The Petersburg Library Foundation Inc

Nonprofit profile at a glance

EIN
743090885
IRS 990 coverage
2011–2024
Forms available
Form 990 2024
Location
Petersburg, VA, USA
Phone
8047332387
Rating
86
Verdict
STRONG
Rating confidence
Standard
Sector
Student Services, Organizations of Students

Official website

Reported finances

Revenue
$355,691
Expenses
$430,012
Assets
$187,971
Liabilities
$14,603

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

Leadership & pay

13 people listed

People named in this filing

  • Robert C Walker (Chairman)
  • Ann C Taylor (Vice Chairwoman)
  • Neila L Gunter (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 mission of the petersburg library foundation is to ensure that the city of petersburg has a superior library system having excellent facilities and providing quality resources and innovative sources to enhance educational and cultural opportunities for its citizens.

What it reported doing in 2024

This program includes Petersburg library support programs. This category includes primarily the salary and benefits of an individual who will develop various programs for the libary to offer to the general public. The goal of these programs is to get the community of Petersburg more involved with using the library. Other expenditures for library support programs include items needed for the library such as Christmas decorations, lights, Playstation, Wheelchairs for disabled individuals.

Operating model

Revenue model
Earned-program. 64% of the money available for current operations came from fees and other program revenue.
Distribution model
Direct operator. The filing allocates 99% 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

STRONG - A large share of available resources goes toward mission work and the filed numbers largely add up. Some filing-based governance responses are negative or unanswered and expenses are high relative to revenue.

Rating breakdown

  • Financial Efficiency: 93
  • Transparency & Controls: 100
  • Accountability: 77
  • Sustainability: 24
  • Growth: 40

Detailed rating inputs

Financial Efficiency

  • Mission deployment rate: 100%; rating input score 100
  • Program expense ratio: 93.3%; rating input score 93
  • Fundraising efficiency: $23.12 raised per $1 spent on fundraising; rating input score 61; 61st 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: Limited
  • Major donor itemization: Yes; rating input score 100
  • Related-party transparency: Limited

Accountability

  • Independent voting board: 92.3%; rating input score 92; 25th percentile among comparable filings
  • Governance controls: 4 of 7 controls in place; rating input score 57
    • 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: Fail
    • Board meeting minutes documented: Pass
    • Audit committee oversight: Pass
    • Independent financial-statement audit: Pass

Sustainability

  • Operating margin: -20.9%; rating input score 14; 14th percentile among comparable filings
  • Total-asset coverage ratio: 0.44; rating input score 22; 22nd percentile among comparable filings
  • Liabilities to assets ratio: 0.08; rating input score 28; 28th percentile among comparable filings
  • Officer compensation ratio: 0%; rating input score 69; 69th percentile among comparable filings

Growth

  • Program expense growth: 6.4% per year; rating input score 100; 59th percentile among comparable filings
  • Revenue growth: -12.1% per year; rating input score 0; 5th percentile among comparable filings
  • Asset growth: -11.9% per year; rating input score 0; 5th percentile among comparable filings

Details

  • Where the money goes: 100% of revenue deployed · 93.3% of spending went to programs
  • Governance: 12 of 13 board members independent · 4 of 7 filing controls reported
  • Programs: 3 filed program accomplishments · $401K in reported program spending
  • Leadership: top reported pay $0 · 13 people listed
  • Consistency: 29 of 29 current checks pass
  • Schedules: 6 filed schedules · includes major donors
  • Filing history: 14 filing years from 2011 to 2024
  • Contacts: How to reach this organization
  • Money network: Resolved incoming and outgoing counterparties from filed money flows.
  • 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 — Accountability: Governance controls: 3 of 7 not reported.
  • High — Sustainability: Operating margin scored 14/100.
  • High — Growth: Revenue growth scored 0/100.
  • High — Sustainability: Total-asset coverage ratio scored 22/100.
  • High — Growth: Asset growth scored 0/100.
  • High — Sustainability: Liabilities to assets ratio scored 28/100.