Civic Intelligence

Pearson Lakes Art Center

990 • Fiscal year 2020 • EIN 42-0930815

Jan 01, 2020 to Dec 31, 2020 • Filed on Oct 26, 2021

2201 Highway 71 PO Box 255Okoboji, IA 51355

(712) 332-7013

Siviq Scores

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

Liabilities / Assets

22nd percentile

0.02x

Higher debt load relative to assets than 22% of similar nonprofits.

2020 filings • 501(c)3 • $5M-$10M nonprofits • Source year 2020

Liabilities / Revenue

45th percentile

0.18x

Higher debt load relative to revenue than 45% of similar nonprofits.

2020 filings • 501(c)3 • $5M-$10M nonprofits • Source year 2020

Net Margin

80th percentile

26%

Higher net margin than 80% of similar nonprofits.

2020 filings • 501(c)3 • $5M-$10M nonprofits • Source year 2020

Top Officer Pay

35th percentile

$87,537

Higher top officer pay than 35% of similar nonprofits.

Top officer pay equals 8.5% of source-year revenue.

2020 filings • 501(c)3 • $5M-$10M nonprofits • Source year 2020

Asset Growth

42nd percentile

3.5%

Faster asset growth than 42% of similar nonprofits.

2020 filings • 501(c)3 • $5M-$10M nonprofits • Annualized from 2019 to 2020

Revenue Growth

12th percentile

-34%

Faster revenue growth than 12% of similar nonprofits.

2020 filings • 501(c)3 • $5M-$10M nonprofits • Annualized from 2019 to 2020

Assets

Up

$9,703,116

Up $324,629 (+3.5%) from 2019

Net Assets

Up

$9,513,658

Up $271,376 (+2.9%) from 2019

Liabilities

Up

$189,458

Up $53,253 (+39%) from 2019

Revenue

Down

$1,034,479

Down $541,650 (-34%) from 2019

Expenses

Down

$763,103

Down $128,543 (-14%) from 2019

Net Income

Down

$271,376

Down $413,107 (-60%) from 2019

Historical Trend

Balance Sheet Trend

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

$15M$10M$5.0M$0Assets 2010: $7,525,666Liabilities 2010: $177,295Net Assets 2010: $7,348,3712010Assets 2011: $7,799,351Liabilities 2011: $142,040Net Assets 2011: $7,657,3112011Assets 2012: $7,805,722Liabilities 2012: $134,064Net Assets 2012: $7,671,6582012Assets 2013: $8,074,252Liabilities 2013: $136,992Net Assets 2013: $7,937,2602013Assets 2014: $8,027,435Liabilities 2014: $117,491Net Assets 2014: $7,909,9442014Assets 2015: $7,962,093Liabilities 2015: $70,529Net Assets 2015: $7,891,5642015Assets 2016: $7,955,222Liabilities 2016: $87,502Net Assets 2016: $7,867,7202016Assets 2017: $8,677,871Liabilities 2017: $110,691Net Assets 2017: $8,567,1802017Assets 2018: $9,029,877Liabilities 2018: $109,378Net Assets 2018: $8,920,4992018Assets 2019: $9,378,487Liabilities 2019: $136,205Net Assets 2019: $9,242,2822019Assets 2020: $9,703,116Liabilities 2020: $189,458Net Assets 2020: $9,513,6582020Assets 2021: $10,483,985Liabilities 2021: $150,815Net Assets 2021: $10,333,1702021Assets 2022: $9,968,414Liabilities 2022: $150,971Net Assets 2022: $9,817,4432022Assets 2023: $12,645,470Liabilities 2023: $179,385Net Assets 2023: $12,466,0852023Assets 2024: $13,338,156Liabilities 2024: $199,761Net Assets 2024: $13,138,3952024

