2026-04-06T11:50:48-05:00 2025-06-30 540504460 BROWN EDWARDS & COMPANY LLP 105 ARBOR DRIVE 3RD FLOOR CHRISTIANSBURG VA 24073 990 2024-07-01 560530005 SALEM ACADEMY AND COLLEGE SALE 3369175764 601 S CHURCH ST WINSTONSALEM NC 27101 DAVID BROWNING VP FINANCE & ADMIN, CFO 3369175472 2026-04-01 1 1 MARK WOOLWINE P00647446 5404433606 2026-04-01 2024 2025-03-06 01:10:19Z DR GARY DAYNES 601 S CHURCH ST WINSTONSALEM NC 27101 32951649 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 19 19 430 17 -847 0 12157479 10197048 12935458 15850694 9989613 2347439 3820683 4556468 38903233 32951649 8174852 10463098 0 0 13253336 12493108 403887 0 1253638 11509416 12768543 33341491 35724749 5561742 -2773100 110111288 113423987 20751996 23198623 89359292 90225364 SEE SCHEDULE O 0 0 24393843 10463098 20373235 SALEM ACADEMY & COLLEGE PROVIDES A COLLEGE EDUCATION TO APPROXIMATELY 386 FULL TIME COLLEGE STUDENTS, A HIGH SCHOOL EDUCATION TO APPROXIMATELY 73 FULL TIME STUDENTS (GRADES 9-12), AND PROVIDES CONTINUING EDUCATION TO APPROXIMATELY 103 PART-TIME STUDENTS THROUGHOUT THE COMMUNITY. THE COLLEGE ALSO PROVIDES ON-CAMPUS FOOD SERVICES AND HOUSING TO APPROXIMATELY 215 STUDENTS WHO MAINTAIN RESIDENCE ON THE CAMPUS OF SALEM COLLEGE, AND 33 STUDENTS WHO MAINTAIN RESIDENCE AT SALEM ACADEMY. 24393843 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 1201 0 1 430 1 1 1 0 0 0 0 0 0 0 0 0 0 0 X 19 19 0 0 0 0 0 0 0 1 1 0 0 1 1 1 1 1 1 1 1 0 X X X SCOTT MORIN 3369175743 601 S CHURCH ST WINSTONSALEM NC 27101 DR PATRICE DAVIS BOARD CHAIR 10.00 X X 0 0 0 DR JOHN MCCONNELL BOARD VICE CHAIR 10.00 X X 0 0 0 BROOKE SMITH SECRETARY 5.00 X X 0 0 0 SALLIE BEASON TREASURER 5.00 X X 0 0 0 JULIA ARCHER TRUSTEE 5.00 X 0 0 0 ELIZABETH BAIRD TRUSTEE 5.00 X 0 0 0 BOB BAKER TRUSTEE 5.00 X 0 0 0 SARAH BERGA TRUSTEE 5.00 X 0 0 0 AKESHIA CRAVEN-HOWELL TRUSTEE 5.00 X 0 0 0 LINDA DARDEN TRUSTEE 5.00 X 0 0 0 PAMELA FOX TRUSTEE 5.00 X 0 0 0 BETH GIANOPULOS TRUSTEE 5.00 X 0 0 0 INA BLACKMORE TRUSTEE 5.00 X 0 0 0 PAUL KIRCHGRABER TRUSTEE 5.00 X 0 0 0 KATHERINE HOLLAND-ORTIZ TRUSTEE 5.00 X 0 0 0 DR BRANDY NELSON TRUSTEE 5.00 X 0 0 0 BARBARA RIMER TRUSTEE 5.00 X 0 0 0 ANNE SALISBURY TRUSTEE 5.00 X 0 0 0 SYDNEY TAYLOR TRUSTEE 5.00 X 0 0 0 SUMMER MCGEE PRESIDENT 50.00 X 297415 0 28815 DAVID BROWNING VP FINANCE/CFO 50.00 X 184831 0 11007 KATHRYN BARNES VP OF INSTITUTIONAL ADVANCEMENT 50.00 X 139733 0 10607 KRIS SORRELLS HEAD OF ACADEMY 50.00 X 107267 0 9751 BRETT WOODS VP FOR ACADEMIC AFFAIRS 50.00 X 148665 0 9802 JANAE JOYNER CHIEF OF STAFF 50.00 X 164371 0 10377 TINA KRAMER EXECUTIVE DIRECTOR OF OPERATIONS 50.00 X 120629 0 9876 SCOTT MORIN ASST VP OF FINANCE & CONTROLLER 50.00 X 114623 0 9486 GLENN MCGEE ADMISSIONS DIRECTOR 50.00 X 113550 0 10488 MEAGAN COUGHLIN EXECUTIVE DIRECTOR OF MARKETING & COMM 50.00 X 112769 0 9159 1503853 0 119368 13 0 1 0 ARAMARK SERVICES INC PO BOX 978839 DALLAS TX 753978839 DINING SERVICES 1959596 RPM PARTENRS INC PO BOX 1103 KERNERSVILLE NC 27285 ARCHITECTURAL SERVICES 1048948 EAB GLOBAL INC PO BOX 603519 CHARLOTTE NC 282603519 STUDENT MARKETING & RESEARCH 632949 NOVANT CORPORATE HEALTH 2085 FRONTIS PLAZA BLVD WINSTONSALEM NC 27103 HEALTH SERVICES 561247 NWN CORPORATION PO BOX 945596 ATLANTA GA 303945596 NETWORK SERVICES 272986 13 258437 9938611 385177 10197048 TUITION AND FEES 611710 15850694 15850694 15850694 490580 490580 45090 0 45090 45090 45090 1846543 10316 0 0 1846543 10316 1856859 10316 1846543 AUXILIARY ENTERPRISES 611310 3644531 3644531 OTHER INCOME 611310 573937 574784 -847 TRUST DISTRIBUTIONS 611310 292910 292910 4511378 32951649 20373235 -847 