Civic Intelligence

Old Salem Incorporated

990 • Fiscal year 2018 • EIN 56-0587289

Jan 01, 2018 to Dec 31, 2018 • Filed on Sep 20, 2019

600 S Main StreetWinstonsalem, NC 27101

(336) 721-7300

Siviq Scores

Precomputed percentiles for this filing year versus similar nonprofits in the same peer cohort.

Liabilities / Assets

15th percentile

0.03x

Higher debt load relative to assets than 15% of similar nonprofits.

2018 filings • 501(c)3 • $50M-$100M nonprofits • Source year 2018

Liabilities / Revenue

45th percentile

0.31x

Higher debt load relative to revenue than 45% of similar nonprofits.

2018 filings • 501(c)3 • $50M-$100M nonprofits • Source year 2018

Net Margin

12th percentile

-9.7%

Higher net margin than 12% of similar nonprofits.

2018 filings • 501(c)3 • $50M-$100M nonprofits • Source year 2018

Top Officer Pay

12th percentile

$146,154

Higher top officer pay than 12% of similar nonprofits.

Top officer pay equals 2.5% of source-year revenue.

2018 filings • 501(c)3 • $50M-$100M nonprofits • Source year 2018

Asset Growth

13th percentile

-6.2%

Faster asset growth than 13% of similar nonprofits.

2018 filings • 501(c)3 • $50M-$100M nonprofits • Annualized from 2017 to 2018

Revenue Growth

9th percentile

-23%

Faster revenue growth than 9% of similar nonprofits.

2018 filings • 501(c)3 • $50M-$100M nonprofits • Annualized from 2017 to 2018

Assets

Down

$72,441,999

Down $4,821,225 (-6.2%) from 2017

Net Assets

Down

$70,610,487

Down $4,148,594 (-5.5%) from 2017

Liabilities

Down

$1,831,512

Down $672,631 (-27%) from 2017

Revenue

Down

$5,823,103

Down $1,760,021 (-23%) from 2017

Expenses

Down

$6,388,126

Down $584,684 (-8.4%) from 2017

Net Income

Down

-$565,023

Down $1,175,337 (-193%) from 2017

Historical Trend

Balance Sheet Trend

The highlighted filing sits inside the broader history for assets, liabilities, and net assets.

$100M$50M$0Assets 2011: $72,127,985Liabilities 2011: $2,615,138Net Assets 2011: $69,512,8472011Assets 2012: $71,233,411Liabilities 2012: $2,559,264Net Assets 2012: $68,674,1472012Assets 2013: $73,203,749Liabilities 2013: $1,693,524Net Assets 2013: $71,510,2252013Assets 2014: $73,259,578Liabilities 2014: $1,821,468Net Assets 2014: $71,438,1102014Assets 2015: $71,780,654Liabilities 2015: $2,438,844Net Assets 2015: $69,341,8102015Assets 2016: $73,561,156Liabilities 2016: $3,740,507Net Assets 2016: $69,820,6492016Assets 2017: $77,263,224Liabilities 2017: $2,504,143Net Assets 2017: $74,759,0812017Assets 2018: $72,441,999Liabilities 2018: $1,831,512Net Assets 2018: $70,610,4872018Assets 2019: $77,533,232Liabilities 2019: $2,020,348Net Assets 2019: $75,512,8842019Assets 2020: $79,368,344Liabilities 2020: $1,867,413Net Assets 2020: $77,500,9312020Assets 2021: $81,707,076Liabilities 2021: $1,614,808Net Assets 2021: $80,092,2682021Assets 2022: $66,335,974Liabilities 2022: $1,002,707Net Assets 2022: $65,333,2672022Assets 2023: $69,957,134Liabilities 2023: $972,570Net Assets 2023: $68,984,5642023Assets 2024: $73,818,193Liabilities 2024: $1,863,643Net Assets 2024: $71,954,5502024

Highlighted filing

2018

Assets$72,441,999
Liabilities$1,831,512
Net Assets$70,610,487

Operations Trend

Revenue, expenses, and net income across loaded years, with this filing highlighted.

