TRYON PALACE FOUNDATION INC
Mission Statement
Tryon Palace's mission is to engage present and future generations in the history of North Carolina from early settlement and development of statehood, through the mid twentieth century by collecting, interpreting and preserving objects, building, landscapes and events that enrich the understanding of our state and nation. Our programs and delivery are audience-centered. We strive to achieve excellence through exemplary practices with the intent to deliver the best possible education. Tryon Palace and the Tryon Palace Foundation strongly believe in the diversity of the workforce and in community outreach. We hold ourselves accountable for managing all resources towards creativity and innovation in our endeavors. Our strong dedication to sharing Tryon Palace's history through multiple sources of delivery, includes story-telling, movies, hands-on activities, and so much more. The Tryon Palace Foundation places emphasis on the development of partnerships to maximize our resources from our greater community while focusing on our commitment.
Financial Overview — FY 2024
Compared with Peers
FY 2024| Ratio | This org | Peer median | Position (P10 → P90) | |
|---|---|---|---|---|
|
Program expense ratio
Program expenses / total expenses
· higher is better
|
85.4% | 77.9% |
P10P90
|
Above median |
|
Admin expense ratio
Management and general / total expenses
· lower is better
|
12.0% | 14.4% |
P10P90
|
Above median |
|
Fundraising expense ratio
Fundraising expenses / total expenses
· lower is better
|
2.6% | 5.4% |
P10P90
|
Above median |
|
Fundraising efficiency
Fundraising expenses / gross fundraising income
· lower is better
|
59.3% | 240.4% |
P10P90
|
Top quarter |
|
Operating reserve
Months of expenses covered by net assets
· higher is better
|
114.1 mo | 16.5 mo |
P10P90
|
Top quarter |
|
Liabilities to assets
Total liabilities / total assets
· lower is better
|
1.0% | 10.6% |
P10P90
|
Top quarter |
|
Revenue concentration
Share of revenue from the largest source
· lower is better
|
88.6% | 74.5% |
P10P90
|
Below median |
|
Revenue growth
Year over year revenue growth
|
119.4% | 7.8% |
P10P90
|
|
|
Expense growth
Year over year expense growth
|
96.4% | 8.0% |
P10P90
|
|
|
Surplus margin
Surplus as a share of revenue
|
67.0% | -0.5% |
P10P90
|
Financial History
| Year | Revenue | Expenses | Net Assets | Program % | Staff |
|---|---|---|---|---|---|
| 2024 | $3.0M | $1.0M | $9.5M | 85.4% | 0 |
| 2023 | $1.4M | $511K | $7.3M | 67.2% | 0 |
| 2022 | $782K | $461K | $5.8M | 65.1% | 0 |
| 2021 | $1.9M | $1.2M | N/A | — | 0 |
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