Civic Intelligence

Transylvania County Library Foundation

990 • Fiscal year 2024 • EIN 56-6011584

Jul 01, 2023 to Jun 30, 2024 • Filed on Dec 16, 2024

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

40th percentile

0.07x

Higher debt load relative to assets than 40% of similar nonprofits.

2024 filings • 501(c)3 • $5M-$10M nonprofits • Source year 2024

Liabilities / Revenue

95th percentile

4.22x

Higher debt load relative to revenue than 95% of similar nonprofits.

2024 filings • 501(c)3 • $5M-$10M nonprofits • Source year 2024

Net Margin

3rd percentile

-112%

Higher net margin than 3% of similar nonprofits.

2024 filings • 501(c)3 • $5M-$10M nonprofits • Source year 2024

Top Officer Pay

22nd percentile

$0

Higher top officer pay than 22% of similar nonprofits.

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

2024 filings • 501(c)3 • $5M-$10M nonprofits • Source year 2024

Asset Growth

78th percentile

18%

Faster asset growth than 78% of similar nonprofits.

2024 filings • 501(c)3 • $5M-$10M nonprofits • Annualized from 2023 to 2024

Revenue Growth

2nd percentile

-74%

Faster revenue growth than 2% of similar nonprofits.

2024 filings • 501(c)3 • $5M-$10M nonprofits • Annualized from 2023 to 2024

Balance Sheet
Liabilities / Assets40th percentile

Assets

Up

$5,243,666

Up $817,735 (+18%) from 2023

Net Assets

Up

$4,885,685

Up $756,271 (+18%) from 2023

Liabilities

Up

$357,981

Up $61,464 (+21%) from 2023

Revenue And Expenses
Liabilities / Revenue95th percentileNet Margin3rd percentile

Revenue

Down

$84,913

Down $243,314 (-74%) from 2023

Expenses

Down

$180,042

Down $67,430 (-27%) from 2023

Net Income

Down

-$95,129

Down $175,884 (-218%) from 2023

Historical Trend

Balance Sheet Trend

Asset Growth78th 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

2024

Assets$5,243,666
Liabilities$357,981
Net Assets$4,885,685
Open 2024 Filing

Operations Trend

Revenue Growth2nd 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

2024

Revenue$84,913
Expenses$180,042
Net Income-$95,129
Open 2024 Filing
Jump To
Filing Snapshot
Filing Period
Jul 1, 2023 to Jun 30, 2024
Signed
Dec 16, 2024
Return Version
2023v5.1
Gross Receipts
$124,060
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$4,385,611$5,225,975▲ $840,364
Cash and Non-Interest-Bearing Accounts$40,320$17,691▼ $22,629
Total Assets$4,425,931$5,243,666▲ $817,735
Liabilities
Other Liabilities$296,517$357,981▲ $61,464
Total Liabilities$296,517$357,981▲ $61,464
Net Assets / Fund Balance
Net Assets Without Donor Restrictions$4,129,414$4,885,685▲ $756,271
Total Net Assets Fund Balance$4,129,414$4,885,685▲ $756,271
Total Liabilities and Net Assets / Fund Balance$4,425,931$5,243,666▲ $817,735
Compensation and Service Providers
Top Officer Pay22nd percentile

Board Members and Trustees

NameTitle
David WatkinsBoard Chair
John WelchVice-Chair
Alice HardyBoard Member
Alice WellbornBoard Member
Elizabeth JordanBoard Member
Hannah CamenzindBoard Member
Karen ColeBoard Member
Michael BakerBoard Member
Morris JenkinsBoard Member
Sarah JusticeBoard Member
Sheila MooneyBoard Member
Rishara FinselSecretary
Larry SittonTreasurer
Revenue and Support

Revenue Composition

Contributions and Grants
$11,607
Program Service Revenue
$0
Investment Income
$73,306
Other Revenue
$0
All Other Contributions
$11,607
Change in Net Assets
$-95,129
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$162,019
Grants and Similar Amounts Paid$18,023
Total Fundraising Expense$1,941
Professional Fundraising Fees$0
Salaries, Compensation, and Employee Benefits$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Fees for Service Investment Mgmnt Fees$0$30,806$0$30,806
Grants to Domestic Orgs$18,023--$18,023
All Other Expenses$7,342$0$0$7,342
Fees for Services Accounting$0$6,138$0$6,138
Other Expenses$6,000$0$0$6,000
Insurance$0$1,951$0$1,951
Information Technology$0$0$1,832$1,832
Office Expenses$914$483$109$1,506
Total Functional Expenses$138,723$39,378$1,941$180,042
International Activity

