The Korners Folly Foundation
- Assets
- $1.0m
- Revenue
- $504.0k
- Investments
- $0.0
- Employees
- 8
- Location
- Kernersville, NC
- Founding
- 02/1997
- Data as of
- 09/2021
- EIN
- 56-1984048
Organization Overview
The Korners Folly Foundation is located in Kernersville, NC. The organization was established in 1997. According to its NTEE Classification (A80) the organization is classified as: Historical Organizations, under the broad grouping of Arts, Culture & Humanities and related organizations. As of 09/2021, Korners Folly Foundation employed 8 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Korners Folly 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 09/2021, Korners Folly Foundation generated $504.0k in total revenue. This organization has experienced exceptional growth, as over the past 6 years, it has increased revenue by an average of 17.6% each year . All expenses for the organization totaled $239.2k during the year ending 09/2021. While expenses have increased by 5.9% per year over the past 6 years. They've been increasing with an increasing level of total revenue. 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
2021
Describe the Organization's Mission:
Part 3 - Line 1
TO PRESERVE, RESTORE AND MAINTAIN THE HISTORIC STRUCTURE.
Describe the Organization's Program Activity:
Part 3 - Line 4a
SHARE THE HISTORIC RELEVANCE OF THE HOUSE WITH THE PUBLIC. 6,957 PEOPLE TOURED THE HOME DURING THE FISCAL YEAR THROUGH SELF-GUIDED AND GROUP TOURS. TOURS ARE ALSO PROVIDED TO SCHOOL GROUPS AND OTHER GROUPS. 9 EDUCATIONAL PROGRAMS WERE HELD DURING THE FISCAL YEAR.
EVALUATION AND RESTORATION: THE HISTORIC BUILDING AND GROUNDS WERE PREVIOUSLY EVALUATED FOR STRUCTURAL AND PRESERVATION NEEDS. RESTORATION WAS COMPLETED FOR THREE ROOMS IN THE HOUSE.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Dale Pennington Executive Dir. | Trustee | 40 | $55,753 |
Kevin Bugg President | OfficerTrustee | 1 | $0 |
Joey Herman Director | OfficerTrustee | 1 | $0 |
Betty Korner-Atkins Secretary | OfficerTrustee | 1 | $0 |
Thomas Mcdaniel Treasurer | OfficerTrustee | 1 | $0 |
Mark Peck Vice President | OfficerTrustee | 1 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $9,905 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $96,550 |
| All other contributions, gifts, grants, and similar amounts not included above | $323,960 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $430,415 |
| Total Program Service Revenue | $40,861 |
| Investment income | $48 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $750 |
| Net Gain/Loss on Asset Sales | $0 |
| Net Income from Fundraising Events | $29,057 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $1,324 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $504,003 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $0 |
| Grants and other assistance to domestic individuals. | $2,000 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $55,753 |
| Compensation of current officers, directors, key employees. | $22,301 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $39,885 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $0 |
| Payroll taxes | $10,304 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $3,183 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $0 |
| Advertising and promotion | $3,067 |
| Office expenses | $8,320 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $17,854 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $5,058 |
| Insurance | $8,181 |
| All other expenses | $0 |
| Total functional expenses | $239,239 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $555,545 |
| Savings and temporary cash investments | $210,281 |
| 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 | $3,781 |
| Prepaid expenses and deferred charges | $113,171 |
| Net Land, buildings, and equipment | $129,779 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $17,068 |
| Total assets | $1,029,625 |
| Accounts payable and accrued expenses | $2,372 |
| 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 | $2,104 |
| Total liabilities | $4,476 |
| Net assets without donor restrictions | $377,310 |
| Net assets with donor restrictions | $647,839 |
| 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 | $1,029,625 |
Grants Recieved
Over the last fiscal year, we have identified 3 grants that The Korners Folly Foundation has recieved totaling $50,817.
| Awarding Organization | Amount |
|---|---|
Winston-Salem Foundation Winstonsalem, NC PURPOSE: 6 GRANT(S) FOR VARYING PURPOSES | $26,450 |
Kernsville Foundation Inc Kernersville, NC PURPOSE: SUPPORT FOR LOCAL HISTORICAL GROUP | $24,300 |
Amazonsmile Foundation Seattle, WA PURPOSE: GENERAL SUPPORT | $67 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Mount Vernon Ladies Association Of The Union Mount Vernon, VA | $342,045,360 | $38,819,933 |
Atlanta Historical Society Inc Atlanta, GA | $186,882,791 | $33,828,707 |
Heritage South Community Cu Shelbyville, TN | $308,780,084 | $17,719,881 |
Bell Tower Green Inc Salisbury, NC | $2,054,412 | $2,539,569 |
Fox Theatre Inc Atlanta, GA | $106,794,461 | $20,353,110 |
Army Historical Foundation Inc Fort Belvoir, VA | $16,487,331 | $17,384,969 |
Virginia Historical Society Richmond, VA | $152,846,402 | $30,481,870 |
United States Foundation For The Commemoration Of The World Wars Arlington, VA | $17,191,453 | $4,408,831 |
The Lodges At Banning Mills Retreat And Conservation Center Inc Whitesburg, GA | $8,373,902 | $8,117,551 |
Association For The Preservation Of Virginia Antiquities Richmond, VA | $27,559,744 | $5,571,617 |
Robert E Lee Memorial Association Stratford, VA | $32,464,208 | $3,400,673 |
Atlanta Beltline Partnership Inc Atlanta, GA | $54,208,865 | $38,882,931 |