SOUTHWEST HARBOR PUBLIC LIBRARY

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Financial Vulnerability Assessment (Tuckman-Chang)

4 risk indicators measuring financial stability and operational resilience

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Financial Trends

Organization Details

Formation Year

1895

Legal Domicile

Principal Officer

LINDA HAYWARD

Phone

2072447065

Tax Period

2023-01-01 to 2023-12-31

SOUTHWEST HARBOR PUBLIC LIBRARY, founded in 1895, is a small nonprofit that reported $983K in total revenue in fiscal year 2023. Revenue fell 34% from the prior year — a significant decline worth monitoring. The organization ran a surplus of $328K, a strong 33% operating margin.

Mission

THE SOUTHWEST HARBOR PUBLIC LIBRARY INSPIRES AND SUPPORTS THE ENJOYMENT OF LIFE-LONG LEARNING, THE LOVE OF LITERACY, AND THE EXPLORATION OF NEW IDEAS, WELCOMING EVERYONE THROUGH ITS DOORS.

Program Service Accomplishments

Program 1

Expenses: $524,997

THE SOUTHWEST HARBOR PUBLIC LIBRARY CONTRIBUTES TO THE CULTURAL AND ECONOMIC PROSPERITY OF SOUTHWEST HARBOR AND "QUIETSIDE" OF MOUNT DESERT ISLAND BY PROVIDING LIBRARY SERVICES TO 11981 SOUTHWEST...

THE SOUTHWEST HARBOR PUBLIC LIBRARY CONTRIBUTES TO THE CULTURAL AND ECONOMIC PROSPERITY OF SOUTHWEST HARBOR AND "QUIETSIDE" OF MOUNT DESERT ISLAND BY PROVIDING LIBRARY SERVICES TO 11981 SOUTHWEST HARBOR RESIDENTS AND TO 3848 NON-RESIDENTS. LAST YEAR THE LIBRARY CIRCULATED 55,500 VOLUMES TO REGISTERED BORROWERS WITH AN ADDITIONAL 6,000 ITEMS TO OTHER LIBRARIES VIA INTER-LIBRARY LOAN. NEARLY 51,000 PEOPLE VISITED THE LIBRARY TO CHECK OUT 60,000 PHYSICAL AND ONLINE BOOKS, MAGAZINES, DVD'S, AND AUDIOBOOKS OR TO USE PUBLIC ACCESS COMPUTERS OR THE HIGH-SPEED WIFI, OR TO READ IN ITS READING ROOMS AND USE PUBLIC MEETING SPACES.

Program 2

YOUTH SERVICES: AN IMPORTANT PART OF THE LIBRARY IS THE AREAS DEVOTED TO CHILDREN AND YOUNG ADULTS. YOUTH SERVICES CIRCULATED 16,904 VOLUMES TO BORROWERS. THE LIBRARY SPONSORED 177 STORYTIME PROGRAMS TO BABIES, TODDLERS, AND YOUNG SCHOOL-AGE CHILDREN AND SPONSORED 230 CHILDREN'S EVENTS TO 7572 CHILD AGED ATTENDEES PLUS THEIR ADULT COMPANIONS. THE LIBRARY HAS ROBUST SUMMER OFFERINGS WITH A SUMMER READING PROGRAM WITH 211 CHILDREN PARTICIPANTS.

Program 3

VIRTUAL AND SPECIAL SERVICES: THE LIBRARY'S WEBSITE WAS VIEWED OVER 50,000 TIMES. HIGH-SPEED WI-FI IS AVAILABLE 24/7 AND WAS USED BY 8,400 PEOPLE. PUBLIC ACCESS COMPUTERS WERE PROVIDED FOR 37,000 15 MINUTE SESSIONS BY 3325 PEOPLE. THE LIBRARY'S DIGITAL ARCHIVE IS AN INNOVATIVE DATABASE WITH OVER 40,000 LOCAL ITEMS OF INTEREST INCLUDING THE LIBRARY'S HISTORIC PHOTOGRAPH COLLECTION, DOCUMENTS, AND OTHER ARTIFACTS THROUGH A VISUAL RECORD AND IS ACCESSED BY LOCAL AND INTERNATIONAL RESEARCHERS.

