Civic Intelligence

Transylvania County Library Foundation

990 • Fiscal year 2019 • EIN 56-6011584

Jul 01, 2018 to Jun 30, 2019 • Filed on Feb 19, 2020

Organization Profilelibrary.transylvaniacounty.org/library-foundation
212 South Gaston StreetBrevard, NC 28712

(828) 884-3151

Siviq Scores

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

Liabilities / Assets

46th percentile

0.06x

Higher debt load relative to assets than 46% of similar nonprofits.

2019 filings • 501(c)3 • $1M-$5M nonprofits • Source year 2019

Liabilities / Revenue

85th percentile

0.88x

Higher debt load relative to revenue than 85% of similar nonprofits.

2019 filings • 501(c)3 • $1M-$5M nonprofits • Source year 2019

Net Margin

86th percentile

35%

Higher net margin than 86% of similar nonprofits.

2019 filings • 501(c)3 • $1M-$5M nonprofits • Source year 2019

Top Officer Pay

36th percentile

$0

Higher top officer pay than 36% of similar nonprofits.

Top officer pay equals 0.0% of source-year revenue.

2019 filings • 501(c)3 • $1M-$5M nonprofits • Source year 2019

Asset Growth

66th percentile

9.9%

Faster asset growth than 66% of similar nonprofits.

2019 filings • 501(c)3 • $1M-$5M nonprofits • Annualized from 2018 to 2019

Revenue Growth

72nd percentile

17%

Faster revenue growth than 72% of similar nonprofits.

2019 filings • 501(c)3 • $1M-$5M nonprofits • Annualized from 2018 to 2019

Balance Sheet
Liabilities / Assets46th percentile

Assets

Up

$3,909,180

Up $351,731 (+9.9%) from 2018

Net Assets

Up

$3,670,938

Up $113,489 (+3.2%) from 2018

Liabilities

Up

$238,242

Up $238,242 from 2018

Revenue And Expenses
Liabilities / Revenue85th percentileNet Margin86th percentile

Revenue

Up

$271,765

Up $39,995 (+17%) from 2018

Expenses

Up

$177,185

Up $36,060 (+26%) from 2018

Net Income

Up

$94,580

Up $3,935 (+4.3%) from 2018

Historical Trend

Balance Sheet Trend

Asset Growth66th percentile

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

$6.0M$4.0M$2.0M$0Assets 2011: $1,660,872Liabilities 2011: $0Net Assets 2011: $1,660,8722011Assets 2012: $1,740,537Liabilities 2012: $0Net Assets 2012: $1,740,5372012Assets 2013: $2,334,850Liabilities 2013: $0Net Assets 2013: $2,334,8502013Assets 2014: $2,750,129Liabilities 2014: $0Net Assets 2014: $2,750,1292014Assets 2015: $2,776,885Liabilities 2015: $0Net Assets 2015: $2,776,8852015Assets 2016: $2,618,388Liabilities 2016: $0Net Assets 2016: $2,618,3882016Assets 2017: $3,367,067Liabilities 2017: $0Net Assets 2017: $3,367,0672017Assets 2018: $3,557,449Liabilities 2018: $0Net Assets 2018: $3,557,4492018Assets 2019: $3,909,180Liabilities 2019: $238,242Net Assets 2019: $3,670,9382019Assets 2020: $3,832,845Liabilities 2020: $239,714Net Assets 2020: $3,593,1312020Assets 2021: $4,887,168Liabilities 2021: $304,028Net Assets 2021: $4,583,1402021Assets 2022: $3,868,360Liabilities 2022: $248,270Net Assets 2022: $3,620,0902022Assets 2023: $4,425,931Liabilities 2023: $296,517Net Assets 2023: $4,129,4142023Assets 2024: $5,243,666Liabilities 2024: $357,981Net Assets 2024: $4,885,6852024

