The Korners Folly Foundation in Kernersville, North Carolina (NC)
Table of contents:
| The Korners Folly Foundation | |
| Employer Identification Number (EIN) | 561984048 |
| Name of Organization | The Korners Folly Foundation |
| Address | 413 S Main St, Kernersville, NC 27284-2737 |
| Activities | Historical site, records or reenactment |
| Subsection | Educational Organization |
| Ruling Date | 02/1997 |
| Deductibility | Contributions are deductible |
| Foundation | Organization which receives a substantial part of its support from a governmental unit or the general public |
| Organization | Corporation |
| Exempt Organization Status | Unconditional Exemption |
| Tax Period | 09/2012 |
| Assets | $100,000 to $499,999 |
| Income | $100,000 to $499,999 |
| Filing Requirement | 990 (all other) or 990EZ return |
| Asset Amount | $409,319 |
| Amount of Income | $317,394 |
| Form 990 Revenue Amount | $308,841 |
| National Taxonomy of Exempt Entities (NTEE) | Arts, Culture and Humanities: Historical Societies, Related Historical Activities |
Non-representatives - add comments:
Amount of income in 2012: $317,394 (it was $181,533 in 2011)
| This organization: | $317,394 |
| Other organizations performing similar types of work: | $53,995 |
Assets in 2012: $409,319 (it was $327,053 in 2011)
| This organization: | $409,319 |
| Other organizations performing similar types of work: | $153,432 |
Expenses in 2012: $226,472
| The Korners Folly Foundation: | $226,472 |
| Other organizations performing similar types of work: | $45,737 |
Income to expenses ratio in 2012: 1.4
| This organization: | 1.4 |
| Other organizations performing similar types of work: | 1.0 |
Grants share in income in 2012: 68.4%
| The Korners Folly Foundation: | 68.4% |
| Other organizations performing similar types of work: | 48.4% |
Revenue for 2012
Functional expenses for 2012
Support schedule
| Statements Regarding Other IRS Filings and Tax Compliance (for 2012) | |
| Did the organization have unrelated business gross income of $1,000 or more during the year? | No |
| Initiation fees and capital contributions | $0 |
| Gross receipts for public use of club facilities | $0 |
| Gross income from members or shareholders | $0 |
| Gross income from other sources | $0 |
| Statement of Revenue (for 2012) | |
| Total revenue | $308,841 |
| Contributions, Gifts, Grants and Other Similar Amounts | $211,269 |
| Program Service Revenue | $58,466 |
| Other Revenue | |
| Investment income (including dividends, interest, and other similar amounts) | $245 |
| Income from investment of tax-exempt bond proceeds | $0 |
| Royalties | $0 |
| Net rental income | $3,211 |
| Gross rents (Real / Personal) | $3,411 / $0 |
| Less: rental expenses (Real / Personal) | $200 / $0 |
| Rental income or (loss) (Real / Personal) | $3,211 / $0 |
| Net gain from sales of assets other than inventory | $0 |
| Net income from fundraising events | $8,737 |
| Gross income from fundraising events | $11,174 |
| Less: direct expenses | $2,437 |
| Net income from gaming activities | $0 |
| Net income from sales of inventory | $708 |
| Gross sales of inventory, less returns and allowances | $6,624 |
| Less: cost of goods sold | $5,916 |
| Miscellaneous Revenue | $26,205 |
| Statement of Functional Expenses (for 2012) | |
| Total functional expenses | $226,472 |
| Compensation of current officers, directors, trustees, and key employees | $36,000 |
| Other salaries and wages | $15,817 |
| Payroll taxes | $4,516 |
| Professional fundraising services | $0 |
| Other | $170,139 |
| Balance Sheet (for 2012) | |
| Total assets | $409,319 |
| Total liabilities | $1,533 |
| Tax-exempt bond liabilities | $0 |
| Secured mortgages and notes payable to unrelated third parties | $0 |
| Unsecured notes and loans payable to unrelated third parties | $0 |
| Other | $1,533 |
| Total net assets or fund balances | $407,786 |
| Retained earnings, endowment, accumulated income, or other funds | $0 |
