The Louisville Free Public Library Foundation’s strong financial health and commitment to accountability and transparency have earned a 4-star rating from Charity Navigator, America’s largest independent charity evaluator. This is the second time The Library Foundation has earned this top distinction in the last three years.
Founded in 1989, The Library Foundation supports the mission of the Louisville Free Public Library by providing funding to support programs and initiatives not covered by city funds.
Since 2002, using objective analysis, Charity Navigator has awarded only the most fiscally responsible organizations a 4-star rating. In 2011, Charity Navigator added 17 metrics, focused on governance and ethical practices as well as measures of openness, to its ratings methodology. These accountability and transparency metrics, which account for 50 percent of a charity’s overall rating, reveal which charities operate in accordance with industry best practices and whether they are open with their donors and stakeholders.
Charity Navigator upgraded the methodology for rating each charity’s’ financial health with CN 2.1 on June 1, 2016. These enhancements further substantiates the financial health of the 4-star charities.
“The Library Foundation’s exceptional 4-star rating sets it apart from its peers and demonstrates its trustworthiness to the public,” according to Michael Thatcher, President & CEO of Charity Navigator. “Only a quarter of charities rated by Charity Navigator receive the distinction of our 4-star rating. This adds The Library Foundation to a preeminent group of charities working to overcome our world’s most pressing challenges. Based on its 4-star rating, people can trust that their donations are going to a financially responsible and ethical charity when they decide to support The Library Foundation.”
As the Louisville Free Public Library continues to expand with the current construction of the South Central Regional Library and beginning the design phase for the Northeast Regional Library, the foundation’s executive director said this distinction helps further the foundation’s work.
“It’s important our donors trust that we’re using their donations wisely to meet the needs of the Louisville Free Public Library,” The Library Foundation’s Executive Director Chandra Gordon said. “Our 4-star Charity Navigator rating demonstrates to our supporters our good governance and financial accountability.”
Visit www.charitynavigator.org for more detailed information about The Library Foundation and about charitable giving.