Civic Intelligence

Bong P-38 Fund Incorporated

990 • Fiscal year 2020 • EIN 39-1647421

Jan 01, 2020 to Dec 31, 2020 • Filed on Aug 30, 2021

Organization Profile
305 Harborview ParkwaySuperior, WI 54880

(715) 392-7151

Siviq Scores

Precomputed percentiles for this filing year versus similar nonprofits in the same peer cohort.

Liabilities / Assets

34th percentile

0.03x

Higher debt load relative to assets than 34% of similar nonprofits.

2020 filings • 501(c)3 • $1M-$5M nonprofits • Source year 2020

Liabilities / Revenue

55th percentile

0.17x

Higher debt load relative to revenue than 55% of similar nonprofits.

2020 filings • 501(c)3 • $1M-$5M nonprofits • Source year 2020

Net Margin

70th percentile

17%

Higher net margin than 70% of similar nonprofits.

2020 filings • 501(c)3 • $1M-$5M nonprofits • Source year 2020

Top Officer Pay

57th percentile

$75,129

Higher top officer pay than 57% of similar nonprofits.

Top officer pay equals 12.1% of source-year revenue.

2020 filings • 501(c)3 • $1M-$5M nonprofits • Source year 2020

Asset Growth

30th percentile

-0.3%

Faster asset growth than 30% of similar nonprofits.

2020 filings • 501(c)3 • $1M-$5M nonprofits • Annualized from 2019 to 2020

Revenue Growth

35th percentile

-8.6%

Faster revenue growth than 35% of similar nonprofits.

2020 filings • 501(c)3 • $1M-$5M nonprofits • Annualized from 2019 to 2020

Balance Sheet
Liabilities / Assets34th percentile

Assets

Down

$3,829,536

Down $13,309 (-0.3%) from 2019

Net Assets

Up

$3,725,890

Up $107,146 (+3.0%) from 2019

Liabilities

Down

$103,646

Down $120,455 (-54%) from 2019

Revenue And Expenses
Liabilities / Revenue55th percentileNet Margin70th percentile

Revenue

Down

$621,774

Down $58,525 (-8.6%) from 2019

Expenses

Down

$514,628

Down $31,676 (-5.8%) from 2019

Net Income

Down

$107,146

Down $26,849 (-20%) from 2019

Historical Trend

Balance Sheet Trend

Asset Growth30th percentile

The highlighted filing sits inside the broader history for assets, liabilities, and net assets.

$6.0M$4.0M$2.0M$0Assets 2010: $5,064,293Liabilities 2010: $1,663,208Net Assets 2010: $3,401,0852010Assets 2011: $4,898,880Liabilities 2011: $1,161,579Net Assets 2011: $3,737,3012011Assets 2012: $4,651,287Liabilities 2012: $974,307Net Assets 2012: $3,676,9802012Assets 2013: $4,535,268Liabilities 2013: $809,841Net Assets 2013: $3,725,4272013Assets 2014: $4,412,740Liabilities 2014: $736,381Net Assets 2014: $3,676,3592014Assets 2015: $4,267,234Liabilities 2015: $645,773Net Assets 2015: $3,621,4612015Assets 2016: $4,086,070Liabilities 2016: $581,489Net Assets 2016: $3,504,5812016Assets 2017: $3,960,840Liabilities 2017: $509,918Net Assets 2017: $3,450,9222017Assets 2018: $3,912,900Liabilities 2018: $428,151Net Assets 2018: $3,484,7492018Assets 2019: $3,842,845Liabilities 2019: $224,101Net Assets 2019: $3,618,7442019Assets 2020: $3,829,536Liabilities 2020: $103,646Net Assets 2020: $3,725,8902020Assets 2021: $3,802,519Liabilities 2021: $13,048Net Assets 2021: $3,789,4712021Assets 2022: $3,784,179Liabilities 2022: $15,557Net Assets 2022: $3,768,6222022Assets 2023: $3,812,294Liabilities 2023: $7,424Net Assets 2023: $3,804,8702023Assets 2024: $3,801,462Liabilities 2024: $6,606Net Assets 2024: $3,794,8562024

Highlighted filing

2020

Assets$3,829,536
Liabilities$103,646
Net Assets$3,725,890
Open 2020 Filing

Operations Trend

Revenue Growth35th percentile

Revenue, expenses, and net income across loaded years, with this filing highlighted.

