Civic Intelligence

Waverly Free Library

990 • Fiscal year 2022 • EIN 15-0592911

Jan 01, 2022 to Dec 31, 2022 • Filed on May 03, 2023

Organization ProfileN/A
18 Elizabeth StreetWaverly, NY 14892

(607) 565-9341

Siviq Scores

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

Liabilities / Assets

43rd percentile

0.00x

Higher debt load relative to assets than 43% of similar nonprofits.

2022 filings • NTEE B • $500k-$1M nonprofits • Source year 2022

Liabilities / Revenue

56th percentile

0.03x

Higher debt load relative to revenue than 56% of similar nonprofits.

2022 filings • NTEE B • $500k-$1M nonprofits • Source year 2022

Net Margin

3rd percentile

-180%

Higher net margin than 3% of similar nonprofits.

2022 filings • NTEE B • $500k-$1M nonprofits • Source year 2022

Top Officer Pay

65th percentile

$33,741

Higher top officer pay than 65% of similar nonprofits.

Top officer pay equals 47.7% of source-year revenue.

2022 filings • NTEE B • $500k-$1M nonprofits • Source year 2022

Asset Growth

7th percentile

-30%

Faster asset growth than 7% of similar nonprofits.

2022 filings • NTEE B • $500k-$1M nonprofits • Annualized from 2021 to 2022

Revenue Growth

5th percentile

-77%

Faster revenue growth than 5% of similar nonprofits.

2022 filings • NTEE B • $500k-$1M nonprofits • Annualized from 2021 to 2022

Balance Sheet
Liabilities / Assets43rd percentile

Assets

Down

$612,440

Down $260,367 (-30%) from 2021

Net Assets

Down

$610,579

Down $260,287 (-30%) from 2021

Liabilities

Down

$1,861

Down $80 (-4.1%) from 2021

Revenue And Expenses
Liabilities / Revenue56th percentileNet Margin3rd percentile

Revenue

Down

$70,757

Down $234,733 (-77%) from 2021

Expenses

Up

$198,306

Up $24,924 (+14%) from 2021

Net Income

Down

-$127,549

Down $259,657 (-197%) from 2021

Historical Trend

Balance Sheet Trend

Asset Growth7th percentile

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

$1.5M$1.0M$500K$0Assets 2011: $681,857Liabilities 2011: $0Net Assets 2011: $681,8572011Assets 2012: $872,924Liabilities 2012: $0Net Assets 2012: $872,9242012Assets 2013: $1,173,965Liabilities 2013: $0Net Assets 2013: $1,173,9652013Assets 2014: $1,161,379Liabilities 2014: $0Net Assets 2014: $1,161,3792014Assets 2015: $1,031,188Liabilities 2015: $0Net Assets 2015: $1,031,1882015Assets 2016: $989,879Liabilities 2016: $0Net Assets 2016: $989,8792016Assets 2017: $930,965Liabilities 2017: $0Net Assets 2017: $930,9652017Assets 2018: $776,208Liabilities 2018: $0Net Assets 2018: $776,2082018Assets 2019: $767,018Liabilities 2019: $2,650Net Assets 2019: $764,3682019Assets 2020: $754,874Liabilities 2020: $1,881Net Assets 2020: $752,9932020Assets 2021: $872,807Liabilities 2021: $1,941Net Assets 2021: $870,8662021Assets 2022: $612,440Liabilities 2022: $1,861Net Assets 2022: $610,5792022Assets 2023: $575,566Liabilities 2023: $1,459Net Assets 2023: $574,1072023Assets 2024: $503,099Liabilities 2024: $1,851Net Assets 2024: $501,2482024

