2016-05-12T16:54:53-05:00 2015-06-30 113518842 MARKS PANETH LLP 685 THIRD AVENUE NEW YORK NY 10017 990 2014-07-01 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 CHIEF FINANCIAL OFFICER 2123083360 2016-05-12 1 ROBERT LYONS P00227472 2125038800 2016-05-12 2014 2016-08-17 19:52:53Z THE LIBRARY OF AMERICA CHERYL HURLEY 14 EAST 60TH STREET NEW YORK NY 10022 7857205 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 15 19 100 0 0 1223160 2286358 0 0 172327 212337 3347253 3130517 4742740 5629212 0 0 0 0 1907215 2000606 0 0 365353 3104896 3289833 5012111 5290439 -269371 338773 18462418 19259858 779745 1014053 17682673 18245805 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 3788076 3116332 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 TEXTUALLY ACCURATE 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 300 VOLUMES OF LITERATURE, POETRY, AND ANTHOLOGIES, AND, ON AVERAGE, TEN NEW VOLUMES ARE ADDED ANNUALLY. MOST OF THE WORKS ARE KEPT PERMANENTLY 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 SEVEN 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. 3788076 1 1 0 0 0 0 0 0 0 1 1 0 0 0 0 1 1 0 0 1 0 0 0 0 0 0 0 0 0 1 0 0 0 0 0 0 0 0 1 0 0 0 0 0 0 0 0 1 59 0 19 1 0 0 0 0 0 0 0 0 0 0 X 18 15 0 0 0 0 0 0 0 1 1 0 0 1 1 1 1 1 1 1 1 0 NY X DANIEL BAKER CFO 2123083360 14 EAST 60TH STREET NEW YORK NY 10022 CHERYL HURLEY PRESIDENT & CEO 50.00 X X 289836 0 25071 D RONALD DANIEL CHAIRMAN 5.00 X X 0 0 0 BENJAMIN ORDOVER TREASURER 10.00 X X 25000 0 0 G THOMAS TANSELLE SECRETARY 10.00 X X 18000 0 0 BENITO CACHINERO-SANCHEZ DIRECTOR 5.00 X 0 0 0 EMME DELAND DIRECTOR 5.00 X 0 0 0 ANDREW DELBANCO DIRECTOR 5.00 X 0 0 0 JOANNE FREEMAN DIRECTOR 5.00 X 0 0 0 HENRY LOUIS GATES JR DIRECTOR 5.00 X 0 0 0 KATHLEEN KENNEDY DIRECTOR 5.00 X 0 0 0 TONY KUSHNER DIRECTOR 5.00 X 0 0 0 MATTHEW MCLENNAN DIRECTOR 5.00 X 0 0 0 WILLIAM S REESE DIRECTOR 5.00 X 0 0 0 ELIHU ROSE DIRECTOR 5.00 X 0 0 0 ELIZABETH W SMITH DIRECTOR 5.00 X 0 0 0 AMOR TOWLES DIRECTOR 5.00 X 0 0 0 CANDACE WAINWRIGHT DIRECTOR 5.00 X 0 0 0 DANIEL WEISS DIRECTOR 5.00 X 0 0 0 MAX RUDIN VP AND PUBLISHER 50.00 X 239324 0 25812 DANIEL BAKER VP AND CHIEF FINANCIAL OFFICER 50.00 X 179970 0 23601 GEOFFREY O'BRIEN EDITOR IN CHIEF 50.00 X 135592 0 13225 887722 0 87709 4 0 1 0 AREA 17 MEDIA LLC 99 RICHARDSON STREET BROOKLYN NY 11211 WEBSITE DESIGN 177511 1 2286358 250316 2286358 212337 212337 5344325 2227993 3116332 3116332 OTHER INCOME 900099 14185 14185 14185 5629212 3116332 0 226522 856090 295344 415874 144872 870912 668258 112254 90400 37779 31102 4783 1894 145489 90230 40583 14676 90336 58264 25541 6531 42750 42750 394393 394393 425443 425443 47657 6355 38649 2653 175223 175223 333194 333194 27255 13932 4632 8691 56526 56526 18032 18032 DISTRIBUTION EXPENSE 1069165 1069165 OTHER EXPENSES 352773 267184 29601 55988 POSTAGE & SHIPPING 288113 265815 14206 8092 PRINTING & PUBLICATIONS 59309 27368 385 31556 5290439 3788076 1137010 365353 365755 515658 1346648 1399170 692302 859757 386846 242149 4123409 4244405 359580 211189 1102509 949974 201362 152535 10653987 11250526 332529 384469 18462418 19259858 773613 1005979 6132 8074 779745 1014053 X 9067579 9245967 502194 470923 8112900 8528915 17682673 18245805 18462418 19259858 338773 224359 0 X X 0 1 X 1 0 X 1433593 2640128 1578776 1223160 2286358 9162015 6129844 6274204 6111559 5266765 5344325 29126697 7563437 8914332 7690335 6489925 7630683 38288712 0 0 0 38288712 196080 184595 225492 193187 212337 1011691 196080 184595 225492 193187 212337 1011691 15906 22548 14491 15898 14185 83028 7775423 9121475 7930318 6699010 7857205 39383431 0.97220 0.97290 0.02570 0.02480 X SCHEDULE A, PART III, LINE 12, EXPLANATION OF OTHER INCOME: OTHER INCOME/MAILING LIST RENTAL - 2010 AMOUNT: $ 15,906. 2011 AMOUNT: $ 22,548. 2012 AMOUNT: $ 14,491. 2013 AMOUNT: $ 15,898. 2014 AMOUNT: $ 14,185. RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 11081681 877991 410478 359429 12010721 9484872 378000 1525042 306233 11081681 7957119 767980 1002773 243000 9484872 6788268 1280000 117559 228708 7957119 5432519 485973 1089776 220000 6788268 0.29000 0.71000 0 0 494247 368401 125846 608262 581573 26689 152535 X 5853571 224359 224359 5629212 0 5629212 5290439 0 5290439 0 5290439 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, 2015 AND 2014 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. X X X 0 0 0 0 0 0 0 0 0 CHERYL HURLEY PRESIDENT & CEO 289836 0 0 0 0 0 14681 0 10390 0 314907 0 0 0 MAX RUDIN VP AND PUBLISHER 239324 0 0 0 0 0 12256 0 13556 0 265136 0 0 0 DANIEL BAKER VP AND CHIEF FINANCIAL OFFICER 179970 0 0 0 0 0 9506 0 14095 0 203571 0 0 0 X 5 250316 FAIR MARKET VALUE 0 0 0 FORM 990, PART VI, SECTION B, LINE 11 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 XI, LINE 2C: THE PROCESS OF OVERSEEING THE AUDIT AND SELECTION OF INDEPENDENT ACCOUNTANT: HAS NOT BEEN CHANGED FROM THE PRIOR YEAR.