$1.0M$500K$0-$500KExpenses 2010: $546,6682010Expenses 2011: $549,6362011Expenses 2012: $552,1262012Revenue 2013: $582,433Expenses 2013: $533,986Net Income 2013: $48,4472013Revenue 2014: $448,029Expenses 2014: $497,097Net Income 2014: -$49,0682014Revenue 2015: $465,506Expenses 2015: $520,404Net Income 2015: -$54,8982015Revenue 2016: $420,050Expenses 2016: $536,930Net Income 2016: -$116,8802016Revenue 2017: $453,604Expenses 2017: $507,263Net Income 2017: -$53,6592017Revenue 2018: $530,226Expenses 2018: $496,399Net Income 2018: $33,8272018Revenue 2019: $680,299Expenses 2019: $546,304Net Income 2019: $133,9952019Revenue 2020: $621,774Expenses 2020: $514,628Net Income 2020: $107,1462020Revenue 2021: $596,018Expenses 2021: $532,437Net Income 2021: $63,5812021Revenue 2022: $533,958Expenses 2022: $554,807Net Income 2022: -$20,8492022Revenue 2023: $716,653Expenses 2023: $680,405Net Income 2023: $36,2482023Revenue 2024: $749,956Expenses 2024: $759,970Net Income 2024: -$10,0142024

Highlighted filing

2020

Revenue$621,774
Expenses$514,628
Net Income$107,146
Open 2020 Filing
Jump To
Filing Snapshot
Filing Period
Jan 1, 2020 to Dec 31, 2020
Signed
Aug 30, 2021
Return Version
2020v4.0
Gross Receipts
$662,461
Mission and Program Overview

Mission

The mission of the richard i. Bong veterans historical center is to preserve and honor the memory of major bong and all the veterans of world war ii as well as subsequent conflicts and to provide educational resources for the twin ports area community and beyond.

Balance Sheet Detail
LineBeginningEndChange
Assets
Land, Buildings, and Equipment, Net$3,560,016$3,455,929▼ $104,087
Cash and Non-Interest-Bearing Accounts$251,499$344,636▲ $93,137
Inventories for Sale or Use$19,793$16,791▼ $3,002
Accounts Receivable$11,537$12,180▲ $643
Total Assets$3,842,845$3,829,536▼ $13,309
Liabilities
Mortgage Notes Payable Secured by Investment Property$217,600$95,000▼ $122,600
Accounts Payable and Accrued Expenses$6,501$8,646▲ $2,145
Total Liabilities$224,101$103,646▼ $120,455
Net Assets / Fund Balance
Net Assets Without Donor Restrictions$3,618,744$3,725,890▲ $107,146
Total Net Assets Fund Balance$3,618,744$3,725,890▲ $107,146
Total Liabilities and Net Assets / Fund Balance$3,842,845$3,829,536▼ $13,309

Asset Categories

AssetBook ValueDepreciationBasis
Buildings$2,576,117$2,141,565$4,717,682
Equipment$79,812$1,137,756$1,217,568
Land$800,000-$800,000
Compensation and Service Providers
Top Officer Pay57th percentile

Employees

NameTitleFull / Part TimeBaseOtherTotal
Dustin HeckmanExecutive DiFT$73,029$2,100$75,129

Board Members and Trustees

NameTitle
Terry LundbergChairman
Tim SauterVice Chairma
David PodratzBoard
Jason RolfeBoard
John BremerBoard
John ManionBoard
Kelly JohnsonBoard
Larry JohsonBoard
Ryan JostBoard
Ryan KernBoard
Toby MarcovichBoard
Joe FischerSecretary
Knute PedersenTreasurer
Revenue and Support

Revenue Composition

Contributions and Grants
$262,911
Program Service Revenue
$192,129
Investment Income
$127
Other Revenue
$166,607
All Other Contributions
$202,911
Change in Net Assets
$107,146

