Old Salem Incorporated in Winston Salem, North Carolina (NC)

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Old Salem Incorporated
Employer Identification Number (EIN)560587289
Name of OrganizationOld Salem Incorporated
Address600 S Main St, Winston Salem, NC 27101-5329
ActivitiesOther school related activities, Historical site, records or reenactment, Museum, zoo, planetarium, etc.
SubsectionEducational Organization
Ruling Date06/1950
DeductibilityContributions are deductible
FoundationOrganization which receives a substantial part of its support from a governmental unit or the general public
OrganizationCorporation
Exempt Organization StatusUnconditional Exemption
Tax Period12/2013
Assets$50,000,000 to greater
Income$10,000,000 to $49,999,999
Filing Requirement990 (all other) or 990EZ return
Asset Amount$73,203,749
Amount of Income$22,278,021
Form 990 Revenue Amount$9,137,521
National Taxonomy of Exempt Entities (NTEE)Arts, Culture and Humanities: History Museums


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Amount of income in 2013: $22,278,021
Old Salem Incorporated: 

 $22,278,021
Other organizations performing similar types of work: 

 $170,607

Assets in 2013: $73,203,749
Old Salem Incorporated: 

 $73,203,749
Other organizations performing similar types of work: 

 $751,001

Expenses in 2013: $7,803,959
This organization: 

 $7,803,959
Other organizations performing similar types of work: 

 $136,601

Income to expenses ratio in 2013: 2.9
Old Salem Incorporated: 

 2.9
Other organizations performing similar types of work: 

 1.2

Expenses allocated to program services in 2007: 41.6%
Old Salem Incorporated: 

 41.6%
Other organizations performing similar types of work: 

 70.0%

Number of employees in 2013: 253
Old Salem Incorporated: 

 253
Other organizations performing similar types of work: 

 4

Employees paid over $100,000 in 2013: 0.8%
This organization: 

 0.8%
Other organizations performing similar types of work: 

 0.0%

Grants share in income in 2013: 45.1%
This organization: 

 45.1%
Other organizations performing similar types of work: 

 57.9%

Financial snapshot ($)

