2024-05-13T16:38:55-05:00 2023-06-30 540504460 BROWN EDWARDS & COMPANY LLP 105 ARBOR DRIVE 3RD FLOOR CHRISTIANSBURG VA 24073 990 2022-07-01 560530005 SALEM ACADEMY AND COLLEGE SALE 3369175764 601 S CHURCH ST WINSTONSALEM NC 27101 DAVID BROWNING VP FINANCE & ADMIN, CFO 3369175472 2024-04-19 1 DAVID BROWNING 999009999 0 MARK WOOLWINE P00647446 5404433606 2024-04-04 2 AAL1 IAL1 2022 2023-04-26 12:10:37Z DR SUMMER MCGEE 601 S CHURCH ST WINSTONSALEM NC 27101 27397685 0 X WWW.SALEM.EDU, WWW.SALEMACADEMY.COM X 1772 NC SALEM ACADEMY AND COLLEGE IS A DIVERSE COMMUNITY DEDICATED TO EDUCATING GIRLS AND WOMEN AND EMPOWERING THEM TO LEAD. SINCE 1772, SALEM ACADEMY FOSTERS GIRLS TO BECOME COMPASSIONATE AND CREATIVE LEADERS WHO CHART THEIR PATHS WITH CHARACTER, CURIOSITY, AND COURAGE. AT SALEM ACADEMY, CORE VALUES SUCH AS TRANSFORMATIVE LEARNING, COMPREHENSIVE WELLNESS, AND INCLUSIVE COMMUNITY PROVIDE AN EXTRAORDINARY EDUCATIONAL EXPERIENCE TO PREPARE STUDENTS FOR COLLEGE AND LIFE. SALEM COLLEGE, A PREMIER WOMEN'S COLLEGE COMMITTED TO ADVANCING EQUITY IN HEALTH AND IN SOCIETY, IS GROUNDED IN THE LIBERAL ARTS. AT SALEM COLLEGE, CORE VALUES SUCH AS INTELLECTUAL CURIOSITY, EQUITY AND BELONGING, AND COURAGEOUS LEADERSHIP DEVELOPS STUDENTS' POTENTIAL TO PREPARE THEM TO CREATE HEALTHIER AND MORE EQUITABLE COMMUNITIES 22 22 402 10 0 0 14294648 10888843 10430177 10673595 7326901 1278652 6076323 3896334 38128049 26737424 6201251 6861065 0 0 10347355 12677435 0 338104 1504620 11496573 10451033 28045179 30327637 10082870 -3590213 103796361 104896332 17455085 18649077 86341276 86247255 SEE SCHEDULE O 0 0 20599326 6861065 14537869 SALEM ACADEMY & COLLEGE PROVIDES A COLLEGE EDUCATION TO APPROXIMATELY 362 FULL TIME COLLEGE STUDENTS, A HIGH SCHOOL EDUCATION TO APPROXIMATELY 69 FULL TIME STUDENTS (GRADES 9-12), AND PROVIDES CONTINUING EDUCATION TO APPROXIMATELY 94 PART-TIME STUDENTS THROUGHOUT THE COMMUNITY. THE COLLEGE ALSO PROVIDES ADEQUATE FOOD SERVICES AND HOUSING TO APPROXIMATELY 159 STUDENTS WHO MAINTAIN RESIDENCE ON THE CAMPUS OF SALEM COLLEGE, AND 30 STUDENTS WHO MAINTAIN RESIDENCE AT SALEM ACADEMY. 