Highlighted filing

2020

Assets$9,703,116
Liabilities$189,458
Net Assets$9,513,658

Operations Trend

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

$4.0M$2.0M$0-$2.0MExpenses 2010: $737,5672010Revenue 2011: $1,059,246Expenses 2011: $750,306Net Income 2011: $308,9402011Expenses 2012: $826,9802012Revenue 2013: $1,050,197Expenses 2013: $784,595Net Income 2013: $265,6022013Revenue 2014: $762,460Expenses 2014: $789,776Net Income 2014: -$27,3162014Revenue 2015: $743,490Expenses 2015: $761,870Net Income 2015: -$18,3802015Revenue 2016: $733,140Expenses 2016: $756,984Net Income 2016: -$23,8442016Revenue 2017: $1,530,520Expenses 2017: $831,060Net Income 2017: $699,4602017Revenue 2018: $1,273,150Expenses 2018: $919,831Net Income 2018: $353,3192018Revenue 2019: $1,576,129Expenses 2019: $891,646Net Income 2019: $684,4832019Revenue 2020: $1,034,479Expenses 2020: $763,103Net Income 2020: $271,3762020Revenue 2021: $1,829,641Expenses 2021: $1,010,129Net Income 2021: $819,5122021Revenue 2022: $569,715Expenses 2022: $1,085,442Net Income 2022: -$515,7272022Revenue 2023: $3,879,598Expenses 2023: $1,230,956Net Income 2023: $2,648,6422023Revenue 2024: $1,995,770Expenses 2024: $1,323,460Net Income 2024: $672,3102024

Highlighted filing

2020

Revenue$1,034,479
Expenses$763,103
Net Income$271,376
Jump To
Filing Snapshot
Filing Period
Jan 1, 2020 to Dec 31, 2020
Signed
Oct 26, 2021
Return Version
2020v4.0
Gross Receipts
$1,044,465
Mission and Program Overview

Mission

To MAKE THE ARTS AVAILABLE TO ALL CITIZENS AND VISITORS OF THE IOWA GREAT LAKES AREA.

The Organization's mission is to excite, engage and serve communities within the Iowa Great Lakes Region through our collections, exhibitions, performances, and educational programs; a non-profit center connecting generations of people through exceptional arts experiences.

Balance Sheet Detail
LineBeginningEndChange
Assets
Land, Buildings, and Equipment, Net$5,143,642$5,057,960▼ $85,682
Investments in Publicly Traded Securities$2,281,073$2,542,801▲ $261,728
Savings and Temporary Cash Investments$525,079$563,596▲ $38,517
Cash and Non-Interest-Bearing Accounts$48,789$86,684▲ $37,895
Prepaid Expenses and Deferred Charges$30,578$50,100▲ $19,522
Accounts Receivable-$0-
Other Notes and Loans Receivable, Net-$0-
Pledges and Grants Receivable-$0-
Receivable From Disqualified Prsn-$0-
Receivables From Officers Etc-$0-
Investments Other Securities-$0-
Investments Program Related-$0-
Intangible Assets-$0-
Inventories for Sale or Use-$0-
Total Assets$9,378,487$9,703,116▲ $324,629
Other Assets Total$1,349,326$1,401,975▲ $52,649
Liabilities
Deferred Revenue$96,282$144,716▲ $48,434
Accounts Payable and Accrued Expenses$39,923$44,742▲ $4,819
Total Liabilities$136,205$189,458▲ $53,253
Net Assets / Fund Balance
Net Assets Without Donor Restrictions$5,721,264$5,751,275▲ $30,011
Net Assets With Donor Restrictions$3,521,018$3,762,383▲ $241,365
Total Net Assets Fund Balance$9,242,282$9,513,658▲ $271,376
Total Liabilities and Net Assets / Fund Balance$9,378,487$9,703,116▲ $324,629

Asset Categories

AssetBook ValueDepreciationBasis
Buildings$2,986,303$2,678,816$5,665,119
Other Land Buildings$1,935,919$178,498$2,114,417
Equipment$109,703$558,315$668,018
Land$26,035-$26,035
Other Assets Org$3,000--

Endowment Activity

PeriodBeginningContrib.Gain/LossOther UsesEnd
2020$3,208,289$52▲ $418,185$136,943$3,477,188
2019$2,808,885-▲ $554,041$142,016$3,208,289
2018$2,957,653$174,924▼ $172,157$138,491$2,808,885
2017$2,651,147-▲ $446,475$127,094$2,957,653
2016$2,563,381$52,500▲ $172,477$125,190$2,651,147
Compensation and Service Providers

Employees

NameTitleFull / Part TimeBaseTotal
Robert KirshbaumCEOFT$87,537$87,537

Board Members and Trustees

NameTitle
Dan CarsonPresident
Brad SchmitzDirector
Christopher FuhrmanDirector
Connie FinnernDirector
Erin ReedDirector
Joan GronstalDirector
Jody ObrienDirector
Marilyn ConoverDirector
Morris CaudleDirector
Rob OldsonDirector
Terry YarnsDirector
Trista MccafferyDirector
Carol Ayres StuevenSecretary
Abby WalleckTreasurer
Revenue and Support