Revenue for 2013

Assets at the end of 2013

Functional expenses for 2013

Support schedule

Checklist
20122013
Is the organization described in section 501(c)(3) or 4947(a)(1) (other than a private foundation)?YesYes
Is the organization required to complete Schedule B, Schedule of Contributors?YesYes
Did the organization engage in direct or indirect political campaign activities on behalf of or in opposition to candidates for public office?NoNo
Did the organization engage in lobbying activities, or have a section 501(h) election in effect during the tax year?NoNo
Is the organization a section 501(c)(4), 501(c)(5), or 501(c)(6) organization that receives membership dues, assessments, or similar amounts as defined in Revenue Procedure 98-19?NoNo
Did the organization maintain any donor advised funds or any similar funds or accounts for which donors have the right to provide advice on the distribution or investment of amounts in such funds or accounts?NoNo
Did the organization receive or hold a conservation easement, including easements to preserve open space, the environment, historic land areas, or historic structures?YesYes
Did the organization maintain collections of works of art, historical treasures, or other similar assets?YesYes
Did the organization report an amount for escrow or custodial account liability; serve as a custodian or provide credit counseling, debt management, credit repair, or debt negotiation services?NoNo
Did the organization, directly or through a related organization, hold assets in temporarily restricted endowments, permanent endowments, or quasi-endowments?YesYes
Did the organization report an amount for land, buildings, and equipment?YesYes
Did the organization report an amount for investments-other securities that is 5% or more of its total assets?NoNo
Did the organization report an amount for investments-program related that is 5% or more of its total assets?NoNo
Did the organization report an amount for other assets that is 5% or more of its total assets?YesYes
Did the organization report an amount for other liabilities?YesYes
Did the organization's separate or consolidated financial statements for the tax year include a footnote that addresses the organization's liability for uncertain tax positions under FIN 48 (ASC 740)?NoYes
Did the organization obtain separate, independent audited financial statements for the tax year?YesYes
Was the organization included in consolidated, independent audited financial statements for the tax year?NoNo
Is the organization a school described in section 170(b)(1)(A)(ii)?NoNo
Did the organization maintain an office, employees, or agents outside of the United States?NoNo
Did the organization have aggregate revenues or expenses of more than $10,000 from grantmaking, fundraising, business, investment, and program service activities outside the United States, or aggregate foreign investments valued at $100,000 or more?NoNo
Did the organization report more than $5,000 of grants or other assistance to or for any foreign organization?NoNo
Did the organization report more than $5,000 of aggregate grants or other assistance to or for foreign individuals?NoNo
Did the organization report a total of more than $15,000 of expenses for professional fundraising services?YesNo
Did the organization report more than $15,000 total of fundraising event gross income and contributions?YesYes
Did the organization report more than $15,000 of gross income from gaming activities?NoNo
Did the organization operate one or more hospital facilities?NoNo
Did the organization attach a copy of its audited financial statements?NoNo
Did the organization report more than $5,000 of grants or other assistance to any domestic organization or domestic government?NoNo
Did the organization report more than $5,000 of grants or other assistance to or for domestic individuals?NoNo
Did the organization answer 'Yes' about compensation of the organization's current and former officers, directors, trustees, key employees, and highest compensated employees?YesYes
Did the organization have a tax-exempt bond issue with an outstanding principal amount of more than $100,000 as of the last day of the year, that was issued after December 31, 2002?NoNo
Did the organization invest any proceeds of tax-exempt bonds beyond a temporary period exception?NoNo
Did the organization maintain an escrow account other than a refunding escrow at any time during the year to defease any tax-exempt bonds?NoNo
Did the organization act as an 'on behalf of' issuer for bonds outstanding at any time during the year?NoNo
Did the organization engage in an excess benefit transaction with a disqualified person during the year?NoNo
Is the organization aware that it engaged in an excess benefit transaction with a disqualified person in a prior year, and that the transaction has not been reported on any of the organization's prior Forms 990 or 990-EZ?NoNo
Did the organization report any amount for receivables from or payables to any current or former officers, directors, trustees, key employees, highest compensated employees, or disqualified persons?NoNo
Did the organization provide a grant or other assistance to an officer, director, trustee, key employee, substantial contributor or employee thereof, a grant selection committee member, or to a 35% controlled entity or family member of any of these persons?NoNo
Was the organization a party to a business transaction with one of the following parties
A current or former officer, director, trustee, or key employee?NoNo
A family member of a current or former officer, director, trustee, or key employee?NoNo
