THE LIBRARY FOUNDATION

EIN: 931190983 501(c)(3) Arts, Culture & Humanities

PORTLAND, OR

Total Revenue
$2,966,805
Total Expenses
$3,828,557
Total Assets
$27,687,284
Net Assets
$26,380,879
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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
1995
Legal Domicile
OR
Principal Officer
DAN LOVE CENTERWALL
Phone
5032234008
Tax Period
2023-07-01 to 2024-06-30

THE LIBRARY FOUNDATION, founded in 1995, is a community nonprofit in the Arts, Culture & Humanities sector that reported $3.0M in total revenue in fiscal year 2023. Revenue fell 38% from the prior year — a significant decline worth monitoring. Expenses of $3.8M exceeded revenue, resulting in a 29% operating deficit.

Mission

TO ENHANCE MULTNOMAH COUNTY LIBRARY'S INNOVATIVE WORK AND STRENGTHEN OUR LIBRARY SYSTEM.

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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 $2,399,877
Program Service Revenue $0
Investment Income $566,774
Other Revenue $154
TOTAL REVENUE $2,966,805

Expense Breakdown

Grants Paid $2,560,485
Salaries & Benefits $805,711
Fundraising Expenses $129,312
Program Expenses $3,175,267
Other Expenses $462,361
TOTAL EXPENSES $3,828,557

Year-over-Year Comparison

2023 2022 Change
Revenue $2,966,805 $4,774,861 -0.4%
Expenses $3,828,557 $2,489,118 +0.5%
Net Income $-861,752 $2,285,743 -1.4%
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

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Governance

Voting Members
16
Independent Members
16
Employees
8
Volunteers
16

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
6
$193,017
Total Directors
16
$0
Key Employees
0
$0
Highest Compensated
0
reported
Name Title Hours/Week Role Reportable Comp Other Comp Total
BRAD THIES CHAIR 4.00
Officer Director
$0 $0 $0
KORI ALLEN VICE-CHAIR 4.00
Officer Director
$0 $0 $0
PAUL J KELLY JR SECRETARY 4.00
Officer Director
$0 $0 $0
PETER GALEN TREASURER 4.00
Officer Director
$0 $0 $0
WENDY GRUENBERG WRAY TRUSTEE 4.00
Director
$0 $0 $0
LUKA ARNERICH TRUSTEE 1.00
Director
$0 $0 $0
SHIAU YEN CHIN-DENNIS TRUSTEE 1.00
Director
$0 $0 $0
KRISTIN COLLINS TRUSTEE 1.00
Director
$0 $0 $0
ANNE JARVIS TRUSTEE 1.00
Director
$0 $0 $0
JEAN JOSEPHSON TRUSTEE 1.00
Director
$0 $0 $0
SONJA MCKENZIE TRUSTEE 1.00
Director
$0 $0 $0
MOLLY ONO TRUSTEE 1.00
Director
$0 $0 $0
DILIP RATNAM TRUSTEE 1.00
Director
$0 $0 $0
JEFF SCHERER TRUSTEE 1.00
Director
$0 $0 $0
DAVID L VERNIER TRUSTEE 1.00
Director
$0 $0 $0
SONYA WHITE TRUSTEE 1.00
Director
$0 $0 $0
MERRIS SUMRALL EXECUTIVE DIR. (THRU 3/2024) 55.50
Officer
$146,302 $46,715 $193,017
DAN LOVE CENTERWALL EXECUTIVE DIR. (FROM 2/2024) 40.00
Officer
$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 $2,966,805 $3,828,557 $27,687,284 $-861,752
2023 $4,774,861 $2,489,118 $26,409,312 $2,285,743
2022 $3,134,177 $2,534,244 $22,669,861 $599,933
2021 $4,510,589 $2,397,782 $25,042,267 $2,112,807
2020 $2,350,528 $2,420,034 $20,206,242 $-69,506
2019 $2,723,565 $2,658,721 $20,442,092 $64,844
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