Old Salem Incorporated: Nonprofit Profile, Financials & Form 990 (EIN 56-0587289)

Terry Taylor’s $135K as President/Ce is at the 58th percentile of top reported officer pay among 3924 $1–10M arts & culture nonprofits. Peer set: organizations in the same NTEE major field of work and revenue-size band, compared on each org’s own highest-paid officer/key-employee, from Form 990 Part VII / 990-PF Part VIII. Descriptive placement, not a verdict on whether the pay is appropriate.

Compensation history total reportable pay by year · 5 named individuals · Part VII

Name	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020
Mr Frank Vagnone	—	—	—	—	$220,007	$170,118
Terry Taylor	$134,853	$133,821	$134,434	—	$89,166	$76,558
Franklin Vagnone End 630	—	—	—	$119,820	—	—
Terry Taylor Beg 71	—	—	—	$111,078	—	—
Mr Robert Leath	—	—	—	—	—	$56,960

Total reportable compensation (Form 990 Part VII column D / Schedule J column E) by filing year, matched by name within this organization. The Schedule J base / bonus / deferred breakdown is not parsed into this dataset.

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Questions the 990 asks

The form asks each of these directly. These are the filed answers.

Family or business ties among officersPt VI · Ln 2No
Top official's pay set by an independent reviewPt VI · Ln 15aYes

Programs and updates

Preserves and interprets the history and material culture of the early American South and Salem.

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Provided by the organization

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3 programs · $5.1M · in their own filed words · FY2025

01

Educational Program

Interpretive tours, special events and museum class programs are held for educational purposes.

$2.3Mprogram expense

02

Museum Program

A museum of early southern decorative arts.

$1.6Mprogram expense

03

Historical Preservation Program

Includes restoration and maintenance of 30 historic properties and over 15,000 antiquities acquired for collection and exhibit to the public.

$1.2Mprogram expense

Funders

Who pays for it.

From grant filings on record. Receipts are incomplete: individual donors are never listed.

Grants

Schedule I · funders on record

Grants received · FY2024

Morgan Stanley Global Impact Funding Trust INCFY2024$135K

Vanguard Charitable Endowment ProgramFY2024$64K

Cannon Foundation INCFY2024$30K

Raymond James Charitable Endowment FundFY2024$30K

Foundation for the CarolinasFY2024$25K

Russell Benton Lee JR Charitable Trust Uad 12102020FY2024$25K

National Philanthropic TrustFY2024$16K

Donor Advised Charitable Giving INCFY2024$11K

Total grants receivedfrom 14 funders$352K

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By the numbers

The FY2025 990, line by line.

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1The main four

Money inPt VIII

$6.0M

Ln 12

Gifts and grantsLn 1h$2.4M

Investment incomeLn 3$2.0M

Fees for servicesLn 2g$952K

Money outPt IX

$6.2M

Ln 25

Programscol B$5.1M

Managementcol C$631K

Fundraisingcol D$408K

Owns and owesPt X

$76.6M

net assets · Ln 32

Cash and savingsLn 1–2$8K

Total assetsLn 16$78.2M

LiabilitiesLn 26$1.6M

PeoplePt VI, VII

31

listed · VII A

PaidVII A1

Voting boardVI 1a29

IndependentVI 1b29

2In more detail

Revenue in detailPt VIII

Gifts and grantsLn 1h$2.4M

Government grantsLn 1e$537K

Noncash giftsLn 1g$107K

Fundraising eventsLn 1c$97K

Fees for servicesLn 2g$952K

Investment incomeLn 3$2.0M

Other incomeLn 4–11$724K

Gains on assetsLn 7$520K

Total revenueLn 12$6.0M

Assets in detailPt X, end of year

CashLn 1$8K

Cash and savings togetherLn 1–2$8K

InvestmentsLn 11–13$44.4M

Land, buildings, equipmentLn 10c$8.8M

Other assetsLn 15$24.6M

Total assetsLn 16$78.2M

LiabilitiesLn 26$1.6M

Net assetsLn 32$76.6M

OperationsPt I, VI

EmployeesI 5129

VolunteersI 642

Fiscal year endsHeaderDecember

Conflict-of-interest policyVI 12aYes

Whistleblower policyVI 13Yes

Records policyVI 14Yes

3More from this return

Abroad and in kindSch F, M

Noncash gifts receivedSch M Pt I$107K

EndowmentSch D · Pt V

Line	FY25	FY24	FY23	FY22	FY21
End of yearLn 1g	$47.7M	$42.7M	$39.2M	$35.9M	$42.7M
Given inLn 1b	$493K	$1.6M	$12K	$30K	$4K
SpentLn 1d–1f	$2.3M	$2.8M	$1.6M	$1.9M	$1.7M

