Civic Intelligence

The Mercantile Library Association of the City of New York Inc

990 • Fiscal year 2020 • EIN 13-1624084

Jan 01, 2020 to Dec 31, 2020 • Filed on Oct 25, 2021

Refreshing map…

15 Lafayette AvenueBrooklyn, NY 11217

(212) 755-6710

Siviq Scores

Precomputed percentiles for this filing year versus similar nonprofits in the same peer cohort.

Liabilities / Assets

69th percentile

0.40x

Higher debt load relative to assets than 69% of similar nonprofits.

2020 filings • NTEE B • $1M-$5M nonprofits • Source year 2020

Liabilities / Revenue

80th percentile

0.48x

Higher debt load relative to revenue than 80% of similar nonprofits.

2020 filings • NTEE B • $1M-$5M nonprofits • Source year 2020

Net Margin

44th percentile

2.3%

Higher net margin than 44% of similar nonprofits.

2020 filings • NTEE B • $1M-$5M nonprofits • Source year 2020

Top Officer Pay

93rd percentile

$263,284

Higher top officer pay than 93% of similar nonprofits.

Top officer pay equals 11.0% of source-year revenue.

2020 filings • NTEE B • $1M-$5M nonprofits • Source year 2020

Asset Growth

64th percentile

17%

Faster asset growth than 64% of similar nonprofits.

2020 filings • NTEE B • $1M-$5M nonprofits • Annualized from 2019 to 2020

Revenue Growth

74th percentile

16%

Faster revenue growth than 74% of similar nonprofits.

2020 filings • NTEE B • $1M-$5M nonprofits • Annualized from 2019 to 2020

Assets

Up

$2,875,884

Up $416,391 (+17%) from 2019

Net Assets

Up

$1,723,339

Up $248,986 (+17%) from 2019

Liabilities

Up

$1,152,545

Up $167,405 (+17%) from 2019

Revenue

Up

$2,396,422

Up $334,096 (+16%) from 2019

Expenses

Up

$2,341,699

Up $166,011 (+7.6%) from 2019

Net Income

Up

$54,723

Up $168,085 (+148%) from 2019

Historical Trend

Balance Sheet Trend

The highlighted filing sits inside the broader history for assets, liabilities, and net assets.

$4.0M$3.0M$2.0M$1.0M$0Assets 2010: $881,870Liabilities 2010: $61,686Net Assets 2010: $820,1842010Assets 2011: $829,836Liabilities 2011: $62,331Net Assets 2011: $767,5052011Assets 2012: $854,376Liabilities 2012: $71,573Net Assets 2012: $782,8032012Assets 2013: $1,104,325Liabilities 2013: $196,065Net Assets 2013: $908,2602013Assets 2014: $1,086,736Liabilities 2014: $26,419Net Assets 2014: $1,060,3172014Assets 2015: $1,016,621Liabilities 2015: $44,513Net Assets 2015: $972,1082015Assets 2016: $1,036,139Liabilities 2016: $123,248Net Assets 2016: $912,8912016Assets 2017: $1,363,028Liabilities 2017: $50,640Net Assets 2017: $1,312,3882017Assets 2018: $1,839,666Liabilities 2018: $479,795Net Assets 2018: $1,359,8712018Assets 2019: $2,459,493Liabilities 2019: $985,140Net Assets 2019: $1,474,3532019Assets 2020: $2,875,884Liabilities 2020: $1,152,545Net Assets 2020: $1,723,3392020Assets 2021: $3,218,511Liabilities 2021: $311,910Net Assets 2021: $2,906,6012021Assets 2022: $2,596,295Liabilities 2022: $298,314Net Assets 2022: $2,297,9812022Assets 2023: $2,373,267Liabilities 2023: $316,701Net Assets 2023: $2,056,5662023Assets 2024: $2,673,342Liabilities 2024: $475,043Net Assets 2024: $2,198,2992024

Highlighted filing

2020

Assets$2,875,884
Liabilities$1,152,545
Net Assets$1,723,339

Operations Trend

Revenue, expenses, and net income across loaded years, with this filing highlighted.

