Community Libraries of Providence

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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

2008

Legal Domicile

Phone

4014672700

Tax Period

2024-07-01 to 2025-06-30

Community Libraries of Providence, founded in 2008, is a community nonprofit in the Education sector that reported $6.5M in total revenue in fiscal year 2024.

Mission

TO OPERATE A PUBLIC LIBRARY SYSTEM IN PROVIDENCE, RI. THE ORGANIZATION WAS FORMED TO OPERATE NINE NEIGHBORHOOD COMMUNITY LIBRARIES. PROVIDENCE COMMUNITY LIBRARY SERVES THE CULTURALLY RICH PEOPLE OF PROVIDENCE BY ADAPTING TO THEIR EVOLVING READING AND INFORMATION NEEDS WITH A DIVERSE STAFF THAT DELIVERS RELEVANT LIBRARY RESOURCES AND PROGRAMS, CULTIVATES MEANINGFUL PARTNERSHIPS AND PROMOTES VIBRANT NEIGHBORHOODS.

Program Service Accomplishments

Program 1

Expenses: $6,286,965 Revenue: $545,402

Provided library services to over 600,000 patrons and visitors in nine neighborhood libraries in Providence, RI, including books, CDs, DVDs and other library materials with 393,300 items circulated. Our public computers and WiFi were used more than 400,000 times. We also provide educational and instructional programs including after school programs, homework help, GED classes in Spanish and English ESL classes, toddler and preschool story hours, reading clubs for children and adults in English and Spanish, computer classes in English and Spanish, resume classes and job search help. We partner with the city to provide reading opportunities to children during the summer. Over 30,500 participants attended our programs. During the pandemic we increased our WiFi availability to the community by installing Access Point units.

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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 $6,418,060

Program Service Revenue $37,837

Investment Income $34,487

Other Revenue $0

TOTAL REVENUE $6,490,384

Expense Breakdown

Grants Paid $0

Salaries & Benefits $4,534,525

Fundraising Expenses $188,977

Program Expenses $6,286,965

Other Expenses $2,287,509

TOTAL EXPENSES $6,822,034

Year-over-Year Comparison

	2024	2023	Change
Revenue	$6,490,384	$6,531,754	0.0%
Expenses	$6,822,034	$6,514,985	+0.0%
Net Income	$-331,650	$16,769	-20.8%

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

103

Volunteers

149

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

$115,681

Total Directors