Highlighted filing

2019

Assets$3,909,180
Liabilities$238,242
Net Assets$3,670,938
Open 2019 Filing

Operations Trend

Revenue Growth72nd percentile

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

$1.0M$500K$0-$500KExpenses 2011: $73,9512011Revenue 2012: $195,110Expenses 2012: $75,546Net Income 2012: $119,5642012Expenses 2013: $84,1542013Revenue 2014: $159,214Expenses 2014: $115,612Net Income 2014: $43,6022014Revenue 2015: $115,883Expenses 2015: $89,127Net Income 2015: $26,7562015Revenue 2016: $50,543Expenses 2016: $89,008Net Income 2016: -$38,4652016Revenue 2017: $735,082Expenses 2017: $143,405Net Income 2017: $591,6772017Revenue 2018: $231,770Expenses 2018: $141,125Net Income 2018: $90,6452018Revenue 2019: $271,765Expenses 2019: $177,185Net Income 2019: $94,5802019Revenue 2020: $143,067Expenses 2020: $132,700Net Income 2020: $10,3672020Revenue 2021: $507,931Expenses 2021: $96,020Net Income 2021: $411,9112021Revenue 2022: $189,992Expenses 2022: $155,620Net Income 2022: $34,3722022Revenue 2023: $328,227Expenses 2023: $247,472Net Income 2023: $80,7552023Revenue 2024: $84,913Expenses 2024: $180,042Net Income 2024: -$95,1292024

Highlighted filing

2019

Revenue$271,765
Expenses$177,185
Net Income$94,580
Open 2019 Filing
Jump To
Filing Snapshot
Filing Period
Jul 1, 2018 to Jun 30, 2019
Signed
Feb 19, 2020
Return Version
2018v3.1
Gross Receipts
$271,765
Mission and Program Overview

Mission

The purposes of this organization are: to obtain and manage funds and memorials and to receive gifts, grants, and bequests for the use of the Transylvania County Library; to promote and support library services in Transylvania County by providing funding that complements but does not supplant the responsibility of Transylvania County to adequately support its public library system; to promote and support the informational needs and intellectual life of the citizens of the community; and to operate as a tax exempt organization under Section 501(c)(3) of the Internal Revenue Code.

To obtain and manage funds and memorials and to receive gifts, grants, and bequests for the use of the Transylvania County Library; to promote and support library services in Transylvania County.

Balance Sheet Detail
LineBeginningEndChange
Assets
Investments in Publicly Traded Securities$3,416,175$3,861,117▲ $444,942
Savings and Temporary Cash Investments$141,274--
Cash and Non-Interest-Bearing Accounts-$48,063-
Total Assets$3,557,449$3,909,180▲ $351,731
Liabilities
Other Liabilities$0$238,242▲ $238,242
Total Liabilities$0$238,242▲ $238,242
Net Assets / Fund Balance
Unrestricted Net Assets$3,557,449$3,670,938▲ $113,489
Total Net Assets Fund Balance$3,557,449$3,670,938▲ $113,489
Total Liabilities and Net Assets / Fund Balance$3,557,449$3,909,180▲ $351,731
Compensation and Service Providers
Top Officer Pay36th percentile

Board Members and Trustees

NameTitle
David WatkinsBoard Chair
Mac MorrowVice-Chair
Alice HardyBoard Member
Andrew S Von CanonBoard Member
Betsy K JordanBoard Member
Jack McGoldrickBoard Member
Jeremy R GibbsBoard Member
John T WelchBoard Member
Marshall McCallieBoard Member
Michael H ShelleyBoard Member
Tracie TruslerBoard Member
Mark S LemelTreasurer
Revenue and Support

Revenue Composition

Contributions and Grants
$166,636
Program Service Revenue
$4,136
Investment Income
$100,993
Other Revenue
$0
All Other Contributions
$166,636
Change in Net Assets
$94,580

Audited Revenue Reconciliation

Revenue per Audited Statements
$238,359
Revenue Not Reported on Financial Statements
$33,406
Revenue Not Reported on Form 990
$18,908
Total Revenue per Audited Statements
$257,267
Total Revenue per Form 990
$271,765
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$177,185
Total Fundraising Expense$1,088
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0
Salaries, Compensation, and Employee Benefits$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Fees for Service Investment Mgmnt Fees$0$33,406$0$33,406
Fees for Services Other$0$20,000$0$20,000
All Other Expenses$4,076$2,187$0$6,263
Fees for Services Accounting$0$4,180$0$4,180
Other Expenses$4,099$0$0$4,099
Conferences and Meetings$0$3,426$0$3,426
Insurance$0$1,479$0$1,479
Information Technology$0$0$1,042$1,042
Office Expenses$0$8$46$54
Total Functional Expenses$111,411$64,686$1,088$177,185

