Korner's Folly Foundation Inc

Nonprofit profile at a glance

EIN
561984048
IRS 990 coverage
2011–2024
Forms available
Form 990 2024, Form 990-EZ 2015
Location
Kernersville, NC, USA
Phone
3369967922
Rating
85
Verdict
STRONG
Rating confidence
Moderate
Sector
Historical Societies, Related Historical Activities

Official website

Reported finances

Revenue
$392,141
Expenses
$562,420
Assets
$2,899,242
Liabilities
$2,430,346

Source: IRS Form 990. Selected filing: tax year 2024. Amounts in USD.

Leadership & pay

17 people listed

Executive titles in this filing

  • SUSAN FRADENBURG (PRESIDENT)
  • JASON GRUBBS (1ST VICE PRESIDENT)
  • CHRISTIAN SCHROEDER (PAST PRESIDENT)
  • PAT SHAW (2ND VICE PRESIDENT)
  • SUZANNA RITZ MALLIETT (EXECUTIVE DIRECTOR)

Highest reported compensation

  • SUZANNA RITZ MALLIETT (EXECUTIVE DIRECTOR): $64,000 total reported compensation

Source: IRS Form 990. Selected filing: tax year 2024. Names and roles reflect this filing, not necessarily current officeholders.

Overview

Mission

To preserve, restore, maintain, and interpret the historic structure for the education and enjoyment of the public through tours, programs, and special events year-round

What it reported doing in 2024

The korner's folly foundation preserves, interprets, and shares korner's folly, a designated local historic landmark listed on the national register of historic places, through historic preservation, education, public engagement, and tourism collaboration. The foundation stewards the historic house, its collections, and the artistic legacy of designer, decorator, and entrepreneur julie gilmer korner, while interpreting the lives and contributions of the korner family and the broader historical, architectural, and cultural context in which they lived and worked.the foundation provides self-guided and guided tours, school programs, exhibitions, public lectures, concerts, workshops, community festivals, and preservation initiatives that foster appreciation for architecture, decorative arts, local history, and traditional trades. Through partnerships with educational institutions, civic organizations, local governments, tourism agencies, and community groups, the foundation expands access to cultural resources while supporting heritage tourism and economic vitality throughout kernersville and the surrounding region.during the fiscal year, the foundation welcomed more than 16,000 visitors and program participants across its campus and visitors center, continued restoration and preservation projects, expanded educational programming, strengthened regional tourism partnerships, and maintained the highest level of public visitation in the organization's history.

Operating model

Revenue model
Mixed. Its operating money came from several sources; no one source provided a clear majority.
Distribution model
Direct operator. The filing allocates 100% of reported program-service expenses outside its grant, affiliate-payment, and member-benefit lines. This expense classification does not rule out separately announced grant awards.

The verdict

STRONG - A large share of available resources goes toward mission work and the filed numbers largely add up. Fundraising costs are high for each dollar raised and expenses are high relative to revenue.

Rating breakdown

  • Financial Efficiency: 83
  • Transparency & Controls: 92
  • Accountability: 90
  • Sustainability: 30
  • Growth: 100

Detailed rating inputs

Financial Efficiency

  • Mission deployment rate: 100%; rating input score 100
  • Program expense ratio: 76.3%; rating input score 76
  • Fundraising efficiency: $3.32 raised per $1 spent on fundraising; rating input score 15; 15th percentile among comparable filings

Transparency & Controls

  • Consistency checks: 100%; rating input score 100; 64th percentile among comparable filings
  • Pay-setting controls: Limited
  • Foreign activity oversight: Limited
  • Grant itemization coverage: Limited
  • Major donor itemization: Yes; rating input score 100
  • Related-party transparency: Limited

Accountability

  • Independent voting board: 100%; rating input score 100; 63rd percentile among comparable filings
  • Governance controls: 6 of 8 controls in place; rating input score 75
    • Conflict-of-interest policy: Pass
    • Whistleblower policy: Pass
    • Document-retention policy: Pass
    • CEO compensation review process: Pass
    • Other executive compensation review process: NotApplicable
    • Form 990 shared with the board: Pass
    • Board meeting minutes documented: Pass
    • Audit committee oversight: Missing
    • Independent financial-statement audit: Fail

Sustainability

  • Operating margin: -43.4%; rating input score 6; 6th percentile among comparable filings
  • Total-asset coverage ratio: 5.15; rating input score 80; 80th percentile among comparable filings
  • Liabilities to assets ratio: 0.84; rating input score 6; 6th percentile among comparable filings
  • Officer compensation ratio: 11.4%; rating input score 28; 28th percentile among comparable filings

Growth

  • Program expense growth: 13.2% per year; rating input score 100; 76th percentile among comparable filings
  • Revenue growth: 11% per year; rating input score 100; 75th percentile among comparable filings
  • Asset growth: 16.6% per year; rating input score 100; 80th percentile among comparable filings

Details

  • Where the money goes: 100% of revenue deployed · 76.3% of spending went to programs
  • Governance: 16 of 16 board members independent · 6 of 8 filing controls reported
  • Programs: 1 filed program accomplishment · $429K in reported program spending
  • Leadership: top reported pay $64K · 17 people listed
  • Consistency: 27 of 27 current checks pass
  • Schedules: 7 filed schedules · includes major donors
  • Filing history: 12 filing years from 2011 to 2024
  • Contacts: How to reach this organization
  • Money network: 2 filed money-flow records
  • Related organizations: Filed and resolved organization relationships.
  • Grant readiness: Federal tax and exclusion status, award history, and grant-maker relationships.
  • People: Everyone the filings name, and which of them the filings identify by more than a name.

Key Signals

Signals prioritize questions for review. They are not findings of misconduct.

  • High — Financial Efficiency: Fundraising efficiency scored 15/100.
  • High — Sustainability: Operating margin scored 6/100.
  • Review — Accountability: Governance controls: Independent financial-statement audit not reported.
  • High — Sustainability: Liabilities to assets ratio scored 6/100.
  • High — Sustainability: Officer compensation ratio scored 28/100.