Salem Historical Society
- Assets
- $3.7m
- Revenue
- $244.8k
- Investments
- $0.0
- Employees
- 3
- Location
- Salem, VA
- Founding
- 01/1980
- Data as of
- 06/2022
- EIN
- 54-1088887
Organization Overview
Salem Historical Society is located in Salem, VA. The organization was established in 1980. According to its NTEE Classification (A82) the organization is classified as: Historical Societies & Historic Preservation, under the broad grouping of Arts, Culture & Humanities and related organizations. As of 06/2022, Salem Historical Society employed 3 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Salem Historical Society is a 501(c)(3) and as such, is described as a "Charitable or Religous organization or a private foundation" by the IRS.
For the year ending 06/2022, Salem Historical Society generated $244.8k in total revenue. This represents a relatively dramatic decline in revenue. Over the past 3 years, the organization has seen revenues fall by an average of (9.8%) each year. All expenses for the organization totaled $307.7k during the year ending 06/2022. You can explore the organizations financials more deeply in the financial statements section below.
Form
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2022
Describe the Organization's Mission:
Part 3 - Line 1
TO PROVIDE HISTORICAL EDUCATION AND PRESERVATION PROGRAMS
Describe the Organization's Program Activity:
Part 3 - Line 4a
TO OPERATE A MUSEUM AND THE PRESTON PLACE HOUSE, PROVIDE LECTURES,EDUCATIONAL PROGRAMS, AND INTERPRETIVE TOURS OF LOCAL HISTORICAL SITES, AND IDENTIFICATION OF HISTORICAL SITES.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Frances Ferguson Executive Director | Officer | 40 | $53,040 |
Alex Burke Asst Executive Director | Officer | 40 | $36,000 |
Garrett Channell Director-Education & Archives | Officer | 40 | $27,368 |
Tom Copenhaver Director | Trustee | 1 | $0 |
Susan Mini Director | Trustee | 1 | $0 |
Jeanna Murphy Director | Trustee | 1 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $21,918 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $55,000 |
| All other contributions, gifts, grants, and similar amounts not included above | $130,923 |
| Noncash contributions included in lines 1a–1f | $5,675 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $207,841 |
| Total Program Service Revenue | $5,914 |
| Investment income | $6,983 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $9,187 |
| Net Gain/Loss on Asset Sales | $9,022 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $4,323 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $244,755 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $0 |
| Grants and other assistance to domestic individuals. | $0 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $116,408 |
| Compensation of current officers, directors, key employees. | $34,922 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $0 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $0 |
| Payroll taxes | $8,905 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $9,125 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $0 |
| Advertising and promotion | $352 |
| Office expenses | $2,297 |
| Information technology | $5,363 |
| Royalties | $0 |
| Occupancy | $13,688 |
| Travel | $389 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $2,071 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $89,222 |
| Insurance | $6,689 |
| All other expenses | $10,014 |
| Total functional expenses | $307,741 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $98,856 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $0 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $13,076 |
| Prepaid expenses and deferred charges | $0 |
| Net Land, buildings, and equipment | $2,379,404 |
| Investments—publicly traded securities | $602,697 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $606,212 |
| Total assets | $3,700,245 |
| Accounts payable and accrued expenses | $1,942 |
| Grants payable | $0 |
| Deferred revenue | $0 |
| Tax-exempt bond liabilities | $0 |
| Escrow or custodial account liability | $0 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
| Secured mortgages and notes payable | $0 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $1,500 |
| Total liabilities | $3,442 |
| Net assets without donor restrictions | $3,500,498 |
| Net assets with donor restrictions | $196,305 |
| Capital stock or trust principal, or current funds | $0 |
| Paid-in or capital surplus, or land, building, or equipment fund | $0 |
| Retained earnings, endowment, accumulated income, or other funds | $0 |
| Total liabilities and net assets/fund balances | $3,700,245 |