20599326 1 1 0 0 0 0 1 1 1 1 1 1 0 1 1 1 1 0 1 0 0 0 0 1 0 0 0 0 1 1 0 0 0 0 1 0 0 0 1 0 0 0 1 0 0 0 0 1 683 0 1 402 1 1 1 0 0 0 0 0 0 0 0 0 0 0 X 22 22 0 0 0 0 0 0 0 1 1 0 0 1 1 1 1 1 1 1 1 0 X X SCOTT MORIN 3369175472 601 S CHURCH ST WINSTONSALEM NC 27101 ELIZABETH BAIRD BOARD CHAIR 10.00 X X 0 0 0 ELLEN DREW BOARD TREASURER 5.00 X X 0 0 0 KATIE HOLLAND-ORTIZ BOARD SECRETARY 5.00 X X 0 0 0 STRATFORD KIGER BOARD VICE-CHAIR 10.00 X X 0 0 0 AKESHIA CRAVEN-HOWELL TRUSTEE 5.00 X 0 0 0 ANNE SALISBURY TRUSTEE 5.00 X 0 0 0 BETH GIANOPULOS TRUSTEE 5.00 X 0 0 0 BROOKE SMITH TRUSTEE 5.00 X 0 0 0 DR BRANDY NELSON TRUSTEE 5.00 X 0 0 0 DR EILEEN WILSON-OYELARAN TRUSTEE 5.00 X 0 0 0 DR JOHN MCCONNELL TRUSTEE 5.00 X 0 0 0 DR JUDITH WHITE TRUSTEE 5.00 X 0 0 0 DR PATRICE DAVIS TRUSTEE 5.00 X 0 0 0 INA KAMENZ TRUSTEE 5.00 X 0 0 0 JULIA ARCHER TRUSTEE 5.00 X 0 0 0 LINDA DARDEN TRUSTEE 5.00 X 0 0 0 LOSSIE FREEMAN TRUSTEE 5.00 X 0 0 0 MIMI ALEDO-SANDOVAL TRUSTEE 5.00 X 0 0 0 SALLIE BEASON TRUSTEE 5.00 X 0 0 0 SARAH BERGA TRUSTEE 5.00 X 0 0 0 SYDNEY TAYLOR TRUSTEE 5.00 X 0 0 0 TERRIE DAVIS TRUSTEE 5.00 X 0 0 0 DR SUMMER MCGEE PRESIDENT 50.00 X 252218 0 38601 DAVID BROWNING VP FINANCE/CFO 50.00 X 170799 0 11573 KATHRYN BARNES VP OF INSTITUTIONAL DEVELOPMENT 50.00 X 119909 0 6977 KRIS SORRELLS HEAD OF ACADEMY 50.00 X 96527 0 15399 JOHN DAYNES VP ACADEMIC AFFAIRS AND DEAN OF THE COLLEGE 50.00 X 80405 0 2676 JAMES MCCOY VP ENROLLMENT 50.00 X 186618 0 36000 RENEE GARCIA PRAJER CHIEF OF STAFF 50.00 X 170076 0 0 SCOTT MORIN ASST. VP OF FINANCE & CONTROLLER 50.00 X 115288 0 6977 JENNA SHEFFIELD ASSOCIATE VICE PRESIDENT FOR ACADEMIC AFFAIRS 50.00 X 113548 0 28276 GLENN MCGEE ADMISSIONS DIRECTOR 50.00 X 113536 0 8697 DR DANIEL PROSTERMAN FORMER VP ACADEMIC AFFAIRS AND DEAN OF THE COLLEGE 50.00 X 122049 0 11977 1540973 0 167153 11 1 1 0 ARAMARK SERVICES INC PO BOX 978839 DALLAS TX 753978839 DINING SERVICES 1388314 EAB GLOBAL INC PO BOX 603519 CHARLOTTE NC 282603519 STUDENT MARKETING & RESEARCH 475017 COMMUNITY COUNSELING SERVICES CO LLC PO BOX 824885 PHILADELPHIA PA 191824885 PRE-CAMPAIGN CONSULTANTING 338104 CPL ARCHITECTS LANDSCAPE ARCHITECT AND 205 SAINT PAUL ST SUITE 500 ROCHESTER NY 14604 ARCHITECTS 270301 MOORE COMMUNICATIONS GROUP DBA MOORE IN 2011 DELTA BLVD TALLAHASSEE FL 32303 WEBSITE REFRESH, MARKETING REBRANDING 188299 8 875465 10013378 96699 10888843 TUITION AND FEES 611710 10673595 10673595 10673595 1912897 1912897 58076 24616 33460 33460 33460 1400 635645 0 -635645 1400 -634245 1400 -635645 AUXILIARY ENTERPRISES 611310 2936044 2936044 TRUST DISTRIBUTIONS 611310 501837 501837 424993 424993 3862874 26737424 14537869 0 1310712 6861065 6861065 1302934 394439 656831 251664 9589451 