By Eric Curl
July 16, 2023 – The Savannah College of Art and Design’s net worth increased by about $188 million to more than $1.2 billion during the fiscal year that ended June 30, 2021, according to the nonprofit’s latest IRS 990 form.
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SCAD reportedly generated more than $558 million in revenue during the 12-month period, while expenses amounted to almost $414 million, generating about $144 million in profit. Almost $486 million in revenue came from tuition and fees, while almost $31 million was derived from housing and food service.
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SCAD President Paula Wallace earned more than $2.8 million in compensation, which includes more than $1 million in bonus pay. The second highest paid employee is Wallace’s husband, COO Glenn Wallace, who earned a total of $743,572.
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Nonprofits such as SCAD are required to file the 990 forms to retain their tax-exempt status. The reports are public documents and published on websites such as nonprofit tracker Guidestar.org, where Savannah Agenda obtained the report.
Report highlights include:
- Net assets: $1,224,901,179 (Up from $1,036,608,685)
- President Paula Wallace’s total compensation: $2,806,939 (down from $5,043,067)
- Total revenue: $558,103,874 (Down from $587,003,201)
- Total expenses: $413,811,889 (Down from $434,933,509)
- Revenue less expenses: $144,291,985 (Down from $152,069,692)
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