The Library Foundation of Needham Inc

Nonprofit profile at a glance

EIN
043783995
IRS 990 coverage
2010–2024
Forms available
Form 990 2024, Form 990-EZ 2009
Location
Needham, MA, USA
Phone
7814557559
Rating
65
Verdict
SUPPORTED
Rating confidence
Moderate
Sector
Libraries

Official website

Reported finances

Revenue
$164,778
Expenses
$43,722
Assets
$2,200,100
Liabilities
$0

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

Leadership & pay

9 people listed

Executive titles in this filing

  • KATHRYN D'ADDESIO (PRESIDENT AND DIRECTOR)

People named in this filing

  • GRAEFF ERHARDT (DIRECTOR)
  • GENEVIEVE HAMMOND (DIRECTOR)
  • LOUISE MILLER (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

The library foundation of needham encourages community investments through individual and corporate giving for library foundation programs and services not provided for in the town funded budget and coordinates fundraising and promotional activities to increase the endowment and responsibly manage and grow the funds.

What it reported doing in 2024

The library foundation of needham provides additional funding beyond the town budget which allows for increased program offerings, expansion of the collection, and purchase of special equipment and services.

Operating model

Revenue model
Investment-supported. 61% of the money available for current operations came from recurring investment income.
Distribution model
Grant intermediary. The nonprofit sent 100% of its reported program spending out as grants.

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 a relatively small share of total spending goes to programs.

Rating breakdown

  • Financial Efficiency: 36
  • Transparency & Controls: 93
  • Accountability: 76
  • Sustainability: 92
  • Growth: 60

Detailed rating inputs

Financial Efficiency

  • Mission deployment rate: 29.4%; rating input score 29
  • Program expense ratio: 45.1%; rating input score 45
  • Fundraising efficiency: $10.16 raised per $1 spent on fundraising; rating input score 40; 40th 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: Limited
  • Related-party transparency: Limited

Accountability

  • Independent voting board: 100%; rating input score 100; 63rd percentile among comparable filings
  • Governance controls: 3 of 7 controls in place; rating input score 43
    • Conflict-of-interest policy: Pass
    • Whistleblower policy: Fail
    • Document-retention policy: Fail
    • 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: 73.5%; rating input score 97; 97th percentile among comparable filings
  • Total-asset coverage ratio: 50.32; rating input score 98; 98th percentile among comparable filings
  • Liabilities to assets ratio: 0; rating input score 80; 80th percentile among comparable filings
  • Officer compensation ratio: 0%; rating input score 69; 69th percentile among comparable filings

Growth

  • Program expense growth: -1.5% per year; rating input score 0; 25th percentile among comparable filings
  • Revenue growth: 0.5% per year; rating input score 100; 26th percentile among comparable filings
  • Asset growth: 6.3% per year; rating input score 100; 53rd percentile among comparable filings

Details

  • Where the money goes: 29.4% of revenue deployed · 45.1% of spending went to programs
  • Governance: 9 of 9 board members independent · 3 of 7 filing controls reported
  • Programs: 1 filed program accomplishment · $20K in reported program spending
  • Leadership: top reported pay $0 · 9 people listed
  • Consistency: 17 of 17 current checks pass
  • Schedules: 3 filed schedules · includes grants
  • Filing history: 14 filing years from 2010 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.

  • High — Financial Efficiency: Mission deployment rate scored 29/100.
  • Moderate — Financial Efficiency: Program expense ratio scored 45/100.
  • Moderate — Accountability: Governance controls: 3 of 6 not reported.
  • Moderate — Financial Efficiency: Fundraising efficiency scored 40/100.
  • High — Growth: Program expense growth scored 0/100.