An entity of which a current or former officer, director, trustee, or key employee (or a family member thereof) was an officer, director, trustee, or direct or indirect owner?NoNo
Did the organization receive more than $25,000 in non-cash contributions?YesYes
Did the organization receive contributions of art, historical treasures, or other similar assets, or qualified conservation contributions?YesYes
Did the organization liquidate, terminate, or dissolve and cease operations?NoNo
Did the organization sell, exchange, dispose of, or transfer more than 25% of its net assets?NoNo
Did the organization own 100% of an entity disregarded as separate from the organization under Regulations sections 301.7701-2 and 301.7701-3?NoNo
Was the organization related to any tax-exempt or taxable entity?NoNo
Did the organization have a controlled entity within the meaning of section 512(b)(13)?NoNo
Did the organization make any transfers to an exempt non-charitable related organization?NoNo
Did the organization conduct more than 5% of its activities through an entity that is not a related organization and that is treated as a partnership for federal income tax purposes?NoNo
Statements Regarding Other IRS Filings and Tax Compliance
20122013
The number reported in Box 3 of Form 10965550
The number of Forms W-2G00
Did the organization comply with backup withholding rules for reportable payments to vendors and reportable gaming (gambling) winnings to prize winners?YesYes
The number of employees reported on Form W-3, Transmittal of Wage and Tax Statements, filed for the calendar year ending with or within the year covered by this return232253
Did the organization file all required federal employment tax returns?YesYes
Did the organization have unrelated business gross income of $1,000 or more during the year?YesYes
Has it filed a Form 990-T for this year?YesYes
At any time during the calendar year, did the organization have an interest in, or a signature or other authority over, a financial account in a foreign country (such as a bank account, securities account, or other financial account)?YesYes
Was the organization a party to a prohibited tax shelter transaction at any time during the tax year?NoNo
Did any taxable party notify the organization that it was or is a party to a prohibited tax shelter transaction?NoNo
Did the organization file Form 8886-T?NoNo
Does the organization have annual gross receipts that are normally greater than $100,000, and did the organization solicit any contributions that were not tax deductible as charitable contributions?NoNo
Did the organization include with every solicitation an express statement that such contributions or gifts were not tax deductible?NoNo
Did the organization receive a payment in excess of $75 made partly as a contribution and partly for goods and services provided to the payor?YesYes
Did the organization notify the donor of the value of the goods or services provided?YesYes
Did the organization sell, exchange, or otherwise dispose of tangible personal property for which it was required to file Form 8282?NoNo
Did the organization receive any funds, directly or indirectly, to pay premiums on a personal benefit contract?NoNo
Did the organization, during the year, pay premiums, directly or indirectly, on a personal benefit contract?NoNo
If the organization received a contribution of qualified intellectual property, did the organization file Form 8899 as required?NoNo
If the organization received a contribution of cars, boats, airplanes, or other vehicles, did the organization file a Form 1098-C?NoNo
Did a donor advised fund maintained by the sponsoring organization have excess business holdings at any time during the year?NoNo
Did the sponsoring organization make any taxable distributions under section 4966?NoNo
Did the sponsoring organization make a distribution to a donor, donor advisor, or related person?NoNo
Initiation fees and capital contributions$0$0
Gross receipts for public use of club facilities $0$0
Gross income from members or shareholders$0$0
Gross income from other sources$0$0
Is the organization filing Form 990 in lieu of Form 1041?NoNo
The amount of tax-exempt interest received or accrued during the year$0$0
Is the organization licensed to issue qualified health plans in more than one state?NoNo
The amount of reserves the organization is required to maintain by the states in which the organization is licensed to issue qualified health plans$0$0
The amount of reserves on hand$0$0
Did the organization receive any payments for indoor tanning services during the tax year?NoNo
Has it filed a Form 720 to report these payments?NoNo
Compensation of Officers, Directors, Trustees, Key Employees, Highest Compensated Employees, and Independent Contractors
20122013
Officers, Directors, Trustees, Key Employees, and Highest Compensated Employees
Total reportable compensation from the organization$471,450$540,839
Total reportable compensation from related organizations$0$0
Total estimated amount of other compensation from the organization and related organizations$33,923$43,785
Total number of individuals who received more than $100,000 of reportable compensation from the organization12
Total number of independent contractors who received more than $100,000 of compensation from the organization00
Statement of Revenue
20122013
Total revenue$6,271,159$9,137,521
Contributions, Gifts, Grants and Other Similar Amounts$1,735,677$4,121,425
Program Service Revenue$983,200$1,036,463
900099$795,006$869,403
900099$168,272$150,360
900099$19,922$16,700
All other program service revenue$0$0
Other Revenue
