The Korners Folly Foundation in Kernersville, North Carolina (NC)

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The Korners Folly Foundation
Employer Identification Number (EIN)561984048
Name of OrganizationThe Korners Folly Foundation
Address413 S Main St, Kernersville, NC 27284-2737
ActivitiesHistorical site, records or reenactment
SubsectionEducational Organization
Ruling Date02/1997
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 Period09/2012
Assets$100,000 to $499,999
Income$100,000 to $499,999
Filing Requirement990 (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


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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%

Financial snapshot ($)

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
IdNameAddressStateEstablishedTotal Income
1San Antonio Conservation Society Foundation107 King William, San Antonio, TX 78204-1312TX1970-07$3,809,389
2Society Of Colonial Wars20 West 44th Street, New York, NY 10036-6603NY1942-10$508,828
3The Uncommon Friends Foundation IncPO BOX 811, Fort Myers, FL 33902-0811FL1994-10$334,103
4Coastside State Parks AssociationNew Years Creek Road, Pescadero, CA 94060CA1991-02$318,776
5The Korners Folly Foundation413 S Main St, Kernersville, NC 27284-2737NC1997-02$317,394
6Stearns County Pioneer ClubPO BOX 482, Albany, MN 56307-0482MN1991-05$270,975
7St Pauls Cathedral Tr In America Inc20 W 44th St Ste 508, New York, NY 10036-6603NY1996-03$243,202
8Windsor Restoration And Historical Association IncPO BOX 452, Del Norte, CO 81132-0452CO1996-06$235,159
9Trail Of Tears Association623 Spring Creek Street, Lowell, AR 72745AR1994-08$221,998
10Wayne County Historical SocietyPO BOX 104, Corydon, IA 50060-0104IA1964-10$209,937
11Mint Hill Historical SocietyPO BOX 23203, Mint Hill, NC 28227-0275NC1992-06$198,511
12Wayne County Sheriffs Youth Education Fund1231 Saint Antoine St, Detroit, MI 48226-2300MI1991-09$171,537
13Rices Hotel-Hughletts Tavern Foundation IncPO BOX 579, Heathsville, VA 22473-0579VA1994-01$134,688
14Village Heritage FoundationPO BOX 398, Pinehurst, NC 28370-0398NC1994-06$49,286
15Blowing Rock Historical Society IncPO BOX 804, Blowing Rock, NC 28605-0804NC1994-04$29,616
16Friends Of The Outer Banks History CenterPo 250, Manteo, NC 27954NC1992-07$14,245
17Bessemer City History & Arts Society607 Long Creek Rd, Bessemer City, NC 28016NC1996-09$0
18Carolina Association For Passenger Trains, Capt2108 Bellaire Avenue, Raleigh, NC 27608-1806NC1993-05$0
19Centenary Memorial Association12200 Idlewood Drive, Laurinburg, NC 28352NC1993-04$0
20Forsyth Historic Trust Inc2900 Country Club Rd, Winston Salem, NC 27104-3016NC1995-06$0
Number of organizations performing similar types of work
Alaska1
Alabama7
Arkansas6
Arizona5
California17
Colorado5
Connecticut5
District of Columbia3
Delaware2
Florida12
Georgia9
Iowa10
Idaho2
Illinois19
Indiana11
Kansas8
Kentucky2
Louisiana6
Massachusetts15
Maryland6
Maine8
Michigan22
Minnesota13
Missouri6
Mississippi1
Montana3
North Carolina9
North Dakota2
Nebraska8
New Hampshire4
New Jersey13
New Mexico1
Nevada2
New York32
Ohio25
Oklahoma8
Oregon6
Pennsylvania25
Rhode Island4
South Carolina4
South Dakota1
Tennessee5
Texas26
Utah1
Virginia14
Vermont3
Washington3
Wisconsin11
West Virginia12
Wyoming1
Total424

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