Latham Memorial Library Inc

Nonprofit profile at a glance

EIN
036008134
IRS 990 coverage
2020–2024
Forms available
Form 990 2024
Location
Thetford, VT, USA
Phone
8027854361
Rating
80
Verdict
STRONG
Rating confidence
Moderate

Official website

Reported finances

Revenue
$167,435
Expenses
$179,253
Assets
$784,489
Liabilities
$2,261

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

Leadership & pay

13 people listed

Highest reported compensation

  • Holly Lague Library (Director): $41,246 total reported compensation

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

Overview

Mission

The mission of Latham Memorial Library is to be a community gathering place that provides universal access to information, enabling learners of all ages to enrich their lives.

What it reported doing in 2024

Latham Memorial Library is a vital community resource, providing access to a diverse collection of titles in print, digital and audio format, along with movies, research databases, online classes and more. In addition, the library offers a variety of special resources to the community, including STEAM kits, a Seed Saving Library, passes to museums and local educational sites, and a safe and enriching environment for children after school. During 2024, more than 2,400 people attended programs, and more than 7,200 digital items and 11,400 physical items were circulated.

Operating model

Revenue model
Mixed. Its operating money came from several sources; no one source provided a clear majority.
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

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 and fundraising costs are high for each dollar raised.

Rating breakdown

  • Financial Efficiency: 79
  • Transparency & Controls: 92
  • Accountability: 74
  • Sustainability: 43
  • Growth: 80

Detailed rating inputs

Financial Efficiency

  • Mission deployment rate: 81.5%; rating input score 81
  • Program expense ratio: 80.9%; rating input score 81
  • Fundraising efficiency: $21.5 raised per $1 spent on fundraising; rating input score 59; 59th 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: Yes; rating input score 100
  • Related-party transparency: Limited

Accountability

  • Independent voting board: 100%; rating input score 100; 63rd percentile among comparable filings
  • Governance controls: 3 of 8 controls in place; rating input score 38
    • Conflict-of-interest policy: Pass
    • Whistleblower policy: Fail
    • Document-retention policy: Fail
    • CEO compensation review process: NotApplicable
    • Other executive compensation review process: Fail
    • Form 990 shared with the board: Pass
    • Board meeting minutes documented: Pass
    • Audit committee oversight: Missing
    • Independent financial-statement audit: Fail

Sustainability

  • Operating margin: -7.1%; rating input score 26; 26th percentile among comparable filings
  • Total-asset coverage ratio: 4.38; rating input score 77; 77th percentile among comparable filings
  • Liabilities to assets ratio: 0; rating input score 53; 53rd percentile among comparable filings
  • Officer compensation ratio: 23%; rating input score 16; 16th percentile among comparable filings

Growth

  • Program expense growth: 7.4% per year; rating input score 100; 62nd percentile among comparable filings
  • Revenue growth: 4.8% per year; rating input score 100; 51st percentile among comparable filings
  • Asset growth: -0.9% per year; rating input score 0; 21st percentile among comparable filings

Details

  • Where the money goes: 81.5% of revenue deployed · 80.9% of spending went to programs
  • Governance: 11 of 11 board members independent · 3 of 8 filing controls reported
  • Programs: 1 filed program accomplishment · $145K in reported program spending
  • Leadership: top reported pay $41K · 13 people listed
  • Consistency: 23 of 23 current checks pass
  • Schedules: 4 filed schedules · includes major donors
  • Filing history: 4 filing years from 2020 to 2024
  • Contacts: How to reach this organization
  • Money network: 1 filed money-flow record
  • Related organizations: Filed and resolved organization relationships.
  • 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: 4 of 7 not reported.
  • Review — Financial Efficiency: Fundraising efficiency scored 59/100.
  • High — Sustainability: Operating margin scored 26/100.
  • High — Growth: Asset growth scored 0/100.
  • High — Sustainability: Officer compensation ratio scored 16/100.
  • Review — Sustainability: Liabilities to assets ratio scored 53/100.