$4.0M$3.0M$2.0M$1.0M$0-$1.0MRevenue 2010: $1,499,125Expenses 2010: $1,001,968Net Income 2010: $497,1572010Revenue 2011: $1,031,352Expenses 2011: $1,012,233Net Income 2011: $19,1192011Revenue 2012: $951,193Expenses 2012: $998,004Net Income 2012: -$46,8112012Revenue 2013: $1,330,004Expenses 2013: $1,079,016Net Income 2013: $250,9882013Revenue 2014: $1,084,555Expenses 2014: $1,007,190Net Income 2014: $77,3652014Revenue 2015: $981,342Expenses 2015: $1,064,134Net Income 2015: -$82,7922015Revenue 2016: $996,633Expenses 2016: $1,127,945Net Income 2016: -$131,3122016Revenue 2017: $1,487,338Expenses 2017: $1,251,366Net Income 2017: $235,9722017Revenue 2018: $1,597,935Expenses 2018: $1,485,804Net Income 2018: $112,1312018Revenue 2019: $2,062,326Expenses 2019: $2,175,688Net Income 2019: -$113,3622019Revenue 2020: $2,396,422Expenses 2020: $2,341,699Net Income 2020: $54,7232020Revenue 2021: $3,202,622Expenses 2021: $2,341,609Net Income 2021: $861,0132021Revenue 2022: $3,244,061Expenses 2022: $2,572,194Net Income 2022: $671,8672022Revenue 2023: $2,570,758Expenses 2023: $2,997,558Net Income 2023: -$426,8002023Revenue 2024: $3,142,123Expenses 2024: $3,086,409Net Income 2024: $55,7142024

Highlighted filing

2020

Revenue$2,396,422
Expenses$2,341,699
Net Income$54,723
Jump To
Filing Snapshot
Filing Period
Jan 1, 2020 to Dec 31, 2020
Signed
Oct 25, 2021
Return Version
2020v4.0
Gross Receipts
$2,412,129
Mission and Program Overview

Mission

The mission of the mercantile library association is to encourage people to read and value fiction and to support and celebrate its creation and enjoyment.

The mission of The Center for Fiction is to encourage people to read and value fiction and to support and celebrate its creation and enjoyment.

Balance Sheet Detail
LineBeginningEndChange
Assets
Investments in Publicly Traded Securities$1,185,003$1,389,720▲ $204,717
Land, Buildings, and Equipment, Net$850,752$734,165▼ $116,587
Cash and Non-Interest-Bearing Accounts$219,987$498,452▲ $278,465
Pledges and Grants Receivable$104,560$115,819▲ $11,259
Prepaid Expenses and Deferred Charges$22,815$78,326▲ $55,511
Inventories for Sale or Use$70,996$53,809▼ $17,187
Savings and Temporary Cash Investments$5,380$5,593▲ $213
Accounts Receivable-$0-
Other Notes and Loans Receivable, Net-$0-
Receivable From Disqualified Prsn-$0-
Receivables From Officers Etc-$0-
Investments Other Securities-$0-
Investments Program Related-$0-
Intangible Assets-$0-
Total Assets$2,459,493$2,875,884▲ $416,391
Other Assets Total-$0-
Liabilities
Other Liabilities$726,184$740,745▲ $14,561
Accounts Payable and Accrued Expenses$198,260$360,985▲ $162,725
Deferred Revenue$60,696$50,815▼ $9,881
Total Liabilities$985,140$1,152,545▲ $167,405
Net Assets / Fund Balance
Net Assets Without Donor Restrictions$1,454,353$1,472,347▲ $17,994
Net Assets With Donor Restrictions$20,000$250,992▲ $230,992
Total Net Assets Fund Balance$1,474,353$1,723,339▲ $248,986
Total Liabilities and Net Assets / Fund Balance$2,459,493$2,875,884▲ $416,391

Asset Categories

AssetBook ValueDepreciationBasis
Equipment$451,136$164,479$615,615
Other Land Buildings$283,029$96,355$379,384
Compensation and Service Providers

Employees

NameTitleFull / Part TimeBaseOtherTotal
Noreen TomassiE.D. thru 6/30FT$136,226$127,058$263,284
Linda MorganDevelopment DirectorFT$131,591$7,598$139,189
Kristin HenleyManaging DirectorFT$128,191$7,316$135,507
Michael RobertsInterim E.D.FT$75,000-$75,000
Revenue and Support

Revenue Composition

Contributions and Grants
$1,782,314
Program Service Revenue
$524,609
Investment Income
$23,267
Other Revenue
$66,232
All Other Contributions
$545,694
Change in Net Assets
$54,723

