Latham Memorial Library Inc

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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

1912

Legal Domicile

Principal Officer

Matthias Senger

Phone

8027854361

Tax Period

2023-01-01 to 2023-12-31

Latham Memorial Library Inc, founded in 1912, is a small nonprofit that reported $174K in total revenue in fiscal year 2023. Revenue grew 9% year-over-year, indicating healthy expansion. Expenses of $160K left a modest 8% surplus.

Mission

The mission of Latham Memorial Library is to be a community gathering place that provides universal access to information, enabling learners of all ages to enrich their lives.

Program Service Accomplishments

Program 1

Expenses: $120,088 Revenue: $4,284

Latham Memorial Library is a vital community resource, providing access to a diverse collection of titles in print,digital and audio format, along with movies, research databases, online classes and more. In addition, the library offers a variety of special resources to the community, including STEAM kits, a Seed Saving Library, passes to museums and local educational sites, and a safe and enriching environment for children after school. During 2023, more than 2,800 people attended programs, and more than 8,000 digital items and 11,000 physical items were circulated.

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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 $132,115

Program Service Revenue $690

Investment Income $37,649

Other Revenue $3,594

TOTAL REVENUE $174,048

Expense Breakdown

Grants Paid $0

Salaries & Benefits $119,394

Fundraising Expenses $10,403

Program Expenses $120,088

Other Expenses $40,701

TOTAL EXPENSES $160,095

Year-over-Year Comparison

	2023	2022	Change
Revenue	$174,048	$159,895	+0.1%
Expenses	$160,095	$125,887	+0.3%
Net Income	$13,953	$34,008	-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

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

$64,746

Total Directors

Key Employees

Highest Compensated

reported

Name	Title	Hours/Week	Role	Reportable Comp	Other Comp	Total
Holly Lague Library	Director	40.00	Officer	$55,135	$9,611	$64,746
Barbara DeFelice	Chair	5.74	Officer Director	$0	$0	$0
David Goudy	Vice Chair	4.73	Officer Director	$0	$0	$0
Matthias Senger	Treasurer	2.40	Officer Director	$0	$0	$0
Ashley Jamele	Secretary	1.27	Officer Director	$0	$0	$0
Matt Benzing	Trustee	1.31	Director	$0	$0	$0
Megan Campbell	Trustee	2.16	Director	$0	$0	$0
Kathleen Grady	Trustee	0.79	Director	$0	$0	$0
Tara Tomlinson	Trustee	1.13	Director	$0	$0	$0
Heinz Trebitz	Trustee	2.51	Director	$0	$0	$0
Amy VanderKooi	Trustee	0.81	Director	$0	$0	$0
Melissa Weinstein	Trustee	0.81	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	$174,048	$160,095	$762,813	$13,953
2022	$159,895	$125,887	$712,684	$34,008
2021	$236,650	$138,718	$1,066,046	$97,932
2020	$140,808	$108,838	$813,343	$31,970