Tryon Palace Foundation Inc
- Assets
- $6.1m
- Revenue
- $1.9m
- Investments
- $0.0
- Employees
- 0
- Location
- New Bern, NC
- Founding
- 04/1993
- Data as of
- 12/2021
- EIN
- 56-1795949
Organization Overview
Tryon Palace Foundation Inc is located in New Bern, NC. The organization was established in 1993. According to its NTEE Classification (A82) the organization is classified as: Historical Societies & Historic Preservation, under the broad grouping of Arts, Culture & Humanities and related organizations. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Tryon Palace Foundation Inc 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, Tryon Palace Foundation Inc generated $1.9m in total revenue. This organization has experienced exceptional growth, as over the past 6 years, it has increased revenue by an average of 17.4% each year . All expenses for the organization totaled $1.2m during the year ending 12/2021. While expenses have increased by 19.8% 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 SUPPORT THE ACTIVITIES AND PURPOSE OF TRYON PALACE, A HISTORIC SITE OWNED AND OPERATED BY THE STATE OF NORTH CAROLINA AND LOCATED IN NEW BERN, NORTH CAROLINA.
Describe the Organization's Program Activity:
Part 3 - Line 4a
AS A SUPPORTING ORGANIZATION, TRYON PALACE FOUNDATION USES FUNDS FROM GRANTS AND CONTRIBUTIONS TO HELP TRYON PALACE MAINTAIN ITS BUILDINGS, GROUNDS, MUSEUM, AND EDUCATIONAL PROGRAMMING. THE ORGANIZATION ALSO PROVIDES FUNDING FOR CULTURAL AND HISTORICAL EXHIBITS AT TRYON PALACE. THE CONSTRUCTION OF THE GARDEN COTTAGE, WHICH BEGAN DURING 2021, IS EXPECTED TO BE COMPLETED BY FALL 2022. RESTORATION AND PRESERVATION PROJECTS IN 2021 INCLUDED THE NEW BERN ACADEMY, AS WELL AS THE EXTERIOR PAINTING OF THE HAY HOUSE. IN ADDITION, THE FOUNDATION REPLACED THE ROOF OF ITS ANNEX BUILDING, WHICH IS PRIMARILY USED FOR COLLECTIONS AND COLLECTIONS STAFF.
PROMOTION OF SPECIAL HISTORIC, EDUCATIONAL, AND CULTURAL EVENTS AT TRYON PALACE.IN 2021, THE FOUNDATION RECEIVED A GRANT, WHICH WILL CONCLUDE IN 2023, TO ASSIST IN THE FACILITATION OF 4 PROGRAMS AT TRYON PALACE. THESE PROGRAMS INCLUDE (1) PRODUCTION OF A VIDEO SERIES TO ENHANCE EDUCATION THEMES IN NORTH CAROLINA HISTORY, ESPECIALLY TOPICS ASSOCIATED WITH UNDERSERVED COMMUNITIES; (2) PURCHASE OF COSTUMES, INSTRUMENTS, AND OTHER MATERIALS AS WELL AS SUPPORT PROGRAMMING FOR TRYON PALACE'S FOUR VOLUNTEER INTERPRETIVE GROUPS : CONTINENTAL LINE, FIFE AND DRUM, THE 35TH USCT, AND THE JONKONNU PERFORMANCE GROUP; (3) PRODUCTION OF AN AFRICAN AMERICAN LECTURE AND SYMPOSIUM SERIES FOR 2021-2022; AND (4) IMPLEMENTATION OF AN ADVERTISING PROGRAM TO INTRODUCE TRYON PALACE AND ITS PROGRAMS TO DIVERSE AUDIENCES.
PROMOTION OF EDUCATIONAL PROGRAMS FOR ADULTS AND CHILDREN, THEREBY PROVIDING ADDITIONAL EXPOSURE TO THE HISTORICAL AND CULTURAL MISSION OF TRYON PALACE. IN ADDITION, THE FOUNDATION'S PALACE SCHOLARS PROGRAM PROVIDES FIELD TRIP OPPORTUNITIES FOR STUDENTS ATTENDING TITLE I SCHOOLS IN NORTH CAROLINA. CLOSURES RELATED TO THE COVID-19 PANDEMIC SIGNIFICANTLY AFFECTED PROGRAM ACTIVITIES DURING 2020 AND 2021. HOWEVER, THE FOUNDATION EXPECTS SIGNIFICANT PARTICIPATION BEGINNING IN THE 2022-2023 SCHOOL YEAR.