Audited Revenue Reconciliation

Revenue per Audited Statements
$2,396,422
Revenue Not Reported on Form 990
$1,526,983
Total Revenue per Audited Statements
$3,923,405
Total Revenue per Form 990
$2,396,422
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Salaries, Compensation, and Employee Benefits$1,624,181
Other Expenses$643,018
Total Fundraising Expense$397,806
Grants and Similar Amounts Paid$74,500
Professional Fundraising Fees$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Other Salaries and Wages$705,859$38,554$210,064$954,477
Current Officers, Directors, Trustees, and Key Employees$271,426$112,139$68,151$451,716
Depreciation Depletion$119,821$21,145-$140,966
Fees for Services Other$30,629$93,511$2,685$126,825
Other Employee Benefits$88,674$12,522$25,212$126,408
Payroll Taxes$63,696$9,753$18,131$91,580
All Other Expenses$34,077$54,249$798$89,124
Grants to Domestic Individuals$74,500--$74,500
Other Expenses$39,135$4,968$13,335$57,438
Insurance$23,570$4,544$284$28,398
Office Expenses$5,561$12,695-$18,256
Travel$2,032$1,238-$3,270
Total Functional Expenses$1,569,317$374,576$397,806$2,341,699

Audited Expense Reconciliation

Line ItemAmount
Total Expenses per Audited Statements$3,674,419
Expenses per Audited Statements$2,341,699
Total Expenses per Form 990$2,341,699
Expenses Not Reported on Form 990$1,332,720
Fundraising, Events, and Gaming
Fundraising activities
Yes
Gaming activities
No
Professional fundraiser used
No

Fundraising and Gaming Totals

Line ItemAmount
Professional Fundraising Fees$0

Fundraising Events

EventGross ReceiptsGross RevenueDirect ExpensesNet Income
Fall Fete$404,923---
Total Events$404,923---
Political and Lobbying Activity
Political campaign activity
No
Lobbying activity
No
Subject to proxy tax
No
Insider Transactions and Loans

Loans and Receivables

Line ItemBeginningEndChange
Receivables from Disqualified Persons-$0-
Receivables from Officers, Directors, Trustees, and Key Employees-$0-
Debt and Bond Financing

Other Reported Liabilities

LiabilityAmount
Due to affiliate$740,745
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
No
Annual disclosure for covered persons
Yes
Audit committee
Yes
Backup withholding compliance
Yes
Business relationship with 35% controlled entity
No
Business relationship with family members
No
Business relationship with organization members
No
Material changes to governing documents
Yes
Compensation from other sources disclosed
No
CEO compensation reviewed
Yes
Other officer compensation reviewed
No
Conflict-of-interest policy
Yes
Audited financial statements prepared
No
Key decisions subject to board approval
No
Management duties delegated
No

Governance Explanations

Form 990, Part VI, Line 4: Description of Significant Changes to Organizational Documents

We began to put into place various policies although some were finalized/adopted in 2021

Form 990, Part VI, Line 11B: Form 990 Review Process

Management reviewed a draft of the form 990 with the audit/finance committee and provided edits to the tax preparer. After this process was perfomred, the form 990 was sent to the full board of directors prior to being filed with the IRS.

Form 990, Part VI, Line 12C: Explanation of Monitoring and Enforcement of Conflicts

The organization has a board approved conflicts of interest policy. Each board member must fill out an annual declaration stating they had no conflicts or identifying the nature of their interested party transactions.

Form 990, Part VI, Line 15A: Compensation Review & Approval Process - CEO, Top Management

The Board reviews the compensation of its executive director annually in conjunction with the annual budget review process. When the final budget is approved the compensation is approved concurrently.

Form 990, Part VI, Line 19: Other Organization Documents Publicly Available

Documents are available upon request.