Audited Revenue Reconciliation

Revenue per Audited Statements
$621,774
Revenue Not Reported on Form 990
$40,687
Total Revenue per Audited Statements
$662,461
Total Revenue per Form 990
$621,774
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$312,094
Salaries, Compensation, and Employee Benefits$202,534
Total Fundraising Expense$64,811
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Depreciation Depletion$135,158$7,113-$142,271
Other Salaries and Wages$42,541$23,205$30,940$96,686
Current Officers, Directors, Trustees, and Key Employees$32,133$17,527$23,369$73,029
Fees for Services Accounting-$28,902-$28,902
Other Employee Benefits$7,838$4,275$5,700$17,813
Payroll Taxes$6,603$3,601$4,802$15,006
Insurance$12,995$1,444-$14,439
Advertising$13,014--$13,014
Office Expenses$1,788$6,130-$7,918
All Other Expenses$6,940$446-$7,386
Interest-$6,963-$6,963
Other Expenses$4,604$2,971-$4,604
Total Functional Expenses$347,240$102,577$64,811$514,628

Audited Expense Reconciliation

Line ItemAmount
Total Expenses per Audited Statements$555,315
Expenses per Audited Statements$514,628
Total Expenses per Form 990$514,628
Expenses Not Reported on Form 990$40,687
Fundraising, Events, and Gaming
Fundraising activities
Yes
Gaming activities
No
Professional fundraiser used
No

Fundraising and Gaming Totals

Line ItemAmount
Fundraising Gross Income$133,518
Fundraising Direct Expenses$24,238
Professional Fundraising Fees$0

Fundraising Events

EventGross ReceiptsGross RevenueDirect ExpensesNet Income
Special Events$193,518$133,518$24,238$109,280
Total Events$193,518$133,518$24,238$109,280
Political and Lobbying Activity
Political campaign activity
No
Lobbying activity
No
Subject to proxy tax
No
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
Yes
Annual disclosure for covered persons
Yes
Audit committee
Yes
Business relationship with 35% controlled entity
No
Business relationship with family members
No
Business relationship with organization members
No
Material changes to governing documents
No
Compensation from other sources disclosed
No
CEO compensation reviewed
No
Other officer compensation reviewed
No
Conflict-of-interest policy
Yes
Audited financial statements prepared
No
Key decisions subject to board approval
No
Management duties delegated
No

Governance Explanations

Form 990, Page 6, Part VI, Line 11B

“Board reviewed the 990 before it was filed.”

Form 990, Page 6, Part VI, Line 12C

“Policy reveiwed at annual board meeting.”

Form 990, Page 6, Part VI, Line 19

“Document available upon request.”

Filing and Contact Details

Filer

Filer Name
Bong P-38 Fund Inc
EIN
39-1647421
Address
305 HARBORVIEW PARKWAY, SUPERIOR, WI 54880

Signing Officer

Name
Terry Lundberg
Title
Chairman
Signed
2021-08-30
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Terry Lundberg
Legal Domicile
Wi
Voting Board Members
13
Independent Board Members
13
Employees
11

Preparer

Firm
Licari Larsen and Company
Address
130 W SUPERIOR ST STE 712, DULUTH, MN 55802
Preparer
Steven S Licari CPA
Phone
2187222226
Supplemental Narrative

Additional Explanations

FORM 990 - ORGANIZATION'S MISSION

“The mission of the richard i. Bong veterans historical center is to preserve and honor the memory of major bong and all the veterans of world war ii as well as subsequent conflicts and to provide educational resources for the twin ports area community and beyond.”

Form 990, Part XI, Line 9

“Special events / gift shop expenses 40,687 special events / gift shop expenses -40,687”

Financial Statement Notes

Schedule D, Page 4, Part XI, Line 2D

“Special events / gift shop expenses 40,687”

Schedule D, Page 4, Part XII, Line 2D

“Special events / gift shop expenses 40,687”

