Civic Intelligence

Charlotte Mecklenburg Library Foundation

EIN 46-1172548 • 501(c)3 • Charlotte, NC

Profile

The library foundation exists to help the charlotte mecklenburg library improve lives and build a stronger community.

220 North Tryon StreetCharlotte, NC 28202

foundation.cmlibrary.org

Siviq Scores

Precomputed percentiles relative to similar nonprofits. These scores are descriptive rather than judgmental.

Liabilities / Assets

7th percentile

0.00x

Higher debt load relative to assets than 7% of similar nonprofits.

NTEE B • $50M-$100M nonprofits • Source year 2024

Liabilities / Revenue

6th percentile

0.00x

Higher debt load relative to revenue than 6% of similar nonprofits.

NTEE B • $50M-$100M nonprofits • Source year 2024

Net Margin

96th percentile

73%

Higher net margin than 96% of similar nonprofits.

NTEE B • $50M-$100M nonprofits • Source year 2024

Top Officer Pay

70th percentile

$422,326

Higher top officer pay than 70% of similar nonprofits.

Top officer pay equals 5.8% of source-year revenue.

NTEE B • $50M-$100M nonprofits • Source year 2024

Asset Growth

74th percentile

11%

Faster asset growth than 74% of similar nonprofits.

NTEE B • $50M-$100M nonprofits • Annualized from 2023 to 2024

Revenue Growth

91st percentile

48%

Faster revenue growth than 91% of similar nonprofits.

NTEE B • $50M-$100M nonprofits • Annualized from 2023 to 2024

Assets

Up

$58,619,903

Up $5,587,442 (+11%) from 2023

Liabilities

Down

$31,674

Down $134,476 (-81%) from 2023

Net Assets

Up

$58,588,229

Up $5,721,918 (+11%) from 2023

Revenue

Up

$7,264,775

Up $2,358,843 (+48%) from 2023

Expenses

Down

$1,982,409

Down $320,075 (-14%) from 2023

Net Income

Up

$5,282,366

Up $2,678,918 (+103%) from 2023

Trend Graphs

Balance Sheet Trend

Grouped bars show assets, liabilities, and net assets across loaded filings.

$60M$40M$20M$0Assets 2013: $2,998,076Liabilities 2013: $0Net Assets 2013: $2,998,0762013Assets 2014: $5,399,023Liabilities 2014: $0Net Assets 2014: $5,399,0232014Assets 2015: $6,139,149Liabilities 2015: $0Net Assets 2015: $6,139,1492015Assets 2016: $6,188,469Liabilities 2016: $0Net Assets 2016: $6,188,4692016Assets 2017: $7,243,664Liabilities 2017: $753Net Assets 2017: $7,242,9112017Assets 2018: $7,884,849Liabilities 2018: $0Net Assets 2018: $7,884,8492018Assets 2019: $12,819,425Liabilities 2019: $0Net Assets 2019: $12,819,4252019Assets 2020: $31,013,254Liabilities 2020: $0Net Assets 2020: $31,013,2542020Assets 2021: $38,034,444Liabilities 2021: $158,841Net Assets 2021: $37,875,6032021Assets 2022: $50,051,589Liabilities 2022: $589,537Net Assets 2022: $49,462,0522022Assets 2023: $53,032,461Liabilities 2023: $166,150Net Assets 2023: $52,866,3112023Assets 2024: $58,619,903Liabilities 2024: $31,674Net Assets 2024: $58,588,2292024

Highlighted filing

2024

Assets$58,619,903
Liabilities$31,674
Net Assets$58,588,229

Operations Trend

Revenue, expenses, and net income by year, with the latest filing highlighted.

$20M$15M$10M$5.0M$0Revenue 2013: $2,908,838Expenses 2013: $305,577Net Income 2013: $2,603,2612013Revenue 2014: $2,456,398Expenses 2014: $537,981Net Income 2014: $1,918,4172014Revenue 2015: $1,775,387Expenses 2015: $895,327Net Income 2015: $880,0602015Revenue 2016: $1,117,483Expenses 2016: $973,694Net Income 2016: $143,7892016Revenue 2017: $1,606,655Expenses 2017: $1,125,279Net Income 2017: $481,3762017Revenue 2018: $1,600,439Expenses 2018: $1,180,649Net Income 2018: $419,7902018Revenue 2019: $6,265,973Expenses 2019: $1,193,166Net Income 2019: $5,072,8072019Revenue 2020: $19,011,019Expenses 2020: $820,803Net Income 2020: $18,190,2162020Revenue 2021: $6,519,993Expenses 2021: $1,901,846Net Income 2021: $4,618,1472021Revenue 2022: $14,482,826Expenses 2022: $1,571,476Net Income 2022: $12,911,3502022Revenue 2023: $4,905,932Expenses 2023: $2,302,484Net Income 2023: $2,603,4482023Revenue 2024: $7,264,775Expenses 2024: $1,982,409Net Income 2024: $5,282,3662024

Highlighted filing

2024

Revenue$7,264,775
Expenses$1,982,409
Net Income$5,282,366

Filings

Latest Filing Detail
Jump To
Filing Snapshot
Filing Period
Jul 1, 2023 to Jun 30, 2024
Signed
May 14, 2025
Return Version
2023v6.0
Gross Receipts
$7,264,775
Mission and Program Overview

Mission

The library foundation exists to help the charlotte mecklenburg library improve lives and build a stronger community.

