Is it real?
Yes. Never revoked by the IRS. Latest filing on record: FY2025. IRS ruling in Jun 1950.
IRS Pub. 78 · IRS Auto-Revocation List · IRS Business Master File
Where the money goes
82 cents of each dollar spent went to programs.
Form 990 Part IX, line 25, columns B–D. Every line is in By the numbers.
Something off? Claim to add context
Who runs it and what they're paid
25 people listed on the 990; $231K paid to officers and key staff.
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.
See Old Salem Incorporated executive salaries →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.
Questions for Old Salem Incorporated
Your first name shows with your question. Old Salem Incorporated answers here, for everyone.
Educational Program
Interpretive tours, special events and museum class programs are held for educational purposes.
Museum Program
A museum of early southern decorative arts.
Historical Preservation Program
Includes restoration and maintenance of 30 historic properties and over 15,000 antiquities acquired for collection and exhibit to the public.
Funders
Who pays for it.
From grant filings on record. Receipts are incomplete: individual donors are never listed.
Grants
By the numbers
The FY2022 990, line by line.
Download 990
| Line | FY22 | FY21 | FY20 | FY19 | FY18 |
|---|---|---|---|---|---|
| End of yearLn 1g | $35.9M | $42.7M | $38.4M | $37.6M | $32.8M |
| Given inLn 1b | $30K | $4K | $11K | $367K | $117K |
| SpentLn 1d–1f | $1.9M | $1.7M | $3.1M | $1.9M | $2.0M |
| Line | Start FY22 | End FY22 |
|---|---|---|
| Cash and savingsLn 1–2 | $1.4M | |
| InvestmentsLn 11–13 | $41.7M | $34.7M |
| Land, buildings, equipmentLn 10c | $11.9M | $10.8M |
| Total assetsLn 16 | $81.7M | $66.3M |
| LiabilitiesLn 26 | $1.6M | $1.0M |
| Net assetsLn 32 | $80.1M | $65.3M |
| Line | Total | Programs | Management | Fundraising |
|---|---|---|---|---|
| Pay of current officers, directors and key staffLn 5 | $239K | $96K | $119K | $24K |
| Other salaries and wagesLn 7 | $2.1M | $1.8M | $196K | $134K |
| Pension plan contributionsLn 8 | $60K | $52K | $4K | $4K |
| Other employee benefitsLn 9 | $192K | $170K | $10K | $11K |
| Payroll taxesLn 10 | $173K | $141K | $19K | $12K |
| Legal feesLn 11b | $26K | $26K | ||
| Accounting feesLn 11c | $33K | $15K | $17K | $279 |
| Investment management feesLn 11f | $61K | $61K | ||
| Other fees for servicesLn 11g | $239K | $173K | $54K | $12K |
| Advertising and promotionLn 12 | $23K | $23K | ||
| Information technologyLn 14 | $94K | $55K | $9K | $30K |
| OccupancyLn 16 | $342K | $321K | $20K | $2K |
| TravelLn 17 | $84K | $84K | $8 | |
| Conferences, conventions and meetingsLn 19 | $3K | $2K | $233 | |
| InterestLn 20 | $7K | $7K | ||
| Depreciation, depletion and amortizationLn 22 | $621K | $549K | $68K | $4K |
| InsuranceLn 23 | $133K | $127K | $3K | $2K |
| Other expenses (24a–d)Ln 24 | $763K | $664K | $79K | $21K |
| All other expensesLn 24e | $35K | $27K | $5K | $4K |
| Total functional expensesLn 25 | $5.3M | $4.3M | $698K | $259K |
Filing history
| Year | Money in | Money out | In minus out | Net assets | Download |
|---|---|---|---|---|---|
| FY2025 Latest | $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 |
| FY2022 ViewingFiled 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 |
Schedules filed Part IV
See the full FY2022 990 (6 parts)
Part I · Summary $6,551,134 revenue, 12 lines filed
Part VI · Governance 23 of 23 board members independent, no flags
Part VIII · Statement of revenue $6,551,134 across 11 lines filed
Part IX · Statement of functional expenses $5,253,741 across 19 lines filed
Part X · Balance sheet $66,335,974 assets, 16 lines filed
Part XI · Reconciliation of net assets $65,333,267 net assets at year end
Form 990 e-file (XML) FY2022 from the IRS · Classification, formation year and address from the IRS Business Master File
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