Investment income (including dividends, interest, and other similar amounts)$925,515$952,732
Income from investment of tax-exempt bond proceeds$0$0
Royalties$782$1,141
Net rental income$120,155$143,261
Gross rents (Real / Personal)$175,872 / $0$198,400 / $0
Less: rental expenses (Real / Personal)$55,717 / $0$55,139 / $0
Rental income or (loss) (Real / Personal)$120,155 / $0$143,261 / $0
Net gain/loss from sales of assets other than inventory$1,094,714$1,286,575
Gross amount from sales of assets other than inventory (Securities / Other)$9,206,893 / $246,710$12,820,145 / $390,299
Less: cost or other basis and sales expenses (Securities / Other)$8,327,182 / $31,707$11,541,434 / $382,435
Gain or (loss) (Securities / Other)$879,711 / $215,003$1,278,711 / $7,864
Net income/loss from fundraising events$-12,570$-31,938
Gross income from fundraising events$43,737$63,819
Less: direct expenses$56,307$95,757
Net income/loss from gaming activities$0$0
Net income/loss from sales of inventory$1,417,046$1,606,839
Gross sales of inventory, less returns and allowances$2,363,764$2,672,574
Less: cost of goods sold$946,718$1,065,735
Miscellaneous Revenue$6,640$21,023
900099$5,455$20,570
900099$1,185$453
All other revenue$0$0
Statement of Functional Expenses
20122013
Total functional expenses$6,185,238$7,803,959
Grants and other assistance to domestic organizations and domestic governments$0$0
Grants and other assistance to domestic individuals$0$0
Grants and other assistance to foreign organizations, foreign governments, and foreign individuals$0$0
Benefits paid to or for members$0$0
Compensation of current officers, directors, trustees, and key employees$483,361$584,624
Compensation not included above, to disqualified persons$22,012$0
Other salaries and wages$2,631,946$3,285,983
Pension plan accruals and contributions$0$0
Other employee benefits$229,173$267,246
Payroll taxes$263,070$311,426
Fees for services (non-employees)
Management$0$0
Legal$11,973$16,757
Accounting$32,360$33,400
Lobbying$0$0
Professional fundraising services$45,036$0
Investment management fees$132,070$167,536
Other$101,742$292,040
Advertising and promotion$169,429$151,619
Office expenses$0$0
Information technology$109,179$147,105
Royalties$0$0
Occupancy$0$0
Travel$90,074$96,146
Payments of travel or entertainment expenses for any federal, state, or local public officials$0$0
Conferences, conventions, and meetings$3,830$6,470
Interest$43,105$38,417
Payments to affiliates$0$0
Depreciation, depletion, and amortization$400,181$486,863
Insurance$135,828$152,723
Other expenses$537,458$728,298
Other expenses$329,054$551,215
Other expenses$241,566$281,196
Other expenses$81,920$93,751
Other expenses$0$111,144
Balance Sheet
20122013
Total assets$70,579,096$73,203,749
Cash - non-interest-bearing$0$0
Savings and temporary cash investments$0$0
Pledges and grants receivable, net$603,922$1,763,276
Accounts receivable, net$212,465$107,491
Loans and other receivables from current and former officers, directors, trustees, key employees, and highest compensated employees$0$0
Loans and other receivables from other disqualified persons, persons described in section 4958(c)(3)(B), and contributing employers and sponsoring organizations of section 501(c)(9) voluntary employees' beneficiary organizations$0$0
Notes and loans receivable, net$0$0
Inventories for sale or use$618,767$737,953
Prepaid expenses and deferred charges$72,177$75,416
Land, buildings, and equipment: cost or other basis$10,795,672$10,786,549
Investments - publicly traded securities$35,510,389$36,378,771
Investments - other securities$0$0
Investments - program-related$0$0
Intangible assets$3,500$500
Other assets$22,762,204$23,353,793
Total liabilities$2,117,876$1,693,524
Accounts payable and accrued expenses$896,775$1,060,345
Grants payable$0$0
Deferred revenue$177,569$175,338
Tax-exempt bond liabilities$0$0
Escrow or custodial account liability$0$0
Loans and other payables to current and former officers, directors, trustees, key employees, highest compensated employees, and disqualified persons$0$0
Secured mortgages and notes payable to unrelated third parties$992,187$398,244
Unsecured notes and loans payable to unrelated third parties$0$0
Other liabilities (including federal income tax, payables to related third parties, and other liabilities)$51,345$59,597
Total net assets or fund balances$68,461,220$71,510,225
Unrestricted net assets$44,255,410$44,897,512
Temporarily restricted net assets$6,751,772$8,963,384
Permanently restricted net assets$17,454,038$17,649,329
Capital stock or trust principal, or current funds$0$0
Paid-in or capital surplus, or land, building, or equipment fund$0$0
Retained earnings, endowment, accumulated income, or other funds$0$0
Reason for Public Charity Status (for 2013)
The organization is not a private foundation because it is:An organization that normally receives a substantial part of its support from a governmental unit or from the general public described in section 170(b)(1)(A)(vi)
Number of organizations supported0
Sum of amounts of support$0
Support Schedule for Organizations Described in Sections 170(b)(1)(A)(iv) and 170(b)(1)(A)(vi) (for 2009 - 2013)
2009 - 2013 Total
Public Support$9,905,962
Subtotal Support$10,662,741
Gifts, grants, contributions, and membership fees received$10,662,741
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
The portion of total contributions by each person (other than a governmental unit or publicly supported organization) that exceeds 2% of the total support$756,779
Total Support$16,881,263
Public Support$10,662,741
