TULLY FREE 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

1967

Legal Domicile

Principal Officer

PETER CARDAMONE

Phone

3156968606

Tax Period

2024-01-01 to 2024-12-31

TULLY FREE LIBRARY, founded in 1967, is a community nonprofit that reported $1.0M in total revenue in fiscal year 2024. Revenue surged 198% from the prior year, signaling strong growth momentum. The organization ran a surplus of $772K, a strong 74% operating margin.

Mission

Provide free public access to the library for residents of the Tully NY School District.

Program Service Accomplishments

Program 1

Expenses: $211,359 Revenue: $242,554

SERVING POPULATION OF OVER 6,000 RESIDENTS IN TULLY SCHOOL DISTRICT. CIRCULATION EXCEEDS 96,000 ITEMS. VARIOUS COMMUNITY LITERACY-BASED PROGRAMS ARE OFFERED. NEW COMMUNITY ROOM IS UTILIZED BY LOCAL CITIZENS AND NON PROFIT ORGANIZATIONS ADULT CHILDREN PROGRAMS ARE ATTENDED REGULARLY. OVER 36,000 PHYSICAL AND DIGITAL ITEMS WERE CHECKED OUT.THE LIBRARY HAD 10,200 VISITORS IN 2024.

Program 2

Expenses: $2,975 Revenue: $3,210

REGIONAL ENRICHMENT PROGRAM FULL STEAM AHEAD GRANT PROVIDING EDUCATIONAL OPPORTUNITIES FOR ELEMENTARY AGE STUDENTS IN THE TULLY CENTRAL SCHOOL DISTRICT AND OTHER LOCAL CHILDREN.

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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 (2024)

Revenue Breakdown

Contributions & Grants $991,595

Program Service Revenue $5,743

Investment Income $45,548

Other Revenue $0

TOTAL REVENUE $1,042,886

Expense Breakdown

Grants Paid $0

Salaries & Benefits $180,116

Fundraising Expenses $3,937

Program Expenses $214,334

Other Expenses $90,679

TOTAL EXPENSES $270,795

Year-over-Year Comparison

	2024	2023	Change
Revenue	$1,042,886	$349,420	+2.0%
Expenses	$270,795	$236,161	+0.1%
Net Income	$772,091	$113,259	+5.8%

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
KATHY FENLON	TRUSTEE	002.00	Director	$0	$0	$0
PETER CARDAMONE	TREASURER	005.00	Officer Director	$0	$0	$0
CAT GERSON	SECRETARY	002.00	Officer Director	$0	$0	$0
ANN SEDORE	PRESIDENT	002.00	Officer Director	$0	$0	$0
HANNAH HACKETT	TRUSTEE	002.00	Director	$0	$0	$0
LAURIE MCCARTHY	VICE PRESIDENT	002.00	Officer Director	$0	$0	$0
PATRICIA QUINLAN	TRUSTEE	002.00	Director	$0	$0	$0
KIM CAMERON	TRUSTEE	002.00	Director	$0	$0	$0
DENNIS WEAVER	TRUSTEE	002.00	Director	$0	$0	$0
JACK SALISBURY	TRUSTEE	002.00	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	$1,042,886	$270,795	$2,314,986	$772,091
2023	$349,420	$236,161	$1,860,463	$113,259
2022	$270,095	$238,756	$949,173	$31,339
2021	$243,563	$233,382	$924,934	$10,181
2020	$220,481	$220,095	$902,005	$386
2019	$254,778	$219,964	$886,501	$34,814
2018	$224,743	$227,422	$834,822	$-2,679