The Wellesley Free Library Foundation Inc

Nonprofit profile at a glance

EIN
263194155
IRS 990 coverage
2010–2024
Forms available
Form 990 2024
Location
Wellesley, MA, USA
Phone
7812351610
Rating
76
Verdict
SUPPORTED
Rating confidence
Moderate
Sector
Single Organization Support

Official website

Reported finances

Revenue
$1,056,610
Expenses
$479,071
Assets
$7,766,428
Liabilities
$310,383

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

Leadership & pay

17 people listed

Executive titles in this filing

  • KEITH HIGGINS (PRESIDENT)

People named in this filing

  • KEITH HIGGINS (PRESIDENT)
  • MARK GROVER (TREASURER)
  • AMIEE MUNRO (CLERK)

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 enrich, not replace, traditional tax-based support for the library through gifts, grants, and bequests from individuals and organizations, while reinforcing the need for continued and increased public support for the library.

Operating model

Revenue model
Mixed. Its operating money came from several sources; no one source provided a clear majority.
Distribution model
Grant intermediary. The nonprofit sent 100% of its reported program spending out as grants.
  • Includes noncash contributions: Reported contributions include donated property or goods.

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: 50
  • Transparency & Controls: 94
  • Accountability: 94
  • Sustainability: 88
  • Growth: 100

Detailed rating inputs

Financial Efficiency

  • Mission deployment rate: 57%; rating input score 57
  • Program expense ratio: 49.8%; rating input score 50
  • Fundraising efficiency: $5.27 raised per $1 spent on fundraising; rating input score 19; 19th 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: 100%; rating input score 100; 76th 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: 6 of 7 controls in place; rating input score 86
    • 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: Pass

Sustainability

  • Operating margin: 54.7%; rating input score 93; 93rd percentile among comparable filings
  • Total-asset coverage ratio: 16.21; rating input score 95; 95th percentile among comparable filings
  • Liabilities to assets ratio: 0.04; rating input score 55; 55th percentile among comparable filings
  • Officer compensation ratio: 0%; rating input score 81; 81st percentile among comparable filings

Growth

  • Program expense growth: 4.4% per year; rating input score 100; 39th percentile among comparable filings
  • Revenue growth: 2% per year; rating input score 100; 25th percentile among comparable filings
  • Asset growth: 12.5% per year; rating input score 100; 66th percentile among comparable filings

Details

  • Where the money goes: 57% of revenue deployed · 49.8% of spending went to programs
  • Governance: 14 of 14 board members independent · 6 of 7 filing controls reported
  • Programs: 2 filed program accomplishments · $239K in reported program spending
  • Leadership: top reported pay $0 · 17 people listed
  • Highest-paid contractors: 1 contractor listed · $108K reported
  • Consistency: 25 of 25 current checks pass
  • Schedules: 8 filed schedules · includes major donors and grants
  • Filing history: 15 filing years from 2010 to 2024
  • Contacts: How to reach this organization
  • Money network: 2 filed money-flow records
  • 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 — Financial Efficiency: Mission deployment rate scored 57/100.
  • Review — Financial Efficiency: Program expense ratio scored 50/100.
  • High — Financial Efficiency: Fundraising efficiency scored 19/100.
  • Review — Accountability: Governance controls: Audit committee oversight not reported.
  • Review — Sustainability: Liabilities to assets ratio scored 55/100.