Revenue Composition

Contributions and Grants
$299,810
Program Service Revenue
$167,106
Investment Income
$472,838
Other Revenue
$94,725
All Other Contributions
$201,379
Change in Net Assets
$271,376

Noncash Contribution Practices

Property subject to holding requirements
No
Reviewed unusual noncash gifts
Yes
Third parties used for noncash contributions
No

Noncash Contributions

Contribution TypeContribution CountReported AmountValuation Method
Works of Art2$24,500appraisals
Total Noncash Contributions2$24,500-

Audited Revenue Reconciliation

Revenue per Audited Statements
$1,034,479
Revenue Not Reported on Form 990
$9,986
Total Revenue per Audited Statements
$1,044,465
Total Revenue per Form 990
$1,034,479
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$424,086
Salaries, Compensation, and Employee Benefits$339,017
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Other Salaries and Wages$86,785$128,057-$214,842
Depreciation Depletion$192,394--$192,394
Current Officers, Directors, Trustees, and Key Employees-$87,537-$87,537
Occupancy-$42,876-$42,876
Payroll Taxes$6,520$21,856-$28,376
Insurance-$27,357-$27,357
Advertising-$20,473-$20,473
Other Expenses$15,640$34,489-$15,640
Fees for Services Accounting-$13,050-$13,050
Office Expenses$178$9,955-$10,133
All Other Expenses$1,129$8,925-$10,054
Other Employee Benefits$3,774$4,488-$8,262
Information Technology-$8,020-$8,020
Travel$1,439$1,279-$2,718
Total Functional Expenses$354,741$408,362$0$763,103

Audited Expense Reconciliation

Line ItemAmount
Total Expenses per Audited Statements$773,089
Expenses per Audited Statements$763,103
Total Expenses per Form 990$763,103
Expenses Not Reported on Form 990$9,986
Fundraising, Events, and Gaming
Fundraising activities
Yes
Gaming activities
No
Professional fundraiser used
No

Fundraising and Gaming Totals

Line ItemAmount
Fundraising Gross Income$98,732
Fundraising Direct Expenses$9,986
Professional Fundraising Fees$0

Fundraising Events

EventGross ReceiptsGross RevenueDirect ExpensesNet Income
June Fundraiser$98,732$98,732$9,986$88,746
Total Events$98,732$98,732$9,986$88,746
Political and Lobbying Activity
Political campaign activity
No
Lobbying activity
No
Subject to proxy tax
No
Insider Transactions and Loans

Loans and Receivables

Line ItemBeginningEndChange
Receivables from Disqualified Persons-$0-
Receivables from Officers, Directors, Trustees, and Key Employees-$0-
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
No
Annual disclosure for covered persons
Yes
Audit committee
Yes
Backup withholding compliance
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
Yes
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, Part VI, Line 6: Explanation of Classes of Members or Shareholder

The Pearson Lakes Art Center offers a variety of memberships to individuals and businesses. According the organization's by-laws members do not have voting privileges and the organization does not have stockholders.

Form 990, Part VI, Line 11B: Form 990 Review Process

The finance committee of the board of directors review a draft of Form 990 before it is filed.

Form 990, Part VI, Line 12C: Explanation of Monitoring and Enforcement of Conflicts

The board of directors reviews any conflicts of interest on an as needed basis when matters of potential conflict arise. The organization is subject to an annual audit that inquires about conflicts of interest.

Form 990, Part VI, Line 15A: Compensation Review & Approval Process - CEO, Top Management

An employee evaluation is performed annually on the ceo by independent board members.

Form 990, Part VI, Line 15B: Compensation Review and Approval Process for Officers and Key Employees

The board of directors determines the CEO's salary.

Form 990, Part VI, Line 19: Other Organization Documents Publicly Available

This information can be viewed upon request of the CEO.

Filing and Contact Details

Filer

Filer Name
Pearson Lakes Art Center
EIN
42-0930815
Phone
7123327013
Address
2201 HIGHWAY 71 PO BOX 255, OKOBOJI, IA 51355

Signing Officer

Name
Robert Kirschbaum
Title
CEO
Signed
2021-10-26
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Dan Carson
Formed
1966
Legal Domicile
Ia
Voting Board Members
14
Independent Board Members
14
Employees
20
Volunteers
75

Preparer

Firm
Winther Stave & Co Llp
Address
1316 W 18TH ST PO BOX 175, SPENCER, IA 51301
Preparer
John P Toale
Phone
7122623117
Supplemental Narrative

Financial Statement Notes

Part III, Line 4: Description of organization'S collections and how it furthers its purpose.

