Civic Intelligence

Walter E Olson Memorial Library Foundation Inc.

990 • Fiscal year 2015 • EIN 39-1740131

Jan 01, 2015 to Dec 31, 2015 • Filed on Nov 15, 2016

Organization ProfileWWW.olson.wislib.org
PO Box 69Eagle River, WI 54521

(715) 479-8070

Siviq Scores

Scores are not available for this record yet.

Balance Sheet

Assets

Up

$1,494,998

Up $66,614 (+4.7%) from 2014

Net Assets

Up

$173,902

Up $25,233 (+17%) from 2014

Liabilities

Up

$1,321,096

Up $41,381 (+3.2%) from 2014

Revenue And Expenses

Revenue

Up

$35,264

Up $2,609 (+8.0%) from 2014

Expenses

Up

$10,031

Up $2,828 (+39%) from 2014

Net Income

Down

$25,233

Down $219 (-0.9%) from 2014

Historical Trend

Balance Sheet Trend

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

$4.0M$3.0M$2.0M$1.0M$0Assets 2011: $374,226Liabilities 2011: $0Net Assets 2011: $374,2262011Assets 2012: $578,339Liabilities 2012: $0Net Assets 2012: $578,3392012Assets 2013: $1,086,538Liabilities 2013: $963,321Net Assets 2013: $123,2172013Assets 2014: $1,428,384Liabilities 2014: $1,279,715Net Assets 2014: $148,6692014Assets 2015: $1,494,998Liabilities 2015: $1,321,096Net Assets 2015: $173,9022015Assets 2016: $2,862,219Liabilities 2016: $0Net Assets 2016: $2,862,2192016Assets 2017: $3,788,862Liabilities 2017: $533,700Net Assets 2017: $3,255,1622017Assets 2018: $3,396,651Liabilities 2018: $220,000Net Assets 2018: $3,176,6512018Assets 2019: $3,189,029Liabilities 2019: $100,000Net Assets 2019: $3,089,0292019Assets 2020: $3,045,781Liabilities 2020: $50,000Net Assets 2020: $2,995,7812020Assets 2021: $59,737Liabilities 2021: $0Net Assets 2021: $59,7372021

Highlighted filing

2015

Assets$1,494,998
Liabilities$1,321,096
Net Assets$173,902
Open 2015 Filing

Operations Trend

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

$3.0M$2.0M$1.0M$0-$1.0MExpenses 2011: $147,0552011Revenue 2012: $264,014Expenses 2012: $59,901Net Income 2012: $204,1132012Revenue 2013: $111,250Expenses 2013: $1,782Net Income 2013: $109,4682013Revenue 2014: $32,655Expenses 2014: $7,203Net Income 2014: $25,4522014Revenue 2015: $35,264Expenses 2015: $10,031Net Income 2015: $25,2332015Revenue 2016: $2,691,463Expenses 2016: $3,146Net Income 2016: $2,688,3172016Revenue 2017: $409,670Expenses 2017: $16,727Net Income 2017: $392,9432017Revenue 2018: $58,772Expenses 2018: $137,283Net Income 2018: -$78,5112018Revenue 2019: $40,980Expenses 2019: $128,602Net Income 2019: -$87,6222019Revenue 2020: $42,469Expenses 2020: $135,717Net Income 2020: -$93,2482020Revenue 2021: $42,755Expenses 2021: $131,722Net Income 2021: -$88,9672021

Highlighted filing

2015

Revenue$35,264
Expenses$10,031
Net Income$25,233
Open 2015 Filing
Jump To
Filing Snapshot
Filing Period
Jan 1, 2015 to Dec 31, 2015
Signed
Nov 15, 2016
Return Version
2015v2.1
Gross Receipts
$38,528
Mission and Program Overview

Mission

To augment the library as a learning and information resource for the citizens of eagle river and the surrounding townships above and beyond the financial support provided by annual tax revenues.

