The Literary Classics of the Us Inc D/b/a Library of America

What it reported doing in 2024

The main focus of the organization's stated exempt purpose is to assure access by the general public to essential works of the american literary and historical tradition in order to preserve the american past through its literary and historical achievements. All of the activities of the organization relate to one program, this program is known as the library of america. The mission is carried out by compiling, editing and publishing inexpensively priced and textuallyaccurate editions of america's best and most significant writings of the past. The books are distributed to libraries, educational institutions, book stores, and directly to individuals, thus making them widely available to scholars, educators, students, and the entire general public. To date, the library of america has published in excess of 450 volumes of literature, poetry, and anthologies, and, on average, ten new volumes are added annually. Most of the works are keptpermanently in print in order to assure continued access for future generations. The exact number of people who have been provided access to otherwise unavailable works of our greatest american authors through the efforts of the library of america is not known. However, over 3,500 libraries with very limited resources have acquired the works from thisprogram, and approximately 300,000 volumes are distributed annually to the general public, either directly or through bookstores. To date over ten million volumes have been printed and distributed. It is estimated that tens of millions of people have been provided access tothese essential works of american literature through the activities carried on by the library of america.

Financial Efficiency

• Mission deployment rate: 100%; rating input score 100
• Program expense ratio: 69%; rating input score 69
• Fundraising efficiency: $3.87 raised per $1 spent on fundraising; rating input score 12; 12th percentile among comparable filings

Transparency & Controls

• Consistency checks: 100%; rating input score 100; 63rd percentile among comparable filings
• Pay-setting controls: 3 of 6 controls in place; rating input score 50
  • Compensation committee: Pass
  • Independent consultant: Missing
  • Other Form 990s reviewed: Missing
  • Written employment contract: Missing
  • Compensation survey or study: Pass
  • 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: 94.4%; rating input score 94; 25th percentile among comparable filings
• Governance controls: 9 of 9 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: Pass
  • Form 990 shared with the board: Pass
  • Board meeting minutes documented: Pass
  • Audit committee oversight: Pass
  • Independent financial-statement audit: Pass

Sustainability

• Operating margin: -2.3%; rating input score 26; 26th percentile among comparable filings
• Total-asset coverage ratio: 6.25; rating input score 86; 86th percentile among comparable filings
• Liabilities to assets ratio: 0.11; rating input score 56; 56th percentile among comparable filings
• Officer compensation ratio: 19.1%; rating input score 13; 13th percentile among comparable filings

Growth

• Program expense growth: 2% per year; rating input score 100; 22nd percentile among comparable filings
• Revenue growth: 0.8% per year; rating input score 100; 15th percentile among comparable filings
• Asset growth: 7% per year; rating input score 100; 45th percentile among comparable filings