2024-05-08T22:11:28-05:00 2023-06-30 873707167 CBIZ MARKS PANETH LLC 685 THIRD AVENUE NEW YORK NY 10017 990 2022-07-01 132986916 THE LITERARY CLASSICS OF THE US INC D/B/A LIBRARY OF AMERICA LITE 2123083360 14 EAST 60TH STREET NEW YORK NY 10022 DANIEL BAKER VP & CFO 2123083360 2024-05-03 1 DANIEL BAKER 999009999 1 MAGDALENA CZERNIAWSKI P00535099 2125038800 2024-05-03 3 AAL1 IAL1 2022 2023-04-26 12:10:37Z THE LIBRARY OF AMERICA MAX RUDIN 14 EAST 60TH STREET NEW YORK NY 10022 8396117 0 X WWW.LOA.ORG X 1979 NY THE LIBRARY OF AMERICA WAS FOUNDED IN 1979 TO UNDERTAKE A HISTORIC ENDEAVOR: TO HELP PRESERVE THE NATION'S CULTURAL HERITAGE BY PUBLISHING AMERICA'S BEST AND MOST SIGNIFICANT WRITING IN DURABLE AND AUTHORITATIVE EDITIONS. 18 17 21 100 0 0 2639969 2454518 0 0 462356 502470 3636395 3018834 6738720 5975822 0 0 0 0 2531566 2669573 150112 167695 784946 3500445 3263860 6182123 6101128 556597 -125306 30362811 35285749 1573196 4680475 28789615 30605274 X THE MISSION OF THE LIBRARY OF AMERICA IS TO FOSTER GREATER APPRECIATION FOR OUR NATION'S LITERARY HERITAGE BY PUBLISHING, AND KEEPING PERMANENTLY IN PRINT, AUTHORITATIVE EDITIONS OF AMERICA'S BEST AND MOST SIGNIFICANT WRITING. 0 0 4082898 3030035 THE MAIN FOCUS OF THE ORGANIZATION'S STATED EXEMPT PURPOSE IS TO ASSURE ACCESS BY THE GENERAL PUBLIC TO ESSENTIAL WORKS OF THE AMERICAN LITERARY AND HISTORICAL TRADITION IN ORDER TO PRESERVE THE AMERICAN PAST THROUGH ITS LITERARY AND HISTORICAL ACHIEVEMENTS. ALL OF THE ACTIVITIES OF THE ORGANIZATION RELATE TO ONE PROGRAM, THIS PROGRAM IS KNOWN AS THE LIBRARY OF AMERICA. THE MISSION IS CARRIED OUT BY COMPILING, EDITING AND PUBLISHING INEXPENSIVELY PRICED AND TEXTUALLYACCURATE EDITIONS OF AMERICA'S BEST AND MOST SIGNIFICANT WRITINGS OF THE PAST. THE BOOKS ARE DISTRIBUTED TO LIBRARIES, EDUCATIONAL INSTITUTIONS, BOOK STORES, AND DIRECTLY TO INDIVIDUALS, THUS MAKING THEM WIDELY AVAILABLE TO SCHOLARS, EDUCATORS, STUDENTS, AND THE ENTIRE GENERAL PUBLIC. TO DATE, THE LIBRARY OF AMERICA HAS PUBLISHED IN EXCESS OF 500 VOLUMES OF LITERATURE, POETRY, AND ANTHOLOGIES, AND, ON AVERAGE, TEN NEW VOLUMES ARE ADDED ANNUALLY. MOST OF THE WORKS ARE KEPTPERMANENTLY IN PRINT IN ORDER TO ASSURE CONTINUED ACCESS FOR FUTURE GENERATIONS. THE EXACT NUMBER OF PEOPLE WHO HAVE BEEN PROVIDED ACCESS TO OTHERWISE UNAVAILABLE WORKS OF OUR GREATEST AMERICAN AUTHORS THROUGH THE EFFORTS OF THE LIBRARY OF AMERICA IS NOT KNOWN. HOWEVER, OVER 3,500 LIBRARIES WITH VERY LIMITED RESOURCES HAVE ACQUIRED THE WORKS FROM THIS PROGRAM, AND APPROXIMATELY 300,000 VOLUMES ARE DISTRIBUTED ANNUALLY TO THE GENERAL PUBLIC, EITHER DIRECTLY OR THROUGH BOOKSTORES. TO DATE OVER THIRTEEN MILLION VOLUMES HAVE BEEN PRINTED AND DISTRIBUTED. IT IS ESTIMATED THAT TENS OF MILLIONS OF PEOPLE HAVE BEEN PROVIDED ACCESS TO THESE ESSENTIAL WORKS OF AMERICAN LITERATURE THROUGH THE ACTIVITIES CARRIED ON BY THE LIBRARY OF AMERICA. 