KORNER'S FOLLY FOUNDATION INC

EIN: 561984048 501(c)(3) Arts, Culture & Humanities

KERNERSVILLE, NC

Total Revenue
$1,093,873
Total Expenses
$1,905,406
Total Assets
$2,967,390
Net Assets
$505,874
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Financial Vulnerability Assessment (Tuckman-Chang)

4 risk indicators measuring financial stability and operational resilience

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Financial Trends

Organization Details

Formation Year
1993
Legal Domicile
NC
Principal Officer
CHRISTIAN SCHROEDER
Phone
3369967922
Tax Period
2023-10-01 to 2024-09-30

KORNER'S FOLLY FOUNDATION INC, founded in 1993, is a community nonprofit in the Arts, Culture & Humanities sector that reported $1.1M in total revenue in fiscal year 2023. Revenue fell 35% from the prior year — a significant decline worth monitoring. Expenses of $1.9M exceeded revenue, resulting in a 74% operating deficit.

Mission

TO PRESERVE, RESTORE AND MAINTAIN THE HISTORIC STRUCTURE

Program Service Accomplishments

Program 1
Expenses: $1,790,451 Revenue: $106,835

SHARE THE HISTORIC RELEVANCE OF THE HOUSE WITH THE PUBLIC. 8,602 PEOPLE TOURED THE HOME DURING THE FISCAL YEAR THROUGH SELF-GUIDED AND GUIDED GROUP TOURS, FIELD TRIPS, AND EDUCATIONAL PROGRAMS. 19...

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SHARE THE HISTORIC RELEVANCE OF THE HOUSE WITH THE PUBLIC. 8,602 PEOPLE TOURED THE HOME DURING THE FISCAL YEAR THROUGH SELF-GUIDED AND GUIDED GROUP TOURS, FIELD TRIPS, AND EDUCATIONAL PROGRAMS. 19 EDUCATIONAL PROGRAMS AND EVENTS WERE HELD DURING THE FISCAL YEAR

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Trantor Score

Financial Health Score (300–850) · Liquidity · Solvency · Sustainability · Efficiency

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Liquidity (40%) • Solvency (30%) • Sustainability (20%) • Efficiency (10%)

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Financial Overview (2023)

Revenue Breakdown

Contributions & Grants $952,547
Program Service Revenue $99,104
Investment Income $5,683
Other Revenue $36,539
TOTAL REVENUE $1,093,873

Expense Breakdown

Grants Paid $0
Salaries & Benefits $178,975
Fundraising Expenses $51,154
Program Expenses $1,790,451
Other Expenses $1,726,431
TOTAL EXPENSES $1,905,406

Year-over-Year Comparison

2023 2022 Change
Revenue $1,093,873 $1,671,982 -0.3%
Expenses $1,905,406 $266,786 +6.1%
Net Income $-811,533 $1,405,196 -1.6%
Key Indicators
✗ Grants to Organizations ✗ Grants to Individuals ✗ Lobbying ✗ Political Activity ✗ Foreign Activities ✗ Donor Advised Fund ✓ Schedule B Required
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Financial Health Indicators

Comprehensive financial analysis: Altman Z-Score, liquidity, solvency, sustainability, efficiency, and growth metrics

Financial Distress Indicator

Liquidity & Cash Position

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Altman Z-Score • Liquidity Ratios • Solvency Analysis • Growth Indicators • Efficiency Metrics

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Governance

Voting Members
15
Independent Members
15
Employees
7
Volunteers
206

Governance Policies

✓ Conflict of Interest Policy
✓ Whistleblower Policy
✓ Document Retention Policy

Special Practices & Reported Activities

✗ Operated a School
✗ Operated a Hospital
✗ Provided First Class Travel
✗ Reported Conflict of Interest
✗ Reported Asset Diversion
✗ Excess Benefit Transaction
✗ Made Political Expenditures
✗ Engaged in Lobbying
✗ Operated Donor Advised Fund
✗ Maintained Art Collections
✗ Filed Form 720

Compensation of Officers, Directors & Key Employees

Total Officers
7
$61,425
Total Directors
16
$61,425
Key Employees
0
$0
Highest Compensated
0
reported
Name Title Hours/Week Role Reportable Comp Other Comp Total
SUSAN FRADENBURG VICE PRESIDENT 1.00
Officer Director
$0 $0 $0
JASON GRUBBS VICE PRESIDENT 1.00
Officer Director
$0 $0 $0
SUZANNE HILL DIRECTOR 1.00
Director
$0 $0 $0
BETTY KORNER-ATKINS SECRETARY 1.00
Officer Director
$0 $0 $0
MONTE LONG DIRECTOR 1.00
Director
$0 $0 $0
TOM MCDANIEL DIRECTOR 1.00
Director
$0 $0 $0
NEAL PARNELL DIRECTOR 1.00
Director
$0 $0 $0
NORMA PEARMAN PAST PRESIDENT 1.00
Officer Director
$0 $0 $0
LARRY REDFEARN DIRECTOR 1.00
Director
$0 $0 $0
LYNN RENEE ROGERS TREASURER 1.00
Officer Director
$0 $0 $0
CHRISTIAN SCHROEDER PRESIDENT 1.00
Officer Director
$0 $0 $0
KELLY SEALEY DIRECTOR 1.00
Director
$0 $0 $0
PAT SHAW DIRECTOR 1.00
Director
$0 $0 $0
EDWIN WALKER DIRECTOR 1.00
Director
$0 $0 $0
JOE WILLIAMS DIRECTOR 1.00
Director
$0 $0 $0
SUZANNA RITZ MALLIETT EXECUTIVE DIRECTOR 40.00
Officer Director
$61,425 $0 $61,425
Note: Compensation data is self-reported by the organization on their Form 990. "Reportable Comp" includes salary, bonuses, and other reportable compensation from the organization and related organizations. "Other Comp" includes benefits, deferred compensation, and non-taxable benefits.

Historical Data

Year Revenue Expenses Assets Net Income
2024 $1,093,873 $1,905,406 $2,967,390 $-811,533
2023 $1,671,982 $266,786 $2,572,059 $1,405,196
2022 $424,989 $288,971 $1,167,749 $136,018
2021 $504,003 $239,239 $1,029,625 $264,764
2020 $588,191 $354,777 $791,555 $233,414
2019 $303,986 $267,945 $529,832 $36,041
2018 $400,663 $240,940 $492,934 $159,723
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