The foundation supports library programs through advocacy, fundraising and endowment management.

Balance Sheet Detail
LineBeginningEndChange
Assets
Investments Other Securities$36,027,438$44,144,171▲ $8,116,733
Pledges and Grants Receivable$16,671,009$12,944,591▼ $3,726,418
Cash and Non-Interest-Bearing Accounts$0$946,099▲ $946,099
Savings and Temporary Cash Investments$334,014$585,042▲ $251,028
Total Assets$53,032,461$58,619,903▲ $5,587,442
Liabilities
Grants Payable$166,150$31,674▼ $134,476
Total Liabilities$166,150$31,674▼ $134,476
Net Assets / Fund Balance
Net Assets With Donor Restrictions$52,866,311$58,588,229▲ $5,721,918
Total Net Assets Fund Balance$52,866,311$58,588,229▲ $5,721,918
Total Liabilities and Net Assets / Fund Balance$53,032,461$58,619,903▲ $5,587,442

Asset Categories

AssetBook ValueDepreciationBasis
Other Securities$862,518--

Endowment Activity

PeriodBeginningContrib.Gain/LossOther UsesEnd
2024$9,527,282$2,200▲ $1,079,115-$10,263,564
2023$8,645,887$210,865▲ $828,647-$9,527,282
2022$9,623,707$303,564▼ $1,130,680-$8,645,887
2021$7,629,261$15,879▲ $2,085,210-$9,623,707
2020$7,794,222$28,441▼ $102,654-$7,629,261
Compensation and Service Providers

Board Members and Trustees

NameTitle
Gene CochraneChair
Helen Hope KimbroughFirst Vice Chair
Selena GiovannelliSecond Vice Chair
Alessandro MoranteDirector
Barb EllisDirector
Caroleen ToweryDirector
Caton MorrisDirector
Charles ThomasDirector
Christina WilsonDirector
Debra SharpDirector
Elizabeth Hope StarDirector
Elizabeth KiserDirector
Gina LawrenceDirector
Jennifer ApplebyDirector
Jennifer BennettDirector
Joclyn BalandaDirector
Kellie LoftonDirector
Leroy DavisDirector
Marcellus TurnerDirector
Patricia JohnsonDirector
Peter KeaneDirector
Rob HarringtonDirector
Sally RobinsonDirector
Sarah DoddDirector
Stephanie AlgerDirector
Jenni GaisbauerExecutive Director
Douglas BensonSenior VP & General Counsel
Alyssa FedericoSenior VP, Finance

Highest Paid Contractors

ContractorServicesLocationCompensation
Foundation For The CarolinasAdministration Fees220 N TRYON STREET, Charlotte, NC 28202$275,650
Revenue and Support

Revenue Composition

Contributions and Grants
$7,264,775
Program Service Revenue
$0
Investment Income
$0
Other Revenue
$0
All Other Contributions
$6,859,275
Change in Net Assets
$5,282,366

Noncash Contribution Practices

Property subject to holding requirements
No
Reviewed unusual noncash gifts
No
Third parties used for noncash contributions
No

Noncash Contributions

Contribution TypeContribution CountReported AmountValuation Method
Other Non Cash Contri Table1$54,525Comparable Sales
Other Non Cash Contri Table1$23,800Comparable Sales
Securities Publicly Traded4$21,068Fair Market Value
Other Non Cash Contri Table1$20,240Comparable Sales
Books and Publications-$270Comparable Sales
Total Noncash Contributions7$119,903-
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Grants and Similar Amounts Paid$1,614,494
Other Expenses$367,915
Total Fundraising Expense$25,791
Professional Fundraising Fees$0
Salaries, Compensation, and Employee Benefits$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Grants to Domestic Orgs$1,614,494--$1,614,494
Fees for Services Other$132,016$136,963$20,277$289,256
Fees for Service Investment Mgmnt Fees$20,534$21,303$3,154$44,991
Other Expenses$910$944$140$1,994
Total Functional Expenses$1,782,410$174,208$25,791$1,982,409
International Activity

Grant and Assistance Recipients

RecipientLocationCategoryPurposeAmount
Charlotte Mecklenburg LibraryCharlotte, NC170(c)1Operating Support$1,614,494
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
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

Governance Explanations

Form 990, Part VI, Section A, Line 7A

The right to appoint a majority of the directors vests exclusively in the library and the right to appoint the remaining directors vests exclusively in foundation for the carolinas.

