The Library Foundation Inc

Nonprofit profile at a glance

EIN
592590387
IRS 990 coverage
2010–2024
Forms available
Form 990 2024
Location
Bradenton, FL, USA
Phone
9417485555
Rating
84
Verdict
STRONG
Rating confidence
Moderate

Reported finances

Revenue
$368,213
Expenses
$290,294
Assets
$4,378,268
Liabilities
$17,238

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

Leadership & pay

11 people listed

Executive titles in this filing

  • BOBBI JAYNE VITALE (VICE PRESIDENT)
  • TJ KORNETT (PRESIDENT)

People named in this filing

  • BOBBI JAYNE VITALE (VICE PRESIDENT)
  • JENNIFER RUFFINO (TREASURER)
  • BRENT GIANGREGORIO (DIRECTOR)

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

To ensure that the manatee county library system obtains and manages needed supplemental funds and support to achieve its potential today and tomorrow as an indispensable community resource.

What it reported doing in 2024

Annual distribution from our unrestricted funds held by the manatee community foundation. We budget 3.5% from the restricted funds. The county representative drafts requests for the funding which are materials for the libraries that would not be available through traditional funding.

Operating model

Revenue model
Mixed. Its operating money came from several sources; no one source provided a clear majority.
Distribution model
Hybrid. The nonprofit split its reported program spending across 43% for direct work, and 57% for grants.

The verdict

STRONG - A large share of available resources goes toward mission work and the filed numbers largely add up. Fundraising costs are high for each dollar raised and some filing-based governance responses are negative or unanswered.

Rating breakdown

  • Financial Efficiency: 74
  • Transparency & Controls: 94
  • Accountability: 88
  • Sustainability: 77
  • Growth: 100

Detailed rating inputs

Financial Efficiency

  • Mission deployment rate: 93.8%; rating input score 94
  • Program expense ratio: 62.7%; rating input score 63
  • Fundraising efficiency: $1.5 raised per $1 spent on fundraising; rating input score 7; 7th 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: 100%; rating input score 100; 80th percentile among comparable filings
  • 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: 5 of 7 controls in place; rating input score 71
    • Conflict-of-interest policy: Pass
    • Whistleblower policy: Pass
    • 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: Fail
    • Independent financial-statement audit: Fail

Sustainability

  • Operating margin: 21.2%; rating input score 75; 75th percentile among comparable filings
  • Total-asset coverage ratio: 15.08; rating input score 93; 93rd percentile among comparable filings
  • Liabilities to assets ratio: 0; rating input score 51; 51st percentile among comparable filings
  • Officer compensation ratio: 0%; rating input score 69; 69th percentile among comparable filings

Growth

  • Program expense growth: 5.1% per year; rating input score 100; 54th percentile among comparable filings
  • Revenue growth: 11% per year; rating input score 100; 75th percentile among comparable filings
  • Asset growth: 6.4% per year; rating input score 100; 53rd percentile among comparable filings

Details

  • Where the money goes: 93.8% of revenue deployed · 62.7% of spending went to programs
  • Governance: 12 of 12 board members independent · 5 of 7 filing controls reported
  • Programs: 1 filed program accomplishment · $182K in reported program spending
  • Leadership: top reported pay $0 · 11 people listed
  • Consistency: 17 of 17 current checks pass
  • Schedules: 5 filed schedules · includes major donors and grants
  • Filing history: 15 filing years from 2010 to 2024
  • Contacts: How to reach this organization
  • Money network: 1 filed money-flow record
  • Related organizations: 1 filed related-organization link
  • 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: Fundraising efficiency scored 7/100.
  • Review — Accountability: Governance controls: 2 of 7 not reported.
  • Review — Sustainability: Liabilities to assets ratio scored 51/100.