THE MERCANTILE LIBRARY ASSOCIATION… - Form 990 Financial Data

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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

1820

Legal Domicile

Principal Officer

LYDAH DEBIN

Phone

2127556710

Tax Period

2023-01-01 to 2023-12-31

THE MERCANTILE LIBRARY ASSOCIATION OF THE CITY OF NEW YORK INC, founded in 1820, is a community nonprofit in the Education sector that reported $2.6M in total revenue in fiscal year 2023. Revenue fell 21% from the prior year — a significant decline worth monitoring. Expenses of $3.0M exceeded revenue, resulting in a 17% operating deficit.

Mission

THE 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.

Program Service Accomplishments

Program 1

Expenses: $2,001,589 Revenue: $1,000,709

FOR MORE THAN 200 YEARS, THE CENTER FOR FICTION HAS BEEN AN ANCHOR OF THE NEW YORK CITY LITERARY SCENE, HIGHLIGHTING THE POWER OF STORYTELLING AND CONNECTING READERS WITH WRITERS WHO CHANGE OUR...

FOR MORE THAN 200 YEARS, THE CENTER FOR FICTION HAS BEEN AN ANCHOR OF THE NEW YORK CITY LITERARY SCENE, HIGHLIGHTING THE POWER OF STORYTELLING AND CONNECTING READERS WITH WRITERS WHO CHANGE OUR WORLD.IN 2019, THE CENTER MOVED FROM MANHATTAN TO OUR NEW 18,000-SQ FOOT HOME IN THE DOWNTOWN BROOKLYN CULTURAL CENTER, TO BETTER CONNECT WITH OUR AUDIENCES AND PROVIDE A WELCOMING PUBLIC SPACE. KEY PROGRAMS INCLUDE PUBLIC EVENTS: IN 2023, WE PRESENTED 75 EVENTS TO AN AUDIENCE OF OVER 9,000 PEOPLE. WE PRESENT A MIX OF WRITERS, FROM DEBUT AUTHORS TO OUR GREATEST LITERARY ICONS. OUR SPEAKERS TACKLE CONTEMPORARY DEBATES ABOUT LITERATURE, SOCIAL JUSTICE, CLIMATE CHANGE, AND THE FIGHT AGAINST INEQUALITY, AMONG OTHER PRESSING ISSUES OF TODAY.

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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 $1,480,182

Program Service Revenue $1,000,709

Investment Income $2,431

Other Revenue $87,436

TOTAL REVENUE $2,570,758

Expense Breakdown

Grants Paid $86,855

Salaries & Benefits $1,899,141

Fundraising Expenses $372,606

Program Expenses $2,001,589

Other Expenses $1,011,562

TOTAL EXPENSES $2,997,558

Year-over-Year Comparison

	2023	2022	Change
Revenue	$2,570,758	$3,244,061	-0.2%
Expenses	$2,997,558	$2,572,194	+0.2%
Net Income	$-426,800	$671,867	-1.6%

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

$390,538

Total Directors

Key Employees

Highest Compensated

reported

Name	Title	Hours/Week	Role	Reportable Comp	Other Comp	Total
ERROLL MCDONALD	CHAIR	2.00	Officer Director	$0	$0	$0
SUAN RESTLER	VICE CHAIR	2.00	Officer Director	$0	$0	$0
CELIA MCGEE	SECRETARY	2.00	Officer Director	$0	$0	$0
NINA VON MOLTKE	TREASURER	2.00	Officer Director	$0	$0	$0
SHANNON ROSE SELDEN	DIRECTOR	1.00	Director	$0	$0	$0
GABRIELLE BAMBERGER	DIRECTOR	1.00	Director	$0	$0	$0
CHIWONISO KAITANO	DIRECTOR	1.00	Director	$0	$0	$0
DANIELLE GANEK	DIRECTOR	1.00	Director	$0	$0	$0
NAN GRAHAM	DIRECTOR	1.00	Director	$0	$0	$0
CALVERT D MORGAN JR	DIRECTOR	1.00	Director	$0	$0	$0
SUSANNA PORTER	DIRECTOR	1.00	Director	$0	$0	$0
DAVID BRUSON	DIRECTOR	1.00	Director	$0	$0	$0
DENNIS WILLIAMS	DIRECTOR	1.00	Director	$0	$0	$0
DENNIS KRIEGER	DIRECTOR	1.00	Director	$0	$0	$0
SARAH LYALL	DIRECTOR	1.00	Director	$0	$0	$0
CHRISTOPHER JOHN FARLEY	DIRECTOR	1.00	Director	$0	$0	$0
ANNE HIGONNET	DIRECTOR	1.00	Director	$0	$0	$0
SAYU BHOJWANI	DIRECTOR	1.00	Director	$0	$0	$0
PHONG BUI	DIRECTOR	1.00	Director	$0	$0	$0
LLOYD LYNFORD	DIRECTOR	1.00	Director	$0	$0	$0
LIESE MAYER	DIRECTOR	1.00	Director	$0	$0	$0
CAMILLE MCDUFFIE	DIRECTOR	1.00	Director	$0	$0	$0
LYDAH DEBIN	EXECUTIVE DIRECTOR	40.00	Officer	$80,734	$3,632	$84,366
TRACI LESTER	EXECUTIVE DIRECTOR (LEFT IN 2023)	40.00	Officer	$118,450	$9,682	$128,132
LESLIE GRIESBACH SCHULTZ	INTERIM CO-DIRECTOR	40.00	Officer	$92,445	$0	$92,445
BETSY SMULYAN	INTERIM CO-DIRECTOR	40.00	Officer	$85,595	$0	$85,595
KRISTIN HENLEY	MANAGING DIRECTOR	40.00	Highest	$116,079	$4,159	$120,238
MELANIE MCNAIR	SENIOR DIR. OF PUBLIC PROG	40.00	Highest	$103,230	$3,460	$106,690

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	$2,570,758	$2,997,558	$2,373,267	$-426,800
2022	$3,244,061	$2,572,194	$2,596,295	$671,867
2021	$3,202,622	$2,341,609	$3,218,511	$861,013
2020	$2,396,422	$2,341,699	$2,875,884	$54,723
2019	$2,062,326	$2,175,688	$2,459,493	$-113,362
2018	$1,597,935	$1,485,804	$1,839,666	$112,131

THE MERCANTILE LIBRARY ASSOCIATION OF THE CITY OF NEW YORK INC