Civic Intelligence

Transylvania County Library Foundation

990 • Fiscal year 2022 • EIN 56-6011584

Jul 01, 2021 to Jun 30, 2022 • Filed on Mar 29, 2023

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

50th percentile

0.06x

Higher debt load relative to assets than 50% of similar nonprofits.

2022 filings • 501(c)3 • $1M-$5M nonprofits • Source year 2022

Liabilities / Revenue

90th percentile

1.31x

Higher debt load relative to revenue than 90% of similar nonprofits.

2022 filings • 501(c)3 • $1M-$5M nonprofits • Source year 2022

Net Margin

68th percentile

18%

Higher net margin than 68% of similar nonprofits.

2022 filings • 501(c)3 • $1M-$5M nonprofits • Source year 2022

Top Officer Pay

39th percentile

$0

Higher top officer pay than 39% of similar nonprofits.

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

2022 filings • 501(c)3 • $1M-$5M nonprofits • Source year 2022

Asset Growth

7th percentile

-21%

Faster asset growth than 7% of similar nonprofits.

2022 filings • 501(c)3 • $1M-$5M nonprofits • Annualized from 2021 to 2022

Revenue Growth

5th percentile

-63%

Faster revenue growth than 5% of similar nonprofits.

2022 filings • 501(c)3 • $1M-$5M nonprofits • Annualized from 2021 to 2022

Balance Sheet
Liabilities / Assets50th percentile

Assets

Down

$3,868,360

Down $1,018,808 (-21%) from 2021

Net Assets

Down

$3,620,090

Down $963,050 (-21%) from 2021

Liabilities

Down

$248,270

Down $55,758 (-18%) from 2021

Revenue And Expenses
Liabilities / Revenue90th percentileNet Margin68th percentile

Revenue

Down

$189,992

Down $317,939 (-63%) from 2021

Expenses

Up

$155,620

Up $59,600 (+62%) from 2021

Net Income

Down

$34,372

Down $377,539 (-92%) from 2021

Historical Trend

Balance Sheet Trend

Asset Growth7th 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

2022

Assets$3,868,360
Liabilities$248,270
Net Assets$3,620,090
Open 2022 Filing

Operations Trend

Revenue Growth5th 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

2022

Revenue$189,992
Expenses$155,620
Net Income$34,372
Open 2022 Filing
Jump To
Filing Snapshot
Filing Period
Jul 1, 2021 to Jun 30, 2022
Signed
Mar 29, 2023
Return Version
2021v4.1
Gross Receipts
$189,992
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$4,798,261$3,819,053▼ $979,208
Cash and Non-Interest-Bearing Accounts$88,907$49,307▼ $39,600
Total Assets$4,887,168$3,868,360▼ $1,018,808
Liabilities
Other Liabilities$304,028$248,270▼ $55,758
Total Liabilities$304,028$248,270▼ $55,758
Net Assets / Fund Balance
Net Assets Without Donor Restrictions$4,583,140$3,620,090▼ $963,050
Total Net Assets Fund Balance$4,583,140$3,620,090▼ $963,050
Total Liabilities and Net Assets / Fund Balance$4,887,168$3,868,360▼ $1,018,808
Compensation and Service Providers
Top Officer Pay39th percentile

Board Members and Trustees

NameTitle
David WatkinsBoard Chair
Mac MorrowVice-Chair
Alice HardyBoard Member
Andrew VonCanonBoard Member
Betsy JordanBoard Member
Dr Jeremy GibbsBoard Member
John T WelchBoard Member
Karen ColeBoard Member
Morris JenkinsBoard Member
Teresa TruslerBoard Member
Larry SittonIncoming Treasurer
Rishara FinselSecretary
Mark S LemelTreasurer
Revenue and Support

Revenue Composition

Contributions and Grants
$15,797
Program Service Revenue
$0
Investment Income
$157,808
Other Revenue
$16,387
All Other Contributions
$15,797
Change in Net Assets
$34,372

Audited Revenue Reconciliation

Revenue per Audited Statements
$144,845
Revenue Not Reported on Financial Statements
$45,147
Revenue Not Reported on Form 990
$-995,706
Total Revenue per Audited Statements
$-850,861
Total Revenue per Form 990
$189,992
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$155,620
Total Fundraising Expense$2,966
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$45,147$0$45,147
All Other Expenses$9,743$186$0$9,929
Fees for Services Accounting$0$4,658$0$4,658
Information Technology$0$0$2,911$2,911
Insurance$0$1,922$0$1,922
Other Expenses$1,760$0$0$1,760
Office Expenses$133$33$55$221
Total Functional Expenses$100,708$51,946$2,966$155,620