Gross income from interest, dividends, payments received on securities loans, rents, royalties and income from similar sources$6,171,339
Net income from unrelated business activities, whether or not the business is regularly carried on$0
Other income. Do not include gain or loss from the sale of capital assets$47,183
Gross receipts from related activities, etc.$17,580,626
Revenue, Expenses, and Changes in Net Assets or Fund Balances
20002001200220032004200520062007
Total revenue$12,280,521$4,982,418$3,541,408$8,631,953$11,928,283$7,968,964$9,481,383$10,304,167
Contributions, gifts, grants, and similar amounts received$1,510,075$2,518,750$2,864,924$6,113,666$6,526,219$1,920,913$1,733,781$2,924,480
Contributions to donor advised funds$0$0
Direct public support$1,465,613$2,218,004$1,834,115$5,178,059$5,516,219$1,920,913$1,733,781$2,907,805
Indirect public support$0$0$0$0$0$0$0$0
Government contributions (grants)$44,462$300,746$1,030,809$935,607$1,010,000$0$0$16,675
Program service revenue including government fees and contracts$1,076,751$1,110,943$1,032,822$1,074,704$1,104,755$987,226$1,142,598$1,013,278
Membership dues and assessments$0$0$0$0$0$0$0$0
Interest on savings and temporary cash investments$264,006$184,447$62,906$81,127$630,018$919,296$1,048,925$1,109,049
Dividends and interest from securities$792,032$720,692$666,389$675,384$1,115,840$2,001,024$2,267,964$2,592,060
Net rental income or (loss)$135,378$140,786$-6,222$4,398$45,013$-17,430$-14,115$30,014
Gross rents$278,636$268,710$130,010$123,205$146,259$111,972$105,950$135,455
Less: rental expenses$143,258$127,924$136,232$118,807$101,246$129,402$120,065$105,441
Other investment income$0$0$0$0$0$0$0$0
Gain or (loss) from sales of assets other than inventory$7,011,460$-110,696$-1,130,382$480,956$2,307,207$2,201,896$3,327,239$2,570,974
Gross amount from sales of assets other than inventory$18,481,869$10,397,336$5,960,031$6,633,690$9,670,749$2,451,024$44,207,959$47,294,049
Less: cost or other basis and sales expenses$11,470,409$10,508,032$7,090,413$6,152,734$7,363,542$249,128$40,880,720$44,723,075
Net income or (loss) from special events and activities$0$0$0$0$0$0$0$0
Gross revenue$0$0$0$0$0$0$0$0
Less: direct expenses other than fundraising expenses$0$0$0$0$0$0$0$0
Gross profit or (loss) from sales of inventory$1,480,550$402,454$41,739$198,107$196,114$-46,549$-27,582$60,376
Gross sales of inventory, less returns and allowances$2,299,137$2,418,921$2,275,724$2,418,333$2,120,729$1,972,792$2,190,373$2,454,194
Less: cost of goods sold$818,587$2,016,467$2,233,985$2,220,226$1,924,615$2,019,341$2,217,955$2,393,818
Other revenue$10,269$15,042$9,232$3,611$3,117$2,588$2,573$3,936
Total expenses$5,176,606$3,992,659$4,363,441$4,631,632$5,794,665$7,011,274$8,574,280$9,656,077
Program services$4,242,744$3,129,387$3,220,138$3,361,833$3,593,052$3,623,174$4,741,566$4,015,755
Management and general$712,612$726,470$1,015,920$1,086,157$2,024,960$3,204,440$3,584,868$4,255,069
Fundraising$221,250$136,802$127,383$183,642$176,653$183,660$247,846$1,385,253
Payments to affiliates$0$0$0$0$0$0$0$0
Net assets or fund balances at end of year$65,565,322$63,965,850$59,309,291$69,606,297$76,434,475$78,539,934$80,743,965$80,921,955
Excess or (deficit) for the year$7,103,915$989,759$-822,033$4,000,321$6,133,618$957,690$907,103$648,090
Net assets or fund balances at beginning of year$71,728,970$65,565,322$63,965,850$59,309,291$69,606,297$76,434,475$78,539,934$80,743,965
Other changes in net assets or fund balances$-13,267,563$-2,589,231$-3,834,526$6,296,685$694,560$1,147,769$1,296,928$-470,100
Statement of Functional Expenses (for 2007)
TotalProgram servicesManagement and generalFundraising
Total functional expenses$9,656,077$4,015,755$4,255,069$1,385,253
Grants paid from donor advised funds$0
Other grants and allocations$0
Specific assistance to individuals$0
Benefits paid to or for members$0
Compensation of current officers, directors, key employees, etc.$666,237$352,862$313,375$0
Compensation of former officers, directors, key employees, etc.$0$0$0$0
Compensation and other distributions, not included above, to disqualified persons (as defined under section 4958(f)(1)) and persons described in section 4958(c)(3)(B)$0$0$0$0
Salaries and wages of employees not included above$2,685,722$2,310,437$36,976$338,309
Pension plan contributions not included above$0$0$0$0
Employee benefits not included above$56,316$36,461$8,675$11,180
Payroll taxes$231,682$162,074$47,050$22,558
Professional fundraising fees$0$0$0$0
Accounting fees$0$0$0$0
Legal fees$7,904$0$6,435$1,469
Supplies$626,766$179,455$61,620$385,691
Telephone$18,000$0$18,000$0
Postage and shipping$71,789$5,277$10,838$55,674
Occupancy$254,837$7,044$247,793$0
Equipment rental and maintenance$140,427$98,265$42,162$0
Printing and publications$20,060$1,032$14,672$4,356
Travel$120,257$82,170$28,177$9,910
Conferences, conventions, and meetings$78,956$5,113$9,224$64,619
Interest$158,131$0$158,131$0
Depreciation, depletion, etc.$462,206$334,961$127,245$0
Other expenses not covered above$4,056,787$440,604$3,124,696$491,487
Balance Sheets
20002001200220032004200520062007
Total assets$66,659,516$65,299,345$61,539,826$72,076,755$79,376,481$81,108,711$85,963,256$84,866,402
Cash - non-interest-bearing$1,925$1,724$2,161$2,325$2,325$2,676$2,324$6,725
Savings and temporary cash investments$6,089,389$4,768,497$964,329$4,457,005$3,113,772$1,994,855$1,773,962$14,672
Accounts receivable less allowance for doubtful accounts$61,910$67,305$161,849$45,803$470,260$92,812$98,513$199,858
Pledges receivable less allowance for doubtful accounts$1,623,961$1,074,627$1,359,735$1,142,001$683,782$559,004$478,203$36,000
