By Eric Curl
July 18, 2021 – The Savannah College of Art and Design’s assets, minus liabilities, increased from about $884 million to more than $1 billion during the fiscal year that ended June 30, 2020, according to the nonfprofit’s latest IRS 990 form.
The milestone comes after SCAD reportedly generated more than $587 million in revenue during the 12-month period, while expenses amounted to almost $435 million. It was the second year in a row that the university generated a $152 million profit.
The university’s board of trustees is evidently pleased with the growth. SCAD President Paula Wallace earned more than $5 million in compensation, $2.3 million of which was bonus pay, the report shows. The board reportedly approved the payout after conducting a performance review and considering an independent compensation expert’s recommendation.
Nonprofits such as SCAD are required to file the 990 forms each year to retain their tax-exempt status. SCAD submitted it’s form in May. The reports are public documents and published on websites such as nonprofit tracker Guidestar.org, where Savannah Agenda obtained the report.
SCAD reported in the form that it had a $577 million economic impact on the Savannah region during the fiscal year. Since opening its doors in 1979, the university transformed the city from a place with a rundown historic district and boarded up buildings to an international tourist destination, the university reported. Worldwide, more than 100 SCAD buildings are reportedly rehabilitated historic properties. SCAD’s urban farm in Hardeeville also provides about 2,000 pounds of produce annually, which is donated to America’s Second Harvest of Coastal Georgia, according the university.
Beginning in January, SCAD reportedly built upon a community service initiative, SCAD Serve, an expansion that included the distribution of more than 500 boxes of food in Savannah and Atlanta. The university has also begun the transformation of a SCAD residence hall into 21 workforce housing units, as reported by the Savannah Morning News. That transformation comes after the university’s purchase last November of a former low-income housing complex for about $39 million to convert into student housing.
Report highlights include:
- Net assets: $1,036,608,685 (up from $883,477,117)
- President Paula Wallace’s total compensation: $5,043,067 (up from $2,528,659 )
- Total revenue: $587,003,201 (up from $573,660,202)
- Total expenses: $434,933,509 (up from $421,305,933)
- Revenue less expenses: $152,069,692 (down from $152,354,269)
- Contribution and grant revenue: $10,708,788 (up from $3,465,238)
- Salaries and benefits: $160,461,351 (up from $151,933,603)
- Total fundraising expenses: $979,171 (up from $885,616)
- Total employees: 3,997 (up from 3,722)
- Student scholarships amounted to $124,393,878, providing assistance to 14,021 recipients (up from $110,742,220 for 13,144 students)
Oh … and SCAD, which has an equestrian center and offers a B.A. in equestrian studies, valued its horses at $535,000, (up from $425,000.)
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