THE LITERARY CLASSICS OF THE US INC D/B/A LIBRARY OF AMERICA

EIN: 132986916 501(c)(3) Arts, Culture & Humanities

NEW YORK, NY

Total Revenue
$6,077,874
Total Expenses
$6,652,313
Total Assets
$37,499,151
Net Assets
$32,888,568
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Financial Vulnerability Assessment (Tuckman-Chang)

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Financial Trends

Organization Details

Formation Year
1979
Legal Domicile
NY
Principal Officer
MAX RUDIN
Phone
2123083360
Tax Period
2023-07-01 to 2024-06-30

THE LITERARY CLASSICS OF THE US INC D/B/A LIBRARY OF AMERICA, founded in 1979, is a community nonprofit in the Arts, Culture & Humanities sector that reported $6.1M in total revenue in fiscal year 2023. Net assets of $32.9M represent 65 months of operating reserves.

Mission

THE MISSION OF THE LIBRARY OF AMERICA IS TO FOSTER GREATER APPRECIATION FOR OUR NATION'S LITERARY HERITAGE BY PUBLISHING, AND KEEPING PERMANENTLY IN PRINT, AUTHORITATIVE EDITIONS OF AMERICA'S BEST AND MOST SIGNIFICANT WRITING.

Program Service Accomplishments

Program 1
Expenses: $4,648,333 Revenue: $2,648,340

THE MAIN FOCUS OF THE ORGANIZATION'S STATED EXEMPT PURPOSE IS TO ASSURE ACCESS BY THE GENERAL PUBLIC TO ESSENTIAL WORKS OF THE AMERICAN LITERARY AND HISTORICAL TRADITION IN ORDER TO PRESERVE THE...

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THE MAIN FOCUS OF THE ORGANIZATION'S STATED EXEMPT PURPOSE IS TO ASSURE ACCESS BY THE GENERAL PUBLIC TO ESSENTIAL WORKS OF THE AMERICAN LITERARY AND HISTORICAL TRADITION IN ORDER TO PRESERVE THE AMERICAN PAST THROUGH ITS LITERARY AND HISTORICAL ACHIEVEMENTS. ALL OF THE ACTIVITIES OF THE ORGANIZATION RELATE TO ONE PROGRAM, THIS PROGRAM IS KNOWN AS THE LIBRARY OF AMERICA. THE MISSION IS CARRIED OUT BY COMPILING, EDITING AND PUBLISHING INEXPENSIVELY PRICED AND TEXTUALLYACCURATE EDITIONS OF AMERICA'S BEST AND MOST SIGNIFICANT WRITINGS OF THE PAST. THE BOOKS ARE DISTRIBUTED TO LIBRARIES, EDUCATIONAL INSTITUTIONS, BOOK STORES, AND DIRECTLY TO INDIVIDUALS, THUS MAKING THEM WIDELY AVAILABLE TO SCHOLARS, EDUCATORS, STUDENTS, AND THE ENTIRE GENERAL PUBLIC. TO DATE, THE LIBRARY OF AMERICA HAS PUBLISHED IN EXCESS OF 450 VOLUMES OF LITERATURE, POETRY, AND ANTHOLOGIES, AND, ON AVERAGE, TEN NEW VOLUMES ARE ADDED ANNUALLY. MOST OF THE WORKS ARE KEPTPERMANENTLY IN PRINT IN ORDER TO ASSURE CONTINUED ACCESS FOR FUTURE GENERATIONS. THE EXACT NUMBER OF PEOPLE WHO HAVE BEEN PROVIDED ACCESS TO OTHERWISE UNAVAILABLE WORKS OF OUR GREATEST AMERICAN AUTHORS THROUGH THE EFFORTS OF THE LIBRARY OF AMERICA IS NOT KNOWN. HOWEVER, OVER 3,500 LIBRARIES WITH VERY LIMITED RESOURCES HAVE ACQUIRED THE WORKS FROM THIS PROGRAM, AND APPROXIMATELY 300,000 VOLUMES ARE DISTRIBUTED ANNUALLY TO THE GENERAL PUBLIC, EITHER DIRECTLY OR THROUGH BOOKSTORES. TO DATE OVER THIRTEEN MILLION VOLUMES HAVE BEEN PRINTED AND DISTRIBUTED. IT IS ESTIMATED THAT TENS OF MILLIONS OF PEOPLE HAVE BEEN PROVIDED ACCESS TO THESE ESSENTIAL WORKS OF AMERICAN LITERATURE THROUGH THE ACTIVITIES CARRIED ON BY THE LIBRARY OF AMERICA.

