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Aquafest INC FY2023 filing

Not tax-deductible

Rice Lake, WI501(c)(4) EIN 39-1202371Revenue $296K in FY2023

On file with the IRSaquafestonline.comPo Box 366, 54868-0366 · Rice Lake, WITax-exempt since Jan 1975

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Attract tourism to rice lake

501(c)(4) social-welfare organization; gifts are not tax-deductible as charitable contributions.
99¢ of each $1 spent went to programs.
Mission: Form 990 Part I, line 1 · Status: IRS Pub. 78 · Programs: Part IX

Before you give

FY2023 · Form 990Independent: from IRS data, not the org
Download 990
IRS status
501(c)(4)
not on the IRS revocation list
Looks good: listed by the IRS and not on the revocation list.
IRS BMF · Auto-Revocation List
Tax-deductible gifts
No
Donations are not tax-deductible
Worth a look: the IRS does not list gifts to it as deductible.
IRS Pub. 78 · IRS BMF
Latest return
FY2024
latest Form 990
Looks good: the latest return is for FY2024, 2 tax years back; within 2 tax years.
IRS e-file · Filing history
Surplus or deficit
3 of 5
filings with a surplus
Average deficit $5K a year · 2% of revenue · last 5 filings
Worth a look: a surplus in 3 of the last 5 filings.
Pt I · Ln 19 · 5 filings
Spent on programs
99%
of spending
Looks good: 99% of spending went to programs; 75% or more.
Pt IX · Ln 25 · col B
Cash reserves
4 mo
of spending, in cash
Looks good: 3.5 months of spending in cash; 3 or more.
Pt X · Ln 1–2 · Pt I · Ln 18
Named funders
1
named funder · $7K
Fine: 1 funder names it on their filings; under 3.
Funders’ Sch. I, 990-PF
Liabilities
$0
0% of total assets
Looks good: liabilities are 0% of assets; 50% or less.
Pt X · Ln 26
Independent board members
13
of 13 voting members
Looks good: 13 of 13 voting members are independent, a majority.
Pt VI · Ln 1a–1b
Looks goodFineWorth a lookConcernNo data yetTap a box for the reason.
Revenue
$296K
+68% vs prior year
Spent
$262K
To programs
99%
Net assets
$75K
By yearFY2020–FY2024
Revenue
$296K
FY2023▲ +68%
Tap a bar for its year
Revenue by fiscal year
FY2020$60K
FY2021$164K
FY2022$176K
FY2023$296K
FY2024$250K
Expenses
$262K
FY2023▲ +43%
Tap a bar for its year
Expenses by fiscal year
FY2020$49K
FY2021$153K
FY2022$183K
FY2023$262K
FY2024$322K
Net assets
$75K
FY2023▲ +82%
Tap a bar for its year
Net assets by fiscal year
FY2020$37K
FY2021$48K
FY2022$41K
FY2023$75K
FY2024$3K

From the FY2023 Form 990 · see the original

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You’re viewing the FY2023 filing — not the latest on file. See the latest (FY2024) →

Is it real?

Yes. Never revoked by the IRS. Latest filing on record: FY2024. IRS ruling in Jan 1975.

IRS Pub. 78 · IRS Auto-Revocation List · IRS Business Master File

Where the money goes

99 cents of each dollar spent went to programs.

Program services 99% · $259K Management & general 1% · $3K

Form 990 Part IX, line 25, columns B–D. Every line is in By the numbers.

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Who runs it and what they're paid

13 people listed on the 990.

Part VII, Section A · reportable compensation
Anne Gallagher
Board Member
$0Pt VII · Sec A
Bill Smith
Board Member
$0Pt VII · Sec A
$0Pt VII · Sec A
Bob Anderson
Board Member
$0Pt VII · Sec A
Deb Larson
Co-Chair
$0Pt VII · Sec A
Michelle Grady
Board Member
$0Pt VII · Sec A
John Wick
Board Member
$0Pt VII · Sec A
John Lehman
Co-Chair
$0Pt VII · Sec A
See Aquafest INC executive salaries →

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Questions the 990 asks

The form asks each of these directly. These are the filed answers.

  • Family or business ties among officersPt VI · Ln 2Yes
  • Top official's pay set by an independent reviewPt VI · Ln 15aNo

Programs and updates

Aquafest INC is a membership association based in Rice Lake, WI.

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Provided by the organization

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1 program · $259K · in their own filed words · FY2023
01

Organize and operate a 10 day festival to attract tourists to rice lake, wi.

$259Kprogram expense

Funders

Who pays for it.

From grant filings on record. Receipts are incomplete: individual donors are never listed.

Grants

Schedule I · funders on record
Grants received · FY2022
John and Melissa Besse FoundationFY2022$7K
Total grants receivedfrom 1 funder$7K

By the numbers

The FY2023 990, line by line.