Audited Expense Reconciliation

Line ItemAmount
Total Expenses per Form 990$177,185
Expenses per Audited Statements$143,779
Total Expenses per Audited Statements$143,779
Expenses Not Reported on Financial Statements$33,406
Fundraising, Events, and Gaming
Fundraising activities
No
Gaming activities
No
Professional fundraiser used
No

Fundraising and Gaming Totals

Line ItemAmount
Professional Fundraising Fees$0
Political and Lobbying Activity
Political campaign activity
No
Lobbying activity
No
Subject to proxy tax
No
Debt and Bond Financing

Other Reported Liabilities

LiabilityAmount
Investments Held for Friends of Transylvania Library$238,242
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
No
Annual disclosure for covered persons
Yes
Audit committee
Yes
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
Filing and Contact Details

Filer

Filer Name
Transylvania County Library Foundation
EIN
56-6011584
Phone
8288843151
Address
212 South Gaston Street, Brevard, NC 28712

Signing Officer

Name
Mark Lemel
Title
Treasurer
Phone
8288843151
Signed
2020-02-19
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Mark Lemel
Formed
1945
Legal Domicile
Nc
Voting Board Members
12
Independent Board Members
12
Employees
0
Volunteers
0

Preparer

Firm
Corliss & Solomon Pllc
Address
242 CHARLOTTE ST SUITE 1, ASHEVILLE, NC 28801-1434
Preparer
Stephen C Corliss
Phone
8282360206
Supplemental Narrative

Additional Explanations

Pt VI, Line 11B

“The 990 is prepared by independent accountants, reviewed by management, presented to the Board for review, proposed revisions and final approval.”

Pt VI, Line 12C

“Enforced as necessary. Any Board member with a conflict of interest on any specific issue informs the Board and abstains from voting on the issue.”

Pt XII, Line 1

“The records of Transylvania County Library Foundation are maintained on the modified cash-basis of accounting and the accompanying statements have been prepared on that basis. Modifications to the cash-basis method include investment activity, capitalization and depreciation of property and equipment, accrual of payroll tax expense and loan activity. All other transactions are recognized as either cash basis revenues or expenses.”

Pt VI, Line 2

“David Watkins and Mac Morrow work together at Keir Manufacturing. David Watkins is the owner of the company.”

Form 990, Part IX, Line 24E

“Library Support 1945. 1945. 0. 0.”

Form 990, Part IX, Line 24E

“Adult Services 1119. 1119. 0. 0.”

Form 990, Part IX, Line 24E

“Worley Project 614. 614. 0. 0.”

Form 990, Part IX, Line 24E

“Other Program Expenses 398. 398. 0. 0.”

Form 990, Part IX, Line 24E

“Staff Appreciation 2187. 0. 2187. 0.”

Financial Statement Notes

Pt X, Line 2

“Transylvania County Library Foundation is generally exempt from federal income taxes under 501(c)(3) of the Internal Revenue Code. Under the Code, however, income from certain activities not related to the organization's tax-exempt purpose may be subject to taxation as unrelated business income. The organization had less than $1,000 of income from unrelated business activities in the year ended June 30, 2019 and was, therefore, not required to file Federal Form 990-T (Exempt Organization Business Income Tax Return). The organization believes that it has appropriate support for all tax positions taken, and as such, does not have any uncertain tax positions that are material to the financial statements.”

