Salem Academy & College
- Assets
- $103.8m
- Revenue
- $38.1m
- Investments
- $12.9m
- Employees
- 368
- Location
- Winstonsalem, NC
- Founding
- 10/1951
- Data as of
- 06/2022
- EIN
- 56-0530005
Organization Overview
Salem Academy & College is located in Winstonsalem, NC. The organization was established in 1951. According to its NTEE Classification (B42) the organization is classified as: Undergraduate Colleges, under the broad grouping of Education and related organizations. As of 06/2022, Salem Academy & College employed 368 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Salem Academy & College is a 501(c)(3) and as such, is described as a "Charitable or Religous organization or a private foundation" by the IRS.
For the year ending 06/2022, Salem Academy & College generated $38.1m in total revenue. The organization has seen a slow decline revenue. Over the past 7 years, revenues have fallen by an average of (0.4%) each year. All expenses for the organization totaled $28.0m during the year ending 06/2022. As we would expect to see with falling revenues, expenses have declined by (5.9%) per year over the past 7 years. You can explore the organizations financials more deeply in the financial statements section below.
Form
990T
Mission & Program ActivityExcerpts From the 990T Filing
TAX YEAR
2022
Describe the Organization's Mission:
Part 3 - Line 1
SEE SCHEDULE OSALEM COLLEGE IS AN INDEPENDENT COLLEGE COMMITTED TO THE LIBERAL ARTS AND QUALITY PROFESSIONAL PREPARATION. FOUNDED BY THE MORAVIAN CHRUCH IN 1772 AS A SCHOOL FOR GIRLS, SALEM STRIVES TO SET ITS SIGNATURE UPON ITS STUDENTS BY ENCOURAGING THEM TO RECOGNIZE AND STRENGTHEN THEIR HUMAN FACULTIES AND THEIR CAPACITIES FOR SERVICE, PROFESSIONAL LIFE, AND LEADERSHIP. IN LIGHT OF SUCH EVIDENCE THAT SUCH POWERS FLOURISH WHEN WOMEN LIVE AND LEARN WITHIN A COMMUNITY DEDICATED TO THEIR EDUCATION, SALEM AFFIRMS ITS COMMITMENT TO YOUNG WOMEN IN A RESIDENTIAL SETTING. AS A RESULT OF THE HISTORICAL EVOLUTION OF ITS MISSION, THE COLLEGE EDUCATES BOTH WOMEN AND MEN IN THE COMMUNITY THROUGH ITS CONTINUING STUDIES PROGRAM AND GRADUATE PROGRAMS IN EDUCATION.
Describe the Organization's Program Activity:
SALEM ACADEMY & COLLEGE PROVIDES A COLLEGE EDUCATION TO APPROXIMATELY 347 FULL TIME COLLEGE STUDENTS, A HIGH SCHOOL EDUCATION TO APPROXIMATELY 60 FULL TIME STUDENTS (GRADES 9-12), AND PROVIDES CONTINUING EDUCATION TO APPROXIMATELY 96 PART-TIME STUDENTS THROUGHOUT THE COMMUNITY. THE COLLEGE ALSO PROVIDES ADEQUATE FOOD SERVICES AND HOUSING TO APPROXIMATELY 136 STUDENTS WHO MAINTAIN RESIDENCE ON THE CAMPUS OF SALEM COLLEGE, AND 27 STUDENTS WHO MAINTAIN RESIDENCE AT SALEM ACADEMY.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Elizabeth Denton Baird Chair | OfficerTrustee | 10 | $0 |
Janet Lucille Rose Vice Chair | OfficerTrustee | 5 | $0 |
Mimi Aledo-Sandoval Secretary | OfficerTrustee | 5 | $0 |
Sydney Timmons Taylor Treasurer | OfficerTrustee | 5 | $0 |
Anne Berger Salisbury Trustee | Trustee | 5 | $0 |
Brooke Smith Trustee | Trustee | 5 | $0 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Aramark Services Inc Dining Services | 6/29/22 | $974,339 |
Eab Global Inc Student Marketing & Research | 6/29/22 | $419,608 |
Capture Public Relations & Marketing Public Relations/marketing Services | 6/29/22 | $248,894 |
Ellucian Company Lp Computer Software Maintenance | 6/29/22 | $172,668 |
Resource Painting Inc Painting | 6/29/22 | $169,593 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $2,932,936 |
| All other contributions, gifts, grants, and similar amounts not included above | $11,361,712 |
| Noncash contributions included in lines 1a–1f | $297,461 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $14,294,648 |
| Total Program Service Revenue | $10,430,177 |
| Investment income | $1,603,979 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $48,480 |
| Net Gain/Loss on Asset Sales | $5,722,922 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $38,128,049 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $0 |
| Grants and other assistance to domestic individuals. | $6,201,251 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $1,243,999 |
| Compensation of current officers, directors, key employees. | $904,020 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $7,624,375 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $839,884 |
| Payroll taxes | $639,097 |
| Fees for services: Management | $22,275 |
| Fees for services: Legal | $105,595 |
| Fees for services: Accounting | $128,369 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $189,578 |
| Fees for services: Other | $2,284,855 |
| Advertising and promotion | $246,059 |
| Office expenses | $365,451 |
| Information technology | $641,090 |
| Royalties | $0 |
| Occupancy | $931,366 |
| Travel | $204,089 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $29,484 |
| Interest | $383,082 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $1,445,488 |
| Insurance | $336,272 |
| All other expenses | $63,013 |
| Total functional expenses | $28,045,179 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $2,929,364 |
| Savings and temporary cash investments | $8,133,953 |
| Pledges and grants receivable | $3,219,225 |
| Accounts receivable, net | $1,225,696 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $208,004 |
| Net Land, buildings, and equipment | $23,277,475 |
| Investments—publicly traded securities | $43,625,740 |
| Investments—other securities | $12,940,607 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $8,236,297 |
| Total assets | $103,796,361 |
| Accounts payable and accrued expenses | $1,278,907 |
| Grants payable | $0 |
| Deferred revenue | $1,443,329 |
| Tax-exempt bond liabilities | $14,519,271 |
| Escrow or custodial account liability | $0 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
| Secured mortgages and notes payable | $0 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $213,578 |
| Total liabilities | $17,455,085 |
| Net assets without donor restrictions | $13,922,424 |
| Net assets with donor restrictions | $72,418,852 |
| Capital stock or trust principal, or current funds | $0 |
| Paid-in or capital surplus, or land, building, or equipment fund | $0 |
| Retained earnings, endowment, accumulated income, or other funds | $0 |
| Total liabilities and net assets/fund balances | $103,796,361 |