Old Salem Incorporated
- Assets
- $70.0m
- Revenue
- $7.1m
- Investments
- $0.0
- Employees
- 144
- Location
- Winstonsalem, NC
- Founding
- 06/1950
- Data as of
- 12/2023
- 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 12/2023, Old Salem Incorporated employed 144 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 12/2023, Old Salem Incorporated generated $7.1m in total revenue. This represents relatively stable growth, over the past 8 years the organization has increased revenue by an average of 1.8% each year. All expenses for the organization totaled $6.1m during the year ending 12/2023. 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
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:
Part 3 - Line 4a
EDUCATIONAL PROGRAM: INTERPRETIVE TOURS, SPECIAL EVENTS AND MUSEUM CLASS PROGRAMS ARE HELD FOR EDUCATIONAL PURPOSES.
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 |
|---|---|---|---|
Terry Taylor President/ce | Officer | 40 | $134,434 |
Trent Jernigan Trustee | Trustee | 1 | $0 |
June Lucas Trustee | Trustee | 1 | $0 |
William E Hollan III Trustee | Trustee | 1 | $0 |
Molly A Leight Trustee | Trustee | 1 | $0 |
James E Martin Trustee | Trustee | 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 |
Mcnair Construction Company Construction | 12/30/17 | $112,813 |
Robert Pearl Restoration | 12/30/17 | $103,948 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $1,787,571 |
| All other contributions, gifts, grants, and similar amounts not included above | $1,491,765 |
| Noncash contributions included in lines 1a–1f | $639,430 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $3,279,336 |
| Total Program Service Revenue | $925,977 |
| Investment income | $1,244,080 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $399 |
| Net Rental Income | $16,067 |
| Net Gain/Loss on Asset Sales | $744,175 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $835,969 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $7,060,262 |
| 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. | $141,014 |
| Compensation of current officers, directors, key employees. | $70,507 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $2,724,614 |
| Pension plan accruals and contributions | $65,045 |
| Other employee benefits | $198,834 |
| Payroll taxes | $211,744 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $8,475 |
| Fees for services: Accounting | $42,201 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $58,762 |
| Fees for services: Other | $259,497 |
| Advertising and promotion | $82,411 |
| Office expenses | $0 |
| Information technology | $218,562 |
| Royalties | $0 |
| Occupancy | $299,395 |
| Travel | $108,530 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $2,781 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $593,849 |
| Insurance | $141,516 |
| All other expenses | $286 |
| Total functional expenses | $6,101,907 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $1,410,295 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $692,294 |
| 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 | $147,255 |
| Prepaid expenses and deferred charges | $125,200 |
| Net Land, buildings, and equipment | $9,853,606 |
| Investments—publicly traded securities | $37,932,931 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $19,795,553 |
| Total assets | $69,957,134 |
| Accounts payable and accrued expenses | $623,847 |
| Grants payable | $0 |
| Deferred revenue | $43,525 |
| 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 | $305,198 |
| Total liabilities | $972,570 |
| Net assets without donor restrictions | $29,530,972 |
| Net assets with donor restrictions | $39,453,592 |
| 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 | $69,957,134 |