$20M$15M$10M$5.0M$0-$5.0MExpenses 2011: $6,894,0622011Expenses 2012: $7,328,8502012Revenue 2013: $9,137,521Expenses 2013: $7,803,959Net Income 2013: $1,333,5622013Revenue 2014: $8,191,590Expenses 2014: $7,964,352Net Income 2014: $227,2382014Revenue 2015: $15,169,899Expenses 2015: $7,965,553Net Income 2015: $7,204,3462015Revenue 2016: $6,141,999Expenses 2016: $7,797,740Net Income 2016: -$1,655,7412016Revenue 2017: $7,583,124Expenses 2017: $6,972,810Net Income 2017: $610,3142017Revenue 2018: $5,823,103Expenses 2018: $6,388,126Net Income 2018: -$565,0232018Revenue 2019: $7,485,880Expenses 2019: $6,472,083Net Income 2019: $1,013,7972019Revenue 2020: $3,173,729Expenses 2020: $4,370,329Net Income 2020: -$1,196,6002020Revenue 2021: $3,795,190Expenses 2021: $4,621,944Net Income 2021: -$826,7542021Revenue 2022: $6,551,134Expenses 2022: $5,253,741Net Income 2022: $1,297,3932022Revenue 2023: $7,060,262Expenses 2023: $6,101,907Net Income 2023: $958,3552023Revenue 2024: $7,683,432Expenses 2024: $6,391,535Net Income 2024: $1,291,8972024

Highlighted filing

2018

Revenue$5,823,103
Expenses$6,388,126
Net Income-$565,023
Jump To
Filing Snapshot
Filing Period
Jan 1, 2018 to Dec 31, 2018
Signed
Sep 20, 2019
Return Version
2018v3.1
Gross Receipts
$7,524,010
Mission and Program Overview

Mission

The preservation and interpretation of the history and material culture of the early american south and the moravian town of salem.

Balance Sheet Detail
LineBeginningEndChange
Assets
Investments in Publicly Traded Securities$35,841,953$32,686,939▼ $3,155,014
Land, Buildings, and Equipment, Net$12,241,862$13,751,766▲ $1,509,904
Savings and Temporary Cash Investments$2,268,200$1,022,214▼ $1,245,986
Pledges and Grants Receivable$1,221,153$546,943▼ $674,210
Inventories for Sale or Use$299,831$177,536▼ $122,295
Prepaid Expenses and Deferred Charges$144,449$154,446▲ $9,997
Cash and Non-Interest-Bearing Accounts$191,588$128,751▼ $62,837
Accounts Receivable$125,451$47,204▼ $78,247
Total Assets$77,263,224$72,441,999▼ $4,821,225
Other Assets Total$24,928,737$23,926,200▼ $1,002,537
Liabilities
Mortgage Notes Payable Secured by Investment Property$1,312,636$1,224,532▼ $88,104
Accounts Payable and Accrued Expenses$764,284$579,020▼ $185,264
Deferred Revenue$427,223$27,960▼ $399,263
Total Liabilities$2,504,143$1,831,512▼ $672,631
Net Assets / Fund Balance
Unrestricted Net Assets$41,857,952$40,594,236▼ $1,263,716
Permanently Rstr Net Assets$18,214,100$18,295,671▲ $81,571
Temporarily Rstr Net Assets$14,687,029$11,720,580▼ $2,966,449
Total Net Assets Fund Balance$74,759,081$70,610,487▼ $4,148,594
Total Liabilities and Net Assets / Fund Balance$77,263,224$72,441,999▼ $4,821,225

Asset Categories

AssetBook ValueDepreciationBasis
Buildings$7,865,988$8,165,646$16,031,634
Equipment$2,266,525$2,181,249$4,447,774
Leasehold Improvements$1,771,171$1,188,198$2,959,369
Land$1,525,210-$1,525,210
Other Land Buildings$322,872$466,108$788,980
Other Assets Org$12,254--

Endowment Activity

PeriodBeginningContrib.Gain/LossOther UsesEnd
2018$38,110,153$117,044▼ $2,473,211$2,044,833$33,709,153
2017$34,707,893$59,166▲ $5,410,863$2,067,769$38,110,153
2016$34,010,831$138,569▲ $2,979,307$2,420,814$34,707,893
2015$36,511,921$677,513▼ $606,164$2,572,079$34,010,831
2014$36,378,771$651,606▲ $2,172,984$2,691,440$36,511,921
Compensation and Service Providers

Employees

NameTitleFull / Part TimeBaseOtherTotal
Mr Frank VagnonePres/CEOFT$140,296$5,858$146,154
Mr Robert LeathV.p. CollectFT$79,377$10,237$89,614
Ken BuchananCFOFT$74,191$6,468$80,659
Paula LocklairVP EducationFT$34,670$2,195$36,865
Ms Frances BeasleyV.p. DevelopFT$32,538$2,249$34,787
Mr Anthony SlaterCOOFT$25,327$2,287$27,614