Grants receivable$0$0$0$0$0$0$98,400$187,455
Receivables from current and former officers, directors, trustees, and key employees$0$0$0$0$0$0$0$0
Receivables from other disqualified persons (as defined under section 4958(f)(1)) and persons described in section 4958(c)(3)(B)$0$0
Other notes and loans receivable less allowance for doubtful accounts$52,249$36,271$21,111$0$0$0$0$0
Inventories for sale or use$674,274$671,941$598,392$521,539$728,368$541,647$538,937$688,498
Prepaid expenses and deferred charges$15,796$31,284$10,593$15,583$52,835$26,004$45,298$43,669
Investments - publicly-traded securities$48,933,666$49,371,081
Investments - other securities$35,669,806$32,408,225$26,337,242$32,380,620$40,366,161$44,126,887$0$0
Investments - land, buildings, and equipment less accumulated depreciation$334,400$334,400$334,492$249,921$0$0$0$0
Investments - other$0$0$0$0$0$0$0$0
Land, buildings, and equipment less accumulated depreciation$22,083,441$25,857,022$31,706,189$33,222,542$33,923,877$33,734,040$33,960,384$33,986,102
Other assets, including program-related investments$52,365$48,049$43,733$39,416$35,101$30,786$33,569$332,342
Total liabilities$1,094,194$1,333,495$2,230,535$2,470,458$2,942,006$2,568,777$5,219,291$3,944,447
Accounts payable and accrued expenses$398,088$706,048$896,340$401,106$427,713$264,634$403,236$465,838
Grants payable$0$0$0$0$0$0$0$0
Deferred revenue$0$0$0$47,500$37,500$37,500$32,500$28,852
Loans from officers, directors, trustees, and key employees$0$0$0$0$0$0$0$0
Tax-exempt bond liabilities$0$0$0$0$0$0$0$0
Mortgages and other notes payable$696,106$627,447$1,334,195$2,021,852$2,476,793$2,266,643$2,958,796$3,361,638
Other liabilities$0$0$0$0$0$0$1,824,759$88,119
Total liabilities and net assets/fund balances$66,659,516$65,299,345$61,539,826$72,076,755$79,376,481$81,108,711$85,963,256$84,866,402
Total net assets or fund balances$65,565,322$63,965,850$59,309,291$69,606,297$76,434,475$78,539,934$80,743,965$80,921,955
Reconciliation of Revenue per Audited Financial Statements With Revenue per Return
20002001200220032004200520062007
Total revenue$12,280,521$4,982,418$3,541,408$8,631,953$11,928,283$7,968,964$9,481,383$10,304,167
Total revenue, gains, and other support per audited financial statements$-25,197$4,537,578$2,077,099$17,267,670$14,648,705$11,265,476$10,848,364$9,741,266
Other expenses$-12,305,718$-444,840$-1,464,309$8,635,717$2,720,422$3,296,512$1,416,991$-562,901
Net unrealized gains on investments$-13,267,563$-2,589,231$-3,834,526$6,296,684$694,560$1,147,769$1,296,928$-470,100
Donated services and use of facilities$0$0$0$0$0$0$0$0
Recoveries of prior year grants$0$0$0$0$0$0$0$0
Other$961,845$2,144,391$2,370,217$2,339,033$2,025,862$2,148,743$120,063$-92,801
Other revenue$0$0$0$0$0$0$50,010$0
Investment expenses$0$0$0$0$0$0$0$0
Other$0$0$0$0$0$0$50,010$0
Reconciliation of Expenses per Audited Financial Statements With Expenses per Return
20002001200220032004200520062007
Total expenses$5,176,606$3,992,659$4,363,441$4,631,632$5,794,665$7,011,274$8,574,280$9,656,077
Total expenses and losses per audited financial statements$6,138,451$6,137,050$6,733,658$6,970,665$7,820,527$9,160,018$8,644,332$9,563,276
Other revenue$961,845$2,144,391$2,370,217$2,339,033$2,025,862$2,148,744$120,063$-92,801
Donated services and use of facilities$0$0$0$0$0$0$0$0
Prior year adjustments$0$0$0$0$0$0$0$0
Losses$0$0$0$0$0$0$0$0
Other$961,845$2,144,391$2,370,217$2,339,033$2,025,862$2,148,744$120,063$-92,801
Other expenses$0$0$0$0$0$0$50,011$0
Investment expenses$0$0$0$0$0$0$0$0
Other$0$0$0$0$0$0$50,011$0
Current Officers, Directors, Trustees, and Key Employees
Average hours per week devoted to positionCompensationContributions to employee benefit plans & deferred compensation plansExpense account and other allowances
40$150,180$1,332$0
40$60,052$7,544$0
40$85,039$5,231$0
40$50,000$3,624$0
40$67,531$8,025$0
40$83,206$8,978$0
40$60,010$3,892$0
40$65,119$6,474$0
Total number of officers, directors, and trustees permitted to vote on organization business at board meetings18
Are any officers, directors, trustees, or key employees listed in Form 990, Part V-A, or highest compensated employees listed in Schedule A, Part I, or highest compensated professional and other independent contractors listed in Schedule A, Part II-A or II-B, related to each other through family or business relationships?No
Do any officers, directors, trustees, or key employees listed in Form 990, Part V-A, or highest compensated employees listed in Schedule A, Part I, or highest compensated professional and other independent contractors listed in Schedule A, Part II-A or II-B, receive compensation from any other organizations, whether tax exempt or taxable, that are related to the organization?No
Does the organization have a written conflict of interest policy?No
Other Information
Did the organization have unrelated business gross income of $1,000 or more during the year covered by this return, and has it filed a tax return on Form 990-T for this year?Yes
Was there a liquidation, dissolution, termination, or substantial contraction during the year?No
Is the organization related (other than by association with a statewide or nationwide organization) through common membership, governing bodies, trustees, officers, etc., to any other exempt or nonexempt organization?No
Direct and indirect political expenditures$0
Did the organization file Form 1120-POL for this year?No
Were substantially all dues nondeductible by members?
Did the organization make only in-house lobbying expenditures of $2,000 or less?
Dues, assessments, and similar amounts from members$0
Section 162(e) lobbying and political expenditures$0
