Olson Dam, located in Cambridge, Iowa, serves multiple purposes including fire protection and providing a small fish pond. Built in 1969 by USDA NRCS, it is a privately owned earth dam with a height of 24 feet and a length of 412 feet. The dam has a storage capacity of 131 acre-feet and covers a surface area of 4 acres, with a drainage area of 0.57 square miles.

Despite being categorized as having a low hazard potential, Olson Dam is currently in poor condition as per the last assessment in 2013. The dam has an uncontrolled spillway type and is regulated by the Iowa Department of Natural Resources. With a moderate risk level assigned, there are no emergency action plans or risk management measures in place, highlighting the need for potential updates and improvements to ensure the safety and functionality of the dam for both water resource and climate enthusiasts in the area.