By Eric Curl
Sept. 3, 2023 – While the employee count continues to decline, most of the numbers in the latest financial disclosure are on the upswing for the Savannah College of Art and Design.
The nonprofit university’s net worth increased by almost $107 million to more than $1.3 billion during the fiscal year that ended June 30, 2022, according to the nonprofit’s latest IRS 990 form.
That growth came after SCAD reportedly generated more than $622 million in revenue during the 12-month period, while expenses amounted to almost $516 million. About $536 million in revenue came from tuition and fees, while almost $88 million was derived from housing and food service.
Check out Savannah Agenda’s SCAD property map and database
SCAD President Paula Wallace earned more than $2.8 million in compensation during the year, which included more than $1.1 million from bonus pay and incentives. (Wallace’s total compensation is determined by SCAD’s board in conjunction with an independent consulting firm, according to the report.)
In November 2021, SCAD reportedly issued more than $190 million in bonds to finance campus buildings and student housing, according to the report. The projects funded by the bond proceeds include the 17-story student housing complex being built at 641 West River St., a similar project in Atlanta; and the renovation of the former Chatham Apartments near Forsyth Park, as reported last year by The Savannahian.
Related: SCAD’s 17-story dorm won’t be ready for fall quarter move-in (The Savannahian)
Nonprofits such as SCAD are required to file the 990 forms to retain their tax-exempt status. The financial reports are public documents and published on websites such as nonprofit tracker Guidestar.org, where Savannah Agenda obtained the report.
The latest report comes about three years after the university reported its net worth first topping $1 billion in 2020. Meanwhile, the number of reported employees dropped from 3,997 in the fiscal year 2020 report to 3,207 in the 2021 fiscal year report and 3,095 in the latest. (The reports do not break down by job type).
The university also reported providing education services to more than 14,500 students seeking undergraduate and graduate degrees in 2020, while the number of students increased to more than 16,000 in the 2022 report.
Report highlights include:
- Net assets: $1,331,672,465 (Up from $$1,224,901,179)
- Total revenue: $$622,387,162 (Up from $558,103,874)
- Total expenses: $$515,629,941 (Up from $413,811,889)
- Revenue less expenses: $$106,757,221 (Down from $$144,291,985 )
- President Paula Wallace’s total compensation: $$2,892,437 (up from $$2,806,939)
- Market value of art contributions to university: $2,014,376 (15 items)
- Appraised value of university’s four horses: $1,070,000 (up from one valued at $150,000)
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