6488357 2560377 540717 15000 7500 7500 992337 507222 420945 64170 777713 499364 219250 59099 106712 106712 97822 97822 338104 338104 141970 141970 1919013 1163319 755694 163190 112066 21210 29914 1182387 462136 695013 25238 669835 522165 117113 30557 1054789 837829 202528 14432 346206 278336 50506 17364 85610 54895 29435 1280 690723 690723 1371299 1145679 205886 19734 392692 29594 363098 AUXILIARY ENTERPRISE 1207535 1130712 76823 PLEDGE WRITE-OFFS 687905 687905 GEER STUDENT PAYMENTS 45050 45050 UNRELATED BUSINESS INCO 53 53 288242 67098 116297 104847 30327637 20599326 8223691 1504620 2929364 5894302 8133953 4371409 3219225 3329348 1225696 294161 208004 146187 71046123 47091046 23277475 23955077 43625740 41413927 12940607 17128120 8236297 8363801 103796361 104896332 1278907 1738556 1443329 1455233 14519271 15324890 213578 130398 17455085 18649077 X 13922424 12976579 72418852 73270676 86341276 86247255 103796361 104896332 X -3590213 3584124 -87932 X X 0 1 X 1 1 1 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED X 1 0.00 1 1 1 10.00 1500 1 246619 X X X 0 0 1 X 56574866 701912 4478882 3085045 58670615 67246674 754767 -7540054 3886521 56574866 56694071 503060 13962773 3913230 67246674 59857730 518913 808794 4491366 56694071 60673349 612646 4115682 5543947 59857730 0.02880 0.75360 0.21760 0 0 3658066 3658066 50541160 35099313 15441847 14057625 11991733 2065892 2789272 2789272 23955077 CASH AND TEMPORARY INVESTMENTS 14257039 C MARKETABLE ALTERNATIVE INVESTMENTS 2871081 C 17128120 SPLIT INTEREST AGREEMENTS AND PERPETUAL TRUSTS 7128452 CASH SURRENDER VALUE OF LIFE INSURANCE 1155898 INTEREST IN OIL WELL 50389 SALEM STORE INVENTORY 29062 8363801 AGENCY FUNDS 130398 130398 X 23255197 3584124 -87932 3496192 19759005 141970 6836449 6978419 26737424 23349218 0 23349218 141970 6836449 6978419 30327637 PART II, LINE 9: SALEM'S HISTORIC CONSERVATION EASEMENT IS FOR A HISTORIC STRUCTURE ON CAMPUS THAT IS USED IN SALEM'S DAILY OPERATIONS. REVENUES AND EXPENSES ARE REPORTED IN THE NORMAL OPERATIONS OF THE INSTUTITION AND THE STRUCTURE IS RECORDED WITH OTHER PROPERTY ON THE BALANCE SHEET. PART III, LINE 4: SALEM DID NOT RECONGNIZE REVENUE FROM THE RECEIPT OF HISTORICAL TREASURES OR WORKS OF ART, BUT MAKES THEM AVAILABLE MAINLY FOR SCHOLARLY RESEARCH AND EXHIBITION IN VARIOUS CAMPUS BUILDINGS. PART IV, LINE 2B: FUND BALANCES OF STUDENT ACTIVITY ORGANIZATIONS PART V, LINE 4: SALEM'S