Smithfield-Preston Foundation
- Assets
- $3.3m
- Revenue
- $133.9k
- Investments
- $0.0
- Employees
- 5
- Location
- Blacksburg, VA
- Founding
- 05/1996
- Data as of
- 06/2023
- EIN
- 54-1785583
Organization Overview
Smithfield-Preston Foundation is located in Blacksburg, VA. The organization was established in 1996. According to its NTEE Classification (A54) the organization is classified as: History Museums, under the broad grouping of Arts, Culture & Humanities and related organizations. As of 06/2023, Smithfield-Preston Foundation employed 5 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Smithfield-Preston Foundation 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 06/2023, Smithfield-Preston Foundation generated $133.9k in total revenue. This represents a relatively dramatic decline in revenue. Over the past 8 years, the organization has seen revenues fall by an average of (5.3%) each year. All expenses for the organization totaled $336.7k during the year ending 06/2023. 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
2023
Describe the Organization's Mission:
Part 3 - Line 1
PRESERVATION AND INTERPRETATION OF HISTORIC PROPERTY.
Describe the Organization's Program Activity:
Part 3 - Line 4a
PRESERVING AND INTERPRETING THE HERITAGE OF THE REGION USING HISTORIC PROPERTIES.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Michael Hudson Executive Director | Trustee | 45 | $85,639 |
Ryan Spencer Executive Director | Trustee | 40 | $4,772 |
Marjorie Mcrae Member | Trustee | 3 | $0 |
Elizabeth Robertson Member | Trustee | 1 | $0 |
Terry Brizendine Member | Trustee | 1 | $0 |
Nathalie Gilfoyle Member | Trustee | 1 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $1,000 |
| All other contributions, gifts, grants, and similar amounts not included above | $83,380 |
| Noncash contributions included in lines 1a–1f | $200 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $84,380 |
| Total Program Service Revenue | $8,115 |
| Investment income | $16,337 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $26,014 |
| Net Gain/Loss on Asset Sales | -$4,982 |
| Net Income from Fundraising Events | -$1,976 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $2,044 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $133,861 |
| 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. | $90,411 |
| Compensation of current officers, directors, key employees. | $17,178 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $49,755 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $0 |
| Payroll taxes | $10,864 |
| Fees for services: Management | $919 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $9,640 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $6,523 |
| Fees for services: Other | $10,295 |
| Advertising and promotion | $16,420 |
| Office expenses | $4,815 |
| Information technology | $3,233 |
| Royalties | $0 |
| Occupancy | $15,818 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $1,035 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $66,448 |
| Insurance | $12,235 |
| All other expenses | $4,994 |
| Total functional expenses | $336,690 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $300 |
| Savings and temporary cash investments | $2,785 |
| 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 | $10,917 |
| Prepaid expenses and deferred charges | $0 |
| Net Land, buildings, and equipment | $2,333,575 |
| Investments—publicly traded securities | $691,380 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $273,641 |
| Total assets | $3,312,598 |
| Accounts payable and accrued expenses | $0 |
| 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 | $5,056 |
| Total liabilities | $5,056 |
| Net assets without donor restrictions | $3,125,550 |
| Net assets with donor restrictions | $181,992 |
| 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 | $3,312,598 |