Audited Expense Reconciliation

Line ItemAmount
Total Expenses per Form 990$155,620
Expenses per Audited Statements$110,473
Total Expenses per Audited Statements$110,473
Expenses Not Reported on Financial Statements$45,147
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$248,270
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
No
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
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
Larry Sitton
Title
Treasurer
Phone
8288843151
Signed
2023-03-29
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Larry Sitton
Formed
1945
Legal Domicile
Nc
Voting Board Members
13
Independent Board Members
13
Employees
0
Volunteers
0

Preparer

Firm
Corliss & Solomon Pllc
Address
242 CHARLOTTE ST SUITE 1, ASHEVILLE, NC 28801
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.”

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, 2022 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/OtherExpensesGrp/ProgramServicesAmt21007
IRS990/OtherExpensesGrp/ProgramServicesAmt31760
IRS990/OtherExpensesGrp/TotalAmt046412
IRS990/OtherExpensesGrp/TotalAmt141653
IRS990/OtherExpensesGrp/TotalAmt21007
IRS990/OtherExpensesGrp/TotalAmt31760
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IRS990/PrincipalOfficerNm0Larry Sitton
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IRS990/ProgSrvcAccomActy2Grp/Desc0COMMUNITY AWARENESS: The Transylvania County Library Foundation supported an updated brand and marketing campaign for the Transylvania County Library. With Foundation funding, the Library developed an updated brand story that conveys what a modern library is - in an authentic and meaningful manner - to effectively demonstrate the library's value to Transylvania County.
IRS990/ProgSrvcAccomActy3Grp/Desc0EXPANDING DIGITAL ACCESS: The Transylvania County Library Foundation supported expanded access to digital resources by funding the Library's subscription to Kanopy, providing online films and documentaries. This was of particular benefit during the pandemic, as it provided a safe means of accessing educational and recreational library resources from home.
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IRS990/ReconcilationRevenueExpnssAmt034372
IRS990/RegularMonitoringEnfrcInd0true
IRS990/RelatedEntityInd0false
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IRS990/ReportInvestmentsOtherSecInd0false
IRS990/ReportLandBuildingEquipmentInd0false
IRS990/ReportOtherAssetsInd0false
IRS990/ReportOtherLiabilitiesInd0true
IRS990/ReportProgramRelatedInvstInd0false
IRS990/RevenueAmt00
IRS990ScheduleA/AmountsRcvdDsqlfyPersonGrp/TotalAmt00
IRS990ScheduleA/Form990ScheduleAPartVIGrp/ExplanationTxt0Other Income Part III, Line 12 Description: Sales Tax Refund Description: Expense Recovery 2021: 16387.
IRS990ScheduleA/Form990ScheduleAPartVIGrp/FormAndLineReferenceDesc0Pt III Ln 12
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IRS990ScheduleA/GiftsGrantsContrisRcvd509Grp/CurrentTaxYearMinus2YearsAmt029667
IRS990ScheduleA/GiftsGrantsContrisRcvd509Grp/CurrentTaxYearMinus3YearsAmt0166636
IRS990ScheduleA/GiftsGrantsContrisRcvd509Grp/CurrentTaxYearMinus4YearsAmt0132571
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IRS990ScheduleA/GrossReceiptsAdmissionsGrp/CurrentTaxYearMinus3YearsAmt04136
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IRS990ScheduleA/InvestmentIncomePYPct00.28290
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IRS990ScheduleD/OtherLiabilitiesOrgGrp/Desc0Investments Held for Friends of Transylvania Library
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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, 2022 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.
IRS990ScheduleD/SupplementalInformationDetail/FormAndLineReferenceDesc0Pt X, Line 2
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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/FormAndLineReferenceDesc0Pt VI, Line 11b
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc1Pt VI, Line 12c
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc2Pt XII, Line 1
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc3Pt VI, Line 2
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IRS990/TotalContributionsAmt015797

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Filings

Displayed year

2022 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$3,868,360
Liabilities
$248,270
Net assets
$3,620,090
Revenue
$189,992
Expenses
$155,620
Net income
$34,372
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