4082898 1 1 0 0 0 0 0 0 0 1 1 0 0 1 1 1 1 0 0 0 0 0 0 1 1 0 0 0 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 65 0 1 21 1 0 0 0 0 0 1 1 0 0 0 0 0 0 X 18 17 0 0 0 0 0 0 0 1 1 0 0 1 1 1 1 1 1 1 1 0 NY X DANIEL BAKER VP & CFO 2123083360 14 EAST 60TH STREET NEW YORK NY 10022 ADAM GOPNIK DIRECTOR 5.00 X 0 0 0 ALAN M KLEIN DIRECTOR 5.00 X 0 0 0 AMOR TOWLES DIRECTOR 5.00 X 0 0 0 AMY DAVIDSON SORKIN DIRECTOR 5.00 X 0 0 0 ANDREW DELBANCO DIRECTOR (OUTGOING) 5.00 X 0 0 0 BENITO CACHINERO-SANCHEZ VICE CHAIR 5.00 X X 0 0 0 D RONALD DANIEL DIRECTOR 5.00 X 0 0 0 DANIEL WEISS VICE CHAIR 5.00 X X 0 0 0 ELIHU ROSE DIRECTOR 5.00 X 0 0 0 ELIZABETH W SMITH CHAIR 10.00 X X 0 0 0 FREDERICK W BEINECKE DIRECTOR 5.00 X 0 0 0 G THOMAS TANSELLE SECRETARY 10.00 X X 18000 0 0 HENRY LOUIS GATES JR DIRECTOR 5.00 X 0 0 0 JOANNE FREEMAN DIRECTOR 5.00 X 0 0 0 KATHLEEN KENNEDY DIRECTOR 5.00 X 0 0 0 MATTHEW MCLENNAN TREASURER 10.00 X X 0 0 0 MICHAEL BIERUT DIRECTOR 5.00 X 0 0 0 MONA SIMPSON DIRECTOR 5.00 X 0 0 0 TONY KUSHNER DIRECTOR 5.00 X 0 0 0 DANIEL BAKER VICE PRESIDENT & CFO 50.00 X 199674 0 65026 MAX RUDIN PRESIDENT & PUBLISHER 50.00 X 301013 0 17854 CAROL M EINHORN DIR. OF INSTITUTIONAL ADV. 50.00 X 144792 0 31611 DAVID CLOYCE SMITH DIR. OF PROD. & CONSUMER 50.00 X 119393 0 22990 JOHN KULKA EDITORIAL DIRECTOR 50.00 X 148444 0 37029 PATRICIA HOARD MANAGING EDITOR 50.00 X 108111 0 17246 1039427 0 191756 6 0 1 0 PENNINGTON GRAY LLC 7 WINSTON FARM LN FAR HILLS NJ 07931 FUNDRAISING CONSULTING AND PRINTING SERV 167695 1 98325 2356193 2454518 502470 502470 10425 98325 21626 -11201 -11201 5427635 2398669 3028966 3028966 OTHER INCOME 900099 1069 1069 1069 5975822 3030035 0 491269 614236 9000 442684 162552 1531945 1184025 132221 215699 62981 55017 2991 4973 234544 169365 26095 39084 225867 138055 55954 31858 1100 1100 167695 167695 301545 242980 58565 373672 335736 37936 564981 428336 63422 73223 276687 276687 413753 1856 411897 11321 6518 3400 1403 15656 15656 17837 17837 DISTRIBUTION EXPENSE 1209915 1199270 10645 EVENT PROGRAM EXPENSE 38592 38592 BAD DEBT 17392 17392 NEW PROJECT DEV. 13651 11898 932 821 7758 6763 530 465 6101128 4082898 1233284 784946 1160321 594933 2625552 1828723 129530 257564 364214 360055 6043003 7026915 296156 360844 669949 644449 35755 25500 19086191 20794601 622089 4036614 30362811 35285749 1559940 1276046 13256 11302 0 3393127 1573196 4680475 X 14115629 14440778 14673986 16164496 28789615 30605274 30362811 35285749 -125306 1940965 0 X X 0 1 X 1 0 X 2500126 2102055 3147576 2639969 2454518 