ENDOWMENT FUNDS ARE USED TO FUND SCHOLARSHIPS AND FOR THE OPERATING EXPENSES OF SALEM ACADEMY AND COLLEGE. PART X, LINE 2: MANAGEMENT EVALUATED SALEM'S TAX POSITIONS AND CONCLUDED THAT SALEM HAD TAKEN NO UNCERTAIN TAX POSITIONS THAT REQUIRE ADJUSTMENT TO THE CONSOLIDATED FINANCIAL STATEMENTS TO COMPLY WITH THE PROVISIONS OF THE INCOME TAXES TOPIC OF THE FASB ACT. PART XI, LINE 2D - OTHER ADJUSTMENTS: CHANGE IN VALUE OF TRUSTS AND SPLIT INTEREST AGREEMENTS -87,932. PART XI, LINE 4B - OTHER ADJUSTMENTS: GRANTS & OTHER ASSISTANCE TO INDIVIDUALS IN US 6,861,065. RENT EXPENSE -24,616. PART XII, LINE 4B - OTHER ADJUSTMENTS: GRANTS & OTHER ASSISTANCE TO INDIVIDUALS IN US 6,861,065. RENT EXPENSE -24,616. 1 1 1 1 1 1 1 0 0 0 0 0 0 0 0 1 0 1 SCHEDULE E, PART I, LINE 3 SEE PART II SCHEDULE E, PART I, LINE 6 SALEM STUDENTS RECEIVE A VARIETY OF FEDERAL AND STATE GRANTS AND LOANS, INCLUDING FEDERAL PELL GRANTS, FEDERAL DIRECT STUDENT LOANS, NORTH CAROLINA NEED-BASED SCHOLARSHIPS, AND NORTH CAROLINA GOLDEN LEAF FOUNDATION SCHOLARSHIPS. SCHEDULE E, LINE 3 - EXPLANATION OF RACIAL NONDISCRIMINATION POLICY: THE NONDISCRIMINATORY POLICY IS INCLUDED ON MARKETING MATERIALS AND EMPLOYMENT ADVERTISEMENTS FOR THE SCHOOL. 1 COMMUNITY COUNSELLING SERVICE CO LLC 1667 K STREET NW SUITE 210 WASHINGTON DC 20006 PRE-CAMPAIGN PLANNING SERVICES 0 0 338104 -338104 338104 -338104 1 SCHOLARSHIPS 438 6861065 PART I, LINE 2: SALEM GRANTS FUNDS IN THE WAY OF SCHOLARSHIPS TO QUALIFIED STUDENTS IN ITS ACADEMY AND COLLEGE. SALEM MAINTAINS RECORDS ON ALL STUDENTS RECEIVING FINANCIAL AID IN THE FORM OF SALEM GRANTS OR FROM OTHER SOURCES. SALEM COLLEGE COMPLIES WITH ALL APPLICABLE FEDERAL RULES AS IT RELATES TO COLLEGE FINANCIAL AID. SCHEDULE I, PART III, COLUMN B: THE VAST MAJORITY OF SALEM'S COLLEGE STUDENTS RECEIVE SOME FORM OF SCHOLARSHIP FROM THE COLLEGE. SALEM PROVIDES THIS ASSISTANCE THROUGH ENDOWED SCHOLARSHIPS AND INSTITUTIONAL REMISSION (DISCOUNT). SALEM COMPLIES WITH ALL FEDERAL AND STATE REGULATIONS REGARDING THE REWARDING OF STUDENT FINANCIAL AID AND FILES THE REQUISITE INFORMATION WITH FEDERAL AND STATE AGENCIES AS IT PERTAINS TO ITS STUDENTS. X 0 0 0 0 0 0 0 0 0 0 0 DR SUMMER MCGEE PRESIDENT 252218 0 0 0 0 0 15000 0 23601 0 290819 0 0 0 JAMES MCCOY VP ENROLLMENT 186618 0 0 0 0 0 0 0 36000 0 222618 0 0 0 DAVID BROWNING VP FINANCE/CFO 170799 0 0 0 0 0 0 0 11573 0 182372 0 0 0 RENEE GARCIA PRAJER CHIEF OF STAFF 170076 0 0 0 0 0 0 0 0 0 170076 0 0 0 DR DANIEL PROSTERMAN FORMER VP ACADEMIC AFFAIRS AND DEAN 122049 0 0 0 0 0 0 0 11977 0 134026 0 0 0 PART I, LINE 1A SALEM PROVIDES THE PRESIDENT WITH ON-CAMPUS HOUSING FOR THE BENEFIT AND CONVENIENCE OF SALEM. 