4Year over year

Balance sheet, start vs end of yearPt X · col A, B

Line	Start FY25	End FY25
Cash and savingsLn 1–2	$357K	$8K
InvestmentsLn 11–13	$39.7M	$44.4M
Land, buildings, equipmentLn 10c	$9.2M	$8.8M
Total assetsLn 16	$73.8M	$78.2M
LiabilitiesLn 26	$1.9M	$1.6M
Net assetsLn 32	$72.0M	$76.6M

5Every line

Statement of functional expensesPt IX · every line

Line	Total	Programs	Management	Fundraising
Pay of current officers, directors and key staffLn 5	$140K	$56K	$70K	$14K
Other salaries and wagesLn 7	$3.0M	$2.5M	$243K	$230K
Pension plan contributionsLn 8	$64K	$55K	$3K	$5K
Other employee benefitsLn 9	$268K	$235K	$11K	$22K
Payroll taxesLn 10	$230K	$189K	$23K	$18K
Legal feesLn 11b	$7K		$7K
Accounting feesLn 11c	$45K	$16K	$29K	$576
Investment management feesLn 11f	$59K		$59K
Other fees for servicesLn 11g	$169K	$99K	$48K	$22K
Advertising and promotionLn 12	$79K	$76K		$3K
Information technologyLn 14	$185K	$124K	$22K	$39K
OccupancyLn 16	$342K	$314K	$25K	$4K
TravelLn 17	$72K	$72K	$468	$94
Conferences, conventions and meetingsLn 19	$940	$658	$235	$47
InterestLn 20	$103K	$50K	$53K
Depreciation, depletion and amortizationLn 22	$545K	$538K	$6K	$2K
InsuranceLn 23	$156K	$155K	$1K	$448
Other expenses (24a–d)Ln 24	$744K	$667K	$30K	$48K
Total functional expensesLn 25	$6.2M	$5.1M	$631K	$408K

Filing history

Year	Money in	Money out	In minus out	Net assets	Download
FY2025 Latest Viewing	$6.0M	$6.2M	−$143K	$76.6M	990 PDF
FY2024Filed with the IRS Jun 26, 2025	$7.7M	$6.4M	$1.3M	$72.0M	990 PDF
FY2023Filed with the IRS Jun 20, 2024	$7.1M	$6.1M	$958K	$69.0M	990 PDF
FY2022Filed with the IRS Jun 20, 2023	$6.6M	$5.3M	$1.3M	$65.3M	990 PDF
FY2021Filed with the IRS Sep 6, 2022	$3.8M	$4.6M	−$827K	$80.1M	990 PDF
FY2020Filed with the IRS Mar 23, 2022	$3.2M	$4.4M	−$1.2M	$77.5M	990 PDF

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Schedules filed Part IV

III · Programs R · Related orgs G · Fundraising L · Interested persons I · Grants A · Public support M · Noncash O · Explanations

See the full FY2025 990 (6 parts)

Part I · Summary $6,023,558 revenue, 12 lines filed

I-8 Contributions and grantsPrior year $2,853,441$2,368,829

I-9 Program service revenuePrior year $1,009,020$952,402

I-10 Investment incomePrior year $3,006,124$1,978,335

I-11 Other revenuePrior year $814,847$723,992

I-12 Total revenuePrior year $7,683,432$6,023,558

I-13 Grants and similar amounts paid$0

I-14 Benefits paid to members$0

I-15 Salaries and benefitsPrior year $3,588,285$3,658,958

I-16a Professional fundraising fees$0

I-17 Other expensesPrior year $2,803,250$2,507,942

I-18 Total expensesPrior year $6,391,535$6,166,900

I-19 Revenue less expensesPrior year $1,291,897−$143,342

Part VI · Governance 29 of 29 board members independent, no flags

VI-1a Voting members of the governing body29

VI-1b Independent voting members29

VI-2 Family or business relationship among officers or directorsNo

VI-12a Written conflict of interest policyYes

VI-13 Written whistleblower policyYes

VI-14 Document retention and destruction policyYes

VI-15a Process for setting top official's payYes

Part VIII · Statement of revenue $6,023,558 across 13 lines filed

Lines not itemized here account for $713,109 of total revenue; see the IRS return.