Highlighted filing

2022

Assets$612,440
Liabilities$1,861
Net Assets$610,579
Open 2022 Filing

Operations Trend

Revenue Growth5th percentile

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

$600K$400K$200K$0-$200KRevenue 2011: $143,083Expenses 2011: $143,083Net Income 2011: $02011Revenue 2012: $255,836Expenses 2012: $118,701Net Income 2012: $137,1352012Revenue 2013: $401,301Expenses 2013: $156,267Net Income 2013: $245,0342013Revenue 2014: $129,737Expenses 2014: $133,287Net Income 2014: -$3,5502014Revenue 2015: $86,638Expenses 2015: $169,371Net Income 2015: -$82,7332015Revenue 2016: $91,471Expenses 2016: $206,546Net Income 2016: -$115,0752016Revenue 2017: $88,923Expenses 2017: $214,453Net Income 2017: -$125,5302017Revenue 2018: $116,120Expenses 2018: $206,328Net Income 2018: -$90,2082018Revenue 2019: $108,510Expenses 2019: $187,733Net Income 2019: -$79,2232019Revenue 2020: $112,968Expenses 2020: $160,114Net Income 2020: -$47,1462020Revenue 2021: $305,490Expenses 2021: $173,382Net Income 2021: $132,1082021Revenue 2022: $70,757Expenses 2022: $198,306Net Income 2022: -$127,5492022Revenue 2023: $43,826Expenses 2023: $162,067Net Income 2023: -$118,2412023Revenue 2024: $150,719Expenses 2024: $182,585Net Income 2024: -$31,8662024

Highlighted filing

2022

Revenue$70,757
Expenses$198,306
Net Income-$127,549
Open 2022 Filing
Jump To
Filing Snapshot
Filing Period
Jan 1, 2022 to Dec 31, 2022
Signed
May 3, 2023
Return Version
2022v5.0
Gross Receipts
$293,139
Mission and Program Overview

Mission

To provide patrons of all ages with a friendly atmosphere for access to various categories of multimedia materials and library services.

Balance Sheet Detail
LineBeginningEndChange
Assets
Investments in Publicly Traded Securities$866,659$601,914▼ $264,745
Cash and Non-Interest-Bearing Accounts$6,148$10,526▲ $4,378
Total Assets$872,807$612,440▼ $260,367
Liabilities
Accounts Payable and Accrued Expenses$1,941$1,861▼ $80
Total Liabilities$1,941$1,861▼ $80
Net Assets / Fund Balance
Net Assets Without Donor Restrictions$870,866$610,579▼ $260,287
Total Net Assets Fund Balance$870,866$610,579▼ $260,287
Total Liabilities and Net Assets / Fund Balance$872,807$612,440▼ $260,367

Endowment Activity

PeriodBeginningContrib.Gain/LossOther UsesEnd
2022$866,659-▼ $121,530$135,000$601,914
2021$743,195$162,000▲ $45,077$74,000$866,659
2020$765,433-▲ $78,485$91,000$743,195
2019$775,934-▲ $110,051$110,000$765,433
2018$927,984-▼ $25,912$114,442$775,934
Compensation and Service Providers
Top Officer Pay65th percentile

Employees

NameTitleFull / Part TimeBaseTotal
Rebecca GraceDirectorFT$33,741$33,741

Board Members and Trustees

NameTitle
Deborah Smith KennedyPresident
Fred KennedyBoard Member
Joshua KittsBoard Member
Sara KittsBoard Member
Tiffany KovacsBoard Member
John KinneyTreasurer
Revenue and Support

Revenue Composition

Contributions and Grants
$58,313
Program Service Revenue
$1,235
Investment Income
$11,209
Other Revenue
$0
All Other Contributions
$20,273
Change in Net Assets
$-127,549
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$106,918
Salaries, Compensation, and Employee Benefits$91,388
Total Fundraising Expense$2,584
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Other Salaries and Wages$71,250$10,240$2,301$83,791
Fees for Services Legal$0$35,518$0$35,518
Occupancy$10,794$1,199$0$11,993
Fees for Service Investment Mgmnt Fees$0$8,215$0$8,215
Payroll Taxes$6,458$911$228$7,597
Insurance$1,544$4,441$55$6,040
Information Technology$4,243$0$0$4,243
Other Expenses$4,000$0$0$4,000
Office Expenses$0$3,782$0$3,782
All Other Expenses$266$2,905$0$3,171
Total Functional Expenses$128,511$67,211$2,584$198,306
Fundraising, Events, and Gaming
Fundraising activities
No
Gaming activities
No
Professional fundraiser used
No