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IRS990/PYTotalExpensesAmt0546304
IRS990/PYTotalRevenueAmt0680299
IRS990/ReconcilationRevenueExpnssAmt0107146
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IRS990/RelatedEntityInd0false
IRS990/RelatedOrganizationCtrlEntInd0false
IRS990/ReportInvestmentsOtherSecInd0false
IRS990/ReportLandBuildingEquipmentInd0true
IRS990/ReportOtherAssetsInd0false
IRS990/ReportOtherLiabilitiesInd0false
IRS990/ReportProgramRelatedInvstInd0false
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IRS990ScheduleD/EquipmentGrp/BookValueAmt079812
IRS990ScheduleD/EquipmentGrp/DepreciationAmt01137756
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IRS990ScheduleD/OtherExpensesIncludedAmt040687
IRS990ScheduleD/OtherRevenueAmt040687
IRS990ScheduleD/RevenueNotReportedAmt040687
IRS990ScheduleD/RevenueSubtotalAmt0621774
IRS990ScheduleD/SupplementalInformationDetail/ExplanationTxt0SPECIAL EVENTS / GIFT SHOP EXPENSES 40,687
IRS990ScheduleD/SupplementalInformationDetail/ExplanationTxt1SPECIAL EVENTS / GIFT SHOP EXPENSES 40,687
IRS990ScheduleD/SupplementalInformationDetail/FormAndLineReferenceDesc0SCHEDULE D, PAGE 4, PART XI, LINE 2D
IRS990ScheduleD/SupplementalInformationDetail/FormAndLineReferenceDesc1SCHEDULE D, PAGE 4, PART XII, LINE 2D
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IRS990ScheduleG/FundraisingEventInformationGrp/Event1Nm0SPECIAL EVENTS
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IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt0THE MISSION OF THE RICHARD I. BONG VETERANS HISTORICAL CENTER IS TO PRESERVE AND HONOR THE MEMORY OF MAJOR BONG AND ALL THE VETERANS OF WORLD WAR II AS WELL AS SUBSEQUENT CONFLICTS AND TO PROVIDE EDUCATIONAL RESOURCES FOR THE TWIN PORTS AREA COMMUNITY AND BEYOND.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt1BOARD REVIEWED THE 990 BEFORE IT WAS FILED.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt2POLICY REVEIWED AT ANNUAL BOARD MEETING.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt3DOCUMENT AVAILABLE UPON REQUEST.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt4SPECIAL EVENTS / GIFT SHOP EXPENSES 40,687 SPECIAL EVENTS / GIFT SHOP EXPENSES -40,687
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc0FORM 990 - ORGANIZATION'S MISSION
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc1FORM 990, PAGE 6, PART VI, LINE 11B
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc2FORM 990, PAGE 6, PART VI, LINE 12C
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc3FORM 990, PAGE 6, PART VI, LINE 19
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc4FORM 990, PART XI, LINE 9
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IRS990/StatesWhereCopyOfReturnIsFldCd0WI
IRS990/SubjectToExcsTaxNetInvstIncInd0false
IRS990/SubjectToProxyTaxInd0false
IRS990/SubjToTaxRmnrtnExPrchtPymtInd0false

Document Assets

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Filings

Displayed year

2020 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$3,829,536
Liabilities
$103,646
Net assets
$3,725,890
Revenue
$621,774
Expenses
$514,628
Net income
$107,146
Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2024Facts available. Structured filing facts are available, but richer extracted sections are limited.$3.80$0.01$3.79$0.75$0.76$0.01
2023XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$3.81$0.01$3.80$0.72$0.68$0.04
2022Detailed filing. Detailed filing data is available for this year.$3.78$0.02$3.77$0.53$0.55$0.02
2021Import issue. A filing source exists for this year, but detailed import did not complete cleanly.$3.80$0.01$3.79$0.60$0.53$0.06
2020Detailed filing. Detailed filing data is available for this year.$3.83$0.10$3.73$0.62$0.51$0.11
2019XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$3.84$0.22$3.62$0.68$0.55$0.13
2018XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$3.91$0.43$3.48$0.53$0.50$0.03
2017XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$3.96$0.51$3.45$0.45$0.51$0.05
2016XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$4.09$0.58$3.50$0.42$0.54$0.12
2015XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$4.27$0.65$3.62$0.47$0.52$0.05
2014XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$4.41$0.74$3.68$0.45$0.50$0.05
2013Import issue. A filing source exists for this year, but detailed import did not complete cleanly.$4.54$0.81$3.73$0.58$0.53$0.05
2012Facts available. Structured filing facts are available, but richer extracted sections are limited.$4.65$0.97$3.68$0.55
2011Facts available. Structured filing facts are available, but richer extracted sections are limited.$4.90$1.16$3.74$0.55
2010Facts available. Structured filing facts are available, but richer extracted sections are limited.$5.06$1.66$3.40$0.55