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IRS990/ProgSrvcAccomActy2Grp/Desc0The J.R. McDowell Speaker Series is an annual event named for Library Trustee emeritus J.R. McDowell. The series is designed to present a wide array of viewpoints on challenging and thought-provoking topics and to bring renowned speakers to our community. In September 2018, we supported the Library's "Year of Science" initiative and brought noted astronaut Mike Massimino to Transylvania County. In 2019, we welcomed paleontologist Jack Horner as our speaker.
IRS990/ProgSrvcAccomActy3Grp/Desc0Youth Services were a key area of support during the 2018-2019 and the Foundation supported the County's Early Childhood Initiative, "Get Set Transylvania". In addition, the Foundation sponsored the library's National Library Week speaker, award-winning author Kwame Alexander.
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IRS990ScheduleD/SupplementalInformationDetail/ExplanationTxt0Transylvania County Library Foundation is generally exempt from federal income taxes under 501(c)(3) of the Internal Revenue Code. Under the Code, however, income from certain activities not related to the organization's tax-exempt purpose may be subject to taxation as unrelated business income. The organization had less than $1,000 of income from unrelated business activities in the year ended June 30, 2019 and was, therefore, not required to file Federal Form 990-T (Exempt Organization Business Income Tax Return). The organization believes that it has appropriate support for all tax positions taken, and as such, does not have any uncertain tax positions that are material to the financial statements.
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IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt0The 990 is prepared by independent accountants, reviewed by management, presented to the Board for review, proposed revisions and final approval.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt1Enforced as necessary. Any Board member with a conflict of interest on any specific issue informs the Board and abstains from voting on the issue.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt2The records of Transylvania County Library Foundation are maintained on the modified cash-basis of accounting and the accompanying statements have been prepared on that basis. Modifications to the cash-basis method include investment activity, capitalization and depreciation of property and equipment, accrual of payroll tax expense and loan activity. All other transactions are recognized as either cash basis revenues or expenses.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt3David Watkins and Mac Morrow work together at Keir Manufacturing. David Watkins is the owner of the company.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt4Library Support 1945. 1945. 0. 0.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt5Adult Services 1119. 1119. 0. 0.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt6Worley Project 614. 614. 0. 0.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt7Other Program Expenses 398. 398. 0. 0.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt8Staff Appreciation 2187. 0. 2187. 0.
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IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc2Pt XII, Line 1
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc3Pt VI, Line 2
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc4Form 990, Part IX, Line 24e
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc5Form 990, Part IX, Line 24e
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc6Form 990, Part IX, Line 24e
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc7Form 990, Part IX, Line 24e
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc8Form 990, Part IX, Line 24e
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Document Assets

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Filings

Displayed year

2019 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$3,909,180
Liabilities
$238,242
Net assets
$3,670,938
Revenue
$271,765
Expenses
$177,185
Net income
$94,580
Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2024Detailed filing. Detailed filing data is available for this year.$5.24$0.36$4.89$0.08$0.18$0.10
2023Detailed filing. Detailed filing data is available for this year.$4.43$0.30$4.13$0.33$0.25$0.08
2022Detailed filing. Detailed filing data is available for this year.$3.87$0.25$3.62$0.19$0.16$0.03
2021Facts available. Structured filing facts are available, but richer extracted sections are limited.$4.89$0.30$4.58$0.51$0.10$0.41
2020Detailed filing. Detailed filing data is available for this year.$3.83$0.24$3.59$0.14$0.13$0.01
2019Detailed filing. Detailed filing data is available for this year.$3.91$0.24$3.67$0.27$0.18$0.09
2018Detailed filing. Detailed filing data is available for this year.$3.56$0.00$3.56$0.23$0.14$0.09
2017Detailed filing. Detailed filing data is available for this year.$3.37$0.00$3.37$0.74$0.14$0.59
2016Detailed filing. Detailed filing data is available for this year.$2.62$0.00$2.62$0.05$0.09$0.04
2015Summary only. Only limited summary data is available for this year.$2.78$0.00$2.78$0.12$0.09$0.03
2014Summary only. Only limited summary data is available for this year.$2.75$0.00$2.75$0.16$0.12$0.04
2013Facts available. Structured filing facts are available, but richer extracted sections are limited.$2.33$0.00$2.33$0.08
2012Summary only. Only limited summary data is available for this year.$1.74$0.00$1.74$0.20$0.08$0.12
2011Facts available. Structured filing facts are available, but richer extracted sections are limited.$1.66$0.00$1.66$0.07
Peer Organizations

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