Form 990, Part VI, Section B, Line 11B

A copy of the final form 990 is distributed to each voting member of the board prior to filing. The return is available for discussion at the next board meeting after the filing date.

Form 990, Part VI, Section B, Line 12C

Board members annually complete a conflict of interest form, in compliance with the library foundation's ethics policy. Library staff collects and maintains the forms annually and monitors the process.

Form 990, Part VI, Section B, Line 15

The library foundation does not have any employees and therefore does not have a formal policy for determining compensation.

Form 990, Part VI, Section C, Line 19

The library foundation's governing documents, conflict of interest policy and financial statements are available to the public upon request.

Filing and Contact Details

Filer

Filer Name
Charlotte Mecklenburg Library Foundation
EIN
46-1172548
Phone
7049734500
Address
220 NORTH TRYON STREET, CHARLOTTE, NC 28202

Signing Officer

Name
Alyssa Federico
Title
Senior VP, Finance
Phone
7049734500
Signed
2025-05-14
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Alyssa Federico
Formed
2012
Legal Domicile
Nc
Voting Board Members
25
Independent Board Members
23
Employees
0
Volunteers
23

Preparer

Firm
Cherry Bekaert Advisory LLC
Address
1111 METROPOLITAN AVE STE 900, CHARLOTTE, NC 28204
Preparer
Melanie Mcpeak
Phone
7043771678
Supplemental Narrative

Additional Explanations

Form 990, Part IX, Line 11G

Administrative fees for management of endowment funds: program service expenses 132,016. Management and general expenses 136,963. Fundraising expenses 20,277. Total expenses 289,256.

Financial Statement Notes

PART V, LINE 4:

Annual spendable amounts from endowed funds are used annually to provide support to the charlotte mecklenburg library for specific programs or general operating support. The percentage reported for permanent endowments includes amounts that must be maintained in perpetuity as well as accumulated earnings on such amounts that have not yet been appropriated for expenditure.

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IRS990/Form990PartVIISectionAGrp/PersonNm12PETER KEANE
IRS990/Form990PartVIISectionAGrp/PersonNm13HELEN HOPE KIMBROUGH
IRS990/Form990PartVIISectionAGrp/PersonNm14ELIZABETH KISER
IRS990/Form990PartVIISectionAGrp/PersonNm15GINA LAWRENCE
IRS990/Form990PartVIISectionAGrp/PersonNm16KELLIE LOFTON
IRS990/Form990PartVIISectionAGrp/PersonNm17ALESSANDRO MORANTE
IRS990/Form990PartVIISectionAGrp/PersonNm18CATON MORRIS
IRS990/Form990PartVIISectionAGrp/PersonNm19SALLY ROBINSON
IRS990/Form990PartVIISectionAGrp/PersonNm20DEBRA SHARP
IRS990/Form990PartVIISectionAGrp/PersonNm21ELIZABETH HOPE STAR
IRS990/Form990PartVIISectionAGrp/PersonNm22CHARLES THOMAS
IRS990/Form990PartVIISectionAGrp/PersonNm23MARCELLUS TURNER
IRS990/Form990PartVIISectionAGrp/PersonNm24CHRISTINA WILSON
IRS990/Form990PartVIISectionAGrp/PersonNm25JENNI GAISBAUER
IRS990/Form990PartVIISectionAGrp/PersonNm26ALYSSA FEDERICO
IRS990/Form990PartVIISectionAGrp/PersonNm27DOUGLAS BENSON
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IRS990/Form990PartVIISectionAGrp/TitleTxt0DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt1DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt2DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt3DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt4DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt5CHAIR
IRS990/Form990PartVIISectionAGrp/TitleTxt6DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt7DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt8DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt9SECOND VICE CHAIR
IRS990/Form990PartVIISectionAGrp/TitleTxt10DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt11DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt12DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt13FIRST VICE CHAIR
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
IRS990/Form990PartVIISectionAGrp/TitleTxt24DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt25EXECUTIVE DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt26SENIOR VP, FINANCE
IRS990/Form990PartVIISectionAGrp/TitleTxt27SENIOR VP & GENERAL COUNSEL
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IRS990/FormationYr02012
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IRS990/MinutesOfCommitteesInd01
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IRS990/MissionDesc0THE LIBRARY FOUNDATION EXISTS TO HELP THE CHARLOTTE MECKLENBURG LIBRARY IMPROVE LIVES AND BUILD A STRONGER COMMUNITY.
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