The Torrington Library

Nonprofit profile at a glance

EIN
060669622
IRS 990 coverage
2017–2024
Forms available
Form 990 2024
Location
Torrington, CT, USA
Phone
8604896684
Rating
90
Verdict
STRONG
Rating confidence
Moderate
Sector
Scholarships, Student Financial Aid Services, Awards

Official website

Reported finances

Revenue
$2,285,482
Expenses
$1,602,100
Assets
$42,570,169
Liabilities
$52,783

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

Leadership & pay

10 people listed

Executive titles in this filing

  • STEVEN M TEMKIN (PRESIDENT)

Highest reported compensation

  • JESSICA GUENIAT (EXECUTIVE DI): $80,827 total reported compensation

Source: IRS Form 990. Selected filing: tax year 2024. Names and roles reflect this filing, not necessarily current officeholders.

Overview

Mission

Engaging all members of our community by providing equal access to books, electronic resources, programs, and partnerships to enrich and empower lives.

What it reported doing in 2024

Circulating library the torrington library operates as a public library, providing print books, periodicals, dvds, cds, audiobooks, museum passes, video games, mobile hot spots, electronic resources/databases, ematerials, and public access computers for public use. The library physically houses over 62,000 print books, 1,000 audiobooks, 2,500 dvds, 200 cds, 50 museum passes, and 2 mobile hotspots. Electronically, the library offers access to over 100,000 materials ranging from ebooks to eaudiobooks, live streaming, cds, and magazines, all available from our website. All services are free of charge and available to any torrington residents. Most services are also available to non-residents within Connecticut.

Operating model

Revenue model
Donor-supported. 72% of the money available for current operations came from contributions and gifts.
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

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 reported officer compensation is a large share of total spending, which may reflect staffing concentration.

Rating breakdown

  • Financial Efficiency: 85
  • Transparency & Controls: 92
  • Accountability: 95
  • Sustainability: 85
  • Growth: 100

Detailed rating inputs

Financial Efficiency

  • Mission deployment rate: 92%; rating input score 92
  • Program expense ratio: 79.9%; rating input score 80
  • Fundraising efficiency: $21.53 raised per $1 spent on fundraising; rating input score 61; 61st percentile among comparable filings

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: 7 of 8 controls in place; rating input score 88
    • Conflict-of-interest policy: Pass
    • Whistleblower policy: Pass
    • Document-retention policy: Pass
    • CEO compensation review process: NotApplicable
    • Other executive compensation review process: Fail
    • Form 990 shared with the board: Pass
    • Board meeting minutes documented: Pass
    • Audit committee oversight: Pass
    • Independent financial-statement audit: Pass

Sustainability

  • Operating margin: 29.9%; rating input score 84; 84th percentile among comparable filings
  • Total-asset coverage ratio: 26.57; rating input score 97; 97th percentile among comparable filings
  • Liabilities to assets ratio: 0; rating input score 92; 92nd percentile among comparable filings
  • Officer compensation ratio: 5%; rating input score 53; 53rd percentile among comparable filings

Growth

  • Program expense growth: 6.1% per year; rating input score 100; 46th percentile among comparable filings
  • Revenue growth: 4.8% per year; rating input score 100; 40th percentile among comparable filings
  • Asset growth: 4.7% per year; rating input score 100; 33rd percentile among comparable filings

Details

  • Where the money goes: 92% of revenue deployed · 79.9% of spending went to programs
  • Governance: 9 of 9 board members independent · 7 of 8 filing controls reported
  • Programs: 3 filed program accomplishments · $1.3M in reported program spending
  • Leadership: top reported pay $81K · 10 people listed
  • Consistency: 33 of 33 current checks pass
  • Schedules: 6 filed schedules · includes major donors
  • Filing history: 8 filing years from 2017 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.

  • Review — Accountability: Governance controls: Other executive compensation review process not reported.
  • Review — Sustainability: Officer compensation ratio scored 53/100.