Highest Paid Contractors

ContractorServicesLocationCompensation
Frank L Blum Construction CompanyConstruction830 E 25TH ST, Winstonsalem, NC 27105$325,929
Revenue and Support

Revenue Composition

Contributions and Grants
$1,993,255
Program Service Revenue
$1,136,823
Investment Income
$1,357,133
Other Revenue
$1,335,892
All Other Contributions
$1,296,391
Change in Net Assets
$-565,023

Noncash Contribution Practices

Property subject to holding requirements
No
Reviewed unusual noncash gifts
Yes
Third parties used for noncash contributions
No

Noncash Contributions

Contribution TypeContribution CountReported AmountValuation Method
Historical Artifacts1$259,105-
Other Non Cash Contri Table1$29,723Market Value
Securities Publicly Traded4$15,162-
Total Noncash Contributions6$303,990-

Audited Revenue Reconciliation

Revenue per Audited Statements
$5,823,103
Revenue Not Reported on Form 990
$-2,999,801
Total Revenue per Audited Statements
$2,823,302
Total Revenue per Form 990
$5,823,103
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Salaries, Compensation, and Employee Benefits$3,758,868
Other Expenses$2,629,258
Total Fundraising Expense$480,614
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Other Salaries and Wages$2,439,766$158,551$212,377$2,810,694
Depreciation Depletion$584,595$55,885$7,869$648,349
Current Officers, Directors, Trustees, and Key Employees$126,479$181,349$107,864$415,692
Office Expenses$377,478$18,987$17,524$413,989
Occupancy$290,537$12,827$936$304,300
Other Employee Benefits$270,910$21,517$6,407$298,834
Payroll Taxes$187,724$24,034$21,890$233,648
Insurance$141,664$10,284$6,492$158,440
Fees for Services Other$93,824$3,745$32,548$130,117
Information Technology$79,531$11,560$32,583$123,674
Travel$66,341$1,744$4,267$72,352
Advertising$70,693--$70,693
Interest$68,886--$68,886
Fees for Service Investment Mgmnt Fees-$54,400-$54,400
Fees for Services Accounting$15,984$31,398$3,701$51,083
Other Expenses$78,168$6,409$5,709$5,709
Fees for Services Legal-$5,706-$5,706
Conferences and Meetings$2,463$140$140$2,743
Total Functional Expenses$5,276,537$630,975$480,614$6,388,126

Audited Expense Reconciliation

Line ItemAmount
Total Expenses per Audited Statements$6,917,496
Total Expenses per Form 990$6,388,126
Expenses per Audited Statements$6,333,726
Expenses Not Reported on Form 990$583,770
Expenses Not Reported on Financial Statements$54,400
Fundraising, Events, and Gaming
Fundraising activities
Yes
Gaming activities
No
Professional fundraiser used
No

Fundraising and Gaming Totals

Line ItemAmount
Fundraising Gross Income$7,800
Fundraising Direct Expenses$2,388
Professional Fundraising Fees$0

Fundraising Events

EventGross ReceiptsGross RevenueDirect ExpensesNet Income
Mesda Conferenc$7,800$7,800-$7,800
Total Events$7,800$7,800-$7,800
Political and Lobbying Activity
Political campaign activity
No
Lobbying activity
No
Subject to proxy tax
No
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
No
Annual disclosure for covered persons
Yes
Audit committee
Yes
Backup withholding compliance
Yes
Business relationship with family members
No
Business relationship with organization members
No
Material changes to governing documents
No
Compensation from other sources disclosed
No
CEO compensation reviewed
Yes
Other officer compensation reviewed
Yes
Conflict-of-interest policy
Yes
Audited financial statements prepared
No
Key decisions subject to board approval
No
Management duties delegated
No

Governance Explanations

Form 990, Page 6, Part VI, Line 11B

The tax return is reviewed in detail by the audit commmittee and submitted for approval to the executive committee of the board of trustees. Upon approval by the executive committee form 990 is electronically distributed to our board members for review prior to filing the return.

Form 990, Page 6, Part VI, Line 12C

Annual statement of compliance is obtained from each trustee and key employee.

Form 990, Page 6, Part VI, Line 15A

The president's salary is determined periodically using comparative data developed by an independent compensation consultant. The data is reviewed by the executive committee then approved by the board of trustees.