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Trantor Score

Financial Health Score (300–850) · Liquidity · Solvency · Sustainability · Efficiency

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Liquidity (40%) • Solvency (30%) • Sustainability (20%) • Efficiency (10%)

Financial Overview (2023)

Revenue Breakdown

Contributions & Grants $621,483

Program Service Revenue $3,968

Investment Income $323,026

Other Revenue $34,925

TOTAL REVENUE $983,402

Expense Breakdown

Grants Paid $0

Salaries & Benefits $376,664

Fundraising Expenses $80,011

Program Expenses $524,997

Other Expenses $278,727

TOTAL EXPENSES $655,391

Year-over-Year Comparison

	2023	2022	Change
Revenue	$983,402	$1,489,242	-0.3%
Expenses	$655,391	$563,586	+0.2%
Net Income	$328,011	$925,656	-0.6%

Key Indicators

✗ Grants to Organizations ✗ Grants to Individuals ✗ Lobbying ✗ Political Activity ✗ Foreign Activities ✗ Donor Advised Fund ✓ Schedule B Required

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Financial Health Indicators

Comprehensive financial analysis: Altman Z-Score, liquidity, solvency, sustainability, efficiency, and growth metrics

Financial Distress Indicator

Liquidity & Cash Position

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Altman Z-Score • Liquidity Ratios • Solvency Analysis • Growth Indicators • Efficiency Metrics

Governance

Voting Members

Independent Members

Employees

Volunteers

115

Governance Policies

✗ Conflict of Interest Policy

✗ Whistleblower Policy

✗ Document Retention Policy

Special Practices & Reported Activities

✗ Operated a School

✗ Operated a Hospital

✗ Provided First Class Travel

✗ Reported Conflict of Interest

✗ Reported Asset Diversion

✗ Excess Benefit Transaction

✗ Made Political Expenditures

✗ Engaged in Lobbying

✗ Operated Donor Advised Fund

✗ Maintained Art Collections

✗ Filed Form 720

Compensation of Officers, Directors & Key Employees

Total Officers

Total Directors

Key Employees

Highest Compensated

reported

Name	Title	Hours/Week	Role	Reportable Comp	Other Comp	Total
JOANNE HARRIS	VICE CHAIR	5.00	Director	$0	$0	$0
LINDA HAYWARD	CHAIR	5.00	Officer Director	$0	$0	$0
DAVID KLINE	TRUSTEE	1.00	Director	$0	$0	$0
BILL MACINTOSH	TRUSTEE	1.00	Director	$0	$0	$0
KATHRYN NELSON	TRUSTEE	1.00	Director	$0	$0	$0
GEORGE SOULES	TRUSTEE	1.00	Director	$0	$0	$0
CHARLES STANHOPE	TRUSTEE	1.00	Director	$0	$0	$0
CARLY THAGGARD	TRUSTEE	1.00	Director	$0	$0	$0
JIM VEKASI	TREASURER	5.00	Officer Director	$0	$0	$0
DENNIS WINT	TRUSTEE	1.00	Director	$0	$0	$0

Note: Compensation data is self-reported by the organization on their Form 990. "Reportable Comp" includes salary, bonuses, and other reportable compensation from the organization and related organizations. "Other Comp" includes benefits, deferred compensation, and non-taxable benefits.

Historical Data

Year	Revenue	Expenses	Assets	Net Income
2024	No data	No data	No data	No data
2023	$983,402	$655,391	$6,396,871	$328,011
2022	$1,489,242	$563,586	$5,708,674	$925,656
2021	$804,852	$530,831	$5,912,644	$274,021
2020	$779,871	$525,981	$5,226,243	$253,890
2019	$616,175	$507,545	$4,862,272	$108,630
2018	$624,336	$491,546	$4,193,592	$132,790