PROMOTION OF FREE CONCERTS AND OTHER PROGRAMS THAT PROVIDE ADDITIONAL OPPORTUNITIES TO EXPOSE THE PUBLIC TO THE HISTORICAL AND CULTURAL MISSION OF TRYON PALACE.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Mr William J Mccrea Executive Director | Officer | 5 | $20,000 |
Mr Gary Curry Until Oct 21 Vice President | OfficerTrustee | 3.25 | $0 |
Mrs Jeannie Tyson President | OfficerTrustee | 8 | $0 |
Mr Ross Hardeman Director | Trustee | 3.25 | $0 |
Mr Stephen A Graves Director | Trustee | 3.25 | $0 |
Mr Mark Gatlin Director | Trustee | 3.25 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $0 |
| All other contributions, gifts, grants, and similar amounts not included above | $1,616,109 |
| Noncash contributions included in lines 1a–1f | $2,638 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $1,616,109 |
| Total Program Service Revenue | $150 |
| Investment income | $57,277 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | -$32,290 |
| Net Gain/Loss on Asset Sales | $204,383 |
| Net Income from Fundraising Events | $9,989 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $1,856,143 |
| 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. | $0 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $0 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $0 |
| Payroll taxes | $0 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $19,500 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $16,107 |
| Fees for services: Other | $0 |
| Advertising and promotion | $10,415 |
| Office expenses | $2,295 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $0 |
| 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 | $9,600 |
| Insurance | $2,882 |
| All other expenses | $120,021 |
| Total functional expenses | $1,153,286 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $200 |
| Savings and temporary cash investments | $1,525,790 |
| Pledges and grants receivable | $67,245 |
| Accounts receivable, net | $4,988 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $6,317 |
| Net Land, buildings, and equipment | $981,566 |
| Investments—publicly traded securities | $3,557,699 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $6,143,805 |
| Accounts payable and accrued expenses | $15,640 |
| Grants payable | $0 |
| Deferred revenue | $835 |
| 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 | $0 |
| Total liabilities | $16,475 |
| Net assets without donor restrictions | $4,748,096 |
| Net assets with donor restrictions | $1,379,234 |
| 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 | $6,143,805 |
Grants Recieved
Over the last fiscal year, we have identified 2 grants that Tryon Palace Foundation Inc has recieved totaling $205,000.
| Awarding Organization | Amount |
|---|---|
Anonymous Trust Raleigh, NC PURPOSE: GRANTS FOR GENERAL OPERATING SUPPORT SCHOLARS PROGRAM (35,000 CHALLENGE; 85,000 OUTRIGHT) | $120,000 |
Anonymous Trust Raleigh, NC PURPOSE: GRANT FOR GENERAL OPERATING SUPPORT | $85,000 |
Endowment Analysis
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Maymont Foundation Richmond, VA | $38,971,207 | $5,423,725 |
The Lynnwood Foundation Charlotte, NC | $21,387,443 | $5,860,754 |
The Heritage Foundation Of Williamson County Tn Franklin, TN | $23,589,168 | $5,101,900 |
Classical American Homes Preservation Trust Hillsborough, NC | $132,123,539 | $8,113,151 |
Andrew Jackson Foundation Hermitage, TN | $11,010,285 | $4,320,645 |
Historic Columbia Foundation Inc Columbia, SC | $4,152,863 | $4,740,908 |
Memphis Chapter For Preservation Of Tennessee Antiquities Nashville, TN | $7,377,257 | $4,193,595 |
Georgia Historical Society Savannah, GA | $30,611,121 | $5,575,417 |
Coastal Heritage Society Inc Savannah, GA | $3,223,503 | $3,680,449 |
The George Washington Foundation Fredericksburg, VA | $39,220,156 | $2,847,343 |
Coastal Georgia Historical Society Inc St Simons Island, GA | $8,728,661 | $2,039,042 |
Preservation Society Of Charleston Charleston, SC | $9,215,770 | $2,455,681 |