THE ORGANIZATION MAINTAINS 4 SEPARATE GALLERIES AT the ART CENTER TO DISPLAY its collection of approximately 300 works of art ON A permanent and ROTATING BASIS, AND TO DISPLAY OTHER TRAVELING EXHIBITS. THE ORGANIZATION'S ART CENTER AND ALL OF ITS GALLERIES ARE FREE AND OPEN TO THE PUBLIC TO VIEW DURING REGULAR BUSINESS HOURS ON A YEAR ROUND BASIS. THE ORGANIZATION HAS A PAID STAFF AND A TEAM OF VOLUNTEERS THAT ARE AVAILABLE DURING REGULAR BUSINESS HOURS TO GIVE TOURS OF THE FACILITY AND ITS 4 GALLERIES.

Part V, Line 4: Intended uses of the endowment fund.

THE INTENDED USE OF THE ORGANIZATION'S ENDOWMENT FUND IS TO UTILIZE THE EARNINGS OF THE ENDOWMENT FUND TO PROVIDE ONGOING ANNUAL SUPPORT TO FUND THE GENERAL OPERATIONS OF THE ORGANIZATION AND TO FUND AS NEEDED SPECIAL MAINTENANCE and capital improvement PROJECTS.

Part XI, Line 2D: Other revenue amounts included in F/S but not included on form 990

Fundraising expenses $9986

Part XII, Line 2D: Other expenses and losses per audited F/S

Fundraising expenses $9986

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IRS990/Form990PartVIISectionAGrp/TitleTxt2Treasurer
IRS990/Form990PartVIISectionAGrp/TitleTxt3Director
IRS990/Form990PartVIISectionAGrp/TitleTxt4Director
IRS990/Form990PartVIISectionAGrp/TitleTxt5DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt6DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt7DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt8President
IRS990/Form990PartVIISectionAGrp/TitleTxt9Director
IRS990/Form990PartVIISectionAGrp/TitleTxt10Director
IRS990/Form990PartVIISectionAGrp/TitleTxt11Director
IRS990/Form990PartVIISectionAGrp/TitleTxt12DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt13Secretary
IRS990/Form990PartVIISectionAGrp/TitleTxt14Director
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IRS990/LandBldgEquipCostOrOtherBssAmt08473589
IRS990/LegalDomicileStateCd0IA
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IRS990/LobbyingActivitiesInd0false
IRS990/LocalChaptersInd0false
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IRS990/OfficeExpensesGrp/ProgramServicesAmt0178
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IRS990/OperateHospitalInd0false
IRS990/Organization501c3Ind0X
IRS990/OrganizationFollowsFASB117Ind0X
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IRS990/OtherAssetsTotalGrp/EOYAmt01401975
IRS990/OtherEmployeeBenefitsGrp/ManagementAndGeneralAmt04488
IRS990/OtherEmployeeBenefitsGrp/ProgramServicesAmt03774
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IRS990/OtherExpensesGrp/Desc1PERFORMING ARTS EXPENSE
IRS990/OtherExpensesGrp/Desc2VISUAL ARTS EXPENSE
IRS990/OtherExpensesGrp/Desc3EDUCATION EXPENSE
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IRS990/OtherExpensesGrp/ProgramServicesAmt0216
IRS990/OtherExpensesGrp/ProgramServicesAmt125478
IRS990/OtherExpensesGrp/ProgramServicesAmt221188
IRS990/OtherExpensesGrp/ProgramServicesAmt315640
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IRS990/OtherExpensesGrp/TotalAmt125478
IRS990/OtherExpensesGrp/TotalAmt221188
IRS990/OtherExpensesGrp/TotalAmt315640
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IRS990/OtherSalariesAndWagesGrp/ProgramServicesAmt086785
IRS990/OtherSalariesAndWagesGrp/TotalAmt0214842
IRS990/OtherWebsiteInd0X
IRS990/OthNotesLoansReceivableNetGrp/EOYAmt00
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IRS990/PayPremiumsPrsnlBnftCntrctInd0false
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IRS990/PayrollTaxesGrp/ProgramServicesAmt06520
IRS990/PayrollTaxesGrp/TotalAmt028376
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IRS990/ProgramServiceRevenueGrp/Desc0CLASSES, EXHIBITS, SHOWS
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IRS990/PYContributionsGrantsAmt0513611
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IRS990/PYInvestmentIncomeAmt0627032
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IRS990/PYProgramServiceRevenueAmt0333639
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IRS990/PYSalariesCompEmpBnftPaidAmt0341838
IRS990/PYTotalExpensesAmt0891646
IRS990/PYTotalRevenueAmt01576129
IRS990/QuidProQuoContributionsInd0true
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IRS990/RcvblFromDisqualifiedPrsnGrp/EOYAmt00
IRS990/RcvFndsToPayPrsnlBnftCntrctInd0false
IRS990/ReceivablesFromOfficersEtcGrp/EOYAmt00
IRS990/ReconcilationRevenueExpnssAmt0271376
IRS990/RegularMonitoringEnfrcInd0true
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IRS990/ReportProgramRelatedInvstInd0false
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IRS990ScheduleA/GiftsGrantsContrisRcvd509Grp/CurrentTaxYearMinus1YearAmt0630036
IRS990ScheduleA/GiftsGrantsContrisRcvd509Grp/CurrentTaxYearMinus2YearsAmt0829941
IRS990ScheduleA/GiftsGrantsContrisRcvd509Grp/CurrentTaxYearMinus3YearsAmt0817986
IRS990ScheduleA/GiftsGrantsContrisRcvd509Grp/CurrentTaxYearMinus4YearsAmt0323583
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IRS990ScheduleA/GrossInvestmentIncome509Grp/CurrentTaxYearMinus2YearsAmt01820
IRS990ScheduleA/GrossInvestmentIncome509Grp/CurrentTaxYearMinus3YearsAmt01144
IRS990ScheduleA/GrossInvestmentIncome509Grp/CurrentTaxYearMinus4YearsAmt0621
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IRS990ScheduleA/GrossReceiptsAdmissionsGrp/CurrentTaxYearAmt0167106
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IRS990ScheduleA/GrossReceiptsAdmissionsGrp/CurrentTaxYearMinus2YearsAmt0305993
IRS990ScheduleA/GrossReceiptsAdmissionsGrp/CurrentTaxYearMinus3YearsAmt0223086
IRS990ScheduleA/GrossReceiptsAdmissionsGrp/CurrentTaxYearMinus4YearsAmt0226417
IRS990ScheduleA/GrossReceiptsAdmissionsGrp/TotalAmt01256241
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IRS990ScheduleA/InvestmentIncomeAndUBTIGrp/CurrentTaxYearMinus1YearAmt02698
IRS990ScheduleA/InvestmentIncomeAndUBTIGrp/CurrentTaxYearMinus2YearsAmt01820
IRS990ScheduleA/InvestmentIncomeAndUBTIGrp/CurrentTaxYearMinus3YearsAmt01144