VIII-1c Fundraising events$97,050

VIII-1e Government grants$536,863

VIII-1f All other contributions, gifts and grants$1,734,916

VIII-1g Noncash contributions (included above)$107,455

VIII-1h Total contributions, gifts and grants$2,368,829

VIII-2a-f Program service revenue, itemized rows (sum of 2a–2f as filed)Related to mission $952,402$952,402

VIII-3 Investment incomeExcluded from tax $1,458,265$1,458,265

VIII-5 RoyaltiesExcluded from tax $197$197

VIII-6 Net rental income or lossExcluded from tax $35,337$35,337

VIII-7 Net gain or loss on sales of assetsExcluded from tax $520,070$520,070

VIII-8 Net income from fundraising events−$30,664

VIII-11a-d Other revenue, itemized rows (sum of 11a–11d as filed)Excluded from tax $6,013$6,013

VIII-12 Total revenueRelated to mission $1,665,511 · Excluded from tax $2,019,882$6,023,558

Part IX · Statement of functional expenses $6,166,900 across 18 lines filed

IX-5 Pay of current officers, directors and key staffPrograms $56,030 · Management $70,038 · Fundraising $14,008$140,076

IX-7 Other salaries and wagesPrograms $2,483,203 · Management $243,031 · Fundraising $230,360$2,956,594

IX-8 Pension plan contributionsPrograms $55,330 · Management $3,277 · Fundraising $5,252$63,859

IX-9 Other employee benefitsPrograms $234,640 · Management $11,410 · Fundraising $21,949$267,999

IX-10 Payroll taxesPrograms $189,141 · Management $22,897 · Fundraising $18,392$230,430

IX-11b Legal feesManagement $7,057$7,057

IX-11c Accounting feesPrograms $15,703 · Management $28,721 · Fundraising $576$45,000

IX-11f Investment management feesManagement $58,867$58,867

IX-11g Other fees for servicesPrograms $99,067 · Management $47,727 · Fundraising $22,384$169,178

IX-12 Advertising and promotionPrograms $75,911 · Fundraising $2,803$78,714

IX-14 Information technologyPrograms $124,015 · Management $21,782 · Fundraising $39,166$184,963

IX-16 OccupancyPrograms $313,930 · Management $24,672 · Fundraising $3,507$342,109

IX-17 TravelPrograms $71,546 · Management $468 · Fundraising $94$72,108

IX-19 Conferences, conventions and meetingsPrograms $658 · Management $235 · Fundraising $47$940

IX-20 InterestPrograms $50,001 · Management $53,498$103,499

IX-22 Depreciation, depletion and amortizationPrograms $537,547 · Management $5,835 · Fundraising $1,908$545,290

IX-23 InsurancePrograms $154,545 · Management $1,369 · Fundraising $448$156,362

IX-24 Other expenses (24a–d)Programs $666,685 · Management $29,631 · Fundraising $47,539$743,855

IX-25 Total functional expensesPrograms $5,127,952 · Management $630,515 · Fundraising $408,433$6,166,900

Part X · Balance sheet $78,197,865 assets, 16 lines filed

X-1 Cash, non-interest-bearingStart of year $357,306$7,700

X-3 Pledges and grants receivableStart of year $245,321$55,334

X-8 Inventories for sale or useStart of year $146,080$152,421

X-9 Prepaid expenses and deferred chargesStart of year $132,357$101,492

X-10c Land, buildings and equipment, netStart of year $9,175,489$8,832,043

X-11 Publicly traded securitiesStart of year $39,681,937$44,416,285

X-15 Other assetsStart of year $24,079,703$24,632,590

X-16 Total assetsStart of year $73,818,193$78,197,865

X-17 Accounts payable and accrued expensesStart of year $568,367$577,148

X-19 Deferred revenueStart of year $50,709$47,001

X-25 Other liabilitiesStart of year $244,567$180,751

X-26 Total liabilitiesStart of year $1,863,643$1,551,940

X-27 Net assets without donor restrictionsStart of year $29,088,923$29,471,577

X-28 Net assets with donor restrictionsStart of year $42,865,627$47,174,348

X-32 Total net assets or fund balancesStart of year $71,954,550$76,645,925

X-33 Total liabilities and net assetsStart of year $73,818,193$78,197,865

Part XI · Reconciliation of net assets $76,645,925 net assets at year end

XI-1 Total revenue$6,023,558

XI-2 Total expenses$6,166,900

XI-3 Revenue less expenses−$143,342

XI-4 Net assets at start of year$71,954,550

XI-5 Net unrealized gains (losses) on investments$4,834,717

XI-10 Net assets at end of year$76,645,925

Form 990 e-file (XML) FY2025 from the IRS · Classification, formation year and address from the IRS Business Master File

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