Grant and Assistance Recipients

RecipientLocationCategoryPurposeAmount
Transylvania County LibraryBrevard, NCGovtOperations support-
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$357,981
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
No
Annual disclosure for covered persons
Yes
Audit committee
No
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
2024-12-16
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
13

Preparer

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

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IRS990/OtherLiabilitiesGrp/BOYAmt0296517
IRS990/OtherLiabilitiesGrp/EOYAmt0357981
IRS990/OtherWebsiteInd0X
IRS990/PartialLiquidationInd0false
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IRS990/PoliticalCampaignActyInd0false
IRS990/PrincipalOfficerNm0Larry Sitton
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IRS990/ProgramServiceRevenueGrp/Desc0Program Revenue
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IRS990/ProgramServiceRevenueGrp/TotalRevenueColumnAmt00
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IRS990/ProgSrvcAccomActy2Grp/Desc0J.R. MCDOWELL SPEAKER SERIES: 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 2023, the Foundation presented a talk by historial Annette Gorden Reed, and in April 2024, presented a talk by the scientist and writer Drew Lanham. In addition to the public event, McDowell speakers meet with local students.
IRS990/ProgSrvcAccomActy3Grp/Desc0LIBRARY SUPPORT: The Transylvania County Library Foundation provided funding to enhance the services and spaces offered by the Transylvania County Library. This allowed the librarys services for the public to surpass what would be possible with the librarys regular operational budget. Examples of library offerings made possible by the Library Foundations financial support include access to the streaming Kanopy video database, archival preservation of local history materials, childrens books given out at a school readiness event, and new outdoor seating on the librarys patio.
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IRS990/PYOtherRevenueAmt00
IRS990/PYProgramServiceRevenueAmt03660
IRS990/PYRevenuesLessExpensesAmt080755
IRS990/PYTotalExpensesAmt0247472
IRS990/PYTotalRevenueAmt0328227
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IRS990/ReconcilationRevenueExpnssAmt0-95129
IRS990/RegularMonitoringEnfrcInd0true
IRS990/RelatedEntityInd0false
IRS990/RelatedOrganizationCtrlEntInd0false
IRS990/ReportInvestmentsOtherSecInd0false
IRS990/ReportLandBuildingEquipmentInd0false
IRS990/ReportOtherAssetsInd0false
IRS990/ReportOtherLiabilitiesInd0true
IRS990/ReportProgramRelatedInvstInd0false
IRS990/RevenueAmt00
IRS990ScheduleA/Form990ScheduleAPartVIGrp/ExplanationTxt0Other Income Part II, Line 10 Description: Expense Recovery 2021: 16387.
IRS990ScheduleA/Form990ScheduleAPartVIGrp/FormAndLineReferenceDesc0Pt II Ln 10
IRS990ScheduleA/GiftsGrantsContriRcvd170Grp/CurrentTaxYearAmt011607
IRS990ScheduleA/GiftsGrantsContriRcvd170Grp/CurrentTaxYearMinus1YearAmt029048
IRS990ScheduleA/GiftsGrantsContriRcvd170Grp/CurrentTaxYearMinus2YearsAmt015987
IRS990ScheduleA/GiftsGrantsContriRcvd170Grp/CurrentTaxYearMinus3YearsAmt0107987
IRS990ScheduleA/GiftsGrantsContriRcvd170Grp/CurrentTaxYearMinus4YearsAmt029667
IRS990ScheduleA/GiftsGrantsContriRcvd170Grp/TotalAmt0194296
IRS990ScheduleA/GovtFurnSrvcFcltsVl170Grp/TotalAmt00
IRS990ScheduleA/GrossInvestmentIncome170Grp/CurrentTaxYearAmt0112453
IRS990ScheduleA/GrossInvestmentIncome170Grp/CurrentTaxYearMinus1YearAmt099316