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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%)

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Financial Overview (2023)

Revenue Breakdown

Contributions & Grants $2,881,421
Program Service Revenue $0
Investment Income $547,034
Other Revenue $2,649,419
TOTAL REVENUE $6,077,874

Expense Breakdown

Grants Paid $0
Salaries & Benefits $2,736,718
Fundraising Expenses $747,477
Program Expenses $4,648,333
Other Expenses $3,915,595
TOTAL EXPENSES $6,652,313

Year-over-Year Comparison

2023 2022 Change
Revenue $6,077,874 $5,975,822 +0.0%
Expenses $6,652,313 $6,101,128 +0.1%
Net Income $-574,439 $-125,306 +3.6%
Key Indicators
Grants to Organizations Grants to Individuals Lobbying Political Activity Foreign Activities Donor Advised Fund Schedule B Required
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Governance

Voting Members
17
Independent Members
16
Employees
23
Volunteers
50

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
7
$617,274
Total Directors
18
$18,000
Key Employees
0
$0
Highest Compensated
4
reported
Name Title Hours/Week Role Reportable Comp Other Comp Total
ADAM GOPNIK DIRECTOR 5.00
Director
$0 $0 $0
ALAN M KLEIN DIRECTOR 5.00
Director
$0 $0 $0
AMOR TOWLES DIRECTOR 5.00
Director
$0 $0 $0
AMY DAVIDSON SORKIN DIRECTOR 5.00
Director
$0 $0 $0
BENITO CACHINERO-SANCHEZ VICE CHAIR 5.00
Officer Director
$0 $0 $0
D RONALD DANIEL DIRECTOR (OUTGOING) 5.00
Director
$0 $0 $0
DANIEL WEISS VICE CHAIR 5.00
Officer Director
$0 $0 $0
ELIHU ROSE DIRECTOR 5.00
Director
$0 $0 $0
ELIZABETH W SMITH CHAIR 10.00
Officer Director
$0 $0 $0
FREDERICK W BEINECKE DIRECTOR 5.00
Director
$0 $0 $0
G THOMAS TANSELLE SECRETARY 10.00
Officer Director
$18,000 $0 $18,000
HENRY LOUIS GATES JR DIRECTOR 5.00
Director
$0 $0 $0
JOANNE FREEMAN DIRECTOR 5.00
Director
$0 $0 $0
KATHLEEN KENNEDY DIRECTOR 5.00
Director
$0 $0 $0
MATTHEW MCLENNAN TREASURER 10.00
Officer Director
$0 $0 $0
MICHAEL BIERUT DIRECTOR 5.00
Director
$0 $0 $0
MONA SIMPSON DIRECTOR 5.00
Director
$0 $0 $0
TONY KUSHNER DIRECTOR 5.00
Director
$0 $0 $0
DANIEL BAKER VICE PRESIDENT & CFO 50.00
Officer
$204,622 $69,653 $274,275
MAX RUDIN PRESIDENT & PUBLISHER 50.00
Officer
$306,585 $18,414 $324,999
CAROL M EINHORN DIR. OF INSTITUTIONAL ADV. 50.00
Highest
$147,063 $35,470 $182,533
DAVID CLOYCE SMITH DIR. OF PROD. & CONSUMER 50.00
Highest
$121,087 $25,960 $147,047
JOHN KULKA EDITORIAL DIRECTOR 50.00
Highest
$152,863 $39,186 $192,049
PATRICIA HOARD MANAGING EDITOR 50.00
Highest
$110,194 $18,932 $129,126
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
2025 No data No data No data No data
2024 $6,077,874 $6,652,313 $37,499,151 $-574,439
2023 $5,975,822 $6,101,128 $35,285,749 $-125,306
2022 $6,738,720 $6,182,123 $30,362,811 $556,597
2021 $7,761,557 $6,718,390 $32,475,122 $1,043,167
2020 $5,859,632 $5,805,040 $26,603,428 $54,592
2019 $6,011,599 $5,404,486 $25,593,448 $607,113
2018 $8,288,427 $5,601,153 $24,243,850 $2,687,274
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