Balance Sheet Detail
LineBeginningEndChange
Assets
Cash and Non-Interest-Bearing Accounts$1,234,133$1,360,505▲ $126,372
Pledges and Grants Receivable$194,251$134,493▼ $59,758
Total Assets$1,428,384$1,494,998▲ $66,614
Liabilities
Escrow Account Liability$1,279,715$1,321,096▲ $41,381
Total Liabilities$1,279,715$1,321,096▲ $41,381
Net Assets / Fund Balance
Unrestricted Net Assets$148,669$173,902▲ $25,233
Total Net Assets Fund Balance$148,669$173,902▲ $25,233
Total Liabilities and Net Assets / Fund Balance$1,428,384$1,494,998▲ $66,614
Compensation and Service Providers

Board Members and Trustees

NameTitle
Nancy SchafferPresident
Tina KollerVice President
Connie OlsonBoard Member
Debra ObrodovichBoard Member
Jan ChristoffersonBoard Member
John HletkoBoard Member
Laurie StoegbauerBOARD MEmber
Nancy SchullerBoard Member
Norma YaegerBoard Member
Philip JensenBoard Member
DARLEEN KadulskiSecretary
Lee LiermannTreasurer
Revenue and Support

Revenue Composition

Contributions and Grants
$20,497
Program Service Revenue
$0
Investment Income
$2,206
Other Revenue
$12,561
All Other Contributions
$20,497
Change in Net Assets
$25,233
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$10,031
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0
Salaries, Compensation, and Employee Benefits$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Fees for Services Accounting-$3,700-$3,700
Fees for Services Legal-$2,923-$2,923
Insurance-$1,644-$1,644
Office Expenses-$299-$299
Other Expenses-$84-$84
Total Functional Expenses$0$10,031$0$10,031
Fundraising, Events, and Gaming
Fundraising activities
Yes
Gaming activities
No
Professional fundraiser used
No

Fundraising and Gaming Totals

Line ItemAmount
Fundraising Gross Income$15,825
Fundraising Direct Expenses$3,264
Professional Fundraising Fees$0

Fundraising Events

EventGross ReceiptsGross RevenueDirect ExpensesNet Income
Golf Tournament$15,825$15,825$3,264$12,561
Total Events$15,825$15,825$3,264$12,561
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
Audit committee
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
No
Audited financial statements prepared
No
Key decisions subject to board approval
No
Management duties delegated
No

Governance Explanations

Form 990, Part VI, Section B, line 11

“The organization's treasurer reviews form 990 prior to filing. The form 990 is then reviewed by the board of directors after it is filed.”

Form 990, Part VI, Section C, line 19

“The organizations documents are available upon request.”

Filing and Contact Details

Filer

Filer Name
Walter E Olson Memorial Library
EIN
39-1740131
Phone
7154798070
Address
PO Box 69, EAGLE RIVER, WI 54521

Signing Officer

Name
Lee Liermann
Title
Treasurer
Phone
7154798070
Signed
2016-11-15
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Lee Liermann
Formed
1992
Legal Domicile
Wi
Voting Board Members
12
Independent Board Members
12
Employees
0
Volunteers
0

Preparer

Firm
Wipfli LLP
Address
43A W Davenport Street, Rhinelander, WI 54501
Preparer
Randall H Beard CPA
Phone
7153691040
Supplemental Narrative

Financial Statement Notes

Part IV, Line 2B:

“Ownership of the Library transferred from the City of Eagle River to the Town of Lincoln during 2014. The Foundation is acting as an agent for the Town of Lincoln for the capital expansion of the Walter E. Olson Memorial Library. In that capacity, it is collecting contributions and disbursing funds related to the project. The unspent assets held on behalf of the Town are reported as a liability.”

Part X, Line 2:

“The Foundation is a nonprofit organization as described in Section 501(c)(3) of the Internal revenue Code (the "Code") and is exempt from federal income taxes on related income pursuant to Section 501(a) of the Code. The Foundation is also exempt from Wisconsin income taxes on related income. The Foundation is required to assess whether it is more likely than not that a tax position will be sustained upon examination of the technical merits or the position, assuming the taxing authority has full knowledge of all information. If the tax position does not meet the more likely than not recognition threshold, the benefit of the tax position is not recognized in the financial statements. the Foundation has determined there are no amounts to record as assets or liabilities related to uncertain tax positions.”

