The Korners Folly Foundation

Analysis

The Korners Folly Foundation is a registered charity in United States, based in Kernersville, NC. It received its IRS tax-exemption ruling in February 1997, 29 years ago. Its declared purposes cover arts, culture and humanities, which this site groups under arts, culture, heritage and science. The IRS classifies it as a publicly supported organisation (donations from the general public) under section 501(c)(3), and contributions to it are listed as tax-deductible.

In the financial year ending September 2023, The Korners Folly Foundation reported income of $1.7m and spending of $267k, leaving 84% of income unspent that year. Across the 5 years on record, from September 2019 to September 2023, income grew from $304k to $1.7m (+450%), an average of +53% a year. The sharpest change came in the year to September 2023, when income rose by 293%. Over the whole period it spent 41% of the income it received.

Among 45,478 United States charities whose main cause is arts, culture, heritage and science and that reported income, The Korners Folly Foundation sits at the 90th percentile: it is larger than about 90% of them. Against every charity in United States with reported income it ranks in the 84th percentile, and in the 85th percentile within NC. Charities of a similar size with the same main cause include Wood Library-Museum of Anesthesiology ($1.7m), Jose Limon Dance Foundation ($1.7m) and Insideout Literary Arts Project ($1.7m).

On its Form 990 for the period ending September 2023, revenue came from contributions and grants 91% and program service revenue 5.5% of the total. Compensation of current officers, directors and key employees was $65k (24% of expenses). Other salaries and wages came to $72k. At year end it held assets of $2.6m against liabilities of $5,696, net assets of $2.6m. It reported 10 employees.