Aggregate nondeductible amount of section 6033(e)(1)(A) dues notices$0
Taxable amount of lobbying and political expenditures$0
Does the organization elect to pay the section 6033(e) tax on the amount above?
If section 6033(e)(1)(A) dues notices were sent, does the organization agree to add the amount above to its reasonable estimate of dues allocable to nondeductible lobbying and political expenditures for the following tax year?
Initiation fees and capital contributions$0
Gross receipts for public use of club facilities$0
At any time during the year, did the organization, directly or indirectly, own a controlled entity within the meaning of section 512(b)(13)?No
Amount of tax imposed on the organization during the year under: section 4911$0
Amount of tax imposed on the organization during the year under: section 4912$0
Amount of tax imposed on the organization during the year under: section 4955$0
Did the organization engage in any section 4958 excess benefit transaction during the year or did it become aware of an excess benefit transaction from a prior year?No
Amount of tax imposed on the organization managers or disqualified persons during the year under sections 4912, 4955, and 4958$0
Amount of tax above, reimbursed by the organization$0
At any time during the tax year, was the organization a party to a prohibited tax shelter transaction?No
Did the organization acquire a direct or indirect interest in any applicable insurance contract?No
Did the supporting organization, or a fund maintained by a sponsoring organization, have excess business holdings at any time during the year?No
Number of employees employed in the pay period that includes March 12, 2006225
Analysis of Income-Producing Activities (for 2007)
Unrelated business incomeExcluded by section 512, 513, or 514Related or exempt function income
Business codeAmountExclusion codeAmount
Total$60,376$3,735,059$3,584,252
Program service revenue
Program service revenue 1000000$000$0$1,013,278
Program service revenue 2000000$000$0$0
Program service revenue 3000000$000$0$0
Program service revenue 4000000$000$0$0
Program service revenue 5000000$000$0$0
Medicare/Medicaid payments000000$000$0$0
Fees and contracts from government agencies000000$000$0$0
Membership dues and assessments000000$000$0$0
Interest on savings and temporary cash investments000000$0Dividends, interest, payments with respect to securities loans, annuities, income from notional principal contracts, loan commitment fees, and other substantially similar income from ordinary and routine investments excluded by section 512(b)(1)$1,109,049$0
Dividends and interest from securities000000$0Dividends, interest, payments with respect to securities loans, annuities, income from notional principal contracts, loan commitment fees, and other substantially similar income from ordinary and routine investments excluded by section 512(b)(1)$2,592,060$0
Net rental income or (loss) from real estate
debt-financed property000000$000$0$0
not debt-financed property000000$0Real property rental income that does not depend on the income or profits derived by the person leasing the property and is excluded by section 512(b)(3)$30,014$0
Net rental income or (loss) from personal property000000$000$0$0
Other investment income000000$000$0$0
Gain or (loss) from sales of assets other than inventory000000$000$0$2,570,974
Net income or (loss) from special events000000$000$0$0
Gross profit or (loss) from sales of inventoryGift, novelty, and souvenir stores$60,37600$0$0
Other revenue000000$0Royalty income excluded by section 512(b)(2)$3,936$0
Information Regarding Taxable Subsidiaries and Disregarded Entities (for 2007)
EIN of corporation, partnership, or disregarded entityPercentage of ownership interestTotal incomeEnd-of-year assets
0%$0$0
0%$0$0
0%$0$0
0%$0$0
Compensation of the Five Highest Paid Employees Other Than Officers, Directors, and Trustees (for 2007)
CompensationContributions to employee benefit plans & deferred compensationExpense account and other allowances
$0$0$0
$0$0$0
$0$0$0
$0$0$0
$0$0$0
Total number of other employees paid over $50,0000
Statements About Activities (for 2007)
Expenses paid or incurred in connection with the lobbying activities$0
Did the organization receive or hold an easement for conservation purposes, including easements to preserve open space, the environment, historic land areas or historic structures?No
Did the organization provide credit counseling, debt management, credit repair, or debt negotiation services?No
Did the organization maintain any donor advised funds?No
Did the organization make any taxable distributions under section 4966?No
Did the organization make a distribution to a donor, donor advisor, or related person?No
The total number of donor advised funds owned at the end of the tax year$0
The aggregate value of assets held in all donor advised funds owned at the end of the tax year$0
The total number of separate funds or accounts owned at the end of the tax year (excluding donor advised funds included above) where donors have the right to provide advice on the distribution or investment of amounts in such funds or accounts$0
The aggregate value of assets held in all funds or accounts included above at the end of the tax year$0
Reason for Non-Private Foundation Status
The organization is not a private foundation because it isOrganization that receives a substantial part of its support from a governmental unit or from the general public
Support Schedule
19992000200120022003200420052006
Total$12,208,784$6,210,312$6,949,429$6,481,595$9,974,615$10,847,166$8,283,681$8,539,481
