Salem Academy & College
- Assets
- $113.9m
- Revenue
- $29.2m
- Investments
- $15.3m
- Employees
- 439
- Location
- Winstonsalem, NC
- Founding
- 10/1951
- Data as of
- 06/2021
- 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 06/2021, Salem Academy & College employed 439 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 06/2021, Salem Academy & College generated $29.2m in total revenue. This represents a relatively dramatic decline in revenue. Over the past 6 years, the organization has seen revenues fall by an average of (4.8%) each year. All expenses for the organization totaled $24.7m during the year ending 06/2021. As we would expect to see with falling revenues, expenses have declined by (8.8%) per year over the past 6 years. You can explore the organizations financials more deeply in the financial statements section below.
Form
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2021
Describe the Organization's Mission:
Part 3 - Line 1
SALEM 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:
Part 3 - Line 4a
SALEM ACADEMY & COLLEGE PROVIDES A COLLEGE EDUCATION TO APPROXIMATELY 443 FULL-TIME STUDENTS, A HIGH SCHOOL EDUCATION TO APPROXIMATELY 71 FULL-TIME STUDENTS (GRADES 9-12) AND PROVIDES CONTINUING EDUCATION TO APPROXIMATELY 130 PART-TIME STUDENTS THROUGHOUT THE COMMUNITY. THE COLLEGE AND ACADEMY CONDUCTED ALL LEARNING ON A REMOTE BASIS FOR THE 2020-2021 ACADEMIC YEAR DUE TO THE COVID-19 PANDEMIC, NO STUDENTS MAINTAINED RESIDENCE ON CAMPUS DURING THE YEAR. RESIDENCE AND FOOD SERVICES WERE SUSPENDED DURING THE YEAR AS A RESULT, AND RESUMED FOR THE CURRENT 2021-2022 ACADEMIC YEAR.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Ken Buchanan VP Finance/admin, CFO | Officer | 60 | $152,718 |
Scott Morin Asst VP For Finance & Controller | 50 | $113,309 | |
Sandra Doran Former President | 60 | $110,233 | |
Kathy M Barnes VP Institutional Advancement | Officer | 50 | $102,536 |
Kristina Sorrels Head Of Academy | Officer | 50 | $81,359 |
Dan Prosterman Dean Of College | Officer | 50 | $70,332 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Sunstates Security Llc Campus Security | 6/29/21 | $330,097 |
Capture Public Relations & Marketing Public Relations/marketing Services | 6/29/21 | $356,369 |
Aramark Services Inc Dining Services | 6/29/21 | $315,329 |
Registry For College And University Pres Leadership Management Services | 6/29/21 | $271,875 |
Landmark Builders Construction | 6/29/21 | $421,687 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $4,741,135 |
| All other contributions, gifts, grants, and similar amounts not included above | $5,965,570 |
| Noncash contributions included in lines 1a–1f | $334,729 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $10,706,705 |
| Total Program Service Revenue | $13,609,747 |
| Investment income | $468,155 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $30,663 |
| Net Gain/Loss on Asset Sales | $2,588,481 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $29,232,821 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $0 |
| Grants and other assistance to domestic individuals. | $6,994,180 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $412,774 |
| Compensation of current officers, directors, key employees. | $290,701 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $7,425,081 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $778,445 |
| Payroll taxes | $563,241 |
| Fees for services: Management | $271,875 |
| Fees for services: Legal | $105,600 |
| Fees for services: Accounting | $148,954 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $150,000 |
| Fees for services: Investment Management | $101,804 |
| Fees for services: Other | $1,617,749 |
| Advertising and promotion | $199,229 |
| Office expenses | $119,089 |
| Information technology | $354,554 |
| Royalties | $0 |
| Occupancy | $554,228 |
| Travel | $46,506 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $11,972 |
| Interest | $339,063 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $1,644,405 |
| Insurance | $285,896 |
| All other expenses | $176,115 |
| Total functional expenses | $24,671,600 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $5,155,534 |
| Savings and temporary cash investments | $4,533,054 |
| Pledges and grants receivable | $1,323,880 |
| Accounts receivable, net | $1,181,191 |
| 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 | $207,977 |
| Net Land, buildings, and equipment | $24,318,568 |
| Investments—publicly traded securities | $51,933,677 |
| Investments—other securities | $15,259,121 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $9,968,749 |
| Total assets | $113,881,751 |
| Accounts payable and accrued expenses | $1,508,794 |
| Grants payable | $0 |
| Deferred revenue | $1,459,267 |
| Tax-exempt bond liabilities | $18,060,168 |
| 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 | $212,494 |
| Total liabilities | $21,240,723 |
| Net assets without donor restrictions | $8,946,252 |
| Net assets with donor restrictions | $83,694,776 |
| 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 | $113,881,751 |
Grants Recieved
Over the last fiscal year, we have identified 1 grants that Salem Academy & College has recieved totaling $1,000.
| Awarding Organization | Amount |
|---|---|
Johnny S Beck And Sydney Y Beck Foundation Lexington, NC PURPOSE: OPERATING BUDGET | $1,000 |
Endowment Analysis
| Beg. Balance | $56,694,071 |
| Earnings | $13,962,773 |
| Net Contributions | $503,060 |
| Other Expense | $3,913,230 |
| Ending Balance | $67,246,674 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Guilford College Greensboro, NC | $214,106,962 | $54,557,208 |
Covenant College Inc Lookout Mountain, GA | $98,255,603 | $50,724,767 |
Barton College Wilson, NC | $97,394,035 | $47,073,555 |
Reinhardt University Waleska, GA | $120,947,179 | $50,634,912 |
Milligan University Milligan, TN | $122,087,054 | $57,184,968 |
Erskine College Due West, SC | $80,598,505 | $43,903,518 |
Carson-Newman University Jefferson City, TN | $160,428,637 | $65,286,029 |
Tusculum University Greeneville, TN | $114,694,317 | $47,879,632 |
King University Bristol, TN | $69,555,277 | $42,931,439 |
Warren Wilson College Asheville, NC | $113,155,084 | $40,910,763 |
Shaw University Raleigh, NC | $72,503,111 | $66,988,324 |
Lagrange College Lagrange, GA | $157,918,154 | $43,354,732 |