FINGER LAKES LIBRARY SYSTEM

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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

1965

Legal Domicile

Principal Officer

MARTIN TOOMBS

Phone

6072734074

Tax Period

2023-01-01 to 2023-12-31

FINGER LAKES LIBRARY SYSTEM, founded in 1965, is a community nonprofit in the Education sector that reported $2.2M in total revenue in fiscal year 2023. Revenue surged 22% from the prior year, signaling strong growth momentum. The organization ran a surplus of $637K, a strong 29% operating margin.

Mission

TO STIMULATE, COORDINATE AND STRENGTHEN LIBRARY AND INFORMATION SERVICES WITHIN CAYUGA, CORTLAND, SENECA, TIOGA, AND TOMPKINS COUNTIES.

Program Service Accomplishments

Program 1

Expenses: $1,276,372 Revenue: $451,457

TO STIMULATE, COORDINATE AND STRENGTHEN LIBRARY AND INFORMATION SERVICES WITHIN CAYUGA, CORTLAND, SENECA, TIOGA, AND TOMPKINS COUNTIES.

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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 $1,677,563

Program Service Revenue $372,508

Investment Income $14,265

Other Revenue $98,949

TOTAL REVENUE $2,163,285

Expense Breakdown

Grants Paid $89,109

Salaries & Benefits $737,679

Fundraising Expenses $0

Program Expenses $1,276,372

Other Expenses $699,057

TOTAL EXPENSES $1,525,845

Year-over-Year Comparison

	2023	2022	Change
Revenue	$2,163,285	$1,768,257	+0.2%
Expenses	$1,525,845	$1,489,538	+0.0%
Net Income	$637,440	$278,719	+1.3%

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

N/A

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
SARAH GLOGOWSKI	EXECUTIVE DIRECTOR	50.00		$108,200	$0	$108,200
ELAINE MEYERS	Trustee	2.00	Director	$0	$0	$0
KATHRYN MARONEY	Trustee	2.00	Director	$0	$0	$0
SUE HEAVENRICH	Secretary	2.00	Officer Director	$0	$0	$0
PRESCILLA BERGGREN-THOMAS	Trustee	2.00	Director	$0	$0	$0
MICCI BOGARD	Trustee	2.00	Director	$0	$0	$0
MARTIN TOOMBS	President	2.00	Officer Director	$0	$0	$0
CYNTHIA MANNINO	Vice President	2.00	Officer Director	$0	$0	$0
LIZ HUDSON	Finance Chair	2.00	Director	$0	$0	$0
PATRICIA SCHAFFER	Trustee	2.00	Director	$0	$0	$0
BONNIE THOMAS	Trustee	2.00	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	$2,163,285	$1,525,845	$4,465,089	$637,440
2022	$1,768,257	$1,489,538	$3,833,789	$278,719
2021	$1,662,099	$1,432,869	$3,557,709	$229,230
2020	$1,645,015	$1,442,423	$3,751,649	$202,592
2019	$1,769,686	$1,719,534	$3,554,901	$50,152
2018	$2,141,100	$2,011,349	$3,538,350	$129,751