Form 990, Page 6, Part VI, Line 15B

The officers' salaries are determined periodically using comparative data developed by an independent compensation consultant. The data is reviewed by the executive committee then approved by the board of trustees.

Form 990, Page 6, Part VI, Line 19

The organization's governing documents and conflict of interest policy are made available to public upon specific request. The annual report is distributed to donors and upon specific request.

Filing and Contact Details

Filer

Filer Name
Old Salem Inc
EIN
56-0587289
Phone
3367217300
Address
600 S MAIN STREET, WINSTONSALEM, NC 27101

Signing Officer

Name
Terry Taylor
Title
CFO
Phone
3367217316
Signed
2019-09-20
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Mr Frank Vagnone
Formed
1950
Legal Domicile
Nc
Voting Board Members
22
Independent Board Members
22
Employees
207
Volunteers
59

Preparer

Firm
Cannon & Company Llp
Address
2160 COUNTRY CLUB RD, WINSTONSALEM, NC 27104-4208
Preparer
Valerie D Kiger
Phone
3367250635
Supplemental Narrative

Financial Statement Notes

Schedule D, Page 1, Part II, Line 9

Conservation easements consists of deed covenants that the organization holds on properties that have passed through its ownership. No value is recorded for these deed convenants.

Schedule D, Page 2, Part III, Line 4

The organizations museums - the historic town of salem, the museum of early southern decorative arts ("mesda"), and the gardens at old salem - engage visitors in an educational and memorable historical experience about those who lived and worked in the early south.

Schedule D, Page 3, Part X

The organization is an exempt organization under section 501 (c)(3) of the united states internal revenue code. The organization is subject to income tax on unrelated business income. The organization believes that it has appropriate support for any tax positions taken, and as such, does not have any uncertain tax positions that are material to the financial statements. The organization's forms 990, return of organization exempt from income tax for 2018, 2017, and 2016 are subject to examination by the irs, generally for three years after they are filed. The organization is subject to income tax on unrelated business income. The organization believes that it has appropriate support for any tax positions taken, and as such, does not have any uncertain tax positions that are material to the financial statements. The organization's federal exempt organization business income tax returns (form 990t) are subject to examination by the irs, generally for three years after the returns are filed.

Schedule D, Page 4, Part XI, Line 2D

Fundraising 2,388 rental expenses 40,333 cost of goods sold 541,049

Schedule D, Page 4, Part XII, Line 2D

Rental expenses 40,333 cost of goods sold 541,049 fundraising event expenses 2,388

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This appendix keeps the raw XML leaves available for debugging and edge-case review. The human report above is the primary experience.

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IRS990/Form990PartVIISectionAGrp/TitleTxt25VP EDUCATION
IRS990/Form990PartVIISectionAGrp/TitleTxt26V.P. DEVELOP
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Document Assets

No mirrored PDF or thumbnail assets are attached yet.

Filings

Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2024Detailed filing. Detailed filing data is available for this year.$73.8$1.86$72.0$7.68$6.39$1.29
2023Detailed filing. Detailed filing data is available for this year.$70.0$0.97$69.0$7.06$6.10$0.96
2022Detailed filing. Detailed filing data is available for this year.$66.3$1.00$65.3$6.55$5.25$1.30
2021Detailed filing. Detailed filing data is available for this year.$81.7$1.61$80.1$3.80$4.62$0.83
2020Detailed filing. Detailed filing data is available for this year.$79.4$1.87$77.5$3.17$4.37$1.20
2019Detailed filing. Detailed filing data is available for this year.$77.5$2.02$75.5$7.49$6.47$1.01
2018Detailed filing. Detailed filing data is available for this year.$72.4$1.83$70.6$5.82$6.39$0.57
2017Detailed filing. Detailed filing data is available for this year.$77.3$2.50$74.8$7.58$6.97$0.61
2016Detailed filing. Detailed filing data is available for this year.$73.6$3.74$69.8$6.14$7.80$1.66
2015Detailed filing. Detailed filing data is available for this year.$71.8$2.44$69.3$15.2$7.97$7.20
2014Detailed filing. Detailed filing data is available for this year.$73.3$1.82$71.4$8.19$7.96$0.23
2013Detailed filing. Detailed filing data is available for this year.$73.2$1.69$71.5$9.14$7.80$1.33
2012Facts available. Structured filing facts are available, but richer extracted sections are limited.$71.2$2.56$68.7$7.33
2011Facts available. Structured filing facts are available, but richer extracted sections are limited.$72.1$2.62$69.5$6.89