Fundraising and Gaming Totals

Line ItemAmount
Professional Fundraising Fees$0
Political and Lobbying Activity
Political campaign activity
No
Lobbying activity
No
Subject to proxy tax
No
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
No
Annual disclosure for covered persons
No
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
No
Compensation from other sources disclosed
No
CEO compensation reviewed
No
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
Filing and Contact Details

Filer

Filer Name
Waverly Free Library
EIN
15-0592911
Phone
6075659341
Address
18 ELIZABETH STREET, WAVERLY, NY 14892

Signing Officer

Name
Deborah Smith Kennedy
Title
President
Phone
6075659341
Signed
2023-05-03
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Deborah Smith Kennedy
Formed
1929
Legal Domicile
Ny
Voting Board Members
6
Independent Board Members
6
Employees
10
Volunteers
3

Preparer

Firm
Renee L Kinsley CPA
Address
143 Wilbur Street, Waverly, NY 14892
Preparer
Renee L Kinsley CPA
Phone
6075653319
Supplemental Narrative

Additional Explanations

Pt VI, Line 2

“Deborah smith kennedy & fred kennedy: family relationship joshua kitts and sara kitts: family relationship”

Pt VI, Line 6

“As an association library, all members of the association (i.e. Members) who donated to the library vote on the board of trustees. The board members select officers.”

Pt VI, Line 8B

“The organization documents meetings in the form of minutes of every board meeting. There are no committees with authority to act on behalf of the governing body.”

Pt VI, Line 11B

“Form 990 is available for the board to review prior to filing.”

Pt VI, Line 7A

“As an association library, all members of the association (i.e. Members) who donated to the library vote on the board of trustees. The board members select officers.”

Pt VI, Line 12C

“Trustees are required to sign a conflict of interest disclosure form yearly at the annual meeting.”

Pt VI, Line 5

“The waverly free library became aware of alleged misappropriation of funds in early mid-april 2022.”

Pt VI, Line 5

“The employee was fired after the board met on april 26, 2022 and by mid-june 2022 our board voted to retain m. Sciotti for barclay damon llp and in turn karen hovey for dermody burk & brown cpa's llc to address the alleged theft/diversion of library funds. At present, we are still engaged in an ongoing private investigation with those parties involved. Charges are yet to be filed. Because of this, at this time, we do not have a final dollar amount because of ongoing investigation.”

Financial Statement Notes

Pt V, Line 4

“The intended use of the endowment fund is to supplement”

Other

“Funding of the operating budget and to provide support to library projects which enhances the library's role in the community in which it serves.”