IRS990ScheduleA/GrossInvestmentIncome170Grp/CurrentTaxYearMinus2YearsAmt085686
IRS990ScheduleA/GrossInvestmentIncome170Grp/CurrentTaxYearMinus3YearsAmt084193
IRS990ScheduleA/GrossInvestmentIncome170Grp/CurrentTaxYearMinus4YearsAmt0107579
IRS990ScheduleA/GrossInvestmentIncome170Grp/TotalAmt0489227
IRS990ScheduleA/GrossReceiptsRltdActivitiesAmt09481
IRS990ScheduleA/InvestmentIncomeCYPct00
IRS990ScheduleA/OtherIncome170Grp/CurrentTaxYearMinus2YearsAmt016387
IRS990ScheduleA/OtherIncome170Grp/TotalAmt016387
IRS990ScheduleA/OtherSupportSumAmt00
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IRS990ScheduleA/PublicSupportCY170Pct00.17600
IRS990ScheduleA/PublicSupportCY509Pct00
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IRS990ScheduleA/PublicSupportTotal170Amt0123155
IRS990ScheduleA/PublicSupportTotal509Amt00
IRS990ScheduleA/SubstantialContributorsTotAmt071141
IRS990ScheduleA/TaxRevLeviedOrgnztnlBnft170Grp/TotalAmt00
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IRS990ScheduleA/TotalCalendarYear170Grp/CurrentTaxYearMinus3YearsAmt0107987
IRS990ScheduleA/TotalCalendarYear170Grp/CurrentTaxYearMinus4YearsAmt029667
IRS990ScheduleA/TotalCalendarYear170Grp/TotalAmt0194296
IRS990ScheduleA/TotalSupportAmt0699910
IRS990ScheduleA/UnrelatedBusinessNetIncm170Grp/TotalAmt00
IRS990/ScheduleBRequiredInd0false
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Amt0357981
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Desc0Investments Held for Friends of Transylvania Library
IRS990ScheduleD/TotalLiabilityAmt0357981
IRS990ScheduleI/GrantRecordsMaintainedInd0true
IRS990ScheduleI/RecipientTable/IRCSectionDesc0Govt
IRS990ScheduleI/RecipientTable/NonCashAssistanceAmt018023
IRS990ScheduleI/RecipientTable/NonCashAssistanceDesc0Patio furnishings, ampitheater
IRS990ScheduleI/RecipientTable/PurposeOfGrantTxt0Operations support
IRS990ScheduleI/RecipientTable/RecipientBusinessName/BusinessNameLine1Txt0Transylvania County Library
IRS990ScheduleI/RecipientTable/RecipientEIN0566000343
IRS990ScheduleI/RecipientTable/USAddress/AddressLine1Txt0202 S Gaston St
IRS990ScheduleI/RecipientTable/USAddress/CityNm0Brevard
IRS990ScheduleI/RecipientTable/USAddress/StateAbbreviationCd0NC
IRS990ScheduleI/RecipientTable/USAddress/ZIPCd028712
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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.
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IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc2Pt XII, Line 1
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IRS990/TerminateOperationsInd0false
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IRS990/TotalFunctionalExpensesGrp/ProgramServicesAmt0138723
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IRS990/TotalGrossUBIAmt00
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IRS990/TotalProgramServiceExpensesAmt0138723
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IRS990/TotalReportableCompFromOrgAmt00
IRS990/TotalRevenueGrp/ExclusionAmt073306
IRS990/TotalRevenueGrp/RelatedOrExemptFuncIncomeAmt00
IRS990/TotalRevenueGrp/TotalRevenueColumnAmt084913
IRS990/TotalRevenueGrp/UnrelatedBusinessRevenueAmt00
IRS990/TotalVolunteersCnt013
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IRS990/USAddress/AddressLine1Txt0212 South Gaston Street

Document Assets

No mirrored PDF or thumbnail assets are attached yet.

Filings

Displayed year

2024 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$5,243,666
Liabilities
$357,981
Net assets
$4,885,685
Revenue
$84,913
Expenses
$180,042
Net income
-$95,129
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