Download 990
from philanthropy.org
1The main four
Money inPt VIII
$296K
Ln 12
Gifts and grantsLn 1h$205K
Fees for servicesLn 2g$89K
Other incomeLn 4–11$2K
Money outPt IX
$262K
Ln 25
Programscol B$259K
Managementcol C$3K
Owns and owesPt X
$75K
net assets · Ln 32
Cash and savingsLn 1–2$75K
Total assetsLn 16$75K
LiabilitiesLn 26$0
PeoplePt VI, VII
13
listed · VII A
PaidVII A0
Voting boardVI 1a13
IndependentVI 1b13
2In more detail
Revenue in detailPt VIII
Gifts and grantsLn 1h$205K
Fees for servicesLn 2g$89K
Investment incomeLn 3$437
Other incomeLn 4–11$2K
Total revenueLn 12$296K
Assets in detailPt X, end of year
CashLn 1$75K
Cash and savings togetherLn 1–2$75K
Total assetsLn 16$75K
LiabilitiesLn 26$0
Net assetsLn 32$75K
OperationsPt I, VI
EmployeesI 50
VolunteersI 643
Fiscal year endsHeaderDecember
Conflict-of-interest policyVI 12aNo
Whistleblower policyVI 13No
Records policyVI 14No
3Year over year
Balance sheet, start vs end of yearPt X · col A, B
LineStart FY23End FY23
Cash and savingsLn 1–2$41K$75K
Total assetsLn 16$41K$75K
LiabilitiesLn 26$0$0
Net assetsLn 32$41K$75K
4Every line
Statement of functional expensesPt IX · every line
LineTotalProgramsManagementFundraising
Accounting feesLn 11c$2K$2K
Advertising and promotionLn 12$6K$6K
OccupancyLn 16$690$690
Conferences, conventions and meetingsLn 19$2K$2K
InsuranceLn 23$15K$15K
Other expenses (24a–d)Ln 24$196K$196K
All other expensesLn 24e$40K$39K$700
Total functional expensesLn 25$262K$259K$3K$0

Filing history

YearMoney inMoney outIn minus outNet assetsDownload
FY2024 Latest $250K$322K−$72K$3K 990 PDF
FY2023 Viewing $296K$262K$34K$75K 990 PDF
FY2022 $176K$183K−$7K$41K 990 PDF
FY2021 $164K$153K$11K$48K 990 PDF
FY2020 $60K$49K$11K$37K 990 PDF

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Schedules filed Part IV

III · Programs R · Related orgs G · Fundraising L · Interested persons I · Grants A · Public support O · Explanations
See the full FY2023 990 (6 parts)
Part I · Summary $296,127 revenue, 12 lines filed
I-8 Contributions and grantsPrior year $130,761$205,081
I-9 Program service revenuePrior year $43,661$88,813
I-10 Investment incomePrior year $80$437
I-11 Other revenuePrior year $1,744$1,796
I-12 Total revenuePrior year $176,246$296,127
I-13 Grants and similar amounts paidPrior year $0$0
I-14 Benefits paid to membersPrior year $0$0
I-15 Salaries and benefitsPrior year $0$0
I-16a Professional fundraising feesPrior year $0$0
I-17 Other expensesPrior year $182,944$262,029
I-18 Total expensesPrior year $182,944$262,029
I-19 Revenue less expensesPrior year −$6,698$34,098
Part VI · Governance 13 of 13 board members independent, 5 to look at
VI-1a Voting members of the governing body13
VI-1b Independent voting members13
VI-2 Family or business relationship among officers or directorsYes
VI-12a Written conflict of interest policyNo
VI-13 Written whistleblower policyNo
VI-14 Document retention and destruction policyNo
VI-15a Process for setting top official's payNo
Part VIII · Statement of revenue $296,127 across 6 lines filed
VIII-1f All other contributions, gifts and grants$205,081
VIII-1h Total contributions, gifts and grants$205,081
VIII-2a-f Program service revenue, itemized rows (sum of 2a–2f as filed)Related to mission $88,813$88,813
VIII-3 Investment incomeExcluded from tax $437$437
VIII-8 Net income from fundraising eventsExcluded from tax $1,796$1,796
VIII-12 Total revenueRelated to mission $88,813 · Unrelated business $0 · Excluded from tax $2,233$296,127
Part IX · Statement of functional expenses $262,029 across 7 lines filed
IX-11c Accounting feesPrograms $1,928$1,928
IX-12 Advertising and promotionPrograms $6,348$6,348
IX-16 OccupancyPrograms $690$690
IX-19 Conferences, conventions and meetingsManagement $2,180$2,180
IX-23 InsurancePrograms $15,259$15,259
IX-24 Other expenses (24a–d)Programs $195,913$195,913
IX-24e All other expensesPrograms $39,011 · Management $700$39,711
IX-25 Total functional expensesPrograms $259,149 · Management $2,880 · Fundraising $0$262,029
Part X · Balance sheet $75,448 assets, 5 lines filed
X-1 Cash, non-interest-bearingStart of year $41,350$75,448
X-16 Total assetsStart of year $41,350$75,448
X-26 Total liabilitiesStart of year $0$0
X-32 Total net assets or fund balancesStart of year $41,350$75,448
X-33 Total liabilities and net assetsStart of year $41,350$75,448
Part XI · Reconciliation of net assets $75,448 net assets at year end
XI-1 Total revenue$296,127
XI-2 Total expenses$262,029
XI-3 Revenue less expenses$34,098
XI-4 Net assets at start of year$41,350
XI-9 Other changes in net assets$0
XI-10 Net assets at end of year$75,448

Form 990 e-file (XML) FY2023 from the IRS · Classification, formation year and address from the IRS Business Master File

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