Gifts, grants, and contributions received$1,730,315$2,566,232$2,236,069$2,399,056$5,482,205$6,150,876$1,911,335$1,786,798
Membership fees received$0$0$0$0$0$0$0$0
Gross receipts from admissions, merchandise sold or services performed, or furnishing of facilities in any activity that is related to the organization's charitable, etc., purpose$9,133,526$2,577,773$3,524,469$3,214,002$3,609,083$2,801,056$3,337,466$3,327,271
Gross income from interest, dividends, amounts received from payments on securities loans (section 512(a)(5)), rents, royalties, and unrelated business taxable income (less section 511 taxes) from businesses acquired by the organization after June 30, 1975$1,344,943$1,056,038$1,188,891$868,537$883,327$1,895,234$3,034,880$3,425,412
Net income from unrelated business activities not included above$0$0$0$0$0$0$0$0
Tax revenues levied for the organization's benefit and either paid to it or expended on its behalf$0$0$0$0$0$0$0$0
The value of services or facilities furnished to the organization by a governmental unit without charge. Do not include the value of services or facilities generally furnished to the public without charge$0$0$0$0$0$0$0$0
Other income$0$10,269$0$0$0$0$0$0
Lobbying Expenditures by Electing Public Charities (for 2007)
Total exempt purpose expenditures$0
Total lobbying expenditures$0
Total lobbying expenditures to influence public opinion (grassroots lobbying)$0
Total lobbying expenditures to influence a legislative body (direct lobbying)$0
Other exempt purpose expenditures$0
Lobbying nontaxable amount$0
Grassroots nontaxable amount$0
Unrelated Trade or Business Income (for 2008)
IncomeExpensesNet
Total$985,931$0$98,593
Gross receipts or sales less returns and allowances$372,175$0$0
Cost of goods sold$2,933,021$0$0
Gross profit$788,731$0$78,873
Capital gain net income$0$0$0
Net gain$0$0$0
Capital loss deduction for trusts$0$0$0
Income (loss) from partnerships and S corporations$0$0$0
Rent income$0$0$0
Unrelated debt-financed income$0$0$0
Interest, annuities, royalties, and rents from controlled organizations$0$0$0
Investment income of a section 501(c)(7), (9), or (17) organization$0$0$0
Exploited exempt activity income$0$0$0
Advertising income$0$0$0
Other income$197,201$0$19,720
Deductions Not Taken Elsewhere (for 2008)
Total deductions$120,618
Compensation of officers, directors, and trustees$0
Salaries and wages$0
Repairs and maintenance$0
Bad debts$0
Interest$0
Taxes and licenses$0
Charitable contributions$0
Depreciation$0
Depletion$0
Contributions to deferred compensation plans$0
Employee benefit programs$0
Excess exempt expenses$0
Excess readership costs$0
Other deductions$120,618
Unrelated business taxable income$22,025
Unrelated business taxable income before net operating loss deduction$22,025
Net operating loss deduction$0
Unrelated business taxable income before specific deduction$22,025
Specific deduction$1,000
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Organizations performing similar types of work
IdNameAddressStateEstablishedTotal Income
1Old Salem Incorporated600 S Main St, Winston Salem, NC 27101-5329NC1950-06$22,278,021
2North Carolina Transportation Museum FoundationPO BOX 69, Spencer, NC 28159-0069NC1978-02$2,113,405
3Wharton County Museum AssociationPO BOX 349, Wharton, TX 77488-0349TX1974-12$141,508
4Shakertown At Pleasant Hill Kentucky Inc3501 Lexington Rd, Harrodsburg, KY 40330-9218KY1962-11$5,784,015
5Worcester Historical Museum30 Elm St, Worcester, MA 01609-2504MA1944-06$4,759,570
6Museum Of The New South Inc200 E 7th St, Charlotte, NC 28202-2508NC1991-12$2,787,847
7The North Carolina Museum Of History Associates Inc5 E Edenton St, Raleigh, NC 27601-1011NC1976-12$1,339,464
8Mount Airy Museum Of Regional History Inc301 N Main St, Mount Airy, NC 27030-3811NC1992-02$499,154
9The Friends Of The Graveyard Of The Atlantic MuseumPO BOX 284, Hatteras, NC 27943-0284NC1991-08$295,196
10Person County Museum Of History IncPO BOX 1792, Roxboro, NC 27573-1792NC1997-08$282,399
11Wilmington Railroad Museum Foundation Inc505 Nuty St, Wilmington, NC 28401-3347NC1980-04$211,346
12Greensboro Historical Museum Inc130 Summit Ave, Greensboro, NC 27401-3004NC1953-02$209,518
13North Carolina Railway Museum IncPO BOX 40, New Hill, NC 27562-0040NC1966-03$189,613
14Friends Of The City Of Raleigh Museum220 Fayetteville St Ste 100, Raleigh, NC 27601-1358NC1993-09$186,611
15Rowan Museum Incorporated202 N Main St, Salisbury, NC 28144-4362NC1970-03$183,789
16Alamance County Historical Museum Inc4777 South Nc 62 Hwy, Burlington, NC 27215NC1975-12$162,659
17Tobacco Farm Life Museum IncPO BOX 88, Kenly, NC 27542-0088NC1984-03$160,159
18Western North Carolina Air Museum IncPO BOX 2343, Hendersonvlle, NC 28793-2343NC1990-03$108,119
19Chapel Hill Museum610 E Rosemary St, Chapel Hill, NC 27514-3720NC1996-10$102,413
20The Andrew Jackson Historical Foundation IncPO BOX 7, Waxhaw, NC 28173-1038NC1986-09$49,789
Number of organizations performing similar types of work
Alaska6
Alabama16
Arkansas13
Arizona10
California72
Colorado15
Connecticut7
District of Columbia3
Delaware4
Florida20
Georgia12
Hawaii5
Iowa10
Idaho5
Illinois26
Indiana20
Kansas12
Kentucky15
Louisiana10
Massachusetts26
Maryland17
Maine6
Michigan17
Minnesota16
Missouri13
Mississippi3
Montana11
North Carolina21
North Dakota4
Nebraska10
New Hampshire9
New Jersey15
New Mexico3
Nevada3
New York55
Ohio32
Oklahoma11
Oregon11
Pennsylvania39
Rhode Island6
South Carolina9
South Dakota6
Tennessee13
Texas58
Utah4
Virginia36
Vermont5
Washington11
Wisconsin12
West Virginia3
Wyoming6
Total772

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