Old Salem Incorporated
- Assets
- $81.7m
- Revenue
- $3.8m
- Investments
- $0.0
- Employees
- 79
- Location
- Winstonsalem, NC
- Founding
- 06/1950
- Data as of
- 12/2021
- EIN
- 56-0587289
Organization Overview
Old Salem Incorporated is located in Winstonsalem, NC. The organization was established in 1950. 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 12/2021, Old Salem Incorporated employed 79 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Old Salem Incorporated 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 12/2021, Old Salem Incorporated generated $3.8m in total revenue. This represents a relatively dramatic decline in revenue. Over the past 7 years, the organization has seen revenues fall by an average of (18.0%) each year. All expenses for the organization totaled $4.6m during the year ending 12/2021. You can explore the organizations financials more deeply in the financial statements section below.
Form
990T
Mission & Program ActivityExcerpts From the 990T Filing
TAX YEAR
2021
Describe the Organization's Mission:
Part 3 - Line 1
THE PRESERVATION AND INTERPRETATION OF THE HISTORY AND MATERIAL CULTURE OF THE EARLY AMERICAN SOUTH AND THE MORAVIAN TOWN OF SALEM.
Describe the Organization's Program Activity:
EDUCATIONAL PROGRAM: GUIDED INTERPRETIVE TOURS AND SPECIAL EVENTS ARE HELD FOR EDUCATIONAL PURPOSES AS WELL AS MUSEUM CLASSES AND SUMMER APPRENTICESHIP PROGRAMS.
HISTORICAL PRESERVATION PROGRAM: INCLUDES RESTORATION AND MAINTENANCE OF 30 HISTORIC PROPERTIES AND OVER 15,000 ANTIQUITIES ACQUIRED FOR COLLECTION AND EXHIBIT TO THE PUBLIC.
MUSEUM PROGRAM: A MUSEUM OF EARLY SOUTHERN DECORATIVE ARTS.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Mr Frank Vagnone Pres/ceo | Officer | 40 | $220,007 |
Terry Taylor Coo; Interim | Officer | 40 | $89,166 |
Mr Christopher P Caracci Secretary | OfficerTrustee | 1 | $0 |
Mr William Joyner Chair | OfficerTrustee | 1 | $0 |
Mr William C Mariner Treasurer | OfficerTrustee | 1 | $0 |
Mrs Mary Elizabeth Mercier Vice Chair | OfficerTrustee | 1 | $0 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Frank L Blum Construction Company Construction | 12/30/17 | $1,258,016 |
Blackbaud Inc Software Suppor | 12/30/17 | $217,800 |
Robert Pearl Restoration | 12/30/17 | $103,948 |
Mcnair Construction Company Construction | 12/30/17 | $112,813 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $11,632 |
| Related organizations | $0 |
| Government grants | $960,445 |
| All other contributions, gifts, grants, and similar amounts not included above | $890,904 |
| Noncash contributions included in lines 1a–1f | $281,371 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $1,862,981 |
| Total Program Service Revenue | $187,420 |
| Investment income | $923,037 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $9,532 |
| Net Gain/Loss on Asset Sales | $273,363 |
| Net Income from Fundraising Events | -$1,552 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $529,133 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $3,795,190 |
| 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. | $321,486 |
| Compensation of current officers, directors, key employees. | $208,291 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $1,922,219 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $234,134 |
| Payroll taxes | $154,649 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $13,646 |
| Fees for services: Accounting | $54,391 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $65,500 |
| Fees for services: Other | $38,949 |
| Advertising and promotion | $7,418 |
| Office expenses | $315,586 |
| Information technology | $107,657 |
| Royalties | $0 |
| Occupancy | $221,374 |
| Travel | $28,448 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $666 |
| Interest | $20,913 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $624,687 |
| Insurance | $122,187 |
| All other expenses | $0 |
| Total functional expenses | $4,621,944 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $0 |
| Savings and temporary cash investments | $1,828,183 |
| Pledges and grants receivable | $344,393 |
| Accounts receivable, net | $119,471 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $148,455 |
| Prepaid expenses and deferred charges | $143,732 |
| Net Land, buildings, and equipment | $11,939,867 |
| Investments—publicly traded securities | $41,741,685 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $25,441,290 |
| Total assets | $81,707,076 |
| Accounts payable and accrued expenses | $522,864 |
| Grants payable | $0 |
| Deferred revenue | $125,018 |
| 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 | $966,926 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $0 |
| Total liabilities | $1,614,808 |
| Net assets without donor restrictions | $42,454,895 |
| Net assets with donor restrictions | $37,637,373 |
| 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 | $81,707,076 |
Grants Recieved
Over the last fiscal year, we have identified 3 grants that Old Salem Incorporated has recieved totaling $60,220.
| Awarding Organization | Amount |
|---|---|
Winston-Salem Foundation Winstonsalem, NC PURPOSE: 40 GRANT(S) FOR VARYING PURPOSES | $47,220 |
Community Foundation Of Sarasota County Inc Sarasota, FL PURPOSE: PROGRAM SUPPORT | $10,000 |
Sara Smith Self Foundation Winstonsalem, NC PURPOSE: SUPPORT THE FREDERIC WILLIAM MARSHALL SOCIETY AND THE TOWN ANNUAL FUND | $3,000 |
Endowment Analysis
| Beg. Balance | $39,318,454 |
| Earnings | $5,912,760 |
| Net Contributions | $3,930 |
| Other Expense | $1,665,277 |
| Ending Balance | $43,619,867 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Navy Seal Foundation Inc Virginia Beach, VA | $115,540,390 | $24,207,052 |
Lorraine Civil Rights Museum Foundation Memphis, TN | $35,843,207 | $14,748,460 |
The National Museum Of African American Music Nashville, TN | $43,131,276 | $9,233,015 |
National Infantry Museum Foundation Inc Columbus, GA | $75,263,880 | $5,605,336 |
Montpelier Foundation Orange, VA | $32,791,745 | $7,244,660 |
North Carolina Transportation Museum Foundation Spencer, NC | $11,455,078 | $7,616,895 |
Old Salem Incorporated Winstonsalem, NC | $81,707,076 | $3,795,190 |
American Civil War Museum Richmond, VA | $33,997,529 | $3,026,232 |
Soulsville Memphis, TN | $9,455,990 | $2,725,171 |
Valentine Museum Richmond, VA | $31,520,182 | $4,443,441 |
George Washington Masonic National Memorial Association Inc Alexandria, VA | $22,574,581 | $2,980,400 |
National Womens History Museum Alexandria, VA | $1,422,250 | $2,958,832 |