WASHINGTON COUNTY 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

1898

Legal Domicile

Principal Officer

JENNY L BAKOS

Phone

3017393250

Tax Period

2022-07-01 to 2023-06-30

WASHINGTON COUNTY FREE LIBRARY, founded in 1898, is a community nonprofit in the Education sector that reported $8.4M in total revenue in fiscal year 2022. Expenses of $7.7M left a modest 9% surplus.

Mission

THE MISSION OF THE WASHINGTON COUNTY FREE LIBRARY SYSTEM IS TO CONTINUALLY IMPROVE OUR SERVICE TO THE PUBLIC BY: PROVIDING THE PUBLIC WITH FREE ACCESS TO LIBRARY MATERIALS IN A VARIETY OF FORMATS PROMOTING COMMUNITY ENRICHMENT, ECONOMIC VITALITY AND INDIVIDUAL ACHIEVEMENT THROUGH READING AND LIFELONG LEARNING HELPING PEOPLE OF ALL AGES FIND INFORMATION WHICH MEETS THEIR DIVERSE PERSONAL, EDUCATIONAL, AND PROFESSIONAL NEEDS RECOGNIZING OUR RESPONSIBILITY TO BALANCE AVAILABLE RESOURCES TO SERVE EVERYONE IN THE COMMUNITY SUPPLYING THE LOCAL GOVERNMENT WITH STATE, NATIONAL, AND WORLDWIDE CONNECTIVITY PROVIDING LEADERSHIP IN COOPERATIVE AND INNOVATIVE LIBRARY SERVICE.

Program Service Accomplishments

Program 1

Expenses: $5,069,895 Revenue: $87,109

LIBRARY OPERATIONS

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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 (2022)

Revenue Breakdown

Contributions & Grants $8,051,963

Program Service Revenue $87,109

Investment Income $273,679

Other Revenue $0

TOTAL REVENUE $8,412,751

Expense Breakdown

Grants Paid $0

Salaries & Benefits $4,464,930

Fundraising Expenses $0

Program Expenses $5,069,895

Other Expenses $3,211,577

TOTAL EXPENSES $7,676,507

Year-over-Year Comparison

	2022	2021	Change
Revenue	$8,412,751	$8,756,633	0.0%
Expenses	$7,676,507	$7,734,957	0.0%
Net Income	$736,244	$1,021,676	-0.3%

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

118

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

$353,062

Total Directors

Key Employees

Highest Compensated

reported

Name	Title	Hours/Week	Role	Reportable Comp	Other Comp	Total
JENNY L BAKOS	EXEC. DIR./S	40.00	Officer	$120,694	$656	$121,350
KATHLEEN M O'CONNELL	DIR. OF PUBL	40.00	Officer	$101,642	$11,203	$112,845
ELIZABETH HULETT	DIRECTOR WMR	40.00	Officer	$97,596	$21,271	$118,867
IAN SEIBERT	CHIEF TECH.	40.00	Highest	$102,019	$0	$102,019
STEPHEN SCHUTTE	PRESIDENT	1.00	Officer Director	$0	$0	$0
KIMBERLY HALSEY	VICE PRESIDE	1.00	Officer Director	$0	$0	$0
ALFRED E MARTIN	TREASURER	1.00	Officer Director	$0	$0	$0
KATHERINE OLIVER	TRUSTEE	1.00	Director	$0	$0	$0
AARON PETERANECZ	TRUSTEE	1.00	Director	$0	$0	$0
LAURIE BENDER	TRUSTEE	1.00	Director	$0	$0	$0
KRISTINE MCGEE	TRUSTEE	1.00	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
2025	No data	No data	No data	No data
2024	No data	No data	No data	No data
2023	$8,412,751	$7,676,507	$18,684,377	$736,244
2022	$8,756,633	$7,734,957	$16,301,833	$1,021,676
2021	$8,989,975	$7,111,714	$15,931,235	$1,878,261
2020	$8,573,856	$7,737,840	$14,084,942	$836,016
2019	$8,916,673	$8,339,860	$12,213,404	$576,813
2018	$9,001,073	$8,460,433	$11,322,736	$540,640