Filing and Contact Details

Filer

Filer Name
The Mercantile Library Association
EIN
13-1624084
Phone
2127556710
Address
15 Lafayette Avenue, Brooklyn, NY 11217

Signing Officer

Name
Traci Lester
Title
Executive Director
Signed
2021-10-25
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Traci Lester
Formed
1820
Legal Domicile
Ny
Voting Board Members
20
Independent Board Members
20
Employees
33
Volunteers
50

Preparer

Firm
Schall & Ashenfarb Cpas
Address
307 5th Ave 15th Floor, NEW YORK, NY 10016
Preparer
Michael Schall
Phone
2122682800
Supplemental Narrative

Additional Explanations

Part III Program Achievements Supplemental

We keep the events small, with a maximum of 80 students per event, so that all kids have time to ask questions, get their book signed, and have a personal interaction with the writer. KidsWrite students receive a free scholarship to our summer teen writing program. Due to the pandemic and the disrupted school year we moved our KidsRead & KidsWrite program to zoom. KidsRead students were no longer able to visit in person, but they received a virtual visit with the author and were provided copies of the book. KidsWrite classes took place over Zoom. We also partnered with the Decameron Project to sponsor writing contests. The Center gives out numerous awards every year but our cornerstone prizes support the work of early career writers. Our First Novel Prize is given to the finest debut novel of the year, with the author receiving $15,000 (finalists $1,000). Our NYC Emerging Writers Fellowship supports writers in that crucial time before they publish a book. Each of our Emerging Writers Fellows receive a grant of $5,000, an experienced editor to revise and critique their manuscripts, a place to write in our Writers Studio, and meetings with editors, authors, and agents who represent new writers at monthly dinners, which were hosted virtually in 2020. Fellows also participate in two public readings (one hosted on zoom, the other in person), receive a professional headshot for personal publicity use, publication in an anthology distributed to industry professionals, as well as tickets to our First Novel Fete and Benefit & Awards Dinner, complimentary admission to all Center events, and a 25% discount on writing workshops at the Center.We present more than 150 authors and artists annually in public performances that showcase fiction across many art forms, integrating music, dance, theater, film, and the visual arts. In January, February and early March of 2020 they took place in our state-of-the-art, fully accessible, 140-seat auditorium with a large stage and LED film screen. Due to the mandatory shut-down of our space for Covid-19, we successfully pivoted our events to online and had robust programming from late spring through the end of the year.

Financial Statement Notes

Part X : FIN48 Footnote

Mercantile Library Association d/b/a Center for Fiction does not believe its financial statements include any material, uncertain tax positions. The tax filings for periods ending December 31, 2017 and later are subject to examination by applicable taxing authorities.

