Salem Academy & College

Analysis

Salem Academy & College is a registered charity in United States, based in Winston Salem, NC. It received its IRS tax-exemption ruling in October 1951, 75 years ago. Its declared purposes cover education, which this site groups under education and training. The IRS classifies it as a school under section 501(c)(3), and contributions to it are listed as tax-deductible.

In the financial year ending June 2023, Salem Academy & College reported income of $26.7m and spending of $30.3m, spending 113% of what it took in. Across the 5 years on record, from June 2019 to June 2023, income fell from $41.9m to $26.7m (-36%), an average of -11% a year. The sharpest change came in the year to June 2020, when income dropped by 31%. Over the whole period it spent 92% of the income it received.

Among 66,972 United States charities whose main cause is education and training and that reported income, Salem Academy & College sits at the 97th percentile: it is larger than about 97% of them. Against every charity in United States with reported income it ranks in the 98th percentile, and in the 98th percentile within NC. Charities of a similar size with the same main cause include Midwest Collaborative for Library Services Inc ($26.7m), Uwm Foundation Inc ($26.7m) and Equity Project Charter School ($26.7m).

On its Form 990 for the period ending June 2023, revenue came from contributions and grants 41% and program service revenue 40% of the total. Compensation of current officers, directors and key employees was $1.3m (4.3% of expenses). Other salaries and wages came to $9.6m. It paid $338k in professional fundraising fees. At year end it held assets of $104.9m against liabilities of $18.6m, net assets of $86.2m. It reported 402 employees.