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IRS990ScheduleA/Form990ScheduleAPartVIGrp/ExplanationTxt0Other Income Part II, Line 10 Description: MISCELLANEOUS 2018: 550. 2019: 547. 2020: 541. 2021: 486. 2022: 0. Description: PROGRAM SERVICE REVENUE 2018: 5024. 2019: 4510. 2020: 1078. 2021: 79. 2022: 1235.
IRS990ScheduleA/Form990ScheduleAPartVIGrp/FormAndLineReferenceDesc0Pt II Ln 10
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IRS990ScheduleD/EndowmentsHeldUnrelatedOrgInd0true
IRS990ScheduleD/SupplementalInformationDetail/ExplanationTxt0THE INTENDED USE OF THE ENDOWMENT FUND IS TO SUPPLEMENT
IRS990ScheduleD/SupplementalInformationDetail/ExplanationTxt1FUNDING OF THE OPERATING BUDGET AND TO PROVIDE SUPPORT TO LIBRARY PROJECTS WHICH ENHANCES THE LIBRARY'S ROLE IN THE COMMUNITY IN WHICH IT SERVES.
IRS990ScheduleD/SupplementalInformationDetail/FormAndLineReferenceDesc0Pt V, Line 4
IRS990ScheduleD/SupplementalInformationDetail/FormAndLineReferenceDesc1Other
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IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt0DEBORAH SMITH KENNEDY & FRED KENNEDY: FAMILY RELATIONSHIP JOSHUA KITTS AND SARA KITTS: FAMILY RELATIONSHIP
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt1AS AN ASSOCIATION LIBRARY, ALL MEMBERS OF THE ASSOCIATION (I.E. MEMBERS) WHO DONATED TO THE LIBRARY VOTE ON THE BOARD OF TRUSTEES. THE BOARD MEMBERS SELECT OFFICERS.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt2THE ORGANIZATION DOCUMENTS MEETINGS IN THE FORM OF MINUTES OF EVERY BOARD MEETING. THERE ARE NO COMMITTEES WITH AUTHORITY TO ACT ON BEHALF OF THE GOVERNING BODY.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt3FORM 990 IS AVAILABLE FOR THE BOARD TO REVIEW PRIOR TO FILING.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt4AS AN ASSOCIATION LIBRARY, ALL MEMBERS OF THE ASSOCIATION (I.E. MEMBERS) WHO DONATED TO THE LIBRARY VOTE ON THE BOARD OF TRUSTEES. THE BOARD MEMBERS SELECT OFFICERS.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt5TRUSTEES ARE REQUIRED TO SIGN A CONFLICT OF INTEREST DISCLOSURE FORM YEARLY AT THE ANNUAL MEETING.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt6THE WAVERLY FREE LIBRARY BECAME AWARE OF ALLEGED MISAPPROPRIATION OF FUNDS IN EARLY MID-APRIL 2022.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt7THE EMPLOYEE WAS FIRED AFTER THE BOARD MET ON APRIL 26, 2022 AND BY MID-JUNE 2022 OUR BOARD VOTED TO RETAIN M. SCIOTTI FOR BARCLAY DAMON LLP AND IN TURN KAREN HOVEY FOR DERMODY BURK & BROWN CPA'S LLC TO ADDRESS THE ALLEGED THEFT/DIVERSION OF LIBRARY FUNDS. AT PRESENT, WE ARE STILL ENGAGED IN AN ONGOING PRIVATE INVESTIGATION WITH THOSE PARTIES INVOLVED. CHARGES ARE YET TO BE FILED. BECAUSE OF THIS, AT THIS TIME, WE DO NOT HAVE A FINAL DOLLAR AMOUNT BECAUSE OF ONGOING INVESTIGATION.
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc0Pt VI, Line 2
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc1Pt VI, Line 6
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc2Pt VI, Line 8b
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc3Pt VI, Line 11b
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc4Pt VI, Line 7a
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc5Pt VI, Line 12c
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc6Pt VI, Line 5
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc7Pt VI, Line 5
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Document Assets

No mirrored PDF or thumbnail assets are attached yet.

Filings

Displayed year

2022 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$612,440
Liabilities
$1,861
Net assets
$610,579
Revenue
$70,757
Expenses
$198,306
Net income
-$127,549
Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2024Detailed filing. Detailed filing data is available for this year.$0.50$0.00$0.50$0.15$0.18$0.03
2023Detailed filing. Detailed filing data is available for this year.$0.58$0.00$0.57$0.04$0.16$0.12
2022Detailed filing. Detailed filing data is available for this year.$0.61$0.00$0.61$0.07$0.20$0.13
2021Detailed filing. Detailed filing data is available for this year.$0.87$0.00$0.87$0.31$0.17$0.13
2020Detailed filing. Detailed filing data is available for this year.$0.75$0.00$0.75$0.11$0.16$0.05
2019Detailed filing. Detailed filing data is available for this year.$0.77$0.00$0.76$0.11$0.19$0.08
2018Summary only. Only limited summary data is available for this year.$0.78$0.00$0.78$0.12$0.21$0.09
2017Summary only. Only limited summary data is available for this year.$0.93$0.00$0.93$0.09$0.21$0.13
2016Summary only. Only limited summary data is available for this year.$0.99$0.00$0.99$0.09$0.21$0.12
2015Summary only. Only limited summary data is available for this year.$1.03$0.00$1.03$0.09$0.17$0.08
2014Summary only. Only limited summary data is available for this year.$1.16$0.00$1.16$0.13$0.13$0.00
2013Summary only. Only limited summary data is available for this year.$1.17$0.00$1.17$0.40$0.16$0.25
2012Summary only. Only limited summary data is available for this year.$0.87$0.00$0.87$0.26$0.12$0.14
2011Summary only. Only limited summary data is available for this year.$0.68$0.00$0.68$0.14$0.14$0.00