22250 TUITION REMISSION STUDENT SCHOLARSHIP ASSISTANCE X 9 95587 AVE HIGH/LOW AT TRANSACT X OTHER 1 1111 FMV AT TRANSACT 0 1 1 PART I, LINE 32B: SALEM HIRES A CONSULTANT TO APPRAISE THE VALUE OF CERTAIN DONATED ITEMS AND SEND TO AUCTION FOR SALE. FORM 990, PART VI, SECTION B, LINE 11B A DRAFT OF THE FULL 990 IS REVIEWED AND APPROVED BY THE FINANCE COMMITTEE. THE APPROVED DRAFT IS POSTED TO THE BOARD'S SECURE PORTAL, WITH NAMES AND ADDRESSES REDACTED FROM SCHEDULE B TO REDUCE RISK OF DONOR DISCLOSURE. THE BOARD IS NOTIFIED THAT THE RETURN HAS BEEN POSTED AND PROVIDED A TIME FRAME IN WHICH COMMENTS OR QUESTIONS SHOULD BE MADE. THE RETURN IS FILED AFTER THAT DATE. FORM 990, PART VI, SECTION B, LINE 12C EACH YEAR, THE BOARD OF TRUSTEES AND EXECUTIVE TEAM OF SALEM ARE ASKED TO REVIEW THE CONFLICT OF INTEREST POLICY, REVIEW SALEM'S LIST OF MAJOR VENDORS AND PROVIDE A SIGNED STATEMENT STATING ANY RELATIONSHIPS WITH THESE VENDORS AND ANY OTHER ITEMS THAT MAY HAVE THE POTENTIAL TO BE A CONFLICT OF INTEREST. FORM 990, PART VI, SECTION B, LINE 15 COMPENSATION FOR THE PRESIDENT IS DETERMINED BY THE BOARD OF TRUSTEES. THE PRESIDENT IS EVALUATED ANNUALLY AND COMPENSATION IS REVIEWED BY THE EXECUTIVE COMMITTEE AND THE FULL BOARD. THE PRESIDENT REVIEWS THE COMPENSATION OF OTHER EXECUTIVE TEAM MEMBERS AND REPORTS TO THE BOARD WHO REVIEWS THESE DECISIONS. SALEM MAKES USE OF SURVEY DATA PROVIDED BY NORTH CAROLINA INDEPENDENT COLLEGES AND UNIVERSITIES, THE COUNCIL OF INDEPENDENT COLLEGES AND OTHER SOURCES TO DETERMINE THE APPROPRIATE LEVEL OF COMPENSATION FOR OFFICERS/KEY EMPLOYEES AND WOULD ENGAGE ADDITIONAL OUTSIDE CONSULTANTS IF NECESSARY. FORM 990, PART VI, SECTION C, LINE 19 FINANCIAL STATEMENTS AND GOVERNING DOCUMENTS ARE AVAILABLE UPON REQUEST FROM THE CFO'S OFFICE FOR THE SAME PERIOD OF DISCLOSURE AS SET FORTH IN SECTION 6104(D). FORM 990, PART XI, LINE 9: CHANGE IN VALUE OF SPLIT INTEREST AGREEMENTS -87,932. FORM 990, PART XII, LINE 2C: THE PROCESS HAS NOT CHANGED FROM THE PRIOR YEAR. SALEM RECREATIONAL FIELDS LLC 601 SOUTH CHURCH STREET WINSTONSALEM NC 27101 562272294 RECREATION FIELD NC 0 737006 SALEM ACADEMY AND COLLEGE