| Reason for Public Charity Status (for 2012) | |
| The organization is not a private foundation because it is: | An organization that normally receives: (1) more than 33 1/3 % of its support from contributions, membership fees, and gross receipts from activities related to its exempt functions - subject to certain exceptions, and (2) no more than 33 1/3 % of its support from gross investment income and unrelated business taxable income (less section 511 tax) from businesses acquired by the organization after June 30, 1975 |
| Support Schedule for Organizations Described in Section 509(a)(2) (for 2012) | |
| 2008 - 2012 Total | |
|---|---|
| Total support | $842,190 |
| Gifts, grants, contributions, and membership fees received | $463,853 |
| Gross receipts from admissions, merchandise sold or services performed, or facilities furnished in any activity that is related to the organization's tax-exempt purpose | $304,937 |
| Tax revenues levied for the organization's benefit and either paid to or expended on its behalf | $0 |
| The value of services or facilities furnished by a governmental unit to the organization without charge | $0 |
| Gross income from interest, dividends, payments received on securities loans, rents, royalties and income from similar sources and Unrelated business taxable income (less section 511 taxes) from businesses acquired after June 30, 1975 | $2,541 |
| Other | $70,859 |
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| Organizations performing similar types of work | |||||
| Id | Name | Address | State | Established | Total Income |
|---|---|---|---|---|---|
| 1 | San Antonio Conservation Society Foundation | 107 King William, San Antonio, TX 78204-1312 | TX | 1970-07 | $3,809,389 |
| 2 | Society Of Colonial Wars | 20 West 44th Street, New York, NY 10036-6603 | NY | 1942-10 | $508,828 |
| 3 | The Uncommon Friends Foundation Inc | PO BOX 811, Fort Myers, FL 33902-0811 | FL | 1994-10 | $334,103 |
| 4 | Coastside State Parks Association | New Years Creek Road, Pescadero, CA 94060 | CA | 1991-02 | $318,776 |
| 5 | The Korners Folly Foundation | 413 S Main St, Kernersville, NC 27284-2737 | NC | 1997-02 | $317,394 |
| 6 | Stearns County Pioneer Club | PO BOX 482, Albany, MN 56307-0482 | MN | 1991-05 | $270,975 |
| 7 | St Pauls Cathedral Tr In America Inc | 20 W 44th St Ste 508, New York, NY 10036-6603 | NY | 1996-03 | $243,202 |
| 8 | Windsor Restoration And Historical Association Inc | PO BOX 452, Del Norte, CO 81132-0452 | CO | 1996-06 | $235,159 |
| 9 | Trail Of Tears Association | 623 Spring Creek Street, Lowell, AR 72745 | AR | 1994-08 | $221,998 |
| 10 | Wayne County Historical Society | PO BOX 104, Corydon, IA 50060-0104 | IA | 1964-10 | $209,937 |
| 11 | Mint Hill Historical Society | PO BOX 23203, Mint Hill, NC 28227-0275 | NC | 1992-06 | $198,511 |
| 12 | Wayne County Sheriffs Youth Education Fund | 1231 Saint Antoine St, Detroit, MI 48226-2300 | MI | 1991-09 | $171,537 |
| 13 | Rices Hotel-Hughletts Tavern Foundation Inc | PO BOX 579, Heathsville, VA 22473-0579 | VA | 1994-01 | $134,688 |
| 14 | Village Heritage Foundation | PO BOX 398, Pinehurst, NC 28370-0398 | NC | 1994-06 | $49,286 |
| 15 | Blowing Rock Historical Society Inc | PO BOX 804, Blowing Rock, NC 28605-0804 | NC | 1994-04 | $29,616 |
| 16 | Friends Of The Outer Banks History Center | Po 250, Manteo, NC 27954 | NC | 1992-07 | $14,245 |
| 17 | Bessemer City History & Arts Society | 607 Long Creek Rd, Bessemer City, NC 28016 | NC | 1996-09 | $0 |
| 18 | Carolina Association For Passenger Trains, Capt | 2108 Bellaire Avenue, Raleigh, NC 27608-1806 | NC | 1993-05 | $0 |
| 19 | Centenary Memorial Association | 12200 Idlewood Drive, Laurinburg, NC 28352 | NC | 1993-04 | $0 |
| 20 | Forsyth Historic Trust Inc | 2900 Country Club Rd, Winston Salem, NC 27104-3016 | NC | 1995-06 | $0 |
| Number of organizations performing similar types of work | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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