Perry Memorial Library Inc

Nonprofit profile at a glance

EIN
560731953
IRS 990 coverage
2014–2020
Forms available
Form 990 2020
Location
Henderson, NC, USA
Phone
2524383316
Rating
71
Verdict
SUPPORTED
Rating confidence
Moderate

Official website

Reported finances

Revenue
$933,798
Expenses
$839,620
Assets
$674,075
Liabilities
$134,591

Source: IRS Form 990. Selected filing: tax year 2020. Amounts in USD.

Leadership & pay

13 people listed

Executive titles in this filing

  • PATTI MCANALLY (EXECUTIVE DIRECTOR/SECRETA)

Highest reported compensation

  • PATTI MCANALLY (EXECUTIVE DIRECTOR/SECRETA): $68,134 total reported compensation

Source: IRS Form 990. Selected filing: tax year 2020. Names and roles reflect this filing, not necessarily current officeholders.

Overview

Mission

A public library providing learning and educational activities to the vance county area.

What it reported doing in 2020

This corporation was organized as a nonprofit organization to operate a public library for the benefit of the citizens of henderson and vance county, North Carolina, with funds obtained through contributions, gifts and governmental grants. Local government grants for operations totaled $821,394 and state aid grants were $102,821. Of these monies $551,336 was used for program services.

Operating model

Revenue model
Grant-funded. 99% 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

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 some filing-based governance responses are negative or unanswered.

Rating breakdown

  • Financial Efficiency: 55
  • Transparency & Controls: 92
  • Accountability: 79
  • Sustainability: 43
  • Growth: 60

Detailed rating inputs

Financial Efficiency

  • Mission deployment rate: 59%; rating input score 59
  • Program expense ratio: 65.7%; rating input score 66
  • Fundraising efficiency: Limited

Transparency & Controls

  • Consistency checks: 100%; rating input score 100; 63rd 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: 4 of 8 controls in place; rating input score 50
    • Conflict-of-interest policy: Fail
    • Whistleblower policy: Fail
    • Document-retention policy: Fail
    • CEO compensation review process: Fail
    • 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: 10.1%; rating input score 50; 50th percentile among comparable filings
  • Total-asset coverage ratio: 0.8; rating input score 31; 31st percentile among comparable filings
  • Liabilities to assets ratio: 0.2; rating input score 37; 37th percentile among comparable filings
  • Officer compensation ratio: 8.1%; rating input score 47; 47th percentile among comparable filings

Growth

  • Program expense growth: -3.8% per year; rating input score 0; 18th percentile among comparable filings
  • Revenue growth: 0.8% per year; rating input score 100; 28th percentile among comparable filings
  • Asset growth: 6.4% per year; rating input score 100; 49th percentile among comparable filings

Details

  • Where the money goes: 59% of revenue deployed · 65.7% of spending went to programs
  • Governance: 13 of 13 board members independent · 4 of 8 filing controls reported
  • Programs: 1 filed program accomplishment · $551K in reported program spending
  • Leadership: top reported pay $68K · 13 people listed
  • Consistency: 25 of 25 current checks pass
  • Schedules: 4 filed schedules · includes major donors
  • Filing history: 7 filing years from 2014 to 2020
  • 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.

Grant-readiness screening is separate from the live rating, not a measure of program quality. Review the source records before making a grant decision.

  • Review — Financial Efficiency: Mission deployment rate scored 59/100.
  • Review — Accountability: Governance controls: 4 of 8 not reported.
  • High — Growth: Program expense growth scored 0/100.
  • Review — Sustainability: Operating margin scored 50/100.
  • Moderate — Sustainability: Total-asset coverage ratio scored 31/100.
  • Moderate — Sustainability: Liabilities to assets ratio scored 37/100.
  • Moderate — Sustainability: Officer compensation ratio scored 47/100.
  • High — Grant Readiness: Automatic revocation: this organization had its federal tax-exempt status automatically revoked.