12844244 5324723 5839061 7421449 6176541 5427635 30189409 7824849 7941116 10569025 8816510 7882153 43033653 285150 338000 462000 441500 332447 1859097 0 285150 338000 462000 441500 332447 1859097 41174556 373698 362994 349541 462356 502470 2051059 373698 362994 349541 462356 502470 2051059 5443 1869 3609 2588 11494 25003 8203990 8305979 10922175 9281454 8396117 45109715 0.91280 0.91880 0.04550 0.03900 X SCHEDULE A, PART III, LINE 12, EXPLANATION OF OTHER INCOME: OTHER INCOME/MAILING LIST RENTAL - 2018 AMOUNT: $ 5,443. 2019 AMOUNT: $ 1,869. 2020 AMOUNT: $ 3,609. 2021 AMOUNT: $ 2,588. 2022 AMOUNT: $ 1,069. FUNDRAISING INCOME - 2022 AMOUNT: $ 10,425. RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 19882970 75000 2401907 903000 21456877 22633556 630000 -2574586 806000 19882970 17573528 550000 5217027 707000 22633556 16908535 545497 765496 646000 17573528 15831360 540000 1006143 569000 16908535 0.34729 0.65271 1 0 494247 494247 0 175702 150202 25500 25500 ROYALTY ADVANCES 496137 LEASES - RIGHT OF USE ASSET 3540477 4036614 OPERATING LEASE LIABLITY 3393127 3393127 X 7938413 1940965 1940965 5997448 -21626 -21626 5975822 6122755 21627 21627 6101128 0 6101128 PART V, LINE 4: PERMANENTLY RESTRICTED NET ASSETS CONSIST OF CONTRIBUTIONS SUBJECT TO RESTRICTIONS IN PERPETUITY, SUCH AS THOSE MADE TO THE GUARDIANS OF AMERICAN LETTERS FUND ("GUARDIANS FUND"), WHICH WAS CREATED TO HELP KEEP ALL VOLUMES IN THE SERIES PERMANENTLY IN PRINT. ACCORDINGLY, THE PRINCIPAL AND ACCUMULATED INCOME FROM THE FUND IS AVAILABLE TO COVER EXPENDITURES ASSOCIATED WITH THE REPRINTING OF VOLUMES. TO MAINTAIN THE FUND, DISBURSEMENTS FROM THE GUARDIANS FUND WOULD BE REPLENISHED FROM THE SUBSEQUENT SALES PROCEEDS OF THE VOLUME. TO SIMPLIFY THIS PROCESS, AND AT THE SAME TIME MAXIMIZE INVESTMENT EARNINGS, THE GUARDIANS FUND OPERATES LIKE AN ENDOWMENT. THE GUARDIANS FUND REMAINS FULLY INVESTED, UNRESTRICTED FUNDS ARE USED FOR REPRINTING VOLUMES, AND A PERCENTAGE OF THE GUARDIANS FUND INVESTMENT EARNINGS ARE TRANSFERRED TO THE UNRESTRICTED NET ASSETS. THE BOARD OF DIRECTORS HAS DESIGNATED A PORTION OF UNRESTRICTED NET ASSETS FOR A FUTURE ENDOWMENT FUND. PART X, LINE 2: LOA BELIEVES IT HAD NO UNCERTAIN TAX POSITIONS AS OF JUNE 30, 2023 AND 2022 IN ACCORDANCE WITH ACCOUNTING STANDARDS CODIFICATION ("ASC") TOPIC 740, "INCOME TAXES," WHICH PROVIDES STANDARDS FOR ESTABLISHING AND CLASSIFYING ANY TAX PROVISIONS FOR UNCERTAIN TAX POSITIONS. PART XI, LINE 4B - OTHER ADJUSTMENTS: DIRECT FUNDRAISING EXPENSES -21,626. PART XII, LINE 2D - OTHER ADJUSTMENTS: DIRECT FUNDRAISING EXPENSES 21,626. OTHER CHANGES 1. X X X X X X 1 PENNINGTON GRAY LLC 7 WINSTON FARM LANE FAR HILLS NJ 07931 FUNDRAISER CONSULTANT 0 0 167695 -167695 167695 -167695 NY LOA 40TH ANNIVERSARY EVENT 108750 98325 10425 21626 108750 98325 10425 21626 21626 -11201 X X X X 0 0 0 0 0 0 0 0 0 MAX RUDIN PRESIDENT & PUBLISHER 300289 0 0 0 724 0 15150 0 2704 0 318867 0 0 0 DANIEL BAKER VICE PRESIDENT & CFO 198882 0 0 0 792 0 11362 0 53664 0 264700 0 0 0 JOHN KULKA EDITORIAL DIRECTOR 148444 0 0 0 0 0 7954 0 29075 0 185473 0 0 0 CAROL M EINHORN DIR. OF INSTITUTIONAL ADV. 144792 0 0 0 0 0 7575 0 24036 0 176403 0 0 0 FORM 990, PART VI, SECTION B, LINE 11B THE FORM 990 IS PREPARED BY THE ORGANIZATION'S INDEPENDENT ACCOUNTANTS, AND IS REVIEWED BY THE PRESIDENT AND THE CHIEF FINANCIAL OFFICER. ONCE THE PRESIDENT AND CHIEF FINANCIAL OFFICER HAVE COMPLETED THE PRELIMINARY REVIEW, THE DOCUMENT IS DELIVERED TO ALL MEMBERS OF THE BOARD OF DIRECTORS ALONG WITH A SOLICITATION OF THEIR COMMENTS. IF ANY CHANGES ARE MADE OR SUGGESTED, THE DOCUMENT WILL BE REDISTRIBUTED SO THAT ALL BOARD MEMBERS RECEIVE A FINAL VERSION OF THE DOCUMENT BEFORE IT IS FILED. FORM 990, PART VI, SECTION B, LINE 12C ANNUALLY, MEMBERS OF THE BOARD OF DIRECTORS AND MANAGERIAL STAFF ARE REQUIRED TO DISCLOSE ANY RELATIONSHIPS RELEVANT TO A MATTER UNDER REVIEW FOR DECISION BY THE BOARD OF DIRECTORS ON THE ANNUAL DISCLOSURE STATEMENTS. IN THE EVENT OF A DISCLOSURE OF A CONFLICT OF INTEREST WITH RESPECT TO A MATTER BEFORE THE BOARD OF DIRECTORS OR ITS STANDING COMMITTEES, THE PARTY MAKING THE DISCLOSURE WILL REFRAIN FROM VOTING AND FROM PREJUDICING OR BIASING OTHER INDIVIDUALS INVOLVED IN THE DELIBERATIONS. FORM 990, PART VI, SECTION B, LINE 15 A COMPENSATION COMMITTEE CONSISTING OF THE CHAIRMAN OF THE BOARD OF DIRECTORS, THE TREASURER AND AT LEAST ONE OTHER ALTERNATING DIRECTOR REVIEW THE COMPENSATION OF THE CHIEF EXECUTIVE OFFICER. THE COMPENSATION COMMITTEE CONSIDERS INFORMATION FROM SALARY SURVEYS AND OTHER EMPLOYMENT-RELATED INFORMATION TO DETERMINE AN APPROPRIATE LEVEL OF COMPENSATION. FOR ALL OTHER EMPLOYEES, INCLUDING OFFICERS AND KEY EMPLOYEES, THE CHIEF EXECUTIVE OFFICER WILL SUBMIT RECOMMENDATIONS TO THE COMPENSATION COMMITTEE, ALONG WITH SALARY SURVEY INFORMATION AND OTHER PERTINENT INFORMATION AS SUPPORT FOR THE RECOMMENDED COMPENSATION LEVELS. THE COMPENSATION COMMITTEE HAS FINAL SAY IN APPROVING OR CHANGING RECOMMENDATIONS SUPPLIED BY THE CHIEF EXECUTIVE OFFICER. FORM 990, PART VI, SECTION C, LINE 19 THE ORGANIZATION MAKES ITS GOVERNING DOCUMENTS, CONFLICT OF INTEREST POLICY, AND FINANCIAL STATEMENTS AVAILABLE TO THE PUBLIC FREE OF CHARGE UPON REQUEST. FORM 990, PART XII, LINE 2C: THE ORGANIZATION HAS NOT CHANGED ITS PROCESSES FOR THE OVERSIGHT OF THE AUDIT OF ITS FINANCIAL STATEMENTS OR THE SELECTION OF AN INDEPENDENT ACCOUNTANT FROM THE PRIOR YEAR.