Pequot Library Association

Nonprofit profile at a glance

EIN
060672790
IRS 990 coverage
2009–2024
Forms available
Form 990 2024
Location
Southport, CT, USA
Phone
2032590346
Rating
72
Verdict
SUPPORTED
Rating confidence
Moderate

Reported finances

Revenue
$2,559,972
Expenses
$1,807,984
Assets
$9,291,822
Liabilities
$169,167

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

Leadership & pay

26 people listed

Executive titles in this filing

  • ALI FELLOWES (PRESIDENT AS OF 10/2024)
  • COKE ANNE WILCOX (PAST PRESIDENT AS OF 10/2024)
  • NELSON NORTH (PAST PRESIDENT UNTIL 10/2024)
  • CAROLINE CALDER (EXECUTIVE VICE PRESIDENT)
  • STEPHANIE J COAKLEY (EXECUTIVE DIRECTOR)

Highest reported compensation

  • STEPHANIE J COAKLEY (EXECUTIVE DIRECTOR): $161,937 total reported compensation

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

Overview

Mission

Pequot library's mission is to bring culture to life, including literature, art, science and the humanities. The library serves a broad and diverse audience and throughout the year offers a circulating collection of books and media, organizes a changing schedule of art and history exhibitions, presents numerous music performances and education programs for all ages.

What it reported doing in 2024

Pequot library enriches lives by serving the cultural, educational, and intellectual needs of the entire community. The library collects, preserves, and makes accessible a collection of rare books, manuscripts, and archives; provides public library services; organizes engaging programs about history, literature, and the arts; curates special collections exhibitions; and hosts community-wide gatherings in a historic setting.see schedule o for continuance of program service accomplishments

Operating model

Revenue model
Donor-supported. 64% 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 available resources goes toward mission work and fundraising costs are high for each dollar raised.

Rating breakdown

  • Financial Efficiency: 56
  • Transparency & Controls: 70
  • Accountability: 100
  • Sustainability: 78
  • Growth: 100

Detailed rating inputs

Financial Efficiency

  • Mission deployment rate: 55.2%; rating input score 55
  • Program expense ratio: 70.3%; rating input score 70
  • Fundraising efficiency: $6.32 raised per $1 spent on fundraising; rating input score 23; 23rd percentile among comparable filings

Transparency & Controls

  • Consistency checks: 100%; rating input score 100; 63rd percentile among comparable filings
  • Pay-setting controls: 1 of 6 controls in place; rating input score 17
    • Compensation committee: Missing
    • Independent consultant: Missing
    • Other Form 990s reviewed: Missing
    • Written employment contract: Missing
    • Compensation survey or study: Missing
    • Board or committee approval: Pass
  • 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: 8 of 8 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: NotApplicable
    • Form 990 shared with the board: Pass
    • Board meeting minutes documented: Pass
    • Audit committee oversight: Pass
    • Independent financial-statement audit: Pass

Sustainability

  • Operating margin: 29.4%; rating input score 84; 84th percentile among comparable filings
  • Total-asset coverage ratio: 5.14; rating input score 84; 84th percentile among comparable filings
  • Liabilities to assets ratio: 0.02; rating input score 81; 81st percentile among comparable filings
  • Officer compensation ratio: 9%; rating input score 33; 33rd percentile among comparable filings

Growth

  • Program expense growth: 3.5% per year; rating input score 100; 30th percentile among comparable filings
  • Revenue growth: 3.9% per year; rating input score 100; 33rd percentile among comparable filings
  • Asset growth: 2.4% per year; rating input score 100; 22nd percentile among comparable filings

Details

  • Where the money goes: 55.2% of revenue deployed · 70.3% of spending went to programs
  • Governance: 20 of 20 board members independent · 8 of 8 filing controls reported
  • Programs: 1 filed program accomplishment · $1.3M in reported program spending
  • Leadership: top reported pay $162K · 26 people listed · 1 of 6 pay-setting controls reported
  • Consistency: 33 of 33 current checks pass
  • Schedules: 6 filed schedules · includes major donors and executive pay
  • Filing history: 15 filing years from 2009 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 55/100.
  • High — Financial Efficiency: Fundraising efficiency scored 23/100.
  • Moderate — Sustainability: Officer compensation ratio scored 33/100.