2382213 X 10463098 10463098 1486380 352292 822794 311294 9049376 6377061 2305301 367014 172172 108223 52126 11823 1036657 625235 342280 69142 748523 479282 219507 49734 38850 38850 107016 107016 550894 550894 4209191 2009289 1906859 293043 119965 91061 15284 13620 1114969 590963 524006 671108 500926 100647 69535 1441912 1123206 299359 19347 361462 327625 27183 6654 97236 85143 11645 448 900630 900630 1475567 1149422 306346 19799 497087 32474 464613 PLEDGE WRITE-OFFS 617292 617292 NON-OPERATING LOSS 402183 402183 OTHER EXPENSES 126037 78543 25309 22185 MERCANTILE STORE 37144 37144 35724749 24393843 10077268 1253638 1612790 1399188 5986214 3603636 7452990 6872122 493413 618171 43908 54413 180186 206432 71126095 44777055 24951145 26349040 38484368 43015254 22025644 21630871 8880630 9674860 110111288 113423987 2371441 1983251 1428064 1291189 16643992 19686505 308499 237678 20751996 23198623 X 8004390 4609530 81354902 85615834 89359292 90225364 110111288 113423987 -2773100 3639172 0 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 2000 235798 X X X 0 0 1 X 60512634 3186719 5185710 4091804 64793259 58670615 674677 6486072 5318730 60512634 56574866 701912 4478882 3085045 58670615 67246674 754767 -7540054 3886521 56574866 56694071 503060 13962773 3913230 67246674 0.00000 0.74200 0.25800 0 0 1775056 1775056 51325570 33472575 17852995 15452914 11304480 4148434 2572555 2572555 26349040 CASH AND TEMPORARY INVESTMENTS 975671 C REAL ASSETS 8640307 C ABSOLUTE RETURN 12014893 C 21630871 SPLIT INTEREST AGREEMENTS AND PERPETUAL TRUSTS 8199358 CASH SURRENDER VALUE OF LIFE INSURANCE 1216877 INTEREST IN OIL WELL 50389 RIGHT OF USE ASSET 208236 9674860 AGENCY FUNDS 30633 LEASE LIABILITY 207045 237678 X 24610006 3639172 -966823 2672349 21937657 550894 10463098 11013992 32951649 23743934 52652 52652 23691282 550894 11482573 12033467 35724749 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 52,652. NON-OPERATING EXPENSES NETTED WITH REVENUE -1,019,475. PART XI, LINE 4B - OTHER ADJUSTMENTS: GRANTS & OTHER ASSISTANCE TO INDIVIDUALS IN US 10,463,098. PART XII, LINE 2D - OTHER ADJUSTMENTS: CHANGE IN VALUE OF TRUSTS AND SPLIT INTEREST AGREEMENTS 52,652. PART XII, LINE 4B - OTHER ADJUSTMENTS: GRANTS & OTHER ASSISTANCE TO INDIVIDUALS IN US 10,463,098. NON-OPERATING EXPENSES NETTED WITH REVENUE 1,019,475. 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 181945 -181945 WINKLER CONSULTING GROUP 1036 EWALL STREET MOUNT PLEASANT SC 29464 CAMPAIGN CONSULTING ASSISTANCE 0 0 65353 -65353 247298 -247298 1 SCHOLARSHIPS 522 10463098 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 SUMMER MCGEE PRESIDENT 297415 0 0 0 0 0 18982 0 9833 0 326230 0 0 0 DAVID BROWNING VP FINANCE/CFO 184831 0 0 0 0 0 3572 0 7435 0 195838 0 0 0 JANAE JOYNER CHIEF OF STAFF 164371 0 0 0 0 0 3224 0 7153 0 174748 0 0 0 BRETT WOODS VP FOR ACADEMIC AFFAIRS 148665 0 0 0 0 0 2847 0 6955 0 158467 0 0 0 KATHRYN BARNES VP OF INSTITUTIONAL ADVANCEMENT 139733 0 0 0 0 0 2816 0 7791 0 150340 0 0 0 PART I, LINE 1A SALEM PROVIDES THE PRESIDENT WITH ON-CAMPUS HOUSING FOR THE BENEFIT AND CONVENIENCE OF SALEM. PART I, LINE 4 THE COLLEGE CONTRIBUTED $15,000 TO A 457(B) PLAN FOR THE PRESIDENT. 47750 TUITION REMISSION STUDENT SCHOLARSHIP ASSISTANCE X 12 384340 AVE HIGH/LOW AT TRANSACT X OTHER 1 837 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 IX, LINE 11G MISCELLANEOUS: PROGRAM SERVICE EXPENSES 2,009,289. MANAGEMENT AND GENERAL EXPENSES 1,906,859. FUNDRAISING EXPENSES 293,043. TOTAL EXPENSES 4,209,191. 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 737006 SALEM ACADEMY AND COLLEGE