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IRS990ScheduleD/SupplementalInformationDetail/ExplanationTxt0Ownership of the Library transferred from the City of Eagle River to the Town of Lincoln during 2014. The Foundation is acting as an agent for the Town of Lincoln for the capital expansion of the Walter E. Olson Memorial Library. In that capacity, it is collecting contributions and disbursing funds related to the project. The unspent assets held on behalf of the Town are reported as a liability.
IRS990ScheduleD/SupplementalInformationDetail/ExplanationTxt1The Foundation is a nonprofit organization as described in Section 501(c)(3) of the Internal revenue Code (the "Code") and is exempt from federal income taxes on related income pursuant to Section 501(a) of the Code. The Foundation is also exempt from Wisconsin income taxes on related income. The Foundation is required to assess whether it is more likely than not that a tax position will be sustained upon examination of the technical merits or the position, assuming the taxing authority has full knowledge of all information. If the tax position does not meet the more likely than not recognition threshold, the benefit of the tax position is not recognized in the financial statements. the Foundation has determined there are no amounts to record as assets or liabilities related to uncertain tax positions.
IRS990ScheduleD/SupplementalInformationDetail/FormAndLineReferenceDesc0Part IV, Line 2b:
IRS990ScheduleD/SupplementalInformationDetail/FormAndLineReferenceDesc1Part X, Line 2:
IRS990ScheduleD/TotalBookValueLandBuildingsAmt00
IRS990ScheduleG/FundraisingEventInformationGrp/DirectExpenseSummaryEventsAmt03264
IRS990ScheduleG/FundraisingEventInformationGrp/Event1Nm0GOLF TOURNAMENT
IRS990ScheduleG/FundraisingEventInformationGrp/GrossReceiptsEvent1Amt015825
IRS990ScheduleG/FundraisingEventInformationGrp/GrossReceiptsTotalAmt015825
IRS990ScheduleG/FundraisingEventInformationGrp/GrossRevenueEvent1Amt015825
IRS990ScheduleG/FundraisingEventInformationGrp/GrossRevenueTotalEventsAmt015825
IRS990ScheduleG/FundraisingEventInformationGrp/NetIncomeSummaryAmt012561
IRS990ScheduleG/FundraisingEventInformationGrp/OthDirectExpnssTotalEventsAmt03264
IRS990ScheduleG/FundraisingEventInformationGrp/OtherDirectExpensesEvent1Amt03264
IRS990/ScheduleJRequiredInd00
IRS990/ScheduleORequiredInd01
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt0THE ORGANIZATION'S TREASURER REVIEWS FORM 990 PRIOR TO FILING. THE FORM 990 IS THEN REVIEWED BY THE BOARD OF DIRECTORS AFTER IT IS FILED.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt1THE ORGANIZATIONS DOCUMENTS ARE AVAILABLE UPON REQUEST.
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc0Form 990, Part VI, Section B, line 11
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc1Form 990, Part VI, Section C, line 19
IRS990/SchoolOperatingInd00
IRS990/SignificantChangeInd00
IRS990/SignificantNewProgramSrvcInd00
IRS990/StatesWhereCopyOfReturnIsFldCd0WI
IRS990/SubjectToProxyTaxInd00
IRS990/TaxablePartyNotificationInd00
IRS990/TaxExemptBondsInd00
IRS990/TempOrPermanentEndowmentsInd00
IRS990/TerminateOperationsInd00
IRS990/TotalAssetsBOYAmt01428384
IRS990/TotalAssetsEOYAmt01494998
IRS990/TotalAssetsGrp/BOYAmt01428384
IRS990/TotalAssetsGrp/EOYAmt01494998
IRS990/TotalCompGreaterThan150KInd00
IRS990/TotalContributionsAmt020497
IRS990/TotalEmployeeCnt00
IRS990/TotalFunctionalExpensesGrp/FundraisingAmt00
IRS990/TotalFunctionalExpensesGrp/ManagementAndGeneralAmt010031
IRS990/TotalFunctionalExpensesGrp/ProgramServicesAmt00
IRS990/TotalFunctionalExpensesGrp/TotalAmt010031
IRS990/TotalGrossUBIAmt00
IRS990/TotalLiabilitiesBOYAmt01279715
IRS990/TotalLiabilitiesEOYAmt01321096
IRS990/TotalLiabilitiesGrp/BOYAmt01279715
IRS990/TotalLiabilitiesGrp/EOYAmt01321096
IRS990/TotalNetAssetsFundBalanceGrp/BOYAmt0148669
IRS990/TotalNetAssetsFundBalanceGrp/EOYAmt0173902
IRS990/TotalOtherCompensationAmt00
IRS990/TotalReportableCompFromOrgAmt00
IRS990/TotalRevenueGrp/ExclusionAmt014767
IRS990/TotalRevenueGrp/RelatedOrExemptFuncIncomeAmt00
IRS990/TotalRevenueGrp/TotalRevenueColumnAmt035264
IRS990/TotalRevenueGrp/UnrelatedBusinessRevenueAmt00
IRS990/TotalVolunteersCnt00
IRS990/TotLiabNetAssetsFundBalanceGrp/BOYAmt01428384
IRS990/TotLiabNetAssetsFundBalanceGrp/EOYAmt01494998
IRS990/TotReportableCompRltdOrgAmt00
IRS990/TrnsfrExmptNonChrtblRltdOrgInd00
IRS990/TypeOfOrganizationCorpInd0X
IRS990/UnrelatedBusIncmOverLimitInd00
IRS990/UnrestrictedNetAssetsGrp/BOYAmt0148669
IRS990/UnrestrictedNetAssetsGrp/EOYAmt0173902
IRS990/UponRequestInd0X
IRS990/USAddress/AddressLine1Txt0PO Box 69
IRS990/USAddress/CityNm0EAGLE RIVER
IRS990/USAddress/StateAbbreviationCd0WI
IRS990/USAddress/ZIPCd054521
IRS990/VotingMembersGoverningBodyCnt012
IRS990/VotingMembersIndependentCnt012
IRS990/WebsiteAddressTxt0WWW.olson.wislib.org
IRS990/WhistleblowerPolicyInd00
ReturnHeader/BuildTS02017-02-10 21:41:12Z
ReturnHeader/BusinessOfficerGrp/DiscussWithPaidPreparerInd01
ReturnHeader/BusinessOfficerGrp/PersonNm0LEE LIERMANN
ReturnHeader/BusinessOfficerGrp/PersonTitleTxt0Treasurer
ReturnHeader/BusinessOfficerGrp/PhoneNum07154798070
ReturnHeader/BusinessOfficerGrp/SignatureDt02016-11-15
ReturnHeader/Filer/BusinessName/BusinessNameLine1Txt0Walter E Olson Memorial Library
ReturnHeader/Filer/BusinessName/BusinessNameLine2Txt0Foundation Inc
ReturnHeader/Filer/BusinessNameControlTxt0WALT
ReturnHeader/Filer/EIN0391740131
ReturnHeader/Filer/PhoneNum07154798070
ReturnHeader/Filer/USAddress/AddressLine1Txt0PO Box 69
ReturnHeader/Filer/USAddress/CityNm0EAGLE RIVER
ReturnHeader/Filer/USAddress/StateAbbreviationCd0WI
ReturnHeader/Filer/USAddress/ZIPCd054521
ReturnHeader/PreparerFirmGrp/PreparerFirmEIN0390758449
ReturnHeader/PreparerFirmGrp/PreparerFirmName/BusinessNameLine1Txt0Wipfli LLP
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/AddressLine1Txt043A W Davenport Street
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/CityNm0Rhinelander
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/StateAbbreviationCd0WI
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/ZIPCd054501
ReturnHeader/PreparerPersonGrp/PhoneNum07153691040
ReturnHeader/PreparerPersonGrp/PreparationDt02016-11-15
ReturnHeader/PreparerPersonGrp/PreparerPersonNm0RANDALL H BEARD CPA
ReturnHeader/ReturnTs02016-11-15T16:12:09-06:00
ReturnHeader/ReturnTypeCd0990
ReturnHeader/TaxPeriodBeginDt02015-01-01
ReturnHeader/TaxPeriodEndDt02015-12-31
ReturnHeader/TaxYr02015