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IRS990/Form990PartVIISectionAGrp/PersonNm0Noreen Tomassi
IRS990/Form990PartVIISectionAGrp/PersonNm1Linda Morgan
IRS990/Form990PartVIISectionAGrp/PersonNm2Kristin Henley
IRS990/Form990PartVIISectionAGrp/PersonNm3Michael Roberts
IRS990/Form990PartVIISectionAGrp/PersonNm4Erroll McDonald
IRS990/Form990PartVIISectionAGrp/PersonNm5Wendy Gimbel
IRS990/Form990PartVIISectionAGrp/PersonNm6Celia McGee
IRS990/Form990PartVIISectionAGrp/PersonNm7Christopher John Farley
IRS990/Form990PartVIISectionAGrp/PersonNm8Gabrielle Bamberger
IRS990/Form990PartVIISectionAGrp/PersonNm9Elizabeth Birkelund
IRS990/Form990PartVIISectionAGrp/PersonNm10Maria B Campbell
IRS990/Form990PartVIISectionAGrp/PersonNm11Mark Fowler
IRS990/Form990PartVIISectionAGrp/PersonNm12Danielle Ganek
IRS990/Form990PartVIISectionAGrp/PersonNm13Nan Graham
IRS990/Form990PartVIISectionAGrp/PersonNm14Kate Medina
IRS990/Form990PartVIISectionAGrp/PersonNm15Calvert D Morgan Jr
IRS990/Form990PartVIISectionAGrp/PersonNm16Sara Nelson
IRS990/Form990PartVIISectionAGrp/PersonNm17Susanna Porter
IRS990/Form990PartVIISectionAGrp/PersonNm18Mary Jo Shen
IRS990/Form990PartVIISectionAGrp/PersonNm19Elizabeth Hawes Weinstock
IRS990/Form990PartVIISectionAGrp/PersonNm20Dennis Williams
IRS990/Form990PartVIISectionAGrp/PersonNm21Sarah Lyall
IRS990/Form990PartVIISectionAGrp/PersonNm22Shannon R Selden
IRS990/Form990PartVIISectionAGrp/PersonNm23Laura Washington
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IRS990/Form990PartVIISectionAGrp/TitleTxt0E.D. thru 6/30
IRS990/Form990PartVIISectionAGrp/TitleTxt1Development Dir
IRS990/Form990PartVIISectionAGrp/TitleTxt2Managing Director
IRS990/Form990PartVIISectionAGrp/TitleTxt3Interim E.D.
IRS990/Form990PartVIISectionAGrp/TitleTxt4Chair
IRS990/Form990PartVIISectionAGrp/TitleTxt5Vice Chair
IRS990/Form990PartVIISectionAGrp/TitleTxt6Secretary
IRS990/Form990PartVIISectionAGrp/TitleTxt7Director
IRS990/Form990PartVIISectionAGrp/TitleTxt8Director
IRS990/Form990PartVIISectionAGrp/TitleTxt9Director
IRS990/Form990PartVIISectionAGrp/TitleTxt10Director
IRS990/Form990PartVIISectionAGrp/TitleTxt11Director
IRS990/Form990PartVIISectionAGrp/TitleTxt12Director
IRS990/Form990PartVIISectionAGrp/TitleTxt13Director
IRS990/Form990PartVIISectionAGrp/TitleTxt14Director
IRS990/Form990PartVIISectionAGrp/TitleTxt15Director
IRS990/Form990PartVIISectionAGrp/TitleTxt16Director
IRS990/Form990PartVIISectionAGrp/TitleTxt17Director
IRS990/Form990PartVIISectionAGrp/TitleTxt18Director
IRS990/Form990PartVIISectionAGrp/TitleTxt19Director
IRS990/Form990PartVIISectionAGrp/TitleTxt20Director
IRS990/Form990PartVIISectionAGrp/TitleTxt21Director
IRS990/Form990PartVIISectionAGrp/TitleTxt22Director
IRS990/Form990PartVIISectionAGrp/TitleTxt23Director
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IRS990/MissionDesc0The Center for Fiction, founded in 1820 as the Mercantile Library, is the only organization in the United States devoted solely to the vital art of fiction. The mission of The Center for Fiction is to encourage people to read and value fiction and to support and celebrate its creation and enjoyment. With all our resources, including our exceptional book collection, our expanding website, and our ever-growing array of creative programs, we seek to serve the reading public, to build a larger audience for fiction, and to create a place where readers and writers can share their passion for literature.
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IRS990/OtherExpensesGrp/Desc0Library instructors
IRS990/OtherExpensesGrp/Desc1Special Event Expense
IRS990/OtherExpensesGrp/Desc2Repairs & maintenance
IRS990/OtherExpensesGrp/Desc3Other Library Expenses
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IRS990/OtherExpensesGrp/TotalAmt257861
IRS990/OtherExpensesGrp/TotalAmt357438
IRS990/OtherLiabilitiesGrp/BOYAmt0726184

Document Assets

No mirrored PDF or thumbnail assets are attached yet.

Filings

Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2024XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$2.67$0.48$2.20$3.14$3.09$0.06
2023Detailed filing. Detailed filing data is available for this year.$2.37$0.32$2.06$2.57$3.00$0.43
2022Detailed filing. Detailed filing data is available for this year.$2.60$0.30$2.30$3.24$2.57$0.67
2021XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$3.22$0.31$2.91$3.20$2.34$0.86
2020Detailed filing. Detailed filing data is available for this year.$2.88$1.15$1.72$2.40$2.34$0.05
2019XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$2.46$0.99$1.47$2.06$2.18$0.11
2018XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$1.84$0.48$1.36$1.60$1.49$0.11
2017XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$1.36$0.05$1.31$1.49$1.25$0.24
2016XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$1.04$0.12$0.91$1.00$1.13$0.13
2015XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$1.02$0.04$0.97$0.98$1.06$0.08
2014Detailed filing. Detailed filing data is available for this year.$1.09$0.03$1.06$1.08$1.01$0.08
2013Summary only. Only limited summary data is available for this year.$1.10$0.20$0.91$1.33$1.08$0.25
2012Summary only. Only limited summary data is available for this year.$0.85$0.07$0.78$0.95$1.00$0.05
2011Summary only. Only limited summary data is available for this year.$0.83$0.06$0.77$1.03$1.01$0.02
2010Summary only. Only limited summary data is available for this year.$0.88$0.06$0.82$1.50$1.00$0.50
Peer Organizations

Similar nonprofits based on the same Siviq industry and scale cohort. 2020 filings • 501(c)3 • $1M-$5M nonprofits