation for reading and learning. Hope library offers several daily programs, activities and library supplies for all ages.

Operating model

Revenue model
Grant-funded. 84% of the money available for current operations came from government grants.
Distribution model
Cannot be determined from the filing. The filing does not provide enough consistent spending detail to tell whether the nonprofit works directly or through others.

The verdict

SUPPORTED - A large share of total spending goes to programs and the filed numbers largely add up. A relatively small share of available resources goes toward mission work and some filing-based governance responses are negative or unanswered.

Rating breakdown

  • Financial Efficiency: 63
  • Transparency & Controls: 74
  • Accountability: 82
  • Sustainability: 54
  • Growth: 100

Detailed rating inputs

Financial Efficiency

  • Mission deployment rate: 58.6%; rating input score 59
  • Program expense ratio: 65%; rating input score 65
  • Fundraising efficiency: $41.62 raised per $1 spent on fundraising; rating input score 73; 73rd percentile among comparable filings

Transparency & Controls

  • Consistency checks: 81.8%; rating input score 82; 1st 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: 4 of 7 controls in place; rating input score 57
    • Conflict-of-interest policy: Pass
    • 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: 9.7%; rating input score 60; 60th percentile among comparable filings
  • Total-asset coverage ratio: 2.09; rating input score 60; 60th percentile among comparable filings
  • Liabilities to assets ratio: 0.02; rating input score 40; 40th percentile among comparable filings
  • Officer compensation ratio: 14.1%; rating input score 25; 25th percentile among comparable filings

Growth

  • Program expense growth: 53.2% per year; rating input score 100; 96th percentile among comparable filings
  • Revenue growth: 6.2% per year; rating input score 100; 58th percentile among comparable filings
  • Asset growth: 4% per year; rating input score 100; 42nd percentile among comparable filings

Details

  • Where the money goes: 58.6% of revenue deployed · 65% of spending went to programs
  • Governance: 5 of 5 board members independent · 4 of 7 filing controls reported
  • Programs: 1 filed program accomplishment · $260K in reported program spending
  • Leadership: top reported pay $56K · 7 people listed
  • Consistency: 20 of 23 current checks pass · 3 findings to review
  • Schedules: 4 filed schedules
  • Filing history: 6 filing years from 2019 to 2024
  • Contacts: How to reach this organization
  • Money network: 1 filed money-flow record
  • 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: Mission deployment rate scored 59/100.
  • Review — Accountability: Governance controls: 2 of 6 not reported.
  • Moderate — Transparency & Controls: Functional expense sum did not reconcile in the filed values.
  • Moderate — Transparency & Controls: Part IX CompCurrentOfficersDirectors column sum did not reconcile in the filed values.
  • Moderate — Transparency & Controls: Schedule A contributions reconciliation did not reconcile in the filed values.
  • High — Sustainability: Officer compensation ratio scored 25/100.
  • Moderate — Sustainability: Liabilities to assets ratio scored 40/100.