Document Assets

No mirrored PDF or thumbnail assets are attached yet.

Filings

Displayed year

2015 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$1,494,998
Liabilities
$1,321,096
Net assets
$173,902
Revenue
$35,264
Expenses
$10,031
Net income
$25,233
Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2021Detailed filing. Detailed filing data is available for this year.$0.06$0.00$0.06$0.04$0.13$0.09
2020Detailed filing. Detailed filing data is available for this year.$3.05$0.05$3.00$0.04$0.14$0.09
2019Detailed filing. Detailed filing data is available for this year.$3.19$0.10$3.09$0.04$0.13$0.09
2018Detailed filing. Detailed filing data is available for this year.$3.40$0.22$3.18$0.06$0.14$0.08
2017Detailed filing. Detailed filing data is available for this year.$3.79$0.53$3.26$0.41$0.02$0.39
2016Detailed filing. Detailed filing data is available for this year.$2.86$0.00$2.86$2.69$0.00$2.69
2015Detailed filing. Detailed filing data is available for this year.$1.49$1.32$0.17$0.04$0.01$0.03
2014Detailed filing. Detailed filing data is available for this year.$1.43$1.28$0.15$0.03$0.01$0.03
2013Detailed filing. Detailed filing data is available for this year.$1.09$0.96$0.12$0.11$0.00$0.11
2012Summary only. Only limited summary data is available for this year.$0.58$0.00$0.58$0.26$0.06$0.20
2011Facts available. Structured filing facts are available, but richer extracted sections are limited.$0.37$0.00$0.37$0.15