Document Assets

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Filings

Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2024Facts available. Structured filing facts are available, but richer extracted sections are limited.$13.3$0.20$13.1$2.00$1.32$0.67
2023Summary only. Only limited summary data is available for this year.$12.6$0.18$12.5$3.88$1.23$2.65
2022Facts available. Structured filing facts are available, but richer extracted sections are limited.$9.97$0.15$9.82$0.57$1.09$0.52
2021Facts available. Structured filing facts are available, but richer extracted sections are limited.$10.5$0.15$10.3$1.83$1.01$0.82
2020Detailed filing. Detailed filing data is available for this year.$9.70$0.19$9.51$1.03$0.76$0.27
2019Summary only. Only limited summary data is available for this year.$9.38$0.14$9.24$1.58$0.89$0.68
2018XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$9.03$0.11$8.92$1.27$0.92$0.35
2017Summary only. Only limited summary data is available for this year.$8.68$0.11$8.57$1.53$0.83$0.70
2016XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$7.96$0.09$7.87$0.73$0.76$0.02
2015XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$7.96$0.07$7.89$0.74$0.76$0.02
2014XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$8.03$0.12$7.91$0.76$0.79$0.03
2013XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$8.07$0.14$7.94$1.05$0.78$0.27
2012Facts available. Structured filing facts are available, but richer extracted sections are limited.$7.81$0.13$7.67$0.83
2011Summary only. Only limited summary data is available for this year.$7.80$0.14$7.66$1.06$0.75$0.31
2010Facts available. Structured filing facts are available, but richer extracted sections are limited.$7.53$0.18$7.35$0.74
Peer Organizations

Similar nonprofits based on the same Siviq industry and scale cohort. 2020 filings • 501(c)3 • $5M-$10M nonprofits