The Korners Folly Foundation
- Assets
- $2.6m
- Revenue
- $1.7m
- Investments
- $0.0
- Employees
- 10
- Location
- Kernersville, NC
- Founding
- 02/1997
- Data as of
- 09/2023
- 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 09/2023, Korners Folly Foundation employed 10 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 09/2023, Korners Folly Foundation generated $1.7m in total revenue. This organization has experienced exceptional growth, as over the past 8 years, it has increased revenue by an average of 31.2% each year . All expenses for the organization totaled $266.8k during the year ending 09/2023. While expenses have increased by 5.8% per year over the past 8 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
2023
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. 7,218 PEOPLE TOURED THE HOME DURING THE FISCAL YEAR THROUGH SELF-GUIDED AND GROUP TOURS. TOURS ARE ALSO PROVIDED TO SCHOOL GROUPS AND OTHER GROUPS. 17 EDUCATIONAL PROGRAMS WERE HELD DURING THE FISCAL YAR
EVALUATION AND RESTORATION: THE HISTORIC BUILDING AND GROUPS ARE CONTINUOUSLY EVALUATED FOR STRUCTURAL AND PRESERVATION NEEDS. PRESERVATION PROJECTS INCLUDED REPLACEMENT OF 2ND AND 3RD FLOOR HVAC UNITS AND REPLACEMENT OF ROOF HATCHES, AND WATER DAMAGE TO PLASTER AND PAINT WAS REPAIRED FOR TWO ROOMS THIS YEAR.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Susan Fradenburg Vice President | OfficerTrustee | 1 | $0 |
Jason Grubbs Vice President | OfficerTrustee | 1 | $0 |
Suzanne Hill Director | Trustee | 1 | $0 |
Betty Korner-Atkins Secretary | OfficerTrustee | 1 | $0 |
Monte Long Director | Trustee | 1 | $0 |
Tom Mcdaniel Director | Trustee | 1 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $11,446 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $258,000 |
| All other contributions, gifts, grants, and similar amounts not included above | $1,250,548 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $1,519,994 |
| Total Program Service Revenue | $91,818 |
| Investment income | $27,910 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $2,182 |
| Net Gain/Loss on Asset Sales | $0 |
| Net Income from Fundraising Events | $21,962 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $8,909 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $1,671,982 |
| 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. | $65,243 |
| Compensation of current officers, directors, key employees. | $26,097 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $72,474 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $0 |
| Payroll taxes | $10,876 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $8,343 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $0 |
| Advertising and promotion | $7,031 |
| Office expenses | $7,479 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $54,723 |
| 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 | $6,912 |
| Insurance | $12,477 |
| All other expenses | $3,523 |
| Total functional expenses | $266,786 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $317,585 |
| Savings and temporary cash investments | $775,725 |
| 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 | $5,477 |
| Prepaid expenses and deferred charges | $0 |
| Net Land, buildings, and equipment | $1,472,947 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $325 |
| Total assets | $2,572,059 |
| 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 | $5,696 |
| Total liabilities | $5,696 |
| Net assets without donor restrictions | $1,573,187 |
| Net assets with donor restrictions | $993,176 |
| 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 | $2,572,059 |