Report to the Community
The Friends of the Library of Flagler County ( FOLFC ) is a 501(c)(3) not-for-profit corporation formed in 1978 through the support of concerned citizens. It's been said that at the heart of every great community is a great library. To ensure this, the FOLFC is committed to developing resources -- above and beyond taxpayer support -- for a public-private partnership to help keep our library vital for all patrons.
Treasurerís Financial Report 2016-2017
We are pleased to bring you the FOLFC Annual Report for the year ending December 31, 2016 and anticipated support for the Library for 2017.
2016: Our operating income was $65,937 from bank interest, donations, book store sales, special book sales, and memberships. This compares to 2015 which was $98,659. The shortfall is mostly attributable to two large estate bequests in 2015.
Our actual expenditures of $55,990 compares to a plan of $81,515 which was our budgeted amount for 2016. This equates to under spending by $26,025. This under spending has been a 10 year trend of the library administration not identifying projects, needs, etc. where the FOLFC could provide support.
Our total assets at year end was $616,172. These assets are in essentially three accounts:
Operating account = $178,595
Endowment account = $232,434
Expansion account = $205,143
In 2016 we spent $4,038 for adult programs which included the Summer Reading Program, various Flagler Reads Together programs, and various music, special events, poetry readings, author visits, etc.
We spent $8,837 for Childrenís Programs, such as: Summer Reading Programs, Girls & Boys book clubs, (4) Jacksonville Zoo Programs, nutrition & health information Programs, and over 35 other programs for crafts, puppets, etc.
We spent $4,966 for Young Adult Programs, which included monthly dance lessons, craft workshops and Summer Reading Programs and over 20 other educational or learning programs.
2017: We have budgeted $68,685 for Library support. This includes $5,500 for Adult Programs; $14,500 for Childrenís Programs; and $5,000 for Young Adult Programs. Other expenses that are included in our budget each year covers such things as: new furniture and equipment for the library, special books that are needed, supplies, staff education, drinking water, staff travel expense to library conferences, etc. Specific for 2017 are expenses for the Flagler County Centennial Programs.
The FOLFC is in good financial shape. Using our 5 year spending average against the current Operating Account we have a working capital ratio of 3.3 years. The median for other library associated charities is 3.8 years and for all charities is .90 years. (The working capital ratio determines how long, in years, a charity could sustain its level of spending using only itís available assets).
The Friends of the Library of Flagler County, Inc. is a 501 (c) (3) not for profit organization. We are registered and incorporated in the State of Florida to solicit donations. Our registration number is CH16235. All such donations are tax exempt (for federal taxes as rules permit) and are used for our libraries and community.
Should you wish to donate please make checks out to:
P.O. Box 353344
Palm Coast, Florida 32135
If you would like a letter confirming your donation, please let us know and we can provide that for you. We appreciate our donors continued support for our Library.
Respectively submitted, Ken Jones, Treasurer.
A copy of the official registration and financial information may be obtained from the Division of Consumer Services by calling toll-free (800-435-7352) within the State. Registration does not imply endorsement, approval, or recommendation by the State.