2023-05-05T14:21:38-05:00 2022-06-30 540504460 BROWN EDWARDS & COMPANY LLP 105 ARBOR DRIVE 3RD FLOOR CHRISTIANSBURG VA 24073 990 2021-07-01 560530005 SALEM ACADEMY AND COLLEGE SALE 3369175764 601 S CHURCH ST WINSTONSALEM NC 27101 DAVID BROWNING VP FINANCE & ADMIN, CFO 3369175472 2023-04-27 1 DAVID BROWNING 999009999 MARK WOOLWINE P00647446 5404433606 2023-04-27 3 AAL1 IAL1 2021 2023-04-26 12:10:37Z DR SUMMER MCGEE 601 S CHURCH ST WINSTONSALEM NC 27101 38179398 0 X WWW.SALEM.EDU, WWW.SALEMACADEMY.COM X 1772 NC 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. 22 22 368 84 0 0 10706705 14294648 13609747 10430177 3056636 7326901 1859733 6076323 29232821 38128049 6994180 6201251 0 0 9179541 10347355 150000 0 892444 8347879 11496573 24671600 28045179 4561221 10082870 113881751 103796361 21240723 17455085 92641028 86341276 SEE SCHEDULE O 0 0 20086354 6201251 16458020 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. 20086354 1 1 0 0 0 0 1 1 1 1 1 1 0 1 1 1 1 0 1 0 0 0 0 0 0 0 0 0 1 0 0 0 0 0 0 0 0 0 1 0 0 0 1 0 0 0 0 1 729 0 1 368 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 DENTON BAIRD CHAIR 10.00 X X 0 0 0 JANET LUCILLE ROSE VICE CHAIR 5.00 X X 0 0 0 MIMI ALEDO-SANDOVAL SECRETARY 5.00 X X 0 0 0 SYDNEY TIMMONS TAYLOR TREASURER 5.00 X X 0 0 0 ANNE BERGER SALISBURY 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 JUDITH S WHITE TRUSTEE 5.00 X 0 0 0 DR PATRICE BLACK DAVIS TRUSTEE 5.00 X 0 0 0 ELLEN TODD DREW TRUSTEE 5.00 X 0 0 0 INA BLACKMORE KAMENZ TRUSTEE 5.00 X 0 0 0 JULIA CARDWELL ARCHER TRUSTEE 5.00 X 0 0 0 KATHERINE HOLLAND-ORTIZ TRUSTEE 5.00 X 0 0 0 LOSSIE FREEMAN TRUSTEE 5.00 X 0 0 0 MARY LOUISE FORD STOTT TRUSTEE 5.00 X 0 0 0 SARAH BERGA MD TRUSTEE 5.00 X 0 0 0 STEVE STRAWSBURG TRUSTEE 5.00 X 0 0 0 STRATFORD NEWITT KIGER TRUSTEE 5.00 X 0 0 0 SUSAN LUNDEEN SMITH TRUSTEE 5.00 X 0 0 0 TERRIE ALLEN DAVIS TRUSTEE 5.00 X 0 0 0 VICTORIA LASLEY TRUSTEE 5.00 X 0 0 0 DR SUMMER MCGEE PRESIDENT 50.00 X 141519 0 1675 KATHY M BARNES VICE PRESIDENT OF INSTITUTIONAL ADVANCEMENT 50.00 X 115788 0 7498 KEN BUCHANAN FORMER VP OF FINANCE & ADMINSTRATION 50.00 X 107474 0 4360 DR DAN PROSTERMAN VP OF ACADEMIC AFFAIRS AND DEAN OF THE COLLEGE 50.00 X 98237 0 17454 DAVID BROWNING VP OF FINANCE & ADMINSTRATION 50.00 X 89064 0 5287 KRISTINA SORRELLS HEAD OF ACADEMY 50.00 X 81298 0 17454 SCOTT MORIN ASST. VP FOR FINANCE & CONTROLLER 50.00 X 111309 0 7498 KATHERINE WATTS VP STRATEGIC PLANNING 50.00 X 129305 0 7413 873994 0 68639 5 0 0 0 ARAMARK SERVICES INC PO BOX 978839 DALLAS TX 753978839 DINING SERVICES 974339 EAB GLOBAL INC PO BOX 603519 CHARLOTTE NC 282603519 STUDENT MARKETING & RESEARCH 419608 CAPTURE PUBLIC RELATIONS & MARKETING PO BOX 20604 WINSTONSALEM NC 27120 PUBLIC RELATIONS/MARKETING SERVICES 248894 ELLUCIAN COMPANY LP 62578 COLLECTIONS CENTER DRIVE CHICAGO IL 60693 COMPUTER SOFTWARE MAINTENANCE 172668 RESOURCE PAINTING INC PO BOX 1428 YADKINVILLE NC 27055 PAINTING 169593 12 2932936 11361712 297461 14294648 TUITION AND FEES 611710 10430177 10430177 10430177 1603979 1603979 99829 51349 48480 48480 48480 5711431 11491 0 0 5711431 11491 5722922 5722922 AUXILIARY ENTERPRISES 900099 2613026 2613026 GAIN ON DEBT FINANCING 900099 2587535 2587535 MISCELLANEOUS 900099 480983 480983 346299 346299 6027843 38128049 16458020 0 7375381 6201251 6201251 1243999 143804 904020 196175 7624375 5674947 1653981 295447 839884 476444 315350 48090 639097 421782 180764 36551 22275 22275 105595 105595 128369 128369 189578 189578 2284855 817485 1283958 183412 246059 118862 100627 26570 365451 115303 233991 16157 641090 404082 197021 39987 931366 754785 164084 12497 204089 139395 60667 4027 29484 24128 5081 275 383082 383082 1445488 1162368 263083 20037 336272 336272 HEERF STUDENT PAYMENTS 1342437 1342437 OTHER EXPENSES 1247229 445870 797590 3769 AUXILIARY ENTERPRISE 826572 826572 REPAIRS AND MAINTENANCE 704269 570744 124075 9450 63013 63013 28045179 20086354 7066381 892444 5155534 2929364 4533054 8133953 1323880 3219225 1181191 1225696 207977 208004 69017501 45740026 24318568 23277475 51933677 43625740 15259121 12940607 9968749 8236297 113881751 103796361 1508794 1278907 1459267 1443329 18060168 14519271 212494 213578 21240723 17455085 X 8946252 13922424 83694776 72418852 92641028 86341276 113881751 103796361 X 10082870 -14665886 -1716736 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 67246674 754767 -7540054 3886521 56574866 56694071 503060 13962773 3913230 67246674 59857730 518913 808794 4491366 56694071 60673349 612646 4115682 5543947 59857730 57875976 2291557 3849252 3343436 60673349 0.01290 0.76910 0.21800 0 0 3658066 3658066 50335303 34425161 15910142 13857344 11314865 2542479 1166788 1166788 23277475 CASH AND TEMPORARY INVESTMENTS 6415032 C MARKETABLE ALTERNATIVE INVESTMENTS 6525575 C 12940607 SPLIT INTEREST AGREEMENTS AND PERPETUAL TRUSTS 7216384 CASH SURRENDER VALUE OF LIFE INSURANCE 950850 INTEREST IN OIL WELL 50389 SALEM STORE INVENTORY 18670 HFS STOCK 4 8236297 AGENCY FUNDS 213578 213578 X 15405947 -14665886 -1716736 -16382622 31788569 189578 6149902 6339480 38128049 21705699 0 21705699 189578 6149902 6339480 28045179 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 DOES 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 -1,716,736. PART XI, LINE 4B - OTHER ADJUSTMENTS: GRANTS & OTHER ASSISTANCE TO INDIVIDUALS IN US 6,201,251. RENT EXPENSE -51,349. PART XII, LINE 4B - OTHER ADJUSTMENTS: GRANTS & OTHER ASSISTANCE TO INDIVIDUALS IN US 6,201,251. RENT EXPENSE -51,349. 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 SCHOLARSHIPS 340 6201251 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 3 3625 FMV AT TRANSACT X 16 282320 AVE HIGH/LOW AT TRANSACT X OTHER 5 11515 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 AUDIT 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 -1,716,736. SALEM RECREATIONAL FIELDS LLC 601 SOUTH CHURCH STREET WINSTONSALEM NC 27101 562